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Marketing Management > Before Midterm > Flashcards

Before Midterm Flashcards

1
Q

Marketing

A

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

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2
Q

Needs

A

States of felt deprivation

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3
Q

Wants

A

the form human needs take as they are shaped by culture and individual personality.

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4
Q

Demands

A

Human wants that are backed by buying power

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5
Q

Market offerings

A

some combination of products,services, information, or experiences offered to a market to satisfy a need or want.

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6
Q

Marketing myopia

A

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produces by these products.

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7
Q

Exchange

A

The act of obtaining a desired object from someone by offering something in return.

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8
Q

Market

A

The set of all actual and potential buyers of a product or service.

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9
Q

Marketing Management

A

the art and science of choosing target markets and building profitable relations with them.

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10
Q

Production concept

A

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

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11
Q

Product concept

A

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

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12
Q

Selling concept

A

The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.

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13
Q

Marketing concept

A

a philosophy in which achieving organizational goals depends on knowing the needs and wants of of target markets and delivering the desire satisfactions better than competitors do.

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14
Q

Societal marketing concept

A

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements consumers’ long-run interests, and society’s long-run interests.

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15
Q

Customer relationship management

A

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

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16
Q

Customer-perceived value

A

the customers’ evaluation of the difference between all the benefits and all the cost of a marketing offer relative to those of competing offers.

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17
Q

Customer Relationship

A

The extent to which a products perceived performance matches a buyer’s expectations.

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18
Q

Customer-managed relationships

A

marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands.

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19
Q

Consumer-generated marketing

A

Brand exchanges created by consumers themselves- both invited and uninvited by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

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20
Q

Partner relationship management

A

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

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21
Q

CLV

A

Customer lifetime value

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22
Q

CLV

A

the value of the entire stream of purchases a customer makes over a lifetime of patronage.

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23
Q

Share of customer

A

the portion of the customer’s purchasing that a company gets in its product categories.

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24
Q

Customer equity

A

the total combined customer lifetime values of all of the company’s customers.

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25
Market Penetration
company growth by increasing sales of current products to current market segments without changing the product.
26
Market development
company growth by offering modified or new products to current market segments.
27
Product development
company growth by offering modified or new products to current market segments
28
diversification
company growth through starting up or acquiring businesses outside the company's current products and markets
29
Marketing strategy
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
30
Market segmentation
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
31
Market segment
a group of consumers who respond in a similar way to a given set of marketing efforts.
32
Market targeting
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
33
positioning
arranging for a product to occupy a clear distinctive, and desirable place relative to competing products in the minds of target consumers
34
differentiation
actually differentiating the market offering to create superior customer value.
35
Marketing mix
the set of tactical marketing tools, product, price, place and promotion, that the firm blends to produce the response it wants in the target market.
36
4Ps
product, price, place, promtion
37
4Cs
Customer solution, c. cost, convenience, communication
38
NMC
Net marketing contribution
39
ROMI
Return on Marketing Investment
40
MROS
Marketing Return on Sales
41
Marketing research
the systematic, design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
42
Exploratory research
marketing research to gather preliminary information that will help define problems and suggest hypotheses
43
Descriptive research
marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
44
Casual research
Marketing research to test hypotheses about cause-and-effect relationships
45
Secondary data
information that already exists somewhere, having been collected for another purpose.
46
Primary data
information collected for the specific purpose at hand.
47
observational research
gathering primary data by observing relevant people, actions, and situations.
48
Survey research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
49
Experimental research
gathering primary date by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
50
Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
51
Subculture
a group of people with shared value systems based on common life experiences and situations.
52
Social class
relatively permanents and ordered divisions in society whose members share similar value, interests, and behaviors.
53
Opinion leader
a person within a reference group who because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
54
Motive (drive)
a need that is sufficiently pressing to direct the person to seek satisfaction of the need.
55
Complex buying behavior
consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
56
Dissonance-reducing buying behavior
consumer buying behavior in situations characterized by high involvement but few perceived differences among brands
57
Habitual buying behavior
consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand difference.
58
Variety-seeking buying behavior
consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.
59
Need recognition RT: buyer decision process
the first stage of the buyer decision process, in which the consumer recognizes a problem or need.
60
internal stimuli RT: Need recognition
when one of the person's normal needs rise to a level high enough to become a drive.
61
External stimuli RT: Need recognition
things outside of you that make you want to buy stuff....duh.
62
Information search. RT: buyer decision process
2nd stage of the buyer decision process in which the consumer is motivated to search for more information.
63
sources RT: info search
Person, commercial, public, and experiential sources.
64
Evaluation RT: buyer decision process
the third stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.
65
Purchase Decision RT: buyer decision process
stage four of the buyer decision process; buyer makes a choice.
66
Postpurchase behavior RT: buyer decision process
the fifth and final stage of the buyer decision process in which consumers take further action after purchase, base on their satisfaction or dissatisfaction.
67
Cognitive dissonance RT: postpurchase behavior
buyer discomfort caused by post-purchase conflict
68
Cultural factors RT: CACB
culture, subculture, social class
69
Social factors RT: CACB
groups and social networks, family, roles and status.
70
Personal factors RT: CACB
age and life-cycle stage, Occupation, Economic situation, lifestyle, Personality and self concept,
71
Psychological factors RT:CACB
Motivation, Perception, Learning, Beliefs and Attitudes.
72
CRM Process
1. Form Database 2. Select Customers 3. Relationships Strategies 4. Monitor Results
73
SCLV+= (M-c)/1- r +i -- AC
simplified customer lifetime value
74
M and c RT: SCLV
m: the margin the customer genertates in period t c: the marketing costs of retaining the customer in period t
75
i and r RT: SCLV
i: the discount rate of firm's capital cost | r; the retention rate in period t (ie the probability of keeping the customer
76
AC RT: SCLV
the cost to acquire the new customer
77
Company=-wide Strategic Planning
Defining the company mission Setting Company objectives and Goals Designing the business portfolio Planning marketing and other functional strategies
78
first row: understand value RT: HMF
4Cs Company, Consumers, Competitors, Channel
79
second and third row Create Value RT: HMF
Segment Target Position | Product , Place, Promotion , Price
80
4th row capture value RT: HMF
Price
81
5th and 6th row sustain value RT: HMF
Customer acquisition - Customer Retention Profits
82
The P&L
``` Gross Sales -trade Net Sales -Product Costs -overhead -transportation -warehousing Gross Margin -ads & promotions -market research Contribution Margin -G&A Operating Income ```
83
``` Gross Sales -trade Net Sales -Product Costs -overhead -transportation -warehousing Gross Margin -ads & promotions -market research Contribution Margin -G&A Operating Income ```
-Store Shelving coupons etc -Cost of making product and getting it to the store - consumer messaging and research - Misc. expenses
84
PCM% RT: P & L
Contribution margin/ net sales
85
GM%
Gross Margin/Net Sales real money/take home pay
86
ROMI
Contribution margin/Marketing expenses

Marketing Management (2 decks)

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