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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
Describe the 3 characteristics of organization transactions (relative to the consumer)
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
26
3 Attributes of organizational buyers
1. better informed 2. request detailed information 3. buyer does best while purchasing
27
3 Types of Purchases
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
28
5 Steps of purchasing in an institution
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
29
we can classify products based on how long we use them and example of this classification is a pop
consumable
30
we can classify products based on how long we use them and example of this classification is an appliance
durable
31
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
disposable
32
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
collectable
33
We can classify products based on the buyer orientation of a product an example of this classification is bread
convenience product
34
We can classify products based on the buyer orientation of a product an example of this classification is clothing
shopping product
35
We can classify products based on the buyer orientation of a product an example of this classification is a Jaguar car
specialty product
36
Describe how the marketing mix affects convenience, shopping and specialty products in terms of the number of stores
many, moderate, few
37
Describe how the marketing mix affects convenience, shopping and specialty products in terms of distribution
Intensive, selective, exclusive
38
Describe how the marketing mix affects convenience, shopping and specialty products in terms of turnover
high, moderate, low
39
Describe how the marketing mix affects convenience, shopping and specialty products in terms of profit per item sold
low, moderate, high
40
Describe how the marketing mix affects convenience, shopping and specialty products in terms of who promotes the product
manufacturer, manufacturer and retailer, and manufacturer and retailer
41
Describe how the marketing mix affects convenience, shopping and specialty products in terms of who sells the product
packaging, sales person, sales person
42
specific version of a product ex. tide and gain
product item
43
group of related items ex. laundry detergent
product line
44
total number of products in an organization makes available to customers ex. P&G
product mix
45
number of products in a product line
depth of product mix
46
number of product lines
width of product mix
47
person who handles the product line
product manager
48
person who manages only one brand ex. tide
brand manager
49
serves a specific group of a customer
market manager
50
responsible to produce new products and come from many different offices ex. r&d, accounting, marketing etc.
venture team
51
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
quality modification, making the product more functional, and improving the looks or style of the product
52
during the decline stage of the product life cycle their are three strategies that to take describe these
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
The first step in introducing a new product involves Idea Generation Describe it
- 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
The Second step in introducing a new product involves screening describe it
filter out the products and select the best one
55
the third step in introducing a new product involves business analysis
analyze the profit of a product
56
the fifth step in introducing a product is through test marketing which can be done either internally or externally
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
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
commercialization
58
3 strategies to produce a product and describe them
Duplication - make the same product as competitor Innovation - make similar product as a competitor Invention - make different product than competitor
59
name, term design or symbol associated with a product
brand
60
name or term associated with a brand
brand name
61
symbol associated with a brand
brand mark
62
legal designation indicating the owner has right to use the brand
trademark
63
trade name legal name of the organization
trade name ex. brand name - minute made trade name - coca cola
64
Name 3 benefits of branding
1. helps buyers identify specific brands 2. helps buyers identify quality of a product 3. brands offer psychological benifits
65
Name the 2 types of brands
Manufacturer Brands - initiated and owned by producers | Private brands - initiated and owned by resellers
66
Name the 5 characteristics of a good brand
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
brand policy where you sell simple items like salt and sugar
generic
68
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
Individual Branding
69
all firms products under one name advantages include that one name promotes all products
overall family branding
70
single line brand
line branding
71
uses part of an existing brand for improved version
brand extension
72
company permits use of brand for a fee
brand licensing
73
result of applying human or mechanical effects to people or objects
services
74
can't see touch or feel
intangibility
75
services a produced and consumed at the same time
inseparability
76
unused capacity that cant be saved
perishability example airplane seats
77
people perform services that are inconsistent
heterogeneity
78
describe 3 ways of developing a market for servieces
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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