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Business Administration > Ch12 > Flashcards

Ch12 Flashcards

1
Q

marketing

A

organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships to benefit the organization and its stakeholders

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2
Q

marketing concept

A

idea that a whole firm is directed toward serving present and potential customers at a profit

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3
Q

value

A

relative comparison of a product’s benefits versus its costs

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4
Q

utility

A

ability of a product to satisfy a human want or need

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5
Q

four types of utility provided by marketing

A

form (design), time (provide products when customers want them), place (provide products where customers will want them), possession (transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents)

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6
Q

consumer goods

A

physical products purchased by consumers for personal use

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7
Q

industrial goods

A

physical products purchased by companies to produce other products

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8
Q

services

A

products with non-physical features, such as information, expertise, or an activity that can be purchased

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9
Q

relationship marketing

A

marketing strategy that emphasizes building lasting relationships with customers and suppliers

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10
Q

customer relationship management

A

organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed

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11
Q

factors affecting marketing

A

political-legal environment, socio-cultural environment, technological environment, economic environment, competitive environment

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12
Q

three types of competition

A

substitute product, brand competition, international competition

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13
Q

substitute product

A

competing product that can fulfill the same need

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14
Q

brand competition

A

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

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15
Q

international competition

A

matches products of domestic marketers against those of foreign competitors

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16
Q

marketing manager

A

manager who plans and implements marketing activities that result in the transfer of products from producer to consumer

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17
Q

marketing plan

A

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

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18
Q

marketing mix

A

combination of product, pricing, promotion, and place strategies used to market products

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19
Q

product

A

good, service, or idea that fills consumers’ needs and wants

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20
Q

product differentiation

A

creating a product feature or product image that differs from existing products

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21
Q

pricing

A

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

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22
Q

place (distribution)

A

part of marketing concerned with getting products from producers to consumers (warehousing, inventory control, etc)

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23
Q

promotion

A

aspect of marketing concerned with the most effective technique for communicating info about products

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24
Q

integrated marketing strategy

A

strategy that blends the four ps (promotion, place, pricing, and product differentiation) to ensure their compatibility with one another and with the company’s non-marketing activities

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25
target market
group of ppl who have similar needs and can be expected to show interest in the same products
26
market segmentation
process of dividing a market into categories of customer types
27
product positioning
process of fixing, adapting, and communicating the nature of a product
28
five most important variables for market segments
geographic (countries, neighbourhoods, etc), demographic (age, gender, etc), geo-demographic, psychographic (consumer characteristics such as lifestyles, opinions, interests), behavioural (consumer knowledge, use, or response to a product -- loyalty status, usage rate, benefits sought)
29
market research
study of what buyers need and how best to meet those needs research steps: study situation, select research method, collect data, analyze, and make report
30
secondary data
info already available to market researchers from previous research by the firm or other agencies
31
primary data
info developed thru new research by the firm
32
research methods
observation, survey, focus groups, and experimentation
33
observation
market research technique involving viewing or otherwise monitoring consumer buying patterns
34
survey
market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices
35
focus groups
market research technique involving a small group of ppl brought together and allowed to discuss selected issues in depth
36
experimentation
market research technique where the reactions of similar ppl are compared under different circumstances
37
consumer behaviour
the study of the decision process by which ppl buy and consume products
38
four major influences on consumer behaviour
psychological (person's attitudes, motivations, etc) personal (lifestyle, personality, economic status) social (family, friends, opinion leaders) cultural (culture, subculture, social class)
39
brand loyalty
pattern of regular consumer purchasing based on satisfaction with a product's performance
40
stages of consumer buying process
problem need/recognition, info seeking, evaluation of alternatives, purchase decision, postpurchase evaluation
41
rational motives
reasons for purchasing a product that are based on a logical evaluation of product attributes (cost, quality, usefulness)
42
emotional motives
reasons for purchasing a product that are based on non-objective factors (aesthetics, imitation of others, etc)
43
business marketing
involves organizational or commercial markets in three B2B categories: industrial, reseller, and government/institutional markets
44
industrial market
organizational market consisting of firms that buy goods that are either converted into products or used during production
45
reseller market
organizational market consisting of intermediaries that buy and resell finished goods
46
institutional market
organizational market consisting of non-government organizations (churches, museums, hospitals, etc) that also use supplies and equipment as well as legal, accounting, and transportation services
47
differences between organizational buyers and individual consumers
- industrial buyers purchase large quantities and are professional, specialized, and well-informed - industrial buyers can negotiate purchase terms and arrange formal contract - relationship btwn buyer and seller is longer for organizational buyers
48
product features
tangible and intangible qualities that a company builds into its products
49
value package
product marketed as a bundle of value-adding attributes, including reasonable cost
50
classificiations of consumer products
convenience good/service: low-cost good or service purchased and consumed rapidly and regularly shopping good/service: moderately expensive, infrequently purchased good or service specialty good/service: expensive, rarely purchased good or service
51
classification of organizational products
production item: industrial product purchased and used directly in the production process that makes other goods/service expense item: product purchased and consumed within a year by firms producing other products capital item: expensive, long-lasting, infrequently purchased product
52
product mix
group of products that a firm makes available for sale
53
product line
group of products that function in a similar manner or are sold to the same customer group who will use them in similar ways
54
speed to market
strategy of introducing new products to respond quickly to customer market changes
55
seven-step development process
1. product ideas (brainstorm) 2. screening 3. concept testing (solicit customer input) 4. business analysis (comparing cost and benefit of product) 5. prototype development 6. product testing and test marketing 7. commercialization
56
product life cycle
series of stages in a product's commercial life
57
stages of product life cycle
1. introduction: product goes to marketplace. Lots of promotional cost and focus on making ppl aware. no profit 2. growth. sales climb rapidly and some profit. other companies make imitations. lots of promotion to build brand preference over competition 3. maturity. sales start to slow. highest profit level early in this stage, competition forces price-cutting, more advertising, and lower profit. end of this stage, sales start to fall 4. decline. sales and profits continue to fall as new products take away sales. firms end or reduce promotional support. sometimes let product linger for profit
58
ways to prolong product life cycle
product extension, product adaptation, reintroduction
59
product extension
process of marketing an existing, unmodified product globally
60
product adaptation
process of modifying a product to have greater appeal in foreign markets
61
reintroduction
process of reviving, for new markets, products that are becoming obsolete in older ones
62
branding
process of using symbols to communicate the qualities of a product made by a particular producer
63
brand equity
the added value a brand name provides to a product beyond its basic functional benefits
64
product placement
promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers
65
buzz marketing
marketing that relies on word-of-mouth
66
viral marketing
buzz that relies on social networking on the internet to spread info
67
corporate blog
blogs run by major corporations for public relations, branding, and otherwise spreading messages that stimulate chat about products
68
national brands
products that are produced and distributed by the manufacturer across an entire country
69
licensed brands
selling the limited rights to another company to use a brand name on a product
70
private brand
products promoted by and carrying a name associated with the retailer or wholesaleer, not the manufacturer
71
generic brand
products sold under the general category name rather than a specific company name
72
packaging
physical container in which a product is sold, advertised, or protected
73
label
part of a product's packaging that identifies the product's name and contents and sometimes its benefits
74
Consumer Packaging and Labelling Act
federal law that provides comprehensive rules for the packaging and labelling of products

Business Administration (14 decks)

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