Shared Flashcard Set

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Markets and Consumers Test #2
N/A
35
Marketing
Undergraduate 2
03/11/2013

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Cards

Term
Brand
Definition
  • symbolic embodiment of all information connected with product.
  • includes names, logo, and visual elements- images/symbols
Term
Brand Identity
Definition
  • outward expression of brand, including name and visual appearance
  • fundamental means of consumer recognition and sybolizes brand's differentiation from competitors.
  • Brand used to express values or allegiance to specific reference group
  • Image
Term
Brand Equity
Definition
  • Added value consumer places on brand.
  • Helps with brand extensions
  • Trusted (+) equity
  • Not Trusted (-) equity
  • Emcompasses everything consumer thinks, feels, and knows about brand.
Term
Value Expressive Consumption
Definition
  • exhibited when people buy products that represent lifestyle, beliefs, and values.
Term
Brand Loyalty
Definition
  • Degree to which consumer prefers 1 brand relative to potential substitutes.
  • 1) Brand Recognition
  • 2) Brand Preference
  • 3) Brand Insistence
Term
Concentrated Segmentation
Definition
  • Focused on needs and wants of specific segment of consumers
  • Slowly expanding target segment beased on certain variables
Term
Demographics
Definition
  • Statistical characteristics of human populations used to identify markets
Term
Psychographics
Definition
  • Psychological characteristics that allow for segmentation
  • Values and Lifestyles (VAL)
  • Segmentation along 2 dimensions: 1) Motivation 2) Resources
  • Activities, Interest, Opinions (AIO)
Term
The Rules of Cool
Definition
  1. Cool cannot be manufactured, only observed
  2. The quicker the chase, the quicker the flight
  3. You have to be one to know one
Term
Who did Airwalk hire for marketing research?
Definition

Lambesis (Marketing Firm)

  • needed cutting edge research about fashion and style for target (L Report)
Term
Dee Dee Gordon
Definition
  • Market Maven: expert or connoisser for "cool"
  • highly involved with lots of insight
  • learned to spot innovators (Ex. Jack Keller)
Term
Cool Hunting
Definition
  • Find cool people first, cool things later
  • Ethnography
Term
Consumer Panel
Definition
  • Group of consumers who answer questions periodically
  • Longitudinal Data
Term
Dee Dee asks and learns
Definition
  • how innovations diffuse from one part of the world to another
Term
Diffusion of Innovators and Product Life Cycle
Definition
  • Innovators: First to adopt, cutting edge and almost obsessed with "state of the art", not necessarily an inventor in all product categories.
  • Introduction Stage of PLC
Term
Illustration of Dialectical Theory
Definition
  • Harajuku, Tokyo, Japan
  • Gwen Stefani has interpreted the ideas and uses them in both her choreography and her music
  • Gwen is an early adopter and opinion leader
Term
Diffusion of Innovation
Definition
  • Innovators-2.5%
  • Early Adopters-13.5% (very beginning of mainstream/opinion leaders)
  • Early Majority-34%
  • Late Majority-34%
  • Laggards-16% (New isn't necessarily better and Price is a factor)
Term
Diffussion and PLC
Definition
  • Individuals adopt new stuff at different rates
  • Introduction Stage: Innovators (no profit b/c the company is recovering R&D costs)
  • Growth Stage: Early Adopters (profits increase and peak)
  • Maturity Stage: Majorities (sales peak and profit margin narrows)
  • Decline: Laggards (market shrinks: sales fall and profits fall)
Term
Experience Effect
Definition
  • Relationship between Volume and Cost
  • System "learning" how to improve: Economies of Scale, Learning, and Improving Production.
Term
Diffusion of Innovation for fashion
Definition
  • Boarders using shoes fuctionally
  • Early adopters translating fashion for mainstreaming
  • Is it still cool?
Term
Classic Model of Communication
Definition
  1. Sender
  2. Encoding
  3. Message
  4. Medium
  5. Decoding
  6. Reciever
Term
Classic Model of Communication: Sender
Definition
  • Trying to get customer's attention
  • Source
Term
Classic Model of Communication: Encoding
Definition
  • Put ideas into symbolic form
  • Goal: reciever understands message
Term
Classic Model of Communication: Message
Definition
  • Controlled by sender
  • Visuals
  • Specific target or Global Strategy
Term
Classic Model of Communication: Medium
Definition
  • Whatever used to get your message across (web, tv, newspaper etc.)
Term
Classic Model of Communication: Decoding
Definition
  • Assigns meaning to the message
Term
Classic Model of Communication: Reciever
Definition
  • Consumer
  • Gives feedback by purchasing product or not
Term
Noise
Definition
  • Anything that interferes with communication
Term
Integrated Marketing Communications
Definition
  • Promotional Objectives: Inform, Persuade, Image Creation, and Reassurance
  • Goal is to unify all marketing communication tools
Term
Diffusion of Airwalk Shoes
Definition
  • Active/Casual line of shoes introduced and heavily promoted
  • Ads Lambesis created served role of "translator"-frame of reference for majority
Term
1997
Definition
  • Airwalk "epidemic" began to falter
  • Production problesm
  • Lost "cutting-edge" sensability
  • Market Segmentation Problem
  • Lost "cool" by losing contact with core customers (Skaters)
Term
Probability Sample
Definition
  • Each individual in population has known, nonzero chance of being in sample
  1. Stratified Sampling- population divdied into a strata or sub population (ex. age groups)
  2. Simple Random Sample from each strata (age and gender)
  3. Cluster Sample- population divided into heterogenous subgroups, then SRS subgroups.
Term
Non Probability Sample
Definition
  1. Convenience Sample - use anyone who is available
  2. Judgement Sample- hand picked to give best idea
  3. Quota Sample- select 2 people from each majority
Term
Coca Cola Problems
Definition
  • Sample wasn't told "Old" Coke would go away- Brand Extension- sign value
Term
April 23, 1985
Definition
  • Press conference with Roberto C. Goizuata
  • Using publicity= unpaid buzz
  • Publicity pros: efficient, cheap, and credible
  • Publicity cons: no control
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