MT 1 BUS 346 – Flashcards
264 test answers
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relative market share
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compare market shares between competitors
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cash cow
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product lines with high relative market share, low growth markets
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star
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high rate of growth and dominates market
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dogs can be worth keeping if
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they assist with sales of another product
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product development strategy
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firms develop new products for existing customers
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market penetration
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sell more of her current products to current customers
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market development
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employs existing marketing offering to reach new market segments; sell existing products to new customers
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product development
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marketers who design and offer new products and services to existing customers
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market penetration
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selling existing services to existing customers
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diversification
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introducing new products to new customers
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superior service is a key facet of
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customer excellence
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marketing planning process
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(1) define the business mission (2) situation analysis SWOT (3) ID opportunities (4) implement marketing mix (4 P's) and allocate resources (5) evaluate performance
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define business mission
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by considering questions of fit and changing objectives, the planners are considering HP's business mission and how the acquisition might change it
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market penetration
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sell more of existing products to current target market
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diversification
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individual packaged frozen meals are a new product even though in the food industry and selling to a new customer --> new customers, new product = diversification
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locational excellence is often sustainable because
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it cannot be easily duplicated
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value creation/PLACE
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making sure the product is available when and where the customer needs it - PLACE SUPPLY CHAIN DIST..... VALUE CREATION IS WHEN THEY WANT IT
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Threat for nike acquiring UMBRO
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threat since creates stronger direct competition for adidas and its external
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cash cow
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market leader in a low growth market is a cash cow; generate excess resources that can be invested in other areas of the company
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positioning
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any kind of design for the product packaging is positioning --> how you want consumers to view your product
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marketing strategy
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identifies (1) target market (2) related marketing mix 4's P's (3) bases on which the firm plans to build competitive advtg.
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implementation phase of marketing plan (PIC)
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ID and evaluate different opportunities by engaging in STP
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CDSTEP (SWOT)
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Cultural, Demographic, Social, Technological, Economic, and Political Forces
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if a price is set too high it will not generate much ___, if it is set too low it may result in ___ and ___
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volume, lower margins and profits
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metrics used to evaluate a firm vary depending on
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the level of organization at which decision is made and resources the manager controls
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question mark (BCG matrix)
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high growth market, low market share
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END OF CH
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2
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BEGINNING OF CH
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5
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consumer should be kept at
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center of all activity
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competitors are one factor in
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immediate environment that affects consumers
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three elements of consumer's immediate environment are
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company, competition and corporate partners
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culture are transmitted by
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words, literature and institutions from generation to generation
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macroenvironmental factors are external factors such as
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culture, demographics and social issues, tech advances, economic situation, political enviro
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generation y
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emphasize balancing work and life
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digital natives are members of
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generation Z
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generation z
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born into a world that already was full of electronic gadgets and digital technology
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generation y
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millennials (me); biggest cohort
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generation x
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both parents worked; part of big divorced group of parents (my mom's time); CYNICAL
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baby boomers
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after world war II; individualistic, leisure time is important, able to take care of themselves, obsession with maintaining youth; love rock n roll
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social trends mentioned emphasize
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thrift, health and wellness, greener consumers, privacy and time-poor societies
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green marketing
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defined as a strategic effort by firms to supply customers with environmentally friendly merchandize
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marketing firm must consider entire business process from a
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consumer's point of view
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identify potential opportunities by
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paying close attention to marketing environment and customer needs
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center of all marketing activities is
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consumers
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value based marketing
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offer greater value than competitors offer
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immediate environment
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firm, competitors and corporate partners
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corporate partners
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work with the firm to provide goods and services
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macroenvironment is
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external
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immediate is
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internal
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generational cohorts are presumed to have
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similar purchase behavior
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tweens
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generation y
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greenwashing
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fooling ppl that you're environmentally green
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purchase behavior affected by
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education, occupation and income
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green marketing
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marketing of enviro responsible products
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green marketers
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ADD VALUE
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political/regulatory environment comprises
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political parties, government organizations, and legislations and laws
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gen x
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latchkey
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robison patman act
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outlawed price discrimination toward wholesalers, retailers, or other producers and required sellers to make ancillary services or allowances available to all buyers on proportionately equal terms
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inflation increases
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people buy lower priced foods
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RFID
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Enables a firm to track an item from the moment it was manufactured through distribution system to retail and into the hands of consumer
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tech advances are
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NOT SOCIAL TRENDS
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AFRICAN AMERICANS ARE
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more affluent than we thought
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graduates from college earn about
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21500 more than high school grads
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END OF CH
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5
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BEGINNING OF CH
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9
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undifferentiated targeting strategy (mass marketing)
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is appropriate when everyone can be considered a potential user of a product, and when the potential benefits are similar for most consumers
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concentrated targeting strategy
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organization selects a single, primary target market
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VALS
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widely used for psychographic segmentation
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perceptual map
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displays position of products or brands in the consumer's mind
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first step in STP
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establish overall strategy
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failure to read but could respond well to a product is an example of
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reachability
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very specific products should use
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concentrated targeting strategy
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value proposition id's
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unique benefits from competition that match up with customer needs and wants ... IN ORDER TO MAINTAIN A UNIQUE VALUE PROP is thru monopoly
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STP is part of firm's
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marketing strategy
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commercial and residential real estate buyers
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are two different market segements
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differentiated targeting strategy
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different target markets are served by different marketing mixes (4 p's)
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diversify business helps with
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lower risk
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corporate pilot fish pursue
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micromarketing targeting strategy
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nike doing customized shoes is example of
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micro marketing bc one-to-one scale since each consumer receives a customized product
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four targeting strategies
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differentiated, undifferentiated, micro marketing and concentrated
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psychographics
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related to the way we describe ourselves- our self concept, values and lifestyle
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babyboomers
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heavily motivated by self-fulfillment PSYCHOGRAPHIC
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Benefit segmentation
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most directly related to value creation for customers --> seeks to segment based on the benefits they seek (values they will obtain) from the product
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birds of a feather flock together
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captures geodemographic segmentation
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PRIZM and Tapestry
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divide and sort small geographic areas into categories using demographic and lifestyle characteristics --> geodemographic segmentation
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geodemographic segmentation is useful for
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retailers bc helps define types of customers who live near stores
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frequent flyer programs are
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loyalty programs
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lifestyle segmentation
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is a thing :) aka one of the answers
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use geodemographic to
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identify and target customers
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use lifestyle to
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design products and messages to appeal to customers
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when evaluating a segment's attractiveness, we consider whether the segment is
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substancial, responsive, profitable, reachable and identifiable
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identifiable
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to see whether they are distinct from each other (different segments)
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substancial
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if it is large enough to be worth targeting, if if segment members have sufficient buying power --> even a small segment with few people who can afford the product could be profitable in some cases depending on price, margin, etc.
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lifestyle segmenting is
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psychographic
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responsive segments
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if its members react similarly and positively to the marketing mix
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profitability segment assessment
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considers market growth, market competitiveness, and market access along with ensuring that the profit margin will be sufficient to cover costs
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market competitiveness
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includes the number of competitors, entry barriers and product substitutes
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market access
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includes ease of developing or accessing distribution channels and brand familiarity
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segment profitability uses
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segment size, estimated segment adoption percentage, purchase behavior (freq and price), profit margin percentage, and fixed costs
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value proposition
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emphasizing the low price and high quality --> VALUE
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Politicians using red white and blue in campaign are using
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symbols
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perceptual map
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often used to illustrate the position of a firm's products or brands in consumer's minds; shows the current position of a company's products NOT a future position
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perceptions of ____ are being measured in a perceptual map
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consumers
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occasion segmentation (behavioral)
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based on when a product or service is purchased or consumed
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overriding desires that drive how we live our lives are called
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self-values
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value proposition
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consists of a target market, brand/product name, a category or concept, unique point of difference or benefit --> PRICE USUALLY NOT INCLUDED
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END OF CH
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9
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BEG OF CH
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10
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Marketing research process follows five steps and they
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do not have to be followed in order
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start with qualitative research then move to
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quantitative
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focus group
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8-12 people being asked questions by trained moderator
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external secondary data and syndicated data
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are two different things although both types of external secondary data
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panel data
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information collected from a group of consumers over time -- secondary or primary (ANSWER IS FALSE)
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Sentiment mining
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analyzes consumer comments on social media sites to gain insights about consumer's thoughts and preferences
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when survey data are analyzed in depth to determine consumer attitudes toward a product, this is an example of sentiment mining
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FALSE
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marketing research involves
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collection, recording, analysis and interpretation of data
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through analysis of sales data, retail store found customers who bought PB also bought bananas. was engaged in
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data mining --> using stat techniques to discover patterns and relationships in company data
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market research begins with
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defining objectives and research needs
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design the research
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id type of data he needs and research method he should use
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syndicated data
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commercial research firms that you purchase research from
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qualitative research is often done in part to obtain
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preliminary insights and after you've done that you collect quantitative data
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when the market research problem is not clearly defined, a researcher will likely engage in ___ research
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qualitative; to gain preliminary insights
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quantitative research offers a means to confirm ideas through
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surveys or experiments
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what is true about quantitative research?
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it confirms insights and provides a basis for taking a course of action
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when consumers are __, observation becomes useful in understanding consumer preferences
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unable to articulate experiences
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using ___ researchers ask questions, listen and record responses, and ask additional questions based on initial response
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in depth interview
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randall could use
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in depth interviews to help him develop his survey
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focus group interviews
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gather info about general feelings; opinions without in depth responses
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a ___ is a small group of people brought together for an intensive discussion of a topic
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focus group
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T might consider using ___ to gather qualitative info about competitor's offerings
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focus groups
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structured questionnaire
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consists of closed-ended questions and predetermined response alternatives
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___ research is a type of quantitative research that manipulates variables to help determine cause and effect
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experimental
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data mining uses
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variety of stat analysis to uncover patterns in data or relationships among variables
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primary data
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gathered data for specific research needs
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personal info should about respondents should
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NEVER BE SHARED
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churn
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number of participants who discontinue their use of a service / avg number of total participants (measure of how much turnover a company experiences in customer base)
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survey is
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primary data
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panel data
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recruiting customers who agree to respond to customer satisfaction surveys once every 3 months over next 2 years to track progress
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unstructured questions
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open ended
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sentiment mining
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collection and analysis of social media to gain insights into consumer thoughts and opinions
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disadv. of online focus groups
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usually do not permit insights based on body language --> in focus groups they video the interview to see non verbal responses as well as verbal
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germany banned
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biometric use on fb
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a typical focus group has ___ to ___ members
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8 to 12 to intensive discussion
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in addition to using sentiment mining some companies also participate in ___ by joining in online convos with customers
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social engagement -- online convo with customers
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blogs are a challenge for firms bc
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they include both positive and negative commentary bc they're independent have no loyalty
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data mining
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looking at BUYING PATTERNS
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Data
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can be defined as raw numbers or other factual info that has limited value
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disadv of secondary research is __ whereas disadv of primary is ___
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potential bias, cost
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END OF CH
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10
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BEG OF CH
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11
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A company's product line consists of its various product mixes
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FALSE; a company's product mix consists of its various product lines
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brand equity
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set of assets and liabilities linked to a brand that add to or subtract from the value provided
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private label brands are imitations often sold by street vendors
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FALSE; they are retailer or store brand developed by retailers to be sold only within their own stores
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brand dilution
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over branding
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product line depth
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equals the number of products within a product line
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brand extension
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use of the same brand name in a different product line; phone and gaming systems are different product lines
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Secondary package is the wrapper or exterior carton that contains the primary package and provides the UPC level used by retail scanners
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used to attract consumer attention
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specialty items
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luxury cars are specialty products bc customers are willing to spend more effort to select just the right one
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a familiar brand name always helps the sales of a product
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FALSE
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product mix
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complete set of all products offered by a firm
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product line
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is a group of associated items that consumers tend to use together or think of as part of a group of similar products
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product line depth
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number of items within a product line
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value of a brand is often calculated by assessing the
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earning potential of the brand over the next 12 months
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brand equity contributes to
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profitability
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four criteria used for determining how good a brand is or much equity it has
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brand awareness, brand loyalty, brand associations and perceived value
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familiarity with brands help consumers
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make purchase decisions due to awareness of brand
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brand names become synonymous they could lose
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its trademark status
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BRAND AWARENESS
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SUPER BOWL
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In a competitive market, perceived value is determined by consumers mostly
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in relationship to the value of competitor's offerings
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brands can be owned by
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any firm in the supply chain
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another name for a manufacturer's brand is a
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national brand
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family brand
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using own corporate name to brand all its product lines and products
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by having leading brands like Tide and Crest, P and G
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has greater control over marketing strategy
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brands own by retailers are called
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store brands, house brands, own brands or private label brands
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individual brands
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separate brand names for different product lines by same company
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shopping good
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where consumers compare alternatives
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augmented product
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includes associated services such as a warranty and a customer service line dedicated to product support
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suppose that walgreens wants to introduce its own brand of cough medicine that is similar to its own brand but at a lower cost, what kind of brand is this?
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private label brand, bc developed by retailers
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brand extension
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refers to the same brand name for a NEW product LINE
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line extension is the use
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of the same brand name within the same product line and represents a new product aka increase in product line depth
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test marketing
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limited test of a product and its full marketing mix, usually in a particular geographic area to evaluate potential
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on the diffusion of innovation curve, the first group of buyers who want to be first on the block are known as early adopters
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FALSE, they are called innovators then come early adopters
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on the diffusion of innovation curve, the late majority is the final group of buyers that like to avoid change and rely on traditional products until they are no longer available
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FALSE they are called laggards
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the diffusion of innovation curve
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bell shaped curve made up innovators, early adopters, early majority, late majority and laggards
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to be adopted more quickly
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diffuse faster
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microsoft expanding into xbox etc is
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creating diversification and reducing risk -- bc not relying on one market for their business to thrive
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but a restaurant adding daily specials is
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satisfying the changing needs of the customer
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pioneer or breakthrough products
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can change consumer preferences
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not a new to the world
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mercedes mini sport utility vehicle
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for new product marketers, early adopters are important bc they tend to be
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opinion leaders
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early majority
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first large group to adopt the product, without them profits are unlikely to happen
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hillary has waited fora more competitive market with lower prices
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this occurs when the early majority is adopting the product
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the diffusion of innovation theory is useful to marketeres in helping them
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predict which types of customers will buy their product
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between concept testing and market testing a firm should engage in which stage of product development process
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product development
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major limitation of R AND D
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is that costs are quite high
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reverse engineering
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involves taking apart a product, analyzing it, and creating an improved product that does not infringe on patents
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lead users
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modify existing products according to their own ideas to suit their needs
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pre market test
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combines product sampling with surveys collecting consumers reactions
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market testing
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testing out in a specific geodemographic area to see response of product
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the product launch step in the prod develop
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process is critical requiring reminds resources and extensive coordination of all marketing mix
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packaging is a
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product issue not a place issue
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a slotting allowance
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is a fee paid by manufactuerers to get new products into stores or to gain more or better shelf space for products
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four stages of product life cycle
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intro, growth, maturity, decline
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growth stage
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marked by rising sales and profits and an increasing number of competitors!!
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what does not occur in growth stage
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price competition and price wars-- this occurs in maturity
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decline is marked by
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niche marketing and by firms exiting the market
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pre market testing
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uses surveys!!!!
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when a manufac.. launches a new product it may offer
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trade promotions to wholesalers and retailers including intro price promotions special events and personal selling
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what type of event exposes retailers to a large number of new products in a concentrated location?
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trade shows
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in us consumer goods found in grocery stores are in the
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maturity stage
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introduction stage
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innovators are the consumers
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how is consumer panel data collected during the test marketing phase of a new product intro?
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panelists scan their receipts on a home scanning device
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coordination of delivery and storage are elements of
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place not promotion
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she plans to purchase a recently introduced microscultping cream from play's referents line. olay is in the __ stage
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maturity bc having to defend market share
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intro stage that is successful
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will start to see profit toward the end of the stage
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END OF CH
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12
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BEG OF CH
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15
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Radio frequency id tags automatically transit info about a containers contents or ind products
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TRUE
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quick response systems allow retailer to maximize inventory holdings
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false, they are meant to minimize inventory and its costs
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UPC tag is the black and white bar code
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indicates the manuf of the item, description of the item, info about special packaging and special promotions, and records receipt when it arrives at dist center
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wholesalers are often used in an indirect marketing channel
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TRUE it is an intermediary bw the manuf and consumer
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horizontal channel conflict
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occurs between members at the same level of marketing channel (retailer and retailer)
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3 vertical marketing systems
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administered, contractural and corporate
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corporate is the
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most formalized and control
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direct marketing channel
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no intermediaries
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place
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happens behind the scenes so people overlook importance
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wholesaler
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reseller that helps products to flow from manuf to retailers
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stockpile inventory
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in réponse to supply chain inefficiencies many retailers in the 1990's stockpiled leading to higher inventory carrying costs
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distribution center
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facility for the receipt, storage and redistribution of goods to company stores or customers
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information flow in supply chain
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do not include customer participation
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typically manuf and retailers exchange business doc's through an __ system, the computer to comp exchange of bus docs from a retailer to a vendor and back
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electronic data interchange
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With a pull marketing strategy
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orders for merchandise are generated at the store level based on sales data captured at POS terminals
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cross docking
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is when vendors ship merchandise prepackaged in the quantity required for each store to the distribution center; relatively little processing is required at dist center and merch can move to dest quickly
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getting mercy floor ready entails
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ticketing and marking
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JIT systems (just in time)
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are designed to deliver smaller shipments of merch on a more frequent basis to retailers
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JIT can
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reduce inventories needed to satisfy retailers' demand
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in a __ none of the participants has any control over the others
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conventional (independent)
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in an administered vertical marketing system
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there is no common ownership, and the dominant member has sign power to impose ideas
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franchising involves __ vertical marketing system
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contractual
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in a corporate vertical marketing system
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particiapnts- warehouses, transportaiotn companies, retail outlets- are owned by a parent company to ensure harmony relaitions in supply chain
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a __ is a supply chain whose members act like a unified system
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vertical marketing system
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a __ is a doc used by a forklift driver, indicating how much of each item to get from specific storage areas
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pick ticket
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the local auto store gets merch delivered to it by its manuf as soon as it has a need, reducing stock outs. this demonstrates the concept of
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vendor managed inventory
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END OF CH
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15
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BEG OF CH
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16: retailing and multichannel marketing
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consumer packaged goods companies typically seek an exclusive dest strategy
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FALSE; exc dest policies grant exclusive geographic territories to one of very few retail customers so no other retailers in the territory can sell a particular brand
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off price retailers specialize in having a consistent line of merch available at discount prices
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FALSE; because off price retailers purhcase odd sizes, irregulars and overstocks from manuf. and other retailers, their merch. assortment is inconsistent over time
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internet can provide
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personalized promotions and services and info about products and services for each customer
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which of the following is not one of the typical outlets used by retailers
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B2B REQUESTS FOR PROPOSALS (RFP'S)
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In the past __ dominated supply chain
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manufacturers
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distribution intensity is commonly divided into three levels
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intensive, exclusive, and selective
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intensive dist
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getting a product into as many outlets as possible
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selective is a compromise between
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intensive and exclusive
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general merchandise
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full line discount, category specialist, specialty stores
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if you walk into a ___ you will find a broad variety of merch, deep assortment and customer service
answer
department store
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full line discount stores
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offer broad variety of merch, limited services and low prices
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specialty store
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narrow but deep selection of merch, sales service
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category specialist is a
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category killer like staples the store
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the ability to buy is a key advantage of
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brick and mortar retail stores
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SKU
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represents a unique inventory item in a store
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