Marketing 301 Mid-Term 1 – Flashcards
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Exchange
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The act of obtaining a desired object from someone by offering something in return
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Marketing Management
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The art and science of choosing target markets and building profitable relationships with them
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Marketing Segmentation
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Refers to dividing the markets into segments of customers
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Target Marketing
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Refers to which segments of customers to go after
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The Marketing Mix
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Set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
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Product, price, promotion and place.
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_The Four P's_
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Integrated Marketing Program
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Comprehensive plan that communicates and delivers the intended value to chosen customers.
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Strategic Planning
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Process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
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1. Define the company mission. 2. Setting company objectives and goals. 3. Designing the business portfolio. 4. Planning Marketing and other functional strategies.
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_Strategic Planning Steps_
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Build profitable customer relationships Invest in research Improve profits
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_Strategic Business Objectives_
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Increase market share Create local partnerships Increase promotion
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_Strategic Marketing Objectives_
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Production Concept (MMO)
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Focuses on making more units, cheaper
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Product Concept (MMO)
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Focused on coming up with new products that appeal to customer base
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Selling Concept (MMO)
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Using what product you already have and promoting it to customers
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Marketing Concept (MMO)
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Finding and meeting consumer demand
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Societal Concept (MMO)
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Create products that also are a help to the greater society
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Stars (CSP)
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High Relative Market Share High Market Growth Rate What every company is hoping to develop because they become future Cash Cows
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Cash Cows (CSP)
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High Relative Market Share Low Market Growth Rate The already established products taht produce revenue to develop other products
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Questions Marks (CSP)
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Low Relative Market Share High Growth Rate A product without dominate market share that the company promotes vigorously to try to make into a star
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Dog (CSP)
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Low Relative Market Share Low Market Growth Rate A failing product that is only kept to satisfy P.R. requirements
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Market Penetration
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Having existing customers buying new products
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Product Development
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New product that existing customers may be interested in to increase revenue
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Market Development
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Moving into a market that is favorable for your product (cigarettes in foreign countries)
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Market Segmentation
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The division of a market into distinct groups of buyers who have different needs, characteristics or behavior and who might require separate products or marketing mixes
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Market Segment
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A group of consumers who respond in a similar way to a given set of marketing efforts
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Market Positioning
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The arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer (Axe V. Dove example).
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Business Portfolio
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The collection of businesses and products that make up the company
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Portfolio Analysis
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A major activity in strategic planning whereby management evaluates the products and businesses that make up the company
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1.) Company division 2.) Product line within a division 3.) Single product or brand
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_Strategic Business Units Can Be:_
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The Marketing Environment
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Includes the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers
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Microenvironment
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Consists of factors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
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Demography
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The study of human populations (Size, density, location, age, gender, race, occupation, and other statistics)
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Demographic Environment
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Involves people, and people make up markets
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Demographic Trends
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Shifts in age, family structure, geographic population, educational characteristics, and population diversity
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Generational Marketing
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Important in segmenting people by lifestyle of life state instead of age
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Economic Environment
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Consist of factors that affect consumer purchasing power and spending power
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Value Marketing
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Offering financially cautious buyers greater value -- The right combination of quality and service at a fair price
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Natural Environment
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Natural resources that are needed as inputs by marketers or that are affected by marketing activities
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Political Environment
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Laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
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Cultural Environment
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Consists of institutions and other forces that affect a society's basic values, perceptions, and behaviors
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MIS provides
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Information to the company's marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies
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Internal Databases
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Electronic collections of consumer and market information obtained from data sources within the company network
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Marketing Research
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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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Secondary Data
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Consists of information that already exists somewhere, having been collected for another purpose
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Primary Data
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Consists of information gathered for the special research plan
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Observational Research
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Involves gathering primary data by observing relevant people, actions, and situations
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Ethnographic Research
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Involves sending trained observers to watch and interact with consumers in their natural environment
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Experimental Research
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Best for gathering causal information - Cause and Effect relationships
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Survey Research
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the most widely used method and is best for descriptive information -- Knowledge, attitudes, preferences, and buying behavior
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Sample
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A segment of the population selected for marketing research to represent the population as a whole
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Consumer buyer behavior
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The buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption
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Consumer Market
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All of the personal consumption of final consumers
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Culture
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The Learned values, peerceptions, wants, and behavior from family and other important institutions
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Subculture
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Groups of people within a culture with shared value systems based on common life experiences and situations.
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Social Classes
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Society's relatively permanent and ordered divisions whose members share similar values, interest, and behaviors.
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Membership Groups
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Groups with direct influence and to which a person belongs
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Aspirational Groups
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Groups an individual wishes to belong to
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Reference Groups
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Groups that form a comparison or reference in forming attitudes or behavior
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Opinion Leaders
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People within a reference group who exert social influence on others (Influentials or leading adopters)
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Motive
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A need that is sufficiently pressing to direct the person to seek satisfaction
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Motivation Research
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The qualitative research designed to probe consumers' hidden, subconscious motivations
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Perception
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The process by which people select, organize, and interpret information to form a meaningful picture of the world from three perceptual processes
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Belief
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A descriptive thought that a person has about something based on: Knowledge Opinion Faith
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Attitudes
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Describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea
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Psychographic Segmentation
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Different hobbies or tendencies that differentiate oneself from one demographic to another (Example: being vegetarian or vegan; someone who likes to cook, etc.)
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Behavioral Segmentation
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What you do. Coffee drinkers, etc.
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PRIZM NE
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Classifies every American household into 66 unique segments organized into 14 different social groups
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Undifferentiated Marketing
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Targets the whole market with one offer (mass marketing)
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Differentiated Marketing
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Targets several different market segments and designs separate offers for each
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Micromarketing
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The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations
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Local Marketing
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Involves tailoring brands and promotion to the needs and wants of local customer groups (Cities, neighborhoods, stores)
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Individual Marketing
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Tailoring products and marketing programs to the needs and preferences of individual consumers (one-to-one marketing)
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Product Position
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The way the product is defined by consumers on important attributes. The place the product occupies in consumers' minds relative to competing products
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Competitive Advantage
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An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
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Value Proposition
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The full mix of benefits upon which a brand is positioned
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Product
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Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
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Service
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A product that consists of activities, benefits, or satisfaction that is essentially intangible and does not result in the ownership of anything
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Experiences
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Represent what buying the product or service will do for the customer
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Convenience Products
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Consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
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Shopping Products
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Consumer products and services that the customer compares carefully on suitability, quality, price, and style.
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Specialty Products
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Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
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Unsought Products
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Consumer products that the consumer does not know about or knows about but does not normally think of buying
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Product or Service Attributes
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Communicate and deliver the benefits of a product
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Packaging
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Involves designing and producing the container or wrapper for a product
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Label
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Identify the product or brand, describe attributes, and provide promotion
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Product Line
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A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
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Product Line Length
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The number of items in the product line (Line Stretching and Filling)
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Product Mix
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Consists of all the products and items that a particular seller offers for sale (Details on Width, Length, Depth, and Consistency?)
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Brand Equity
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The differential effect that knowing the brand name has on customer response to the product or its marketing
