Marketing 350 Worshman – Flashcards
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manufacturers
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Raw Material→Finished goods; emphasis on personal selling
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government
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largest business buyer; USA #1; buying national defense, buy according to bid—required to take lowest bid
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NAICS
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1st 2 digit-industry//after 1st 2 makes it more specific ex: if you sell Raw Materials this helps identify customers
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need recognition, product specification, request for proposal process, proposal analysis, order specification, vender analysis
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stages in b2b buying
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need recognition sources
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internal or external; source examples: suppliers, salespeople, competitors
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product specifion
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used by suppliers to develop proposals; can be done collaboratively with suppliers ex: playground- age group, materials in slide, mulch
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RFP
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product open for bid
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Negotiation
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often several vendors negotiate with each other (top 1 or 2); state can't, industry can pick top contenders; negotiate: price, quality, delivery, financing terms, ease of ordering; retailers- repurchase of products
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Initiator
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come up with idea, doesn't need position in company
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Users
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generate their input because they will be using new system
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Influencers
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ear of decision maker, influence decision maker
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Buyer
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makes actual purchase
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Gatekeepers
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controls flow of information; official or unofficial capacity, funnels right bid, personal assistant, etc.
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Decider
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ultimately says yes or no; want to get to decider directly
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Democratic
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majority rules
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Consultative
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1 decision maker who consults with everyone
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Autocratic
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1 decision maker who makes all decisions alone
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Consensus
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everyone has to agree
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Globalization
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the process by which goods, services, capital, people, information, and ideas cross international borders
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Offshoring
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Types: financial management, IT, Call centers, accounting
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WTO
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Only organization to deal with global rules of trade (160 members as of June 2014)
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Economic analysis using metrics
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general economic environment, market size and population growth, real income
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Infrastructure and technology
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transportation, channels, communication, commerce
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government actions
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tariff, quota, exchange control, trade agreement
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sociocultural analysis
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power distance, uncertainty avoidance, individualism, masculinity, time orientation
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GDP
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value of goods and services produced in a country in a year
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GNI
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includes income from American companies that are operating abroad
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HDI
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measures relative world economic health; 1. Life expectancy at birth 2. Education attainment 3. Average income is sufficient enough to meet basic needs of life
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Marketing size and population growth
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less developed countries have faster growing birth rates; Urban: easier to do business Rural ex: India
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transportation
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no interstate or railroads→is not good
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communication
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systematic distribution of information ex: media
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distribution channel
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product from manufacturer to consumer; needs to be timely and at a reasonable cost ex: US- very efficient
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New Buy
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new purchase; BIG DEAL; new to company, more risk, go through process very carefully
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Modified rebuy
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ex: switch PC contract to MAC; still computer but different brand
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straight rebuy
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buy exact same thing ex: every year school buys 100 packs of Expo markers
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Commerce
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commercial infrastructure, legal system, banking system, regulation system
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Trade Surplus
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Results when country exports more than it imports
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Trade Deficit
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Results when a country imports more goods than it exports.
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Tariffs
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a tax levied on a good imported into a country
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Quotas
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designates the maximum quantity of a product that may be brought into a country during a specified time period; restricting number of goods that come into a country
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dumping
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anti dumping policies: take product to another country and sell it for lower price
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contertrade
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Trade between two countries where goods are traded for other goods and not for hard currency.
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trading bloc
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Consists of those countries that have signed a particular trade agreement.
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power distance
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how you accept social inequality ex : classroom : dont need to raise hang to get up, etc.
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uncertainty avoidance
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rules for orderly, consistent behavior
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individualism
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extent of what a person can make own decision
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masculinity
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dominance vs. equality
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time orientation
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we expect things to happen immediately ex: China 100 year business plan
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Global entry strategies
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export, franchising, strategic alliance, joint venture, direct investment
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undifferentiated
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Early in the product life cycle you might have seen this especially with basic commodities such as salt, sugar, etc. Smaller firm might try this strategy
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differentiated
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recognize there are different target markets, much more common, decided our strategy is going to appeal to different market segments, Ex: McDonald's has different items on the menu. Can get a larger market sale, larger companies
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concentrated
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realize that there are different segments out there but we as a company have decided to concentrate on one segment because this is our best chance for making money , pick a niche market and serve very well
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micromarketing
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make a product for each individual customer, example: Dell, getting a suit made
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geographic
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where you live; neighborhoods, cities, countries, etc. ex: get pizza in range of delivery zone
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demographic
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easy to understand, certain times when its useful such as feminine and masculine products, however doesn't work for some products i.e. apple computers
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psychographic
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self-concept (how you view yourself), values (what it is we think is important, ex: greening of America, sustainability), lifestyles (how we live: our activities, interests, and opinions. Can use Vals 2 to judge lifestyle)
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benefits
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ex: toothpaste > cavity protection, whitening, fresh breath.
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behavioral
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occasions such as holidays can make you purchase different items,
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geodemographic
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the people that live together also have some similar purchase behaviors.
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identifiable
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who is in their market; are the segments unique; does each segment require a unique marketing mix
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substantial
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too small and it is insignificant; too big and it might need its own store; enough buying power?
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reachable
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know the product exists; understand what it can do; recognize how to buy
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responsive
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find a segmentation basis for the customers that response positively; will it be profitable for a long period of time; getting the product to the customer at the right price
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positioning
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The place the product occupies in the mind of the consumer
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core competencies
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look at the figure out which target markets will be easiest to satisfy
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value
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get more for your money. Example: Walmart
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salient attribute
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product characteristics
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symbol
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something to distinguish themselves
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competition
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compare themselves to the competition
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reposition/rebranding
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sometimes a product will be out there and sales are sliding so the company realizes they need to change the idea of the product
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systematic nature of research
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plan in place for asking questions; same process no matter what person/research
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marketing research
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set of techniques and principles for systematically collection, recording, analyzing and interpreting that can aid design makers
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data warehouse
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every time a customer checks out you get information about them so you can go back and analyze
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internal secondary data
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data your company has already collected like sales receipts etc.
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data mining
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when you go into data warehouse and try to look for patterns in the data example: putting bananas at the end of the cereal isle
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primary data
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develop marketing research project that will answer a question; is specific to your needs but takes a lot of time and money
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secondary data
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data that has already been collected for some other purpose, we like this because we don't have to go out and do the work but it might not be exactly what you want but can still give a good head start; can be cheaper
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external secondary data
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anything you can find in journals, the internet, books, etc.
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scanner data
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UPC labels
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panal data
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collected from a group of consumers (ex: what they bought responses to questions)
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syndicated secondary data
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data that you purchase from another company like Nelson, JD power and associates; can be expensive
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observation, social media, in depth interviews, focus groups
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Types of qualitative research
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qualitative research
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can't generalize, specific
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quantitative research
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structured responses that are statistically tested
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survey, experiments, panal, scanner
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types of quantitative research
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back translating
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Back translate before translate into a language to make sure it is correct
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errors in international research
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in English throughout the world but can answer questions better in their native tongue, lack of consideration for language
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