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MKTG (kerin,hartley,rudelius) ch. 8,9,10
Ga. Southern Dr.Kohn Test 2 notecards
72
Marketing
Undergraduate 2
03/04/2010

Additional Marketing Flashcards

 


 

Cards

Term
Marketing Research
Definition
The process of defining a marketing problem and opportunity
Term
Systematically collecting & analyzing information
Definition
Marketing Research
Term
Recommending actions to improve an organization's marketing activities
Definition
Marketing Research
Term
Benchmarking
Definition
The process of comparing one company's performance on specific dimensions with the performance of other organizations. 
Term
Criteria or standards used in evaluating proposed solutions to the problem
Definition
Measures of Success
Term
Top-of-Mind Awareness
Definition

Naming a specific brand or product FIRST when asked without prompting


Term

e.g. Name the second burger food chain that comes to mind. 

 

What is this an example of?

Definition
Unaided Awareness
Term
Aided Awareness
Definition

e.g. Have you ever heard of these restaurants?

a. Whataburger

b. Charlie J's

c. Wendy's 

Term
Step #1 of 5-step Research Approach
Definition
Define the problem
Term
Develop the Research Plan
Definition

Step #2 of 5-step Research Approach

Term
Constraints
Definition

Restrictions placed on possible solutions.

Time and Money

Term

Step #3 of 5-step Research Approach

Definition
Collect Relevant Information by Specifying
Term
Data
Definition
Facts and Figures pertinent to the problem
Term
Facts and figures already recorded before the project. (articles, periodicals...)
Definition
Secondary Data
Term
Primary Data
Definition
Newly collected facts and figures for the project. (Experiments...)
Term
Types of Primary Data
Definition
Observational and Questionnare
Term
Types of Secondary Data
Definition
Internal Data and External Data
Term
Sampling
Definition
The selection of a part of the whole taken as representative of the whole batch or group.
Term
Types of Sampling
Definition

Probability 

Nonprobability

Term
Using precise rules to select the sample such that each element of the population has a specific known chance of being selected. 
Definition
Probability Sampling
Term

Using arbitrary judgements to select the sample. 

Its quicker and cheaper

Definition
Non-Probability Sampling
Term
Data Mining
Definition
Exctracting patterns from data
Term
Focus Groups
Definition
Qualitative research in which a group of people are asked their perceptions, opinions and attitudes toward a new product idea. 
Term
Statistical Inference
Definition

The process of making use of data, combined with statistical assumptions to draw statistical conclusions. 


Term

A group that has a need or desire for a product and has the 

ability

willingess &

authority

to purchase the product

Definition
Market
Term
Marketing Strategy
Definition

1. defining the target market

2. creating and maintaining a marketing mix of the 4-P's (price, product, place, promotion)

Term
Marketing Segmentation
Definition

Aggregating propective buyers into groups that 

1. have common needs and wants

2. will respond similarily to mktg actions. 

Term

The relatively homogeneous groups of prospective buyers that result from the segmentation process. 

...can become a target market

Definition
Market Segments
Term
80/20 Rule
Definition
Concept that suggests 80% of sales comes from 20% of its customers. 
Term

Customers need to be 

Definition
Heterogeneous
Term

Segments must be 

Definition
identifiable
Term
For mkt segmentations to work...
Definition

 

  • segments need to be evaluated in terms of sales and profits
  • The potential profit justifies a separate mktg mix.
  • The segment must be reachable with a specific mktg mix. 

 


Term
One product & Multiple segments
Definition

Segmentation Strategy

(single product to 2+ markets)

Term
Multiple products and Multiple market segments
Definition

Segmentation Strategy

(Dodge- Neon, Minivan, Viper...)

Term

Segmentation Strategy

(e.g. IPod)

Definition
Segments of one aka mass customization
Term
The place a good or service occupies in consumer's minds on important attributes relative to competitive products. 
Definition
Product Positioning
Term
Head-to-Head Positioning
Definition

Competing directly with competitors on similar product attributes in the same target market.

*most competitive*

Term
Differentiation Positioning
Definition

seeking a less-competitive, smaller market niche in which to locate a brand. 

(e.g. McDonald's McLean burger)

Term
What does Positioning require???
Definition

1. Understanding what is important in the product class

2. knowing what consumers think of competitive products

3. knowing what the consumer would like in the "ideal" product. 

Term
Market Potential
Definition
the maximum total sales of a product by all firms to a segment during a specific time period
Term
the total sales of a product that a firm expects to sell during a specified time period under certain conditions and its own marketing efforts. 
Definition
Product Sales Forecast
Term

  •  Judgement of Decision Maker
  • Survey of Knowledgeable Groups
  • Statisticals Methods

Definition
Forecast Sources
Term
Steps 1 and 2 to Identify Market needs
Definition

Group potential buyers into segments 

(Demographic, Geographic, psychographic, behavioral)

 

Group products to be sold into categories

Term

Develop a Market-product grid and estimate size of markets. 

 

Definition

[image]

Step 3 to identify market needs

Term
Steps 4 and 5 to identify market needs
Definition

4. Select Targets Markets

 

5. Take Marketing actions to reach target markets

Term
Product
Definition

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money. 

-Tangible attributes

-Intangible attributes

Term
A group of products that are closely related because they satisfy a class of needs and is sold to the same target market. 
Definition
Product Line
Term
Product Item
Definition
a specific product as noted by a unique brand, size, or price. 
Term
Consumer Products
Definition
products purchased by the ultimate customer
Term
products that assist directly or indirectly in providing products for resale. (B2B goods)
Definition
Business Products
Term
an item consumed one or few uses such as food products and fuel. 
Definition
Nondurable Goods
Term
a good that usually lasts over an extended number of uses (appliances, automobiles...)
Definition
Durable Goods
Term
Services
Definition

Activies, benefits, or satisfactions offered for sale.

(health care, education...)

Term
SKU
Definition
Stock Keeping Unit
Term
All the products a company offers
Definition

Product Mix

 

Term
What is Width and Depth in a product mix???
Definition

Width= # of product lines


Depth= # of product items in the product line

Term
Consumer Products types???
Definition

  1. Convenience Goods (frequently puchased)
  2. Shopping Goods(compared with alternatives by price, quality etc.)
  3. Specialty Goods (e.g. Rolex watches)
  4. Unsought Goods (unknown/unwanted products)

Term

What types of goods are... 

-inexpensive

-low margin

-frequently bought

-a routinized decision

-easily substituted

-widely distributed

and

-have hight inventory turnover???

Definition
Convenience Goods
Term

What type of goods are...

-infrequently purchased

-require extended problem solving

-are less distributed than convenience goods

-have slower inventory turnover

-higher margin

-purchased versus "set criteria"

and

-Low brand loyalty???

Definition
Shopping Goods
Term

What types of goods are...

-unique products

-infrequently purchased 

-brand loyal

-have limited distribution

and

-have high margins with low turnover???

Definition
Specialty Goods
Term

What types of goods are...

-situation caused

-unexpected "finds"

and

-unplanned purchases???

Definition
Unsought Goods
Term
Types of Business Products
Definition

1. Support Goods- items used to assist in producing other goods and services (installations, accessory equipments, supplies and services)


2. Production Goods- Item used in the manufacturing process that become part of the final product (raw materials...grain, lumber etc)


Term
the develpment of a product that is closely related to one or more products in an existing product line.
Definition
Line Extension
Term
6 Reason for Failure
Definition

  1. Insignificant point of difference
  2. Too little market attractiveness
  3. Poor excecution of the 4-P's (product, prict, place, promotion)
  4. Bad timing
  5. Poor product quality
  6. Misinterpreting the data

Term
Derived Demand
Definition
Sales of business and industrial goods frequently result (are derived) from the sale of consumer goods. 
Term
New product process and Strategy development
Definition

7-stage Process:

-New product strategy development

-Idea Generation

-Screening and Evaluation

-Business Analysis

-Development

-Market Testing

-Commercialization

Term

Require no new learning by consumer.

Gain consumer awareness and wide distribution.

(e.g. New and improved Detergent)

Definition
Continuous Innovation
Term
Discontinous Innovation
Definition

Requires new learning and consumption patterns by consumers.

Educate consumers through product trial and personal selling. 

(e.g. VCR, DVR, electric car)

Term
A payment a manufacturer makes to place a new item on a retailer's shelf.
Definition
Slotting Fee
Term
Failure Fee
Definition
A penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make. 
Term
STM
Definition
Simulated Test Markets- technique that simulates a full-scale test market but in limited fashion. 
Term

A statement that before product development begins, identifies

1) a well-defined target market

2) specific customers' needs, wants and preferences and

3) what the product will be and do. 

Definition
Protocol
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