chapter 13 Flashcards

1
Q

what is marketing?

A

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

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2
Q

utility

A

the ability of a good or service to satisfy a human need

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3
Q

form utility

A

finished product

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4
Q

place utility

A

putting product where client wants it

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5
Q

time utility

A

making product available when client wants it

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6
Q

possesion utility

A

getting product in clients possession

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7
Q

marketing concept

A

what does your customer want

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8
Q

3 stages of evolution of customer orientation

A

-production orientation- take orders + distribute goods (take it or leave it)

-sales orientation-increase advertising, enlarge sales force, intensify sales technique (makes more product)

-customer orientation- determine customer needs, develop products to fill their needs, achieve the organization goals (focus on customer needs!)

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9
Q

marketing strategy

A

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

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10
Q

two steps in market strategy

A

1- identify target market
2- create and maintain marketing mix

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11
Q

3 approaches in determining target market

A

1- undifferentiated (one customer, anyone can buy, household stapled)

2-differentiated market ( different possible target market, modified to hit every matket (diet sodas)

3-concentrated market (individualized customized products like supplements) needs a quantity of buyers to sustain business

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12
Q

market segmentation

A

look for differences in customers, then similarities

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13
Q

market segmentation variables

A

product
price
place
promotion

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14
Q

3 influences of customer buying behavior

A

1- situational factors- depending on the situation
2- psychological factors (about the person)
3- social factors (experiences)

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15
Q

consumer buying behavior processes

A

1- awareness (i need this)
2- search for alternatives (looking for what to purchase)
3- evaluating alternatives (criteria)
4- purchase- you want them to purchase
5- post purchase behavior- learing *cognitive dissonance

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16
Q

product life style

A

introduction- high price, costs, r&d, marketing costs, firstmover advantage, “me too”

growth- costs competition price goes down, rise in industry sales volume

maturity- market saturation (everyone whos gonna buy already has) #1 price advantage

decline- industry profits die out

17
Q

product line

A

a group of similar products that differ only in relatively minor characteristics (apples iphone line)

18
Q

product mix

A

all of the products a company sells

19
Q

product modification

A

small changes to a product that already exists (camera iPhone updates)

20
Q

brand

A

your identity/reputation in the marketplace (position)

21
Q

brand name

A

spoken part of the brand (apple)

22
Q

brandmark

A

logo

23
Q

trademark

A

legal protection (tM)

24
Q

trade name

A

legal name if the company (can be the same as the brand name)

25
Q

brand loyalty

A

1- brand recognition (know)
2- brand preference (like)
3- brand insistence (trust)

26
Q

brand equity

A

marketing and financial value associated with a brands strength in a market
trust-> consistency

27
Q

packaging

A

developing and providing a container with graphics for a product

-protects the product
-maintains the function of product
-offer consumer convenience
-promotes a brand

28
Q

price

A

the amount of money a seller is willing to accept in exchange for a product finished

29
Q

3 pricing methods

A

1- cost based pricing (taking the cost and add a mark up of at least 10%)

2- demand based pricing (based on buyers and how much they will spend)

3- competition based pricing (pricing based on what your competitors are enlarging, then trying to lower the price

30
Q

new product pricing options

A

1- price skinming (start with a high price then lower it)

2- penetration pricing (early bird deals, start lower and then raise the price or you can stay low)

31
Q

psychological pricing

A

1-odd number pricing (pricing at weird costs to make customers think they are paying less than they are)

2- multiple number pricing (the more you buy the less you pay)

3- reference pricing (price in consumer head that they think the product is worth)

4-bundle pricing ( get internet, phone, and tv for a lower price)

32
Q

consumer product classification

A

1- convenience products (low risk, example being doritos, you can easily buy anywhere)

2- shopping products- *a step up (medium involvement, in frequent purchase, not bought super often like appliances)

3- specialty products- high involvement, high price, major once in a lifetime purchase, usually high end luxury products

33
Q

consumer distribution system

A

a network of businesses that moves products from a producer to a consumer

34
Q

3 types of distributions

A

1- intensive distribution (the use of all available outlets for a product)

2- selective distribution (the use of only a portion of the available outlets for a product in each geographic area)

3- exclusive distribution (the use of only a single retail outlet for a product in a large geographic area

35
Q

direct marketing

A

relies on direct communication or distribution to individual consumers rather than through a third party like mass media

36
Q

integrated marketing communications

A

coordination of promotion efforts to ensure maximum informational and persuasive impact on customer

37
Q

IMC mix elements

A

1-advertising

2-personal selling

3-sales promotion

4- public relations/publicity