Term
| the marketing process steps: |
|
Definition
| 1. understand needs/wants/marketplace, 2. design customer marketing strategy, 3. construct marketing program w/best value, 4. build profitable relationships/create delight, 5. capture value from customers/create profits/customer equity |
|
|
Term
|
Definition
| suppliers,company/competitors,marketing intermediaries, then company/competitors/marketing intermediaries all contribute to final users |
|
|
Term
|
Definition
| mutually profitable exchanges |
|
|
Term
| marketing is a process where... |
|
Definition
| companies create value for customers and build strong customer relationships to make profit |
|
|
Term
| Five core customer/marketplace concepts... |
|
Definition
| 1. needs/wants/demands, 2. marketing offerings, 3. value/satisfaction, 4. exchange relationships, 5. markets |
|
|
Term
| The steps of a customer-driven marketing strategy incldue... |
|
Definition
| 1. selecting customers, 2. proposing value, 3. orienting marketing management |
|
|
Term
| The four P's of marketing are... |
|
Definition
| product, promotion, price, place |
|
|
Term
| Most important components of profitable customer relationships... |
|
Definition
| customer satisfaction, customer perceived value, customer relationship management, partner relationship management |
|
|
Term
| The two main tasks in the marketing process are |
|
Definition
| 1. discover consumer needs, 2. satisfy consumer needs |
|
|
Term
| Value from the customer can be captured via... |
|
Definition
| customer lifetime value, customer equity, share of the customer |
|
|
Term
| The core marketing activities include.. |
|
Definition
| product development, research, communication, distribution, pricing, service |
|
|
Term
|
Definition
| mistake of paying more attention to selling versus benefits/experience produced by what is sold |
|
|
Term
| A value proposition is... |
|
Definition
| set of benefits/values company promises to deliver to customers to satisfy their needs |
|
|
Term
| The 5 marketing management orientations include... |
|
Definition
| marketing concept, sociatal marketing concept, selling concept, product concept, production concept |
|
|
Term
| Some programs to manage customer relationships include... |
|
Definition
| club program, frequency program, customer loyalty/retention programs (rewards for all these) |
|
|
Term
| Partner relationships are managed with partners outside the firms via... |
|
Definition
| Supply chain management/strategic alliances |
|
|
Term
|
Definition
| combined discounted customer lifetime values of all company's current/potential customers |
|
|
Term
|
Definition
| share a company gets of a customer's purchasing power in a product category |
|
|
Term
| Types of customers than could be included in customer equity are... |
|
Definition
| true friends (and true believers), butterflies, barnacles, strangers |
|
|
Term
|
Definition
| high profit, high loyalty |
|
|
Term
|
Definition
| high profit, high loyalty, bring new customers |
|
|
Term
|
Definition
|
|
Term
|
Definition
| low profit, high loyalty (fire them) |
|
|
Term
|
Definition
| low profit, low loyalty (don't invest in them) |
|
|
Term
|
Definition
|
|
Term
|
Definition
| art of creating and satisfying customers at a profit |
|
|
Term
|
Definition
| 1. Strategic planning, 2. Marketing strategy, 3. Partnership building, 4. Marketing Management, 5. Marketing ROI |
|
|
Term
| The four simplied (Zhang) marketing steps |
|
Definition
| 1. SWOT, 2. Focus/set goals(STP), 3. Design marketing program (4P's), 4. Implementation |
|
|
Term
| Strategic planning involves defining... |
|
Definition
| business portfolio, mission statement, objectives/goals |
|
|
Term
| The marketing strategy involves creating... |
|
Definition
| STP process and a marketing mix |
|
|
Term
| Partnership building involves both |
|
Definition
| customer relationship management and partner relationship management |
|
|
Term
| The 5 parts of marketing management are |
|
Definition
| analysis, planning, organization, implementation, control |
|
|
Term
|
Definition
| marketing return on investment |
|
|
Term
| Marketing return on investment is calculated by... |
|
Definition
| dividing the net return from marketing investment by the costs of marketing investment (can't be quantified, though, because there is no consistent definition) |
|
|
Term
| Some methods of forming a business portolio include... |
|
Definition
| product/market expansion grid, growth-share matrix, general portfolio analysis |
|
|
Term
| The designations of the product/market expansion grid (pmeg) include... |
|
Definition
| diversification, market penetration, market development, product development |
|
|
Term
| Diversification in the pmeg means |
|
Definition
|
|
Term
| Market penetration in the pmeg means |
|
Definition
| old product, old markets (amp it up) |
|
|
Term
| Market development in the pmeg means |
|
Definition
|
|
Term
| Product development in the pmeg means |
|
Definition
|
|
Term
| The growth-share matrix has what designations... |
|
Definition
| question market, dog, star, cash cow |
|
|
Term
| The question mark in the gsm means |
|
Definition
| high growth, low market share |
|
|
Term
|
Definition
| low growth, low market share |
|
|
Term
| The star in the gsm means |
|
Definition
| high growth, high market share |
|
|
Term
| The cash cow in the gsm means |
|
Definition
| low growth, high market share |
|
|
Term
| Problems with the Growth-share matrix include... |
|
Definition
| too much focus on entering new markets/growing market share, little advice for future planning, and it is difficult to define SBUs |
|
|
Term
| Solutions with the Growth-share matrix inlcude... |
|
Definition
| cross-function teams who are close to their markets can manage the SBUs more efficiently |
|
|
Term
| Portfolio analysis includes looking at and defining... |
|
Definition
| Stragetic business units (SBUs), Company divisions |
|
|
Term
| Strategic business units have.. |
|
Definition
| separate mission/objectives/ability to plan independently from other company businesses |
|
|
Term
|
Definition
| product line within a division, or sometimes a single product/BRAND |
|
|
Term
| When a company has too many products (some that aren't profitable), they... |
|
Definition
| downsize (get rid of products of certain SBUs) |
|
|
Term
| The role of marketing is to create |
|
Definition
| 1. philosophy, 2. inputs for strategic planners, 3. strategies for research SBUs objectives, 4. carry out strategies |
|
|
Term
|
Definition
| market position, market targeting, market segmentation |
|
|
Term
| The marketing mix includes |
|
Definition
| the 4P's of price, place, product, promotion |
|
|
Term
|
Definition
| customer, company, competitors |
|
|
Term
| The 4P's can be translated to the customer as... |
|
Definition
| cost, convenience, customer solution, communication |
|
|
Term
| Partner relationship management can include... |
|
Definition
| value-chains, value-delivery networks |
|
|
Term
| Value-chains are composed of |
|
Definition
| every dept. in the company linked together |
|
|
Term
| Marketing can disrupt value-chains because it can |
|
Definition
| change the flow of business and make other depts work harder |
|
|
Term
| Value-delivery networks have... |
|
Definition
| members of supply chain work together |
|
|
Term
|
Definition
| strengths, weaknesses, opportunities, threats |
|
|
Term
| Planning in marketing management includes an |
|
Definition
| executive summary (and a lot of other stuff) |
|
|
Term
| Organization of marketing management can be (4 things) |
|
Definition
| geographic, functional, product-based, market/customer-based |
|
|
Term
| Control in marketing management includes |
|
Definition
| operating control, strategic control |
|
|
Term
|
Definition
| checking ongoing performance against annual plan |
|
|
Term
|
Definition
| checking basic strategies to see if they match its opportunities |
|
|
Term
| Strategic control can be measured via a |
|
Definition
|
|
Term
|
Definition
| determination of areas of opportunities via testing environment, objectives, strategies, activities of company |
|
|
Term
| The marketing environment includes |
|
Definition
| macroenvironment, microenvironment |
|
|
Term
| The microenvironment includes |
|
Definition
| those close to the company (suppliers, publics, competitors, customers, marketing intermediaries, company itself) |
|
|
Term
| The macroenvironment includes |
|
Definition
| larger societal forces (social, economic, regulatory, competative, technological - Zhang) |
|
|
Term
|
Definition
| financial, local, government, internal, media, general (image), citizen-action |
|
|
Term
| Types of customers go to different markets, including... |
|
Definition
| international, government, reseller, business, consumer |
|
|
Term
| Types of marketing intermediaries includes |
|
Definition
| resellers, physical distribution firms, marketing service agencies, financial intermediares |
|
|
Term
| The marketing environment is outside... |
|
Definition
| marketing and effects marketing management's ability to build/maintain successful customer relationships |
|
|
Term
|
Definition
|
|
Term
| The generations of today include |
|
Definition
| Baby boomers, gen x, gen y |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| 1985, 72 million, good at digital stuff |
|
|
Term
| Cultural forces include two types of belief/values, which are... |
|
Definition
|
|
Term
|
Definition
|
|
Term
| Secondary beliefs/values are |
|
Definition
| maleable, can include self, other, philosophy, univerise, organizations, society, etc |
|
|
Term
| The most dramatic force now shaping our destiny in this world is |
|
Definition
|
|
Term
|
Definition
| if family income rises, spending across many things changes greatly (overall increases) |
|
|
Term
|
Definition
| customer purchasing power/spending patterns |
|
|
Term
| Regulatory/Competative forces include |
|
Definition
| natural forces/political forces |
|
|
Term
|
Definition
| public policy via legilation, fair playing field for small/large firms, increased ethics/social responsibility |
|
|
Term
|
Definition
| pollution, governmental intervention, shortages of raw materials |
|
|
Term
| What four things do Management Information Systems do? |
|
Definition
| Assess info needs, develop needed info, distribute info, help management analyze the info |
|
|
Term
| Marketing information has no value until |
|
Definition
| it is used to make better marketing decisions |
|
|
Term
| Info for MIS is received via |
|
Definition
| marketing research, marketing intelligence, internal data |
|
|
Term
| The five steps of marketing research are |
|
Definition
| 1. define problem/research objectives, 2. develop research plan, 3. implement research plan, 4. interpret/report findings, 5. take marketing actions - Zhang. |
|
|
Term
| Marketing management analyzes marketing info via |
|
Definition
| advanced statistical analysis, analytical model, and customer relationship management (CRM) |
|
|
Term
| Customer relationship management (CRM) is |
|
Definition
| maximizes customer loyalty by finding customer "touch points" in the data |
|
|
Term
| Research methods should be evaluated based on |
|
Definition
| validity, reliability, costs, representation, on-time delivery |
|
|
Term
| Types of research include |
|
Definition
| exploratory, descriptive, causal |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
| Ethnographic observations include going... |
|
Definition
| into the habitat of those the researcher is watching and getting data from the inside |
|
|
Term
|
Definition
|
|
Term
| The sleeper effect is when |
|
Definition
| secondary sources become more reliable than primary over side - Zhang |
|
|
Term
|
Definition
| cheaper, online, not as specific to your problem/research purpose |
|
|
Term
|
Definition
| independently researched by yourself |
|
|
Term
| What are the main public policy/ethics concerns in marketing research? |
|
Definition
| instrusions on consumer privacy (keeping personal info or manipulating buyers), and misuse of research findings (can make data biased) |
|
|
Term
| Specifical circumstances of MIS use include |
|
Definition
| small bus/nonprofits and international marketing research |
|
|
Term
| International marketing research is often hard to do because |
|
Definition
| false claims to make middle-class look better off, or high illiteracy rates prevents response, or door-to-door research is necessary because of little research |
|
|
Term
| The model of consumer behavior includes |
|
Definition
| 1. marketing/other stimuli, 2. black box (process affects buyer itself), 3. buyer response |
|
|
Term
| Some factors that affect consumer behavior include... |
|
Definition
| social, psychological, personal, economic, cultural |
|
|
Term
| Consumer buyer behavior process includes... |
|
Definition
| 1. need recognition, 2. information search, 3. evaluation of alternatives, 4. pruchase decision, 5. post-purchase feelings/cognitive dissonance? - Zhang |
|
|
Term
| Social factors affecting consumer behavior include |
|
Definition
| groups, family, opinion leaders, roles/statuses, social networking |
|
|
Term
| Psychological factors affecting consumer behavior include |
|
Definition
| perception, attitude, learning, motive, belief, hierarchy of needs |
|
|
Term
| Perception is marketing is defined by certain consumer habits, such as |
|
Definition
| selective attention, selective retention, selective distortion |
|
|
Term
| Subliminal advertising works or doesn't? |
|
Definition
| doesn't, no experimental data to prove it does |
|
|
Term
| The hierarchy of needs include |
|
Definition
| 1. physiological, 2. safety, 3. social, 4. esteem, 5. self-actualization |
|
|
Term
| Personal factors affecting consumer behavior include |
|
Definition
| occupation, age, lifestyle, economic situation, 5. personality |
|
|
Term
| The brand personality personifies the brand, giving it traits like... |
|
Definition
| ruggednes, sophistication, sincerity, excitement, competance |
|
|
Term
| Cultural factors affecting consumer buyer behavior include |
|
Definition
| social class, subcultures, family, societal institutions |
|
|
Term
| Economics (market) factors affecting consumer buyer behavior are relatively |
|
Definition
| stable, precise, fixed, invariant - Zhang |
|
|
Term
| Decision "rules" for consumers include |
|
Definition
| 1. conjunctive (select group), 2. Disjunctive (separate groups, look for positive), 3. Elimination-by-Aspects (separate groups, get rid of negative), 4. Lexiographic (choose best w/most important attribute) - Zhang |
|
|
Term
| The external information search can be |
|
Definition
| situational, consumer, product, retail - Zhang |
|
|
Term
| Evaluation of alternatives can include |
|
Definition
| extended problem solving, limited problem solving, habitual decision making - Zhang |
|
|
Term
| Extended problem solving involves |
|
Definition
| getting as much info as possible |
|
|
Term
| Limited problem solving involves |
|
Definition
| making decisions based on those decision rules |
|
|
Term
| Habitual decision making involve |
|
Definition
| routine, brand loyalty, store loyalty |
|
|
Term
|
Definition
| segmentation, targeting, positioning |
|
|
Term
| The Multi-Factor Targeting model involves investing as |
|
Definition
| the firm's competative position and/or segment attractiveness goes up, and visa versa |
|
|
Term
| Effective segmentation is |
|
Definition
| identifiable, accessible, systematically behaved, substantial |
|
|
Term
| Consumer markets can be segmented into |
|
Definition
| behavioral, descriptive, benefit-based segments |
|
|
Term
| Descriptive market segments include |
|
Definition
| demographic, geographic, psychographic |
|
|
Term
| Demographic market segments can include |
|
Definition
| income, gender, age segmentation |
|
|
Term
| Behavioral segmentation can include |
|
Definition
| occasion, benefit, user, usage, loyalty status segmentation |
|
|
Term
| Benefit segmentation segments based on |
|
Definition
| different benefits that consumers seek from the product, aka BASES VARIABLES |
|
|
Term
| Cluster analysis occurs when there are multiple |
|
Definition
| BASES variables from benefit segmentation |
|
|
Term
| International Markets can be segmented based on |
|
Definition
| economics, intermarket, geographic segmentation |
|
|
Term
| Intermarket segmentation involves |
|
Definition
| buyers who have same needs in very different geographic locations |
|
|
Term
| Business Markets can be segmented based on |
|
Definition
| purchasing approach, situational factors, opreating characteristics, personal characteristics |
|
|
Term
| The three types markets that market segmentation involves are |
|
Definition
| consumer, international, business |
|
|
Term
|
Definition
| identifying possible competative advtanges to give superior value, choosing right competative advantages, selecting overall positioning strategy |
|
|
Term
| The positioning statement in STP is formatted: |
|
Definition
| "to (target segment and need) our (brand) is (concept) that (point of difference)." |
|
|
Term
| Perceptual positioning maps |
|
Definition
| can separate customers or companies based on concept-association/cluster analysis |
|
|
Term
| The unique selling proposition (USP) says |
|
Definition
| company should focus on only one benefit a company is best at (theory, just a suggestion) |
|
|
Term
| Sources of competative advantage include |
|
Definition
| hygiene features, differenting features, cost advantages |
|
|
Term
| A competative advantage is worth it if... |
|
Definition
| important, preemptive, profitable, distinctive, communicable, affordable, superior |
|
|
Term
| Sources of differenting features include |
|
Definition
| service, channel, product, image, people |
|
|
Term
| Socially responsible target marketing serves |
|
Definition
| interests of company AND interests of those targeted |
|
|
Term
| Demand in marketing can be increased three ways... |
|
Definition
| new uses, new users, more usage |
|
|
Term
| Target segments can be broad, or specific, ranging from... |
|
Definition
| mass, segment, niche, micro |
|
|
Term
| Micromarketing is most specific, as it focuses on |
|
Definition
| indivudals/local customer groups |
|
|
Term
|
Definition
|
|
Term
| the BACD of Positioning involves |
|
Definition
| 1. Benefits, 2. Alternate concept generation, 3. Choice of positioning concept, 4. Deliver/maintain concept |
|
|
Term
| Target segments are evaluated based on |
|
Definition
| structural attractiveness, segment size, company objectives, segment growth, company resources, product competition, competitors |
|
|
Term
| Choosing a targeting strategy involves |
|
Definition
| competitors marketing strategies, market variability, product variability, product's life-cycle stage for people, company resources |
|
|
Term
| The Customer Benefit Ladder rungs are: |
|
Definition
| features,product benefit,customer benefit,value |
|
|
Term
|
Definition
| brand equity, building process, personality |
|
|
Term
|
Definition
| customer self-expression, meaningful/relational |
|
|
Term
|
Definition
|
|
Term
| Brand equity can come from |
|
Definition
| brand loyalty, awareness, associations, perceive quality, an associated network of concepts |
|
|
Term
|
Definition
| brand name selection, brand positioning, brand development, brand sponsorship, managing brands |
|
|
Term
| Brand development choices include |
|
Definition
| new brands, multibrands, brand extension, line extensions |
|
|
Term
| Brand sponsorship can either be |
|
Definition
| private (store/distributor) or manufacturer brand |
|
|
Term
|
Definition
| brands within brands, a connection |
|
|
Term
| Service marketing characteristics involve |
|
Definition
| perishability after work, intangibility before purchase, inseparability from source |
|
|
Term
| Service marketing strategies include |
|
Definition
| service-profit chain, managing service differentation |
|
|
Term
| The service-profit chain involves |
|
Definition
| interactive marketing, internal marketing, external marketing, all between employees, customers, company |
|
|
Term
| Services Marketing Management includes |
|
Definition
| differentiation, producivity, quality |
|
|
Term
| The market offering can involves how people see |
|
Definition
| an idea, organization, place, person, intangible products/serivces |
|
|
Term
| Social Marketing involves |
|
Definition
| infuencing individuals' behavior to improve their well-being and that of society |
|
|
Term
| Two types of products include |
|
Definition
|
|
Term
| Types of consumer products include |
|
Definition
| unsought products, consumer products, shopping products, convenience products, speciality products |
|
|
Term
| Industrial products do what? |
|
Definition
| further processing or for use in conducting business |
|
|
Term
| Product mix decisions involves |
|
Definition
| length, consistency, width, depth decisions |
|
|
Term
| Product mix length involves |
|
Definition
| total number of items in product lines |
|
|
Term
| Product mix consistency involves |
|
Definition
| how closely related product lines are in use, or some other comparison |
|
|
Term
|
Definition
| number of different product lines |
|
|
Term
|
Definition
| number of versions offered of each product in the line |
|
|
Term
| Product line stretching involves |
|
Definition
| extending range of products (down means less fancy, up means more fancy) |
|
|
Term
| The levels of product/service include |
|
Definition
| augmented products, actual products, core benefits |
|
|
Term
| The augmented product includes any |
|
Definition
| additional consumer services/benefits |
|
|
Term
| The actual product includes |
|
Definition
| the actual thing that is being sold |
|
|
Term
|
Definition
| what is the buyer actually buying the product for? |
|
|
