Marketing Chapter 7-8-9 – Flashcards
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marketing products to individuals and companies to be consumed.
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Business Marketing
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Using the internet to give information goods and services.
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Business to Business Electronic commerce
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measure of a websites effectiveness calculated by the number of visits.
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Stickiness
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eliminating intermediaries from a marketing channel. Ex. Wholesalers or distributers.
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Disintermediation
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- reintroducing the intermediary to the marketing channel
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Intermediary
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a partnership between two business firms
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Strategic alliance
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each partner works at maintaining the relationship because the firms are important to be successful.
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Relationship commitment
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when one partner believes in the others integrity
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Trust
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network of corporate affiliates that are interlocked.
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Keiretsu
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- individuals and companies that buy goods and incorporate them into the products they sell. IE: gift baskets.
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North American Industry Classification System NAICS
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demand for business products.
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Derived Demand
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demand for 2 more more items used together for final outcome.
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Joint Demand
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) small increase or decrease in demand can produce a larger change in demand.
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Multiplier effect accelerator principle
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electronic trading process that provides companies with links online to their customers.
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Business to Business online exchange
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electronic trading process that provides companies with links online to their customers.
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Reciprocity
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capital goods. Expensive machines. (Copy machine for law firm 10 k)
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Major equipment
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portable tools and office equipment. Less expensive. Shorter life.
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ACCESSORY EQUIPMENT
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minerals, lumber, wheat, unprocessed extractive
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RAW MATERIALS
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finished items ready for assembly or products needed very little assembly.
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COMPONENT PARTS
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products used direct in making other products
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PROCESSED MATERIALS
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consumable items are not part of final production.
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SUPPLIES
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- expensive items $$$ do not fall into final product
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BUSINESS SERVICES
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people in organization that become part of buying decision.
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BUYING CENTER
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purchase of product for first time.
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NEW BUY
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a situation where purchaser wants some change in the original product.
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MODIFIED REBUY
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situation where purchaser reorders the same goods or services without looking for new info or other supplies.
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STRAIGHT REBUY
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people with needs or wants and the ability to buy
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MARKET
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subgroup of ppl or organizations sharing one or more characteristic in a similar product
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MARKET SEGMENT
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process of dividing market into meaningful relative similar and identifiable groups.
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MARKET SEGMENTATION
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characteristics of individual groups or organizations.
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SEGMENT BASIS
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segmenting markets by region, market size market density or climate
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GEOGRAPHIC SEGMENTATION
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segmenting markets by gender income race family life cycle
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DEMOGRAPHIC SEGMENTATION
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FLC- a series of stages determined by a combination of age marital status and the presence or absence of children
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FAMILY LIFE CYCLE
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segmenting potential customers into neighborhood or lifestyle categories.
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GEODEMORAPHIC SEGMENTATION
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the process of grouping customers into market segments.
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BENEFIT SEGMENTATION
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a principle holding 20% of all customers generate 80% of the demand.
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80/20 PRINCIPAL
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business customers who place an order with the first familiar supplier to satisfy needs
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SATISFICERS
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business customers who consider numerous supplies. Before selecting one test all of their options.
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OPTIMIZER
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a group of ppl or company where other companies implement their designs, to see if they can meet the needs of their consumer.
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TARGET MARKET
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marketing approach that views the market as one big market with no indiv segments uses a single marketing mix.
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UNDIFFERENTIATED TARGETING STRATEGY
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strategy used to select one segment of a market for targeting market efforts.
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CONCENTRATED TARGETING STRATEGY
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ONE SEGMENT OF A MARKET
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NICHE
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segment target strategy- 2 or more market segments that develop a distinctive marketing segment for each.
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MULTI-SEGMENT TARGETY STRATEGY
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a situation that occurs when sales of new product cuts into sale of older product from same company.
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CANNIBALIATION
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individualized marketing method that utilizes customer information to build longterm profitable relationships
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ONE TO ONE MARKETING
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- developing a specific marketing mix to influence customers overall perception of a brand or company in general.
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POSITIONING
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- a positioning strategy that some firms use to set their product apart from others.
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PRODUCT DIFFERENTIATION
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displaying or graphing in two or more dimensions the location of products brands or groups of products in customer's minds.
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PERCEPTUAL MAPPING
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changing consumers perceptions of a brand in relation to competing brands.
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REPOSITIONING
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Managers use this everyday information to prepare or adjust marketing plans.
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Marketing information
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Interactive and flexible its computerized information that enables managers to obtain and manipulate info as they are making decisions.
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Decision Support System
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the creation of a large computerized file of customers and potential customers their profiles and purchase patterns
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Database Marketing
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the process of planning collecting and analyzing data relevant to a marketing decision.
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Marketing research
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determining in what information is needed and how that information can be obtained efficiently and effectively.
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Marketing research problems
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a broad-based problem that uses marketing research to have managers take proper actions.
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Management decision problem
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data previously collected for any purpose other than the one at hand.
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secondary data
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a company that acquires catalogs segments and resells reports already published by marketing research firms.
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marketing research aggregator
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specifies which research question must be answered and how and when the data will be gathered then how it will be analyzed.
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research designs
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information that is collected for the first time and is used for solving the problem under investigation.
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primary data
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most popular technique for gathering primary data. Its how the researcher interacts with people to obtain facts opinions and attitudes.
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survey research
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a survey method that involves interviewing people at malls.
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mall intercept interview
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method of interview where interviewer reads question from power point then enters the respondents data directly into the computer.
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computer assisted personal interviewing
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an interviewing method in which a mall interviewer intercepts and directly respondents to nearby computers
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computer assisted self interviewing
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CLT facility- a specially designed phone room used to conduct telephone interviewing. (Call center)
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central location telephone facility
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a type of survey that involves interviewing business people at their offices concerning industrial products or services.
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executive interviewer
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-7 to ten people who participate in a group discussion led by a moderator.
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focus group
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- an interview question that encourages an answer phrased in the respondents own words.
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open end question
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an interview question that asks the respondent to make a selection from a limited list of responses.
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closed end question
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a closed ended question designed to measure the intensity of a responded answer.
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scaled response
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- a research method that relies of 4 observations. People watching people. People watching an activity. Machines watching people. Machines watching an activity.
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observation research
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researchers posing as customers who gather observational data about a store.
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myster shoppers
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form of observation marketing research that uses data mining coupled with identifying web surfers by their IP addresses.
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behavioral targeting
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- studying human behavior in its natural context; involves observation of behavior and physical setting.
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ethnographic research
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a method of researcher uses to gather primary data.
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experiment
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- a subset from a larger population
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sample
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the population from which a sample will be drawn
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universe
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a sample in which every element in the population has a known statistical likelihood of being selected.
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probability sample
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sample arranged in a way where every element of the population has an equal chance of being selected.
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random sample
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any sample in which little or no attempt is made to get a representative cross selection of the population.
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non-probability sample
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form of nonprobability sample using respondents who are convenient or readily accessible to the researcher. (IE: employees, family, friends.)
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Convenient sample
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an error that occurs when there is a difference between the information desired by the researcher and the information provide by the measurement process.
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Measurement error
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an error that occurs when a sample somehow does not represent the target population.
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Sampling error
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- an error that occurs when a sample drawn from a population differs from the target population.
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Frame error
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an error that occurs when the selected sample is an imperfect representation of the overall population.
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random error
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- a firm that specializes in interviewing respondents on a subcontracted basis.
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field service firm
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method of analyzing data that lets the analyst look at the responses to one or more other questions.
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cross tabulation
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CGM)- media that consumers generate and share among themselves.
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consumer generated media
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a system for gathering information from a single group of respondents by continuously monitoring the advertising promotion and pricing they are exposed to and the things they buy.
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scanner based research
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a scanner-based research program that tracks the purchasers of 3k households through store scanners in each research market.
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behavioral scan
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a scanner based sale tracking service for the consumer packaged goods industry.
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infoscan
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a field of marketing that studies the body's responses to marketing stimuli.
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neuromarketing
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CI)- an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors.
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competitive intelligence CI
