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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
Q

Market Penetration

A

company growth by increasing sales of current products to current market segments without changing the product.

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26
Q

Market development

A

company growth by offering modified or new products to current market segments.

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27
Q

Product development

A

company growth by offering modified or new products to current market segments

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28
Q

diversification

A

company growth through starting up or acquiring businesses outside the company’s current products and markets

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29
Q

Marketing strategy

A

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

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30
Q

Market segmentation

A

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

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31
Q

Market segment

A

a group of consumers who respond in a similar way to a given set of marketing efforts.

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32
Q

Market targeting

A

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

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33
Q

positioning

A

arranging for a product to occupy a clear distinctive, and desirable place relative to competing products in the minds of target consumers

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34
Q

differentiation

A

actually differentiating the market offering to create superior customer value.

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35
Q

Marketing mix

A

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
Q

4Ps

A

product, price, place, promtion

37
Q

4Cs

A

Customer solution, c. cost, convenience, communication

38
Q

NMC

A

Net marketing contribution

39
Q

ROMI

A

Return on Marketing Investment

40
Q

MROS

A

Marketing Return on Sales

41
Q

Marketing research

A

the systematic, design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

42
Q

Exploratory research

A

marketing research to gather preliminary information that will help define problems and suggest hypotheses

43
Q

Descriptive research

A

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
Q

Casual research

A

Marketing research to test hypotheses about cause-and-effect relationships

45
Q

Secondary data

A

information that already exists somewhere, having been collected for another purpose.

46
Q

Primary data

A

information collected for the specific purpose at hand.

47
Q

observational research

A

gathering primary data by observing relevant people, actions, and situations.

48
Q

Survey research

A

gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

49
Q

Experimental research

A

gathering primary date by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

50
Q

Culture

A

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

51
Q

Subculture

A

a group of people with shared value systems based on common life experiences and situations.

52
Q

Social class

A

relatively permanents and ordered divisions in society whose members share similar value, interests, and behaviors.

53
Q

Opinion leader

A

a person within a reference group who because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.

54
Q

Motive (drive)

A

a need that is sufficiently pressing to direct the person to seek satisfaction of the need.

55
Q

Complex buying behavior

A

consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.

56
Q

Dissonance-reducing buying behavior

A

consumer buying behavior in situations characterized by high involvement but few perceived differences among brands

57
Q

Habitual buying behavior

A

consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand difference.

58
Q

Variety-seeking buying behavior

A

consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.

59
Q

Need recognition RT: buyer decision process

A

the first stage of the buyer decision process, in which the consumer recognizes a problem or need.

60
Q

internal stimuli RT: Need recognition

A

when one of the person’s normal needs rise to a level high enough to become a drive.

61
Q

External stimuli RT: Need recognition

A

things outside of you that make you want to buy stuff….duh.

62
Q

Information search. RT: buyer decision process

A

2nd stage of the buyer decision process in which the consumer is motivated to search for more information.

63
Q

sources RT: info search

A

Person, commercial, public, and experiential sources.

64
Q

Evaluation RT: buyer decision process

A

the third stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.

65
Q

Purchase Decision RT: buyer decision process

A

stage four of the buyer decision process; buyer makes a choice.

66
Q

Postpurchase behavior RT: buyer decision process

A

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
Q

Cognitive dissonance RT: postpurchase behavior

A

buyer discomfort caused by post-purchase conflict

68
Q

Cultural factors RT: CACB

A

culture, subculture, social class

69
Q

Social factors RT: CACB

A

groups and social networks, family, roles and status.

70
Q

Personal factors RT: CACB

A

age and life-cycle stage, Occupation, Economic situation, lifestyle, Personality and self concept,

71
Q

Psychological factors RT:CACB

A

Motivation, Perception, Learning, Beliefs and Attitudes.

72
Q

CRM Process

A
  1. Form Database
  2. Select Customers
  3. Relationships Strategies
  4. Monitor Results
73
Q

SCLV+= (M-c)/1- r +i – AC

A

simplified customer lifetime value

74
Q

M and c RT: SCLV

A

m: the margin the customer genertates in period t
c: the marketing costs of retaining the customer in period t

75
Q

i and r RT: SCLV

A

i: the discount rate of firm’s capital cost

r; the retention rate in period t (ie the probability of keeping the customer

76
Q

AC RT: SCLV

A

the cost to acquire the new customer

77
Q

Company=-wide Strategic Planning

A

Defining the company mission
Setting Company objectives and Goals
Designing the business portfolio
Planning marketing and other functional strategies

78
Q

first row: understand value RT: HMF

A

4Cs Company, Consumers, Competitors, Channel

79
Q

second and third row Create Value RT: HMF

A

Segment Target Position

Product , Place, Promotion , Price

80
Q

4th row capture value RT: HMF

A

Price

81
Q

5th and 6th row sustain value RT: HMF

A

Customer acquisition - Customer Retention

Profits

82
Q

The P&L

A 
Gross Sales
-trade
Net Sales
-Product Costs 
-overhead
-transportation 
-warehousing
Gross Margin 
-ads & promotions
-market research
Contribution Margin
-G&A
Operating Income
83
Q 
Gross Sales
-trade
Net Sales
-Product Costs 
-overhead
-transportation 
-warehousing
Gross Margin 
-ads & promotions
-market research
Contribution Margin
-G&A
Operating Income
A

-Store
Shelving coupons etc
-Cost of making product and getting it to the store

  • consumer messaging and research
  • Misc. expenses
84
Q

PCM% RT: P & L

A

Contribution margin/ net sales

85
Q

GM%

A

Gross Margin/Net Sales real money/take home pay

86
Q

ROMI

A

Contribution margin/Marketing expenses

Marketing Management (2 decks)

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