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mktg 351 > exam 2 > Flashcards

exam 2 Flashcards

1
Q

market

A

set of buyers with some interest in the product

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2
Q

segmentation

A

dividing the market into distinct subsets of customers that have similar needs and buying behaviors

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3
Q

market segments

A

distinct subsets of customers that have similar needs and buying behavior/ lets companies better cater bc its smaller

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4
Q

critieria for segmentation

A

Measurable- research tells how big/small segment is

Accessible- identify, target, and reach segments

Responsive-practical bc it supports data for market position

Substantial- large, durable, and diff enough to make it worth while

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5
Q

basis for segmenting consumer markets

A
  1. demographic
  2. gender
  3. income
  4. ethnicity
  5. geographic
  6. psychographic segmentaiton- based on attitude, value, lifestyle
  7. benefit sought segmentation- focuses on value (benefit/price)
  8. usage rate segmentation- focus on if ppl purchase it, how much, how often its used
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6
Q

data mining

A

analytics include qualitiative&quantitative qualities, helps discover demographic

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7
Q

business model segmentation

A

may have to adjust based on consumer characteristics and buying process

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8
Q

targeting

A

evaluating each segments feasabiity and attractiveness, then selecting segments to enterun

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9
Q

undifferentiated targeting

A

pretty much same as targeting; ignores segmentation but increases dist and decreases production

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10
Q

concentrated targeting

A

niche marketing, single segment

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11
Q

multi-segment targeting

A

2 or more distinct markets, wide mkt coverage

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12
Q

positioning

A

deciding and comunicating how your product meets target wants and needs

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13
Q

perceptual mapping

A

locate brands in consumers mind based on what brand offers

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14
Q

differentiation

A

way for firms to distinguish products from competitors

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15
Q

attribute of benefit

A

economy, reliability, durability

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16
Q

quality + price

A

high price&quality= good value

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17
Q

use or user

A

associate bonds w users

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18
Q

competition

A

implicit reference to competition

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19
Q

decision support systems (dss)

A

computer based system to help make decisions

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20
Q

competitive market intelligence

A

ongoing process w/o any specific data requirement

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21
Q

marketing research

A

find variability of new product through direct research with potential customers

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22
Q

types of marketing research

A
  1. exploratory- initial investigation, open ended
  2. descriptive- gives overall picture of current market, confirm findings
  3. performance monitoring research-assese the effectiveness of mktg plan once agreed
  4. casual research- explain why something happens
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23
Q

steps in marketing research

A
  1. identify and formulate research problem
  2. secondary data and planning
  3. sampling procedures
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24
Q

types of sampling procedures

A
  1. probability (random) samples
    - simple, stratified, cluster, systematic
  2. nonprobability (non random) samples
    - convenience, judgement, quota, snowball
  3. errors in sampling
    - frame, non response, response, random error
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25
Q

product

A

tangible offering/satisfaction of need

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26
Q

core product

A

no extra add ons

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27
Q

augmented product

A

includes warranty and extended service

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28
Q

types of consumer product

A
  1. convenience - how frequent and cheap
  2. shopping consumer- more expensive infrequently purchased
  3. specialty consumer- big $$ items often custom
  4. unsought products- don’t come easily and need planning ( life insurance)
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29
Q

product mix width

A

number of product lines (samsung sells tv and phones)

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30
Q

product line length

A

product types within product lines (smart phone and flip phone)

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31
Q

product line depth

A

variation within product type (pro vs regular)

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32
Q

product line extension

A

adding to product line

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33
Q

repositioning

A

change how a product is viewed in the marketplace

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34
Q

packaging

A

from production to end user, contains product

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35
Q

primary packaging

A

main purpose=hold and protect

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36
Q

secondary packaging

A

add visuals+mktg appeals

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37
Q

tertiary

A

protects in transet

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38
Q

brand

A

image & experience in customers mind abt company

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39
Q

brand identity

A

name or logo

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40
Q

brand equity

A

total value of product from marketing

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41
Q

manufacturer brands

A

brands own product (coca cola)

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42
Q

private label

A

retailer sells prduct under name (kirkland, 365)

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43
Q

generic brands

A

product lacks brand name (motrin=ibuprofin)

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44
Q

co branding

A

when 2 or more brands collab = more strength

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45
Q

ingredient brand

A

one brand carries other brand (mcflurry m&m)

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46
Q

cooperative brand

A

2 brandsd get equal treatment

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47
Q

complementary brand

A

work well tg (jack and coke)

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48
Q

new to the world

A

brand new, never been sold to anyone

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49
Q

new product lines

A

new to company

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50
Q

addition to product line

A

more variation to existing products (adds depth)

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51
Q

improvements to existing products

A

continuous improvement, scheduled obsolescence

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52
Q

repositioned products

A

update image over time

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53
Q

lower priced products

A

larger economies of sale inc efficiency and better price

54
Q

idea generation

A

brainstorming, find open market

55
Q

idea screening

A

filter through ideas

56
Q

business analysis

A

estimate demand, sales, profitability

57
Q

development

A

design, prototype, testing

58
Q

test marketing

A

trial on small scale, controlled

59
Q

commercialization

A

launching product in marketplace

60
Q

diffusion

A

rate tht products adopted into market

61
Q

innovation

A

any product thats new to the consumer

62
Q

5 categories of adopters

A
  1. innovator
  2. early adopter (opinon seeker)
  3. early majority (deliberate)
  4. late majority (skeptics)
  5. laggard (resistant)
63
Q

rate of adoption

A

the higher a product scores, faster adoption

64
Q

relative advantage

A

innovation>existing products

65
Q

compatibility

A

how well it fits consumers lifestlyes

66
Q

simplicity

A

how difficult to use

67
Q

communicability

A

is it easy to describe to others

68
Q

trialability

A

can you try before u buy

69
Q

product life cycle (PLC)

A

stages that products pass during time in market

70
Q

4 stages of PLC

A
  1. introduction
  2. growth
  3. maturity
  4. decline
71
Q

why is service mktg important?

A

bc more than half of US economy is in service sector

72
Q

characteristics of services

A
  1. intangibility
  2. inseperability
  3. heterogeneity
  4. perishability
73
Q

inseperability

A

can’t separate service from service provider

74
Q

heterogeneity

A

quality varies from employee to employee

75
Q

perishability

A

may have place and time constraints

76
Q

5 components of service quality

A
  1. reliability
  2. responsiveness
  3. assurance
  4. empathy
  5. tangibles
77
Q

gap analysis

A

analysis to pinpoint gap/shortcomings in service quality

78
Q

5 perceptions of gaps

A
  1. customer expectation - customer needs
  2. service delivery policies- customer needs
  3. service delivery policies- service delivery
  4. service deliver-external communication
  5. customer expectation-customer perception
79
Q

nonprofit orgs make up how much of US economy

A

20%

80
Q

why do nonprofits still need money

A

to keep going and meet objectives

81
Q

supply chain management

A

coordination of activities in unified system, can help lower costs if efficient

82
Q

supply chain integration

A

connects external partners

83
Q

demand supply integration

A

connects internal departments

84
Q

customer relationship management

A

helps sales&mktg communicate with consumer accounts

85
Q

customer service management

A

address concerns/complaints for strong customer relationship

86
Q

demand management

A

forecast and manage demand

87
Q

order fulfillment

A

ensure all sales are delivered to customer

88
Q

manufacturing flow management

A

makes sure everyone has enough resources

89
Q

supplier relationship management

A

identify&support suppliers

90
Q

product development and commercialization

A

how to produce new products efficiently with entire chain

91
Q

returns management

A

minimize cost from returned/defective products

92
Q

3 functions of business logistics

A
  1. source
  2. make
  3. deliver
93
Q

supply chain risk

A

unforseen shocks; natural disasters

94
Q

supply chain security

A

taking proactive steps to minimize shocks

95
Q

supply chain resilience

A

reactive steps to minimize downtime after shocks

96
Q

electronic distribution

A

distribute digital goods throughout internet

97
Q

sustainability supply chain mgmt

A

incorporate environmentally sustainable thinking

98
Q

marketing channels

A

help flow of goods from manufacturer to consumer

99
Q

types of intermediaries

A

merchants (sell products) and facilitators (broker)

100
Q

channel length

A

of intermediaries that come between producer and end consumers

101
Q

direct channel

A

0 level - no one in btwn

102
Q

retailer channel

A

1 lvl - like target

103
Q

wholesaler channel

A

2 lvl- mom and pop

104
Q

intensive/extensive distribution

A

make product available as possible

105
Q

selective distribution

A

smaller outlets, more expensive, purchased less

106
Q

exclusive distribution

A

only a few amounts, luxury or custom

107
Q

arms length relationship

A

manufacturers and intermediaries treated independently

108
Q

cooperative

A

work together with formal contractsin

109
Q

integrated

A

several companies work close, almost as one

110
Q

channel power

A

control/influence over others

111
Q

channel conflict

A

goals may not always be clear, formal contract

112
Q

retailing

A

all activities directed at final consumer

113
Q

retail ownership

A

manufacture own stores, flagship, independent, chain

114
Q

product assortment

A

carry thousands of products from many stores

115
Q

product pricing

A

part of branding decision (wal mart vs whole foods)

116
Q

levels of service

A

self service, limited, full

117
Q

location

A

destination store vs visible stores

118
Q

department stores

A

wide mix, lots of departments

119
Q

specialty retailers

A

very narrow, deep product mix

120
Q

supermarket

A

carry wide and deep product mix

121
Q

drug stores

A

moderately wide and deep

122
Q

convenience stores

A

moderately wide but shallow, higher price

123
Q

mass merchandisers

A

giant, full stores like target

124
Q

other discount stores

A

dollar store hard discounts

125
Q

warehouse membership

A

wide but very shallow, costco

126
Q

automatic vending machine

A

very narrow and shallow

127
Q

online retailing

A

growing rapidly, expansion

128
Q

planogram

A

diagram that shows placement of products on shelves

129
Q

point of purchase (POP)

A

promotional displays & materials found at point of sale

130
Q

wing stack

A

movable display at end of aisle (cardboard)

131
Q

end cap

A

end of aisle display, catches attention

mktg 351 (2 decks)

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