Exam 2 CHP 3-14 Flashcards
What are the first principles?
- Listen to the customer
- Change the rules
- Win with strength
- Do your duty
What are the characteristics of tomorrow’s customer markets?
Customization. Individualization.
Any means used to maintain behavioral norms and regulate conflict.
Social Control
Moral principles or values that govern an individual or group.
Ethics
Decisions are based on what will be punished or rewarded. Self-centered, calculating, and selfish.
Preconventional Morality
Moves towards expectations of society. Concerned about the legality and opinion of others.
Conventional Morality
Represents the morality of the mature adult. Concerned if it works in the long run.
Postcoventional Morality
Prohibits U.S. corporations from making illegal payments to public officials of foreign governments.
Foreign Corrupt Practices Act (FCPA)
Business’ concern for society’s welfare. When managers consider long-range interests for the company and its relationships to society.
Corporate Social Responsibility (CSR)
What are the 5 bases of segmentation?
- Geography
- Demography
- Psychographics
- Benefits sought
- Usage rate
Group of people or organizations for which an organization designs, implements, and maintains a marketing mix.
Target mix
The segment must be large enough to warrant development.
Substantiality
The segment must be identifiable and size measurable
Identifiably and measurability
The marketing mix must be reachable to members of targeted segments.
Accessibility
Segment need not be treated separately unless it responds differently to a marketing mix.
Responsiveness
What are the characteristics of tomorrow’s capital markets?
Available for some, scarce for others.
What are the characteristics of tomorrow’s labor markets?
Knowledge and Capitalism.
What are the characteristics of tomorrow’s government markets?
Paying For Stuff.
Inexpensive items that merit little shopping effort.
Convenience
Require comparison shopping. (More expensive, fewer stores)
Shopping
Particular items for which consumers search extensively and are reluctant to accept substitutes.
Specialty
They provide profit, less price pressure, and tie the customer to the retailer.
Advantages of Private Brands
What are the 4 functions of packaging?
- Contain and protect product
- Promote product
- Facilitate storage, use, and convenience
- Facilitate recycling
What are the 5 components of service quality?
- Reliability
- Responsiveness
- Assurance
- Empathy
- Tangibles
What are the 4 ways that services differ from goods?
- Intangibility
- Inseparability
- Heterogeneity
- Perishability
Enables shopping without visiting a physical store location.
Nonstore Retailing
What are the 6 P’s of the retail mix?
- Product
- Promotion
- Place
- Price
- Presentation
- Personnel
What are the 3 levels of distribution intensity?
- Intensive
- Selective
- Exclusive
Techniques used to get consumers to make a purchase from their home, office, or another non-retail setting.
Direct marketing
To employ highly detailed data analytics.
Microtargeting
