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SOM Final Exam > Ch. 11 > Flashcards

Ch. 11 Flashcards

1
Q

Marketing

A

A set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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2
Q

Value

A

Relative comparison of a product’s benefits versus its costs

Satsify customer’s needs and wants

Value= Benefits/Costs

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3
Q

Utility and its four types

A

Ability of a product to satisfy a human want or need

Form Utility
Time Utility
Place Utility
Possession Utility

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4
Q

Form Utility

A

Provides products with “features” customers want

IPhone vs. Samsung

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5
Q

Time Utility

A

Provides products WHEN customers want them

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6
Q

Place Utility

A

Provides products WHERE customers want them

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7
Q

Possession Utility

A

Transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents

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8
Q

Consumer Goods

A

Tangible products purchased by consumers for personal use

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9
Q

Industrial Goods

A

Physical products used by companies to produce other products

Tractors, bulldozers, steel, etc.

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10
Q

Services

A

Products having non-tangible features, such as information, expertise, or an activity that can be purchased

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11
Q

Relationship Marketing

A

Marketing strategy that emphasizes building lasting relationships with customers and suppliers

Stronger relationships = customer loyalty, satisfaction, and retention

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12
Q

Customer Relationship Management (CRM)

A

Ways that firms use to build better information connections with clients, so stronger company-client relationships are developed

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13
Q

Data Warehousing

A

Collection, storage, and retrieval of data pertaining to customers in electronic files

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14
Q

Data Mining

A

Use of massive analysis of data by using computers to sift, sort, and search for what customers look at and react to

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15
Q

Marketing Environment Five Parts

A 
Political-Legal
Economic
Sociocultural
Technological
Competitive
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16
Q

Political-Legal Environment

A

Relationship between business and the government

Usually government regulation

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17
Q

Economic Environment

A

Relevant conditions that exist in the economic system that a company operates

Inflation, Interest rates, etc.

Recession, Growth

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18
Q

Sociocultural Environment

A

Customs, morals, values, and demographic characteristics of the society in which a company functions

Forces companies to develop and promote new products

Trends

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19
Q

Technological Environment

A

Ways in which firms create value for their constituents

Creates new goods and services

New products make existing products obsolete (Creative Destruction)

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20
Q

Competitive Environment

A

Marketers must convince buyers that they should purchase one company’s products rather than another’s

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21
Q

Types of Competition

A
  1. Substitute Products
    - Product that is dissimilar from competitors, but fulfills the same need (Toothpaste, Soap)
  2. Brand Competition
    - Nike vs. Adidas
  3. International Competition
    - Domestic products against foreign products
    - EU and NAFTA
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22
Q

Marketing Plan

A

Detailed strategy for focusing marketing efforts on consumers’ needs and wants

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23
Q

Marketing Objective

A

The things marketing intends to accomplish in its marketing plan

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24
Q

Marketing strategy

A

Identifies all the marketing programs and activities that will be used to achieve the marketing goals and when they will occur

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25
Q

Marketing Manager

A

Responsible for planning, organizing, leading, and controlling the organization’s marketing resources toward supporting and accomplishing the organization’s overall mission

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26
Q

Marketing Mix

A 
4 P's
Product
Price
Place
Promotion
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27
Q

Product

A

Good, service, or idea that is marketed to fill consumers’ needs and wants

Product differentiation- Creation of a product image/feature that differs enough from existing products to attract consumers

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28
Q

Price

A

Process of determining the best price at which to sell a product

Must support a variety of costs operating, administrative, research, and marketing

  • Lower price = larger sales volumes
  • Higher prices = limit market size but increase profits per unit
  • High prices = attract customers by implying high quality
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29
Q

Place

A

Concerned with getting products from producers to consumers

Where and how customers get access to products they purchase

Distribution

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30
Q

Promotion and four types of promotion

A

Set of techniques for communicating information about products

Advertising
Personal selling
Sales promotions
Public relations

31
Q

Advertising

A

Paid non-personal communication used by an identified sponsor to persuade or inform buyers about a product

32
Q

Personal Selling

A

Person-to-person sales

Ex. Real estate, insurance

Sales representatives

33
Q

Sales Promotion

A

Direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products

Ex. Free gifts, Groupon

34
Q

Public Relations

A

Communication efforts directed at building goodwill

Favorable attitudes toward an organization and its products

Ex. Charity events, donations, etc.

35
Q

Integrated Marketing Strategy

A

All 4 P’s blend and are compatible with the company’s non-marketing activities

36
Q

Target Market

A

Group of people or organizations on which a firm’s marketing efforts are focused

37
Q

Market Segmentation

A

Process of dividing a market into categories of customer types, or segments and who can be expected to show interest in the same products

Analyzes consumers, not products

38
Q

Product Positioning

A

Process of fixing, adapting, and communicating the nature of a product

39
Q

Geographic Segmentation

A

Geographic Variables-Geographic units that may be considered in developing a segmentation strategy

Urban vs. Rural
China vs. U.S.

40
Q

Demographic Segmentation

A

Strategy that uses demographic characteristics to identify market segments

Demographic Variables-
Things like age, race, gender, income, religion, social class

41
Q

Geo-Demographic Segmentation

A

Using a combination of geographic and demographic traits to identify a market segment

Geo-Demographic Variables combo of geographic and demographic traits used to develop a segmentation strategy
-Ex. Female Urban Youth, educated

42
Q

Psychographic Segmentation

A

Strategy that uses psychographic characteristics to identify a market segment

Psychographic Variables

  • Lifestyles, opinions, interests, attitudes
  • Gucci, Louis Vuitton
43
Q

Behavioral Segmentation

A

Strategy that uses behavioral variables to identify a market segment

Behavioral Variables

  • Buy in bulk
  • Situational buyers (Halloween or Christmas buyers)
  • Specific purpose (People with allergic reactions must buy a certain product)
44
Q

Marketing Research

A

Study of what customers need and want and how best to meet those needs and wants

45
Q

Research Process Five Steps

A
  1. Study the current situation
  2. Select a research method
  3. Collect data
    - Secondary data (already available from previous research, try to use first)
    - Primary data (new data from new research)
  4. Analyze the data what is the data displaying?
  5. Prepare a report
46
Q

Four Research Methods

A
  1. Observation
  2. Surveys
  3. Focus Groups
  4. Experimentation
47
Q

Observation Research Method

A

Obtains data by watching and recording consumer behavior

Electronic scanners, data files, data from television, phone transactions, and website activity

48
Q

Survey Research Method

A

Obtains consumer data by using questionnaires, telephone calls, and interviews

49
Q

Focus Group Research Method

A

Uses a group of people from a larger population who are asked about their attitudes, opinions, and beliefs about a product in an open discussion

Allows researchers to explore issues too complex for questionnaires and produces creative solutions

50
Q

Experimentation Research Method

A

Uses a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

Compares responses of similar people under different circumstances

51
Q

Influences on Consumer Behavior

A

Psychological influences
Personal influences
Social influences
Cultural influences

52
Q

Psychological Influences

A

Includes an individual’s motivations, perceptions, ability to learn, and attitudes

53
Q

Personal influences

A

Includes lifestyle, personality, and economic status

54
Q

Social influences

A

Includes family, opinion leaders, and reference groups (friends, coworkers, professional associates)

55
Q

Cultural influences

A

Includes culture, subculture, and social class

56
Q

Brand Loyalty

A

Consumers repeatedly buying the same product or from same product source

57
Q

Consumer Buying Process

A 
Problem or Need Recognition
Information Seeking
Evaluation of Alternatives
Purchase Decision
Post-purchase Evaluation
58
Q

Problem or Need Recognition (Consumer Buying Process)

A

Begins when the consumer recognizes a problem or need

Can occur when there is a change in buying habits

Ex. Shoes are ripping apart now. Need new shoes.

59
Q

Information Seeking (Consumer Buying Process)

A

People seek information from personal sources, public sources, and experiences before purchasing

People will have an evoked set (or consideration set), which is the group of products they’ll consider buying

Ex. Searching stores or online for styles, pricing, etc.

60
Q

Evaluation of Alternatives (Consumer Buying Process)

A

Consumers analyze product attributes and compare products before purchasing

  • 4 P’s
  • Influences on Consumer Behavior
61
Q

Purchase Decision (Consumer Buying Process)

A

Rational motives- logical evaluation of product attributes: cost, quality, usefulness

Emotional motives- reasons for purchasing a product that are based on non-objective factors
-Aesthetic, sociability, imitation of others

62
Q

Post-purchase Evaluation (Consumer Buying Process)

A

Consumers decide if they are happy, and repurchase products they have used and liked

Dissatisfied customers broadcast their experiences more that satisfied customers

63
Q

Business Marketing falls into four B2B (Business-to-business) categories.

A

Service Market
Industrial Market
Reseller Market
Gov. and Institutional Market

64
Q

Service Market

A

Service Companies Market

  • Firms that provide services to the purchasing public
  • Airlines, TV channels
65
Q

Industrial Market

A

Consists of firms that buy goods that are converted into products or used during production

Farmers, manufacturers, some retailers

66
Q

Reseller Market

A

Organizational market consisting of intermediaries that buy and resell finished goods

Wholesalers and retailers

67
Q

Government and Institutional Market

A

Institutional Market- Nongovernmental organizations that use supplies and equipment as well as legal, accounting, and transportation services

Ex. Hospitals, churches, museums, charities

68
Q

Social Networking

A

Network of communications that flow among people and organizations interacting through online platforms

69
Q

Social Networking Media

A

Websites such as Facebook, twitter, LinkedIn, and YouTube that consumers go to for information and discussion

70
Q

Viral marketing

A

Form of marketing that relies on the internet to spread information quickly from person to person about products and ideas

Ex. Games, contests, blogs

71
Q

Corporate blogs

A

Comments and opinions published on the internet by or for an organization to promote its activities

72
Q

5 C’s

A 
Company
Customers
Competitors
Collaborators
Culture
73
Q

Channels of Distribution

A

Direct
Retail
Agent
Wholesale

D.R.A.W

SOM Final Exam (5 decks)

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