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BUS 200 Final > Chapter 12 > Flashcards

Chapter 12 Flashcards

1
Q

Marketing concept

A

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

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2
Q

Value

A

A relative comparison of a product’s benefits versus its costs

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3
Q

equation for value

A

value=benefits/costs

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4
Q

Utility

A

how a product can be useful to customers in a way that convinces them to make a purchase.

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5
Q

Form utility

A

how much value a consumer receives from a product or service in a way that they actually need

the incorporation of customer needs and wants into the features and benefits of the products being offered by the company.

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6
Q

time utility

A

product is accessible to customers whenever they need them

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7
Q

place utility

A

products where customers want them

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8
Q

Possession utility

A

the idea that customers can gain value from a product simply by owning it

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9
Q

consumer goods

A
  • while consumer goods are finished products that are sold to and used by consumers.
  • a variety of manufactured goods used for personal, family, household or non-business purposes
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10
Q

industrial goods

A

materials used in the production of other goods, while consumer goods are finished products that are sold to and used by consumers. (surgical instruments, buldozers)

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11
Q

Customer relationship management

A

A CRM system essentially provides a central place where businesses can store customer and prospect data, track customer interactions, and share this information with colleagues

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12
Q

data warehousing

A

data management system that is designed to enable and support business intelligence (BI) activities, especially analytics

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13
Q

Data mining

A

the process of sorting through large data sets to identify patterns and relationships that can help solve business problems through data analysis

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14
Q

political-legal environment

A

current political party in power, the degree of politicization of trade and industry, the efficiency of the current government, government policies, current legal framework, the public attitude towards the economy, etc.

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15
Q

socio-cultural environement

A

social or cultural changes (that is, changes to the value system of a society) act to affect the firm’s marketing effort; the changing sociocultural environment may pose threats or present opportunities.

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16
Q

Technological environment

A

external factors in technology that impact business operations

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17
Q

economic environment

A

all the external economic factors that influence buying habits of consumers and businesses and therefore affect the performance of a company.

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18
Q

competitive environment

A

market structure in which companies selling similar products use varying distribution channels and pricing strategies to court buyers.

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19
Q

types of competition in marketing

A

substitute products, brand competition, international competition

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20
Q

market segmentation

A

sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.

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21
Q

Product positioning

A

A product can be positioned in a favorable way for a target audience through advertising, the channels advertised through, the product packaging, and even the way the product is priced.

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22
Q

demographic segmentation

A

audience identification based on data points like age, gender, marital status, family size, income, education, race, occupation, nationality, and/or religion

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23
Q

geographic segmentation

A

organizes your audience into groups based on their physical location, such as country or postal code

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24
Q

geo-demographic segmentation

A

consumer segmentation models created by aggregating demographic attributes within a specific geographic area.

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25
Q

geo-demographic variables

A

age, gender, education level, income, and more

26
Q

psychographic segmentation

A

research methodology used for studying consumers and dividing them into groups using psychological characteristics including personality, lifestyle, social status, activities, interests, opinions, and attitudes.

27
Q

psychographic variables

A

Consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy.

28
Q

behavioural segmentation

A

the process of sorting and grouping customers based on the behaviors they exhibit.

29
Q

behavioural variables

A

benefits sought, loyalty status, usage rate, user status, and occasion for use that may be used in developing a segmentation strategy.

30
Q

Marketing Research

A

The study of what customers need and want and how best to meet those needs and wan

31
Q

Stakeholders

A
  • Consumers
  • Employees * Investors * Suppliers
  • Local communities
32
Q

Controllable
Marketing Variables

A
  • Product
  • Pricing * Promotion * Place
33
Q

Environmental Factors

A
  • Economic * Technological * Competitive * Political–legal * Sociocultural
34
Q

Marketing Decisions

A
  • Market segmentation * Target-market selection * Marketing plan * Goals for performance
35
Q

Marketing research process

A

Study current situation, select research method, collect secondary data (data already available), analyze data, prepare a report

36
Q

research methods

A

observation, survey, focus groups, experimentation

37
Q

Observation research method

A

directly or indirectly “watching” consumers act in natural (and sometimes planned) environments

38
Q

survey research method

A

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

39
Q

focus groups method

A

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

40
Q

experimentation method

A

A market research technique in which the reactions of similar people are compared under different circumstances

41
Q

consumer behaviour

A

The study of the decision process by which people buy and consume products.

42
Q

influences on consumer behaviour

A

psychological, personal, social, and cultural influences

43
Q

psychological influence

A

individual’s motivations, perceptions, ability to learn, and attitude

44
Q

personal infuence

A

Personal influences include lifestyle, personality, and economic status.

45
Q

Social influences

A

Social influences include family, opinion leaders (people whose opinions are sought by others), and reference groups such as friends, co-workers, and professional associates.

46
Q

Cultural influences

A

Cultural influences include culture (the way of living that distinguishes one large group from another), subculture (smaller groups with shared values), and social class (the cultural ranking of groups according to criteria such as background, occupation, and income).

47
Q

consumer buying process

A

(1) problem/need recognition, (2) information seeking, (3) evaluation of alternatives, (4) purchase decision, and (5) post-purchase evaluation.

48
Q

industrial market

A

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

49
Q

Reseller market

A

Reseller market An organizational market consisting of intermediaries that buy and resell finished goods

50
Q

Institutional and government market

A

institutional market An organizational market consisting of nongovernmental buyers of goods and services such as hospitals, religious organizations, museums, and charitable organizations.

51
Q

convenience good or service

A

An inexpensive good or service purchased and consumed rapidly and regularly

52
Q

Shopping good/shopping service

A

A moderately expensive, infrequently purchased good or service

53
Q

Specialty good/specialty service

A

An expensive, rarely purchased good or service.

54
Q

organizational product categories

A

production, expense, capital products

55
Q

production items

A

Goods or services used directly in the production process
* Loads of tea processed into tea bags
* Information processing for real-time production

56
Q

expense items

A
  • Goods or services that are consumed within a year by firms producing other goods or supplying other services
  • Oil and electricity for machines
  • Building maintenance
  • Legal service
57
Q

capital items

A
  • Permanent (expensive and long-lasting) goods and services
  • Life expectancy of more than a year * Purchased infrequently so transactions often involve decisions
    by high-level managers
  • Buildings (offices, factories)
  • Fixed equipment (water towers, baking ovens)
  • Accessory equipment (computers, airplanes)
58
Q

product mix

A

the total number of product lines and individual products or services offered by a company.

59
Q

product line

A

a group of related products all marketed under a single brand name that is sold by the same company

60
Q

product life cycle

A

the length of time from a product first being introduced to consumers until it is removed from the market.
Intro, growth, maturity, decline

BUS 200 Final (5 decks)

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