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Exploring Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

an aggregate of people who as individuals or organizations have needs for products in a product class and who have the ability and willingness and authority to purchase such products

A

market

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2
Q

Name of 2 types of market and describe them

A

Consumer Market - people purchase products for personal use

Industrial Market - businesses who purchase products to either resell or use to make other products

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3
Q

identifying groups of people with common needs

A

segmenting

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4
Q

select segment of a market that has a potential to respond to a product

A

targeting

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5
Q

create a certain image in mind of consumers

A

positioning

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6
Q

Example of positioning products in terms of Jeans

A

Company A - comfortable jeans
Company B - function jeans
Company C - durable jeans
Company D - sexy jeans

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7
Q

Describe city size in terms of market segmentation

A

city size is the total number of people who live in a specific city ex. Cedar falls has 100,000 people who live their and olive garden bases where they place their stores based on population of cities

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8
Q

Describe city size in terms of market segmentation

A

total potential number of buyers in a market ex. Office depot makes decisions on where to place stores in terms of how many potential buyers they could have in an area

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9
Q

lifestyle variable that consists of shoppers that shop at supermarkets, cook at home, and shop frequently

A

avid shoppers

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10
Q

lifestyle variable where the consumers are childless, are men or women, and eat a lot of takeout

A

kitchen strangers

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11
Q

lifestyle variable where people come from low income households

A

constrained shoppers

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12
Q

lifestyle variable where people are very busy, they eat at home but they take cooking shortcuts

A

hurried shoppers

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13
Q

life style variable where older working class where all their children have left the home

A

Unfettered shoppers

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14
Q

lifestyle variable where the consumer is elderly and are light eaters

A

Kitchen Birds

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15
Q

Describe the different usage rates and how they motivate consumers in a market

A

heavy usage rate - ex. frequent flyer miles
moderate usage rate - coupons
light - free sample

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16
Q

method of targeting where you target a everyone in a market with products everyone uses ex. sugar

A

mass marketing, total marketing, undifferentiated strategy

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17
Q

method of targeting where one segment of a market is targeted for a product

A

concentrated marketing

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18
Q

two or more segments of a market targeted with a product

A

multi-segmented strategy

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19
Q

Describe the three types of positioning

A
  1. by attribute - volvo makes a very strong vehicle
  2. by quality/price - Wal-mart- price Nordstrom -quality
  3. competitor - hertz might be number one but avis is working on being better
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20
Q

the purchase behavior of producers, re-sellers, gov’t units and institutions

A

Organizational Buying Behavior

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21
Q

buy products to use in making their own product

A

producers

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22
Q

buy finished goods to resell them to consumers

A

resellers

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23
Q

Government markets

A

federal, state and local governments buying things for their citizens ex. roads, schools

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24
Q

Institutional Markets

A

hospitals, fraternities, and sororities

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25
Q

Describe the 3 characteristics of organization transactions (relative to the consumer)

A
  1. purchase larger quantities/ purchases
    ex. 30 computers for a business over one for a consumer
  2. longer negotiations
    ex. prices consumers will take the price whereas organizations will try to get a lower price because they are buying more
  3. reciprocity
    ex. GM gives a car to good year in exchange for tires for cars
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26
Q

3 Attributes of organizational buyers

A
  1. better informed
  2. request detailed information
  3. buyer does best while purchasing
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27
Q

3 Types of Purchases

A
  1. New task purchase - buy a computer for the 1st time
  2. Modified Re-buy purchase - buy a computer with different terms of sale
  3. Straight Re-buy purchase - buy computer with the same terms of sale
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28
Q

5 Steps of purchasing in an institution

A
  1. Users request product - students/professors/staff request computers
  2. Influencer form a plan - technical department
  3. Deciders accept or reject plan - dean
  4. Buyers choose the vendor to purchase from
  5. Gatekeepers manage the plan - secretaries
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29
Q

we can classify products based on how long we use them and example of this classification is a pop

A

consumable

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30
Q

we can classify products based on how long we use them and example of this classification is an appliance

A

durable

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31
Q

we can classify products based on how long we use them and example of this classification is a durable good that has become a consumable an example of this is a disposable camera

A

disposable

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32
Q

we can classify products based on how long we use them and example of this classification is a consumable good that has become a durable good an example of this is a stamp

A

collectable

33
Q

We can classify products based on the buyer orientation of a product an example of this classification is bread

A

convenience product

34
Q

We can classify products based on the buyer orientation of a product an example of this classification is clothing

A

shopping product

35
Q

We can classify products based on the buyer orientation of a product an example of this classification is a Jaguar car

A

specialty product

36
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of the number of stores

A

many, moderate, few

37
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of distribution

A

Intensive, selective, exclusive

38
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of turnover

A

high, moderate, low

39
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of profit per item sold

A

low, moderate, high

40
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of who promotes the product

A

manufacturer, manufacturer and retailer, and manufacturer and retailer

41
Q

Describe how the marketing mix affects convenience, shopping and specialty products in terms of who sells the product

A

packaging, sales person, sales person

42
Q

specific version of a product ex. tide and gain

A

product item

43
Q

group of related items ex. laundry detergent

A

product line

44
Q

total number of products in an organization makes available to customers ex. P&G

A

product mix

45
Q

number of products in a product line

A

depth of product mix

46
Q

number of product lines

A

width of product mix

47
Q

person who handles the product line

A

product manager

48
Q

person who manages only one brand ex. tide

A

brand manager

49
Q

serves a specific group of a customer

A

market manager

50
Q

responsible to produce new products and come from many different offices ex. r&d, accounting, marketing etc.

A

venture team

51
Q

during the maturity phase of the product life cycle you want to improve your product to extend the life cycle 3 ways to do this is through

A

quality modification, making the product more functional, and improving the looks or style of the product

52
Q

during the decline stage of the product life cycle their are three strategies that to take describe these

A
  1. phase out - your product is experiencing no profits so continue with the same 4 P’s
  2. Run out - your product is experiencing some losses so modify your 4 P’s to compensate Ex. less advertising
  3. Immediately Drop - product is experiencing major losses so drop the product completely
53
Q

The first step in introducing a new product involves Idea Generation Describe it

A
  • Focus Groups with 6-10 people brainstorming
  • wild and crazy ideas with no evaluation
  • Example and alarm clock that slaps you in the face
54
Q

The Second step in introducing a new product involves screening describe it

A

filter out the products and select the best one

55
Q

the third step in introducing a new product involves business analysis

A

analyze the profit of a product

56
Q

the fifth step in introducing a product is through test marketing which can be done either internally or externally

A

Internal testing can either be done in a lab or by the managers of the company which is called an in-house test
External testing can be done either with a standard test where you take a small number of cities and expose them to the full marketing mix or a controlled test where you expose a few stores to the full marketing mix

57
Q

their are two ways to do this either with a roll out where the market is gradually exposed to a new product or a sell in where you sell everywhere at once

A

commercialization

58
Q

3 strategies to produce a product and describe them

A

Duplication - make the same product as competitor
Innovation - make similar product as a competitor
Invention - make different product than competitor

59
Q

name, term design or symbol associated with a product

A

brand

60
Q

name or term associated with a brand

A

brand name

61
Q

symbol associated with a brand

A

brand mark

62
Q

legal designation indicating the owner has right to use the brand

A

trademark

63
Q

trade name legal name of the organization

A

trade name
ex. brand name - minute made
trade name - coca cola

64
Q

Name 3 benefits of branding

A
  1. helps buyers identify specific brands
  2. helps buyers identify quality of a product
  3. brands offer psychological benifits
65
Q

Name the 2 types of brands

A

Manufacturer Brands - initiated and owned by producers

Private brands - initiated and owned by resellers

66
Q

Name the 5 characteristics of a good brand

A
  1. short and simple
  2. easy to sell and read
  3. easy to remember
  4. adaptable to packaging needs
  5. suggestive of product needs ex. I can’t believe its not butter
67
Q

brand policy where you sell simple items like salt and sugar

A

generic

68
Q

brand policy where you name each product differently advantages to this is that a bad product doest contaminate the entire brand and that it provides segmentation

A

Individual Branding

69
Q

all firms products under one name advantages include that one name promotes all products

A

overall family branding

70
Q

single line brand

A

line branding

71
Q

uses part of an existing brand for improved version

A

brand extension

72
Q

company permits use of brand for a fee

A

brand licensing

73
Q

result of applying human or mechanical effects to people or objects

A

services

74
Q

can’t see touch or feel

A

intangibility

75
Q

services a produced and consumed at the same time

A

inseparability

76
Q

unused capacity that cant be saved

A

perishability example airplane seats

77
Q

people perform services that are inconsistent

A

heterogeneity

78
Q

describe 3 ways of developing a market for servieces

A
  1. hire and maintain high quality people
  2. improve service by using high quality technology
  3. customizes services to customers wants and needs

Exploring Marketing (4 decks)

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