Chapter 7-11 Marketing – Flashcards
Unlock all answers in this set
Unlock answersquestion
Market
answer
people or organizations with needs and wants and the ability/willingness to buy
question
Market Segmentation
answer
process of dividing a market into meaningful, similar and identifiable groups
question
Segmentation bases
answer
characteristics of individuals, groups or orgs
question
Market segment
answer
subgroup of people or orgs sharing 1 or more characteristics; causing similar product needs
question
FLC family life cycle
answer
series of stages determined by age, marital status and presence/absence of children
question
niche
answer
one segment of a market
question
positioning
answer
specific marketing mix to influence customer's perception of brand, product line or org.
question
repositioning
answer
changing consumers perceptions of a brand in relation to competing brands
question
position
answer
place a product, brand, group of products occupies in consumers minds relative to competing offerings
question
benefit segmentation
answer
grouping customers in market segments based on benefits they seek from product
question
marketing research
answer
planning, collecting, analyzing data relevant to a marketing decision
question
research design
answer
specifies which questions must be answered, how and when data will be gathered and anaylzed
question
primary data
answer
info that is collected for the 1st time, used for solving specific problem being investigated (surveys, obs. experiments)
question
focus group/online focus groups
answer
7 to 10 people who participate in a group discussion led by a moderator
question
mystery shoppers
answer
researchers posing as customers who gather observable data about a store
question
sample
answer
a subset from a larger population
question
probability sample
answer
every element in population has a known statistical likelihood of being selected
question
database marketing!
answer
creation of large computerized file of customers profiles and purchase patterns
question
survey research
answer
most popular method researchers use to gather primary data
question
universe
answer
the population from which a sample will be drawn
question
warranty
answer
confirmation of quality or performance of goods or services
question
product mix
answer
all products an org sells
question
product modification
answer
changing 1 or more of products characteristics
question
brand name
answer
part of a brand that can be spoken
question
brand mark
answer
part of a brand that can not be spoken
question
express warranty
answer
written guarantee
question
brand equity
answer
value of a brand name
question
co-branding
answer
placing 2 or more brand names on product or package
question
brand loyalty
answer
a consistent preference for one brand over all others
question
private brand
answer
brand name owned by wholesaler or a retailer
question
implied guarantee
answer
unwritten guarantee that good or service is fit for purpose it is sold
question
individual branding
answer
using different brand names for different products
question
product line
answer
group of closely related product items
question
product
answer
everything both favorable/unfavorable that is received in exchange
question
family branding
answer
marketing different products under the same brand name
question
PLC product life cycle
answer
trace stages of product acceptance= birth to death
question
diffusion of innovation
answer
process by which adoption of innovation spreads, major implication: They may need to change the message developed for targeted adopters over time.
question
concept test
answer
test new idea before prototype
question
idea screening
answer
first filter in the product dev process; rids bad ideas
question
maturity
answer
3rd stage of plc- sales increase at decreasing rate
question
test marketing
answer
limited intro of new product to see reaction
question
business analysis
answer
stage where demand,cost,sales, and profitability are calculated
question
innovation
answer
product perceived as new by the potential user
question
growth
answer
period where sales increase rapidly; 2nd stage
question
commercialization
answer
decision to market a new product, The final stage in the new-product development process
question
tangibles
answer
physical evidence of a service;facilities, tools, equipment
question
trademark
answer
exclusive right to use a brand or part of a brand
question
inseparability
answer
inability to separate production and consumption of services
question
heterogeneity
answer
variability of inputs and outputs of services
question
service
answer
result of applying human or mechanical effort to people or object
question
intangibility
answer
inability of services to be touched, seen, tasted, heard, felt
question
perishability
answer
inability of services to be stored, warehoused, or inventoried
question
empathy
answer
caring and individualized attention to customers
question
supply chain
answer
connected chain of all business entities that perform/support the logistic functions
question
marketing channels
answer
set of interdependent orgs that ease the transfer of ownership as products move from producer to business user or consumer
question
retailer
answer
a channel intermediary that sells mainly to customers
question
merchant, wholesaler
answer
institution that buys goods from manufacturers, takes title, stores them and resells and ships them
question
channel power
answer
capacity to control/influence behavior of other channel members
question
channel control
answer
one marketing channel member intentionally affects another member's behavior
question
channel leader
answer
member of marketing channel that exercises authority over other members
question
channel conflict
answer
clash of goals and methods between channel members
question
direct channel
answer
distribution channel where producers sell directly to consumers
question
channel members
answer
all parties in marketing channel
question
outsourcing (contract logistics)
answer
manufacturers/suppliers use of interdependent 3rd party to manage an entire function of the logistic system
question
distribution resource planning
answer
strategically managing the efficient flow and strange of raw materials and finished goods from origin to consumption
question
segmentation bases
answer
geography-market size, area, density demography-age, gender, income, ethnic background, . family life cycle psychographic- personality, motives, lifestyle, . . geodemographics benefit sought- process of grouping customers usage rate- frequency of buying a product 80/20- 80% of all demand come from 20% of customers
question
strategies for selecting target markets
answer
undifferentiated-mass marketing, no market segment multisegment- differentiated, many markets, 2 or 3 concentrated- nitch, one particular market
question
role of marketing research
answer
Descriptive- gathering and presenting factual statements Diagnostic-explaining data Predictive- "what if?"
question
Marketing research process
answer
1. define problem 2. plan design/primary data 3. specify sampling procedure 4. collect data 5. analyze data 6. prepare/present report 7. follow up
question
types of consumer products
answer
convenience (inexpensive, easy to find) , shopping (requires comparison shopping) , specialty (expensive, reluctant to find) , unsought products (not actively seeked)
question
product item
answer
a specific version of a product that can be designated as a distinct offering
question
product mix width
answer
number of product lines in the organization
question
Product mix depth
answer
average number of products in each line
question
pioneering advantage
answer
its better to be first than it is to be better
question
categories of adopters
answer
innovators, early adopters, early majority, late majority, laggards
question
Product life cycle stages
answer
introductory growth maturity decline
question
assurance
answer
knowledge and courtesy of employees
question
responsiveness
answer
ability to provide prompt service
question
reliability
answer
ability to perform the service right the first time
question
agents brokers
answer
wholesaling intermediaries who facilitate the sale of a product by representing channel members
question
wholesalers sell to
answer
retailers (sam's club=retailer)
question
Channels for consumer products
answer
Direct- producer+consumer Retailer- producer+retailers+consumers Wholesalers- producer+ wholesalers+ retailers+ ...... consumers Agent/broker- producer+ agent/broker+ ......wholesalers+ retailers+ consumers
question
Levels of distribution intensity
answer
intensive= every store selective= several exclusive=moderate
question
Early Majority
answer
This group determines whether a new product succeeds or fails
question
Product line
answer
products all function in a similar manner and provide similar benefits
question
Channel leader is also called
answer
channel captain
question
contact efficiency
answer
marketing channels make distribution simpler by reducing the number of transactions required to get products from manufacturers to consumers
question
observations
answer
Can NOT learn about attitudes, motivation or feelings.. you can with mail questionnaire, mall intercept interviews, focus groups
question
Heterogeneity..
answer
It is difficult to achieve consistency and standardization of services because of this service characteristic
question
geodemographics segmentation
answer
neighborhood lifestyle categories
question
psychographic segmentation
answer
personality, motives, lifestyles, geodemographics
question
satisficers optimizers
answer
take first familiar supplier consider numerous suppliers
question
captive brand
answer
a brand manufactured by a 3rd party for an exclusive retailer, without evidence of that retailer's affiliation
question
facebook ads
answer
customer relationship management...CRM, when personalized, caters to consumers' desire to be treated as individuals.
question
disadvantage of multisegment target strategy
answer
It increases a company's susceptibility to cannibalization
question
CRM
answer
entails tracking interactions with customers to optimize customer satisfaction and long-term company profits.
question
field service firm
answer
specializes in interviewing respondents on a subcontracted basis.
question
Research design
answer
The research design specifies which research questions must be answered, how and when data will be gathered, and how the data will be analyzed.
question
Marketing research problem vs. management decision problem
answer
The marketing research problem is information oriented, while the management decision problem is action oriented.
question
question to trace marketing research problems
answer
Did an unforeseen change in the external environment cause the plan to fail?
question
firms widen their product mix to
answer
capitalize on established reputations.
question
disadvantage of test marketing
answer
It exposes the new product and its marketing mix to competitors before its introduction.
question
PLC
answer
It can be used to analyze a brand, a product form, or a product strategy. It helps marketer managers forecast future events and suggest appropriate strategies.
question
mental stimulus processing
answer
services directed at peoples minds: Training and education in professional psychology
question
people processing
answer
service is directed at customer
question
Possession Processing
answer
service is directed at customer's physical possessions
question
Info processing
answer
technology or brainpower directed at a customer's assets: insurance, consulting
question
patronage oriented pricing
answer
tries to maximize the number of customers using the service
question
operations oriented pricing
answer
seek to match demand and supply so as to ensure optimal use of their productive capacity at any given time (hotels)
question
revenue oriented pricing
answer
It focuses on maximizing the surplus of income over costs.
question
in order to price a service it is important to
answer
define the unit of service consumption.
question
In a manufacturer monopoly, In a retailer monopoly,
answer
a single supplier may provide products to multiple retailers. a single retailer may use multiple suppliers
