Chapter 7-11 Marketing – Flashcards

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