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basic concept exam Flashcards

1
Q

what is marketing?

A

To identify unmet consumer needs & then develop products that fill those needs & then develop products that fill those needs.

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2
Q

Pure Marketing

A

Business function that develops the products that people want to buy because they know they need them and because they can afford them and because they can find them. (Don’t have to advertise)

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3
Q

Example of Pure Marketing

A

Coca Cola - It tastes good & delivers caffeine. Don’t have to go to far to buy one and it is low cost.

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4
Q

Product Development

A

Core marketing function. If the product is good the firm has to do little advertising.

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5
Q

Example of Good Product Development

A

Apple, Bedsox, Munchy Mart & Four Rivers

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6
Q

Impure Marketing

A

Firms fail to objectively distinguish their products from competitors. (Having to advertise because of competitors) Very powerful

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7
Q

Examples of Impure Marketing

A

Dasani, Zephrahuills, Fiji, Walgreens water.

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8
Q

Power of Marketing

A

Branding & Marketing are powerful. Marketers have power to change perception of customers with 4 P’s

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9
Q

Marketing’s core strategies

A

Creating value and relationships
Segmenting Markets
Identifying opportunities

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10
Q

Creating Value

A

Small Banks: Serve starbucks, offer babysitting , extended hours & free toasters
Sheraton Hotel in L.A.: Offers 24 hour check in, room available any time, guaranteed 24 hour block room stay & occupancy went from 66%-90%

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11
Q

Creating Relationship

A

Establishing long term mutually satisfying, buyer seller relationship.

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12
Q

Examples of Creating Relationship

A

Ex. Disney: Theme parks, movies/tv/radio, cruises & Disney on ice.
Chick-fil-a: Go extra mile, “my pleasure” bring umbrellas, pull out chairs for ladies, bus tables, refill drinks.

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13
Q

Segmenting Markets

A

Targets different wants & needs. Separates devils from angels, store clerks are given training to identify desirable/angel customers. High income men “Barry’s” Suburban moms “Jills” Male early adopters “Buzzes”

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14
Q

Examples of Segmenting Markets

A

Coke Zero - For Men
Diet Coke - For women
Marriott- Hotels for just suites and inns. Resorts

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15
Q

Identifying Opportunties

A

Circumstance & timing meet to create strategic windows

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16
Q

History of Marketing

A

Production Era - firms produced what they could make
Sales Era - firms pushed products using aggressive sales tactics
Marketing Era- focus on customer orientation
Societal Era - firms now serve three entities

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17
Q

Simple Trade Era

A

Products were made by hand, grown or traded in small quantities. Lasted up until the industrial revolution.

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18
Q

Product Era

A

Firms produced what they could make. “As long as its black: inward focus, technical development.

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19
Q

Sales Era

A

Firms pushed products using aggressive sales tactics. “Changing their minds” Focus on: Selling what we make, aggressive promotion - vacuum cleaners, short term profit maximization.

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20
Q

Marketing Era

A

Focus on customer orientation. “Great awakening” where customers became the central focus of the organization. Began with the development of marketing departments (1940-1960) & then transferred to the rest of the firm (1960-1990) Focus on customer is the key “delight” and make what we sell.

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21
Q

Relationship Makerting Era

A

Focus is on long-term relationships & customer retention.

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22
Q

Societal Marketing Era

A

“Green Marketing” Focus on: Adds society’s best interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben & Jerrys, Disney & Target

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23
Q

4 P’s

A

Products, Place, Price & Promotion

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24
Q

Products

A

Goods, Services & Ideas. Ex. Ford’s My Key - Parents control speed, volume, gas noise, seat belt reminder.

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25
Place (Distribution)
Makes products available in quantities desired. Minimize costs: Inventory, transportation & storage. Ex. Fed ex
26
Promotion
Inform individuals or groups about the organization & its products/services. Advertising, public relations, personal selling, promotion, street teams/guerilla marketing & viral marketing. Ex. Street teams/guerilla marketing was started by proctor & gamble.
27
Pricing
Decisions & actions associated with establishing pricing objectives & policies, determining product prices and determines the value of the exchange.
28
Core Competencies
Things a firm does well. Competitive advantage -- Opportunity + competency Ex. Starbucks & FSU
29
Market Opportunties
Where circumstances & timing meet to create strategic windows not addressed by competitors. Ex. Ebay first mover in C-to-C marketing, recession & walmart , starbucks was an opportunity for mcdonalds
30
Warren Buffet
"The Oracle of Omaha" 3rd wealthiest person in the worlds. Pledged 99% of wealth to charity. 20 years to build a reputation & 5 minutes to ruin it.
31
Berkshire Hathaway
Conglomerate holding company with a diverse portfolio of businesses. (Based in Omaha, known for insurance, started out as a textile company in Massachusetts that buffet took over.
32
Pepsi
Created by Caleb Bradham. Originally called Brad's Drink. Named after digestive enzyme pepsin. Coca cola offered the opportunity to buy Pepsi 3 different times. Also owns Mountain Dew, 7up, Lipton, Aquafina, Ocean Spray, Frito Lay, Tropicana, Quaker & Gatorade.
33
Levels of Strategic Planning
Analysis of strengths & weaknesses, Identification of organizations opportunities & threats, Organizational mission & goals, corporate & business-unit strategies, marketing objectives, marketing strategy & a marketing plan.
34
SWOT Analysis
Strengths, weaknesses, opportunities, threats Matching strengths to opportunities Converting weaknesses to strengths Converting threats to opportunities
35
Strategic Business Unit
Division or unity within larger parent company. Ex. Fsu Colleges - Business, Lay, Medicine, Etc. COB - Marketing, Accounting, Finance, Etc.
36
Internal Marketing
Company - Employee. Gives empowerment to employees the power to act immediately, decisively & without fear in order to attain satisfaction & delight. Ex. Nordstrom - "Use your good judgement, that's the only rule"
37
External Marketing
Company - Customer. The external environment is made up of factors outside of the organization
38
BCG's matrix
Product Market Growth -- Relative Market Share
39
what is environmental forces and some examples
the factors in the business' environment that influence its operations. Competitive, Sociocultural Technological, Economic, Legal/regulatory, Political
40
types of competitive brands
Brand, Generic, Product, Total Budget
41
Sociocultural
demographic/diversity, cultural values, consumerism
42
Economic
Business cycle
43
Legal/regulatory
Regulatory agencies (FTC)
44
Political
Corporate donations
45
High-High -->
Star Ex. FSU COB
46
Low-High -->
Cash Cow Ex. Coca Cola
47
High-Low -->
Question Mark
48
Low-Low -->
Dog Ex. VCR
49
types of competitors
Brand competitors, Product competitors, Generic competitors, Total budget competitors
50
brand competitors
similar features and benefits to the same customers at similar prices (Coca Cola vs. Pepsi)
51
Product competitors
same product class, but with products that are different in features, price, and benefits (Coca Cola vs. Snapple)
52
Generic competitor
very different products that solve the same problem (Coca Cola vs. Publix brand)
53
Total budget competitors
products that compete for the limited financial resources of the same customers (Coca Cola vs. Candy Bar)
53
Sociocultural Forces
social classes, religious beliefs, wealth distribution, language, business practices, social values, customer preferences, social organization, and attitude towards work
54
Simple trade era (pre-1860s)
Products were made by hand, grown, or traded in small quantities Lasted up until the industrial revolution
55
Production era (pre-1920s)
As long as its black (efficiency to make everything same color) Inward focus Technical development allowed for improvements in efficiency Condition: sellers' market; demand exceeded supply
56
Sales era (1920s)
Sell what we make , “changing their minds”, Aggressive promotion – vacuum cleaners , Short- term profit maximization
57
The marketing era (1940s-1990s):
The great awakening where customers became the central focus of the organization Introduced the concept of marketing orientation. Marketing orientation is an approach to business that prioritizes identifying the needs and desires of consumers
58
Societal marketing era (1960s-present):
"Green Marketing" Focus on: Adds society's best interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben & Jerrys, Disney & Target
58
Relationship marketing era (1990s-2010)
The focus is on long term relationships and customer retention Engaged customers generate 1.7 times more revenue than normal customers
59
Technological
8 track - cassette player - cd player - ipod
60
Economic
Business Cycle - Prosperity (2006) Recession & Depression (2007-2010) Recovery Unemployment rate currently 8.1%
61
Legal/Regulatory
Ex. Bottled vs. Tap water Federal Trade Commission forces laws like false advertising FDA, CPSC, FCC, EPA, FPC
62
Political
Top corporate donors : UPS, ATT & Pfizer.
63
Ralph Nader
Well known consumer advocate -- "Father of consumerism
64
Market Research
Process of designing, gathering, analyzing, and reporting information that may be used to solve a marketing problem
65
Cluster Analysis
The multivariate statistical analysis technique that identifies customer segments. Firms can then plot the segments against their core competencies and target the groups with the most sales potential.
66
Types of Research
Applied Research & Basic
67
Applied Research
research designed to solve a specific problem - usually for a specific company (e.g., consulting).
68
Basic Research
research designed to extend knowledge of marketing phenomena. Ex. McDonald receives complainants
69
Two Types of Data
Primary & Secondary
70
Primary Data
Information that has been gathered specifically for the research objectives at hand Ex. Surveymonkey
71
Secondary Data
Information that has been collected for a purpose other than the research at hand Ex. Best brands, ACSI
72
types of Market Research Study
Conclusive, Exploratory, Descriptive Experimental
73
Conclusive
Conducted to clarify the characteristics of certain phenomena to solve a particular problem
74
Exploratory
Describes less structured data collection methods & used in design to clarify the problem (example: focus groups)
75
Descriptive
Describes the characteristics of a population (example: regression, who buys, what they buy, when, where & how much)
76
Experimental (Casual)
identifies cause and effect between variables Ex. experiments
77
Market Segmentation
the process of dividing up a market into smaller groups (called segments)
78
Targeting
Firms then develop new products - or reposition old ones - to target lucrative groups of consumers. Ex. Olive Garden is not targeted at italians, wealthy or kids
79
types of Targeting Strategies
Undifferentiated Differentiated Concentrated
80
Undifferentiated
One approach for all. entire market is target market; 1 marketing mix (theoretical) Homogeneous market - similar needs
81
Differentiated
two or more segments; more than 1 marketing mix Ex: Gap - Gap Kids, Old Navy , Banana Republic
82
Concentrated
single market segment; 1 marketing mix (Singles Sites) Ex. Tattoosingles.com Singles who have tattoos
83
what is segmentation based on and what are some examples
Segmentation is based on lifestyle. demographics, geographic, psychographics, behavioristic
84
Demographics
Describe characteristics of a population. Gender, Age, Ethnicity, Education, Religion Ex. Iphones
85
Geographic
Region, City Size, Urban/Rural, Region Ex. McDonald's
86
Psychographics
Personality, Motives, Lifestyles Ex. Mountain Dew snowboard
87
Behavioristic
Usage/Volume, Benefits, Loyalty, Price Sensitivity Ex. Sky Miles
88
Perceptual Mapping
Idea is to position objects (e.g., firms, products) in a multidimensional space according to their relative similarities or customer preferences Products can be positioned according to ratings on both objective and perceived measures. Ex. M&Ms, Snickers, Hershey,
89
Repositioning
Changing price, logo, design, different add campaign and putting remodeled model out again
90
types of Consumer Behavior Level of Involvement
High & Low
91
High-Involvement Products
Purchased only after careful consideration. Tend to be visible to others, risky, and/or expensive. Ex. Halloween makes people buy orange chocolate, orange soda etc.
92
Low-Involvement Products
Products that tend to be less expensive and have less associated risk. Ex. The type of toothpaste people buy.
93
examples of Problem Solving Strategies
Routinized, Limited problem solving, Extended problem solving, and Impulse buying
94
Routinized/Habitual Solving
Choices made with little to no conscious effort Ex. People become invested in brand.
95
Limited Problem Solving
Requires a moderate amount of time for information gathering (Decision Making Tools) Ex. Rate my professor
96
extended Problem Solving
Consumer tries to gain as much information as possible from both internal (memory) & external (Advertising) sources. Decision is made after heavy research after considering all attributes & considering each brand rates on each attribute, Ex. Choosing best college to go to
97
Impulsive Problem Solving
Brand preference
98
steps of Consumer Decision Making Process
Problem recognition, Information Search, Evaluation of alternatives, Purchases, and Post-purchase evaluation
99
Problem Recognition
Occurs when a buyer becomes aware of a difference between a desired state an actual condition. Ex. I'm hungry
100
types of Information Search
internal and external
101
Internal search
Scanning our own memory banks for information about product alternatives (Requires prior experience, repeat purchase)
102
External search
Obtaining product information from advertisements, friends or observing others (WOM, opinion leaders, Rate my professor)
103
Evaluation of Alternatives
Products already in memory plus those prominent in the retail environment Ex. Candy bars, end caps. Evoked set changes by product & consumer - Norwegians considered two cars in their evoked sets. Americans had eight.
104
Product Selection
Most consumers are cognitive misers "Dont like to think" Mental shortcuts Ex. Higher price = higher quality --> BMW, Mercedes
105
what happens post purchase
dissatisfaction and cognitive dissonance
106
Dissatisfaction
Emotional reaction to the purchase decision --> States consumer satisfaction reports (J.D. Power)
107
Cognitive Dissonance
Buyer's doubts shortly after a purchase about whether the decision was the right one
108
Three Factors that Influence the Consumer Decision Making Process
Situational, Psychological, and Social
109
Situational
Physical surrounding, social, time, reason , MOOD
110
Psychological
Perception, Selective exposure, learning, attitude, MOTIVES
111
Social Influences
Roles, family, Reference groups, OPINION LEADERS Ex. Advisor knows more about something than you do.

basic marketing concepts (1 decks)

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