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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
Q

target market

A

group of ppl who have similar needs and can be expected to show interest in the same products

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26
Q

market segmentation

A

process of dividing a market into categories of customer types

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27
Q

product positioning

A

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

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28
Q

five most important variables for market segments

A

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)

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29
Q

market research

A

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

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30
Q

secondary data

A

info already available to market researchers from previous research by the firm or other agencies

31
Q

primary data

A

info developed thru new research by the firm

32
Q

research methods

A

observation, survey, focus groups, and experimentation

33
Q

observation

A

market research technique involving viewing or otherwise monitoring consumer buying patterns

34
Q

survey

A

market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices

35
Q

focus groups

A

market research technique involving a small group of ppl brought together and allowed to discuss selected issues in depth

36
Q

experimentation

A

market research technique where the reactions of similar ppl are compared under different circumstances

37
Q

consumer behaviour

A

the study of the decision process by which ppl buy and consume products

38
Q

four major influences on consumer behaviour

A

psychological (person’s attitudes, motivations, etc)
personal (lifestyle, personality, economic status)
social (family, friends, opinion leaders)
cultural (culture, subculture, social class)

39
Q

brand loyalty

A

pattern of regular consumer purchasing based on satisfaction with a product’s performance

40
Q

stages of consumer buying process

A

problem need/recognition, info seeking, evaluation of alternatives, purchase decision, postpurchase evaluation

41
Q

rational motives

A

reasons for purchasing a product that are based on a logical evaluation of product attributes (cost, quality, usefulness)

42
Q

emotional motives

A

reasons for purchasing a product that are based on non-objective factors (aesthetics, imitation of others, etc)

43
Q

business marketing

A

involves organizational or commercial markets in three B2B categories: industrial, reseller, and government/institutional markets

44
Q

industrial market

A

organizational market consisting of firms that buy goods that are either converted into products or used during production

45
Q

reseller market

A

organizational market consisting of intermediaries that buy and resell finished goods

46
Q

institutional market

A

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
Q

differences between organizational buyers and individual consumers

A
  • 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
Q

product features

A

tangible and intangible qualities that a company builds into its products

49
Q

value package

A

product marketed as a bundle of value-adding attributes, including reasonable cost

50
Q

classificiations of consumer products

A

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
Q

classification of organizational products

A

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
Q

product mix

A

group of products that a firm makes available for sale

53
Q

product line

A

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
Q

speed to market

A

strategy of introducing new products to respond quickly to customer market changes

55
Q

seven-step development process

A
  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
Q

product life cycle

A

series of stages in a product’s commercial life

57
Q

stages of product life cycle

A
  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
Q

ways to prolong product life cycle

A

product extension, product adaptation, reintroduction

59
Q

product extension

A

process of marketing an existing, unmodified product globally

60
Q

product adaptation

A

process of modifying a product to have greater appeal in foreign markets

61
Q

reintroduction

A

process of reviving, for new markets, products that are becoming obsolete in older ones

62
Q

branding

A

process of using symbols to communicate the qualities of a product made by a particular producer

63
Q

brand equity

A

the added value a brand name provides to a product beyond its basic functional benefits

64
Q

product placement

A

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
Q

buzz marketing

A

marketing that relies on word-of-mouth

66
Q

viral marketing

A

buzz that relies on social networking on the internet to spread info

67
Q

corporate blog

A

blogs run by major corporations for public relations, branding, and otherwise spreading messages that stimulate chat about products

68
Q

national brands

A

products that are produced and distributed by the manufacturer across an entire country

69
Q

licensed brands

A

selling the limited rights to another company to use a brand name on a product

70
Q

private brand

A

products promoted by and carrying a name associated with the retailer or wholesaleer, not the manufacturer

71
Q

generic brand

A

products sold under the general category name rather than a specific company name

72
Q

packaging

A

physical container in which a product is sold, advertised, or protected

73
Q

label

A

part of a product’s packaging that identifies the product’s name and contents and sometimes its benefits

74
Q

Consumer Packaging and Labelling Act

A

federal law that provides comprehensive rules for the packaging and labelling of products

Business Administration (14 decks)

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