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Marketing Management > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Exchange

A

what happens any time two or more people trade goods or services

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2
Q

Customer Value

A

measures the value of a product or service and compares it to possible alternatives

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3
Q

On-demand marketing

A

a marketing trend that provides 24/7 engagement with consumers, in line with their needs and expectations, i.e. based on their demand.

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4
Q

Strategic Business Unit (SBU)

A

a fully-functional unit of a business that has its own vision and direction

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5
Q

Competitive Advantage

A

anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.

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6
Q

Marketing mix

A

the four P’s of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.

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7
Q

Target market

A

is a specific group of people with shared characteristics that a business markets its products or services to.

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8
Q

Component lifestyles

A

the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.

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9
Q

Inflation

A

a rise in prices, which can be translated as the decline of purchasing power over time.

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10
Q

Purchasing Power

A

the value of a currency expressed in terms of the number of goods or services that one unit of money can buy.

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11
Q

Evoked set

A

consists of those brands which the consumer is aware of and considers for purchase.

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12
Q

Nudge

A

the process of communicating marketing messages that encourage desired behavior by appealing to the psychology of the individual.

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13
Q

Showrooming

A

a trend in shopping behavior where consumers visit stores to touch and feel the products but opt to purchase them online.

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14
Q

Reference group

A

the formal or informal social groups against which consumers compare themselves.

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15
Q

Churning

A

the measure of how many customers stop using a product.

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16
Q

Market

A

a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.

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17
Q

Market segment

A

the process of dividing prospective consumers into different groups depending on factors like demographics, behavior and various characteristics.

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18
Q

Cannibalization

A

a loss in sales caused by a company’s introduction of a new product that displaces one of its own older products.

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19
Q

Positioning

A

where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.

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20
Q

Perceptual mapping

A

a chart used by market researchers and businesses to depict and understand how target customers view and feel about a given brand or product.

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21
Q

Secondary data

A

data that was previously collected for a different purpose besides the research at hand.

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22
Q

Big data

A

gathering, analyzing, and using massive amounts of digital information to improve business operations

23
Q

Research design

A

a blueprint describing how to conduct a research project.

24
Q

four marketing management philosophies

A

production, sales, marketing and societal marketing orientations

25
Q

Production

A

buyer will prefer purchasing those goods and services which are easily available and cheaper than others

26
Q

societal marketing orientations

A

marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.

27
Q

Building relationships

A

investing in your customers to form long-lasting connections that go beyond simply buying a product.

28
Q

The Nature of Strategic Planning

A

based on extensive environmental scanning
the conscious, systematic process of making decisions about goals and activities that an organization will pursue in the future.

29
Q

Boston Consulting Group Matrix SBU
categories and resources strategies

A

he BCG matrix has a strong connection with the Product Life Cycle. The Question Marks represent products or Strategic Business Units (SBUs) that are in the introduction phase. This is when new products are being launched in the market. Stars are SBUs or products in their growth phase.

30
Q

Ansoff’s Strategic Opportunity Matrix

A

a model used to identify revenue-producing opportunities for business.

31
Q

Demographics factors

A

Age.
Gender.
Ethnicity.
Income.
Level of education.
Religion.
Occupation.
Family structure.

32
Q

Marketing to Ethnic Markets (Hispanic
Americans, Asian Americans, and
African Americans)

A

Consult experts. …
Build relationships. …
Avoid stereotypes and cliches. …
Know the customers you want to attract. …
Conduct focus groups. …
Get involved with ethnic or minority communities. …
Sharpen your sensitivity to cultural standards and taboos.

33
Q

FTC

A

Federal trade commission: The FTC’s mission is protecting the public from deceptive or unfair business practices and from unfair methods of competition through law enforcement, advocacy, research, and education.

34
Q

Responsibilities of key federal
agencies

A

FTC, FDA,
CPSC, and CFPB
Chapter

35
Q

FDA

A

The Food and Drug Administration: is responsible for protecting the public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices; and by ensuring the safety of our nation’s food supply, cosmetics, and products that emit radiation

36
Q

CPSC

A

The Consumer Product Safety Commission (CPSC) protects the public from unreasonable risks of serious injury or death from thousands of types of consumer products under its jurisdiction, including products that pose a fire, electrical, chemical, or mechanical hazard or can injure children.

37
Q

CFPB

A

We’re the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.

38
Q

Marketing-controlled vs. nonmarketing-
controlled information
sources and search

A

non Marketing-controlled: blogs, bulletin boards, activists, Web sites, Web forums, or consumer opinion sites such as consumerreview, tripadvisor, or epinions.
Marketing-controlled information sources include mass media advertising (radio, newspaper, television, and magazine advertising), sales promotion

39
Q

Social influences on consumer buying
decisions

A

Social factors include reference groups, family, and social status.

40
Q

Individual influences on consumer
buying decisions

A

The personal factors include age, occupation, lifestyle, social and economic status and the gender of the consumer.

41
Q

Types of consumer buying decisions
and consumer involvement

A

habitual buying behavior, variety-seeking behavior, dissonance-reducing buying behavior, complex buying behavior.
Consumer involvement: Ego involvement.
Commitment. ADVERTISEMENTS:
Communication involvement.
Purchase importance.
Extent of information secured.

42
Q

Markets and Market Segments

A

The term market segment refers to people who are grouped together for marketing purposes. Market segments are part of a larger market, often lumping individuals together based on one or more similar characteristics.

43
Q

Bases for segmenting consumer
markets

A

common bases for segmenting consumer markets include: geographics, demographics, psychographics, and behaviour.

44
Q

CRM as a Targeting Tool

A

CRM software helps marketers to sift through contacts and target potentially profitable customers.

45
Q

Three roles of marketing research

A

Descriptive, Diagnostic, and Predictive

46
Q

Descriptive

A

Gathering and presenting factual statements

47
Q

Diagnostic

A

Explaining data

48
Q

Predictive

A

attempting to estimate the results of a planned marketing decision

49
Q

When should marketing research be
conducted

A

before the launch of a new business or venture.

50
Q

Target marketing strategies

A

Undifferentiated targeting, Concentrated targeting, multisegment targeting

51
Q

Advantages and disadvantages of Undifferentiated targeting

A

Advantages: Potential savings on production/ marketing costs
Disadvantages: Unimaginable productive offerings. Company more susceptitble to competition

52
Q

Advantages and disadvantages of Concentrated targeting

A

Advantages: Concentrated resources. Can better meet the needs of a narrowly defined segment. Allows some small firms to better compete with larger firms. Strong positioning
Disadvantages: segments to small or changing. Large competitors may more effectively market to niche segment

53
Q

Advantages and disadvantages of multisegment targeting

A

Advantages: Greater financial success. Economies of scale in producing/ marketing
Disadvantages: High costs. Cannibalization

54
Q

Consumer Descision Journey

A

Classic Journey: Consider Evaluate Consider Buy
New journey: Buy enjoy advocate bond

Marketing Management (3 decks)

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