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Marketing Management > Final > Flashcards

Final Flashcards

1
Q

a market research technique that asks customers to make a series of trade-offs between component attributes; analysis of these tradeoffs helps companies determine how to develop and price the features of products and services

A

conjoint analysis

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2
Q

dividing the market into unique demand spaces that exist at the intersection of different usage occasions and consumers’ emotional and functional needs

A

demand space segmentation

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3
Q

a statistical method for identifying unmeasured class membership among subjects using categorical and/or continuous observed variables

A

latent class analysis

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4
Q

a product delivery approach utilizing flexible, computer-aided manufacturing systems. Each customer can select and customize the product’s final features to his or her individual preferences

A

mass customization

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5
Q

an approach that analyzes a consumer’s evaluation of an object (product, brand, service, etc.) as a function of the beliefs that he or she has toward the object on various attributes and the importance of these attributes

A

multi-attribute model

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6
Q

A marketing approach based on customer relationship management (CRM), emphasizing personalized relationships with individual customers.

A

one-to-one marketing

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7
Q

defining a value proposition for the target segments; differentiating a product or service (or its brand) from others in the perception of consumers

A

positioning

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8
Q

A marketing planning process that involves dividing a broad target market into subsets or groups of consumers who have common needs or characteristics

A

segmentation

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9
Q

Selecting the potential customer segments to whom a company wishes to sell products or services, after an analysis of each segment’s attractiveness

A

targeting

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10
Q

A strategy for positioning a product or service by deliberately dissociating it from its normal product category and associating it with a different one

A

breakaway positioning

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11
Q

a strategy for repositioning a brand that involves taking a brand that has historically been positioned to appeal to one gender and repositioning it for the other gender

A

gender-bending

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12
Q

adding new attributes, benefits, or value for customers to consider

A

horizontal positioning

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13
Q

a brand that derives most of its value from what it symbolizes and how it helps consumers present their identities. Repositioning an identity brand is difficult because its consumers rely on it to present their identities to others.

A

identity brand

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14
Q

those things that are distinguishing attributes of the product, but that ostensibly offer consumers no economic, functional, experiential, or social value

A

irrelevant attributes

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15
Q

a strategy for positioning a product or service in which managers strip away attributes consumers expect in a mature product and add some surprising new ones

A

reverse positioning

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16
Q

a strategy for positioning a product or service by associating a tainted product with a category consumers embrace in order to overcome consumer resistance

A

stealth positioning

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17
Q

a type of value claim that offers a prospective customer a specific, unique, and superior claim about a product or service that provides a reason to purchase it

A

unique selling proposition (USP)

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18
Q

the suite of benefits that a firm promises to deliver to its customers to produce value in their lives

A

value proposition

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19
Q

highlighting attributes that are shared among brands, but stressing a particular brand’s superior performance on those attributes, using superlatives such as smaller, faster, and cheaper to delineate a natural pecking order among brands.

A

vertical positioning

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20
Q

Experiments in which the impact of a single variable is tested. A/B tests are commonly used to test ad copy and landing page copy or designs to determine which version better drives the desired result

A

A/B testing

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21
Q

process of clicking through an online advertisement to the advertiser’s destination, CTR is the average number of click-throughs per hundred ad impressions, expressed as a %. Way of measuring the success of an online advertising campaign for a particular website as well as the effectiveness of an email campaign.

A

click-through rate (CTR)

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22
Q

a type of website that supports the gathering, organizing, and online presentation of content related to a particular theme or topic. For most companies, content curation is being used to drive search engine (SEO). A company that links multiple pieces of content about a specific subject increases its exposure when that topic is searched.

A

content-curation website

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23
Q

a type of website that supports the posting or publishing of a user’s own material/content. Content sharing can be used as a way to target an audience with a specific niche interest or professional expertise

A

content-sharing website

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24
Q

information stored on a computer by a website that remembers user’s preferences. Enables marketers to customize web pages for identified users, but privacy advocates raise concerns about tracking coolies that compile long-term records of individual’s browsing histories.

A

cookie

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25
Q

an internet advertising metric that can be defined simply as “the amount spend to get an ad click. CPC is used as a billing mechanism in the pay per click advertising model.

A

cost per click (CPC)

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26
Q

the dollar value of a customer relationship, based on the present value of the projected future cash flows form the customer relationship. It represents an upper limit on spending to acquire new customers.

A

customer lifetime value (CLV)

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27
Q

graphic advertising on the internet that appears next to content on web pages, instant messaging (IM) applications, email, and so forth. These ads come in standardized ad sizes, and inlude text, logoos, ictures, videos, et.c

A

display ad

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28
Q

media spread when customers, the press, and the public share a company’s content or discuss a company’s brand through word of mouth. It is stimulated by viral and social media marketing.

A

earned media

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29
Q

the rapid spread of popular image, video, or link through a population by its being frequently shared with a number of individuals through electronic mail and social networking sites.

A

going viral

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30
Q

a single instance of an online advertisement being displayed

A

impression

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31
Q

term coined by google to describe an intent-rich moment when a person turns to a device to act on a need- to know, go , do or buy.

A

micro moments

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32
Q

strategy of sending appropriate ads or message at the moment when the consumer is about to make a decision about a relevant product or service

A

moment-based marketing

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33
Q

a metric that tracks the transactions that occur in a physical business or retail location, and in other offline channels, after a customer sees or engages with offline or online campaigns

A

offline conversations

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34
Q

media or channels created and controlled by the brand, such as its websites, blogs, and mobile apps

A

owned media

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35
Q

the media for which a company pays an online search engine or publisher to attract potential customers

A

paid media

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36
Q

a map that shows consumers perception of various brands. brands that are close to each other in this map are perceived by consumers as substitutes for one another, and therefore these brands compete more intensely with each other

A

perceptual map

37
Q

a type of contextual advertising through which website owners pay an ad fee, usually based on click-through rate or ad views, to have their ad shown on search result pages

A

search ad

38
Q

the process of using features that make a company website rank higher in the organic link on a search engine without paying any money

A

search engine optimization (SEO)

39
Q

a controlled experiment in which subjects are randomized into either test or control groups

A

test-control methodology

40
Q

a marketing method that relies on consumers spreading information about a product or service.

A

word-of-mouth marketing

41
Q

a pre-test market model that forecasts sales or market share (or both) for a new brand, provides a structure for evaluating alternative marketing strategies, and generates diagnostics that aid in improving the product

A

ASSESSOR

42
Q

A concept test that assesses a sample of consumers’ reactions to a concept; a key measure is their expressed purchase intention. With this measure and others, such as perceived uniqueness of the product, BASES makes a market share forecast

A

BASES test

43
Q

the value premium that a company realizes from a product with a recognizable name when compared to its generic equivalent

A

brand equity

44
Q

product line extension marketed under the same general brand as a previous items. To distinguish the brand extension from the other items under the primary brand, one can either add a secondary brand identification or add a generic. A brand extension is usually aimed at another segment of the general market for the overall brand.

A

brand extension

45
Q

a reduction in sales volumes, sales revenue, or market share of one product as a result of the introduction of a new product by the same producer

A

cannibalization

46
Q
  1. a concept related to the manner in which advertising supposedly works; it is based on the premise that advertising supposedly works,; it is based on the premise that advertising moves individuals systematically through a series of psychological stages (awareness, interest, action, etc).
  2. an early model that depicted consumer purchasing as a series of stages including awareness, knowledge, liking, preference, conviction, and purchase
A

hierarchy of effects model

47
Q

the detailed specification of a manufactured item’s parts and their relationship to the whole. A product design needs to take into account how the item will perform its intended functionality in an efficient, safe, and reliable manner. the product also needs to be capable of being made economically and be attracted to targeted customers.

A

product item design

48
Q

a group of products or services marketed and positioned by an organization to one general market. The products have some characteristics, customers, or uses in common, and they may also share technologies, distribution channels, prices, services, and so on.

A

product line

49
Q

the number of product varieties (subcategories) within a product or service line or category. Companies with deep product lines focus on a specialized product mix or an expertise in a specialized service offering.

A

product line depth

50
Q

a new product marketed by an organization that already has a at least one other product being sold in that product or market area. usually new flavors, sizes, models, strengths, etc.

A

product line extension

51
Q

the number of the product or service lines (categories) that a company offers to its customers

A

product mix breadth

52
Q

a specific unit of inventory that is carried as a separate, identifiable unit.

A

stock-keeping unit (SKU)

53
Q

the maximum amount a consumer thinks a product or service is worth.

A

willingness to pay

54
Q

product’s life cycle stages

A

introduction
growth
maturing
decline

55
Q

purchase decisions that entail a deliberative, information-based processing of relevant product characteristics

A

cognitive decision making

56
Q

purchase decisions in which consumers consider (or attempt to consider) all of the attributes that are relevant, making trade-offs between and among those attributes

A

compensatory decision making

57
Q

the set of individuals who affect, influence, and take part in a decision to buy

A

decision-making unit (DMU)

58
Q

purchase decisions that entail a subjective linking for one option over another

A

emotional decision making

59
Q

purchase decisions in which the buyer is fully engaged, the decision making tends to be effortful, the time frame tends to be relatively long, and the consequences of making a good versus a bad choice tend to be great and visible

A

high-involvement decision making

60
Q

purchase decisions that require little effort, happen quickly, and are perceived by consumers as having low risk

A

low-involvement decision making

61
Q

purchase decisions in which consumers consider some, but not all, of a product’s attributes, and ignore potential tradeoffs between those attributes; a product’s failure to reach an acceptable threshold on one attribute cannot be compensated for by high performance on other attributes

A

non-compensatory decision making

62
Q

purchase decisions in which consumers are motivated to purchase the best alternative they can

A

optimizing decision making

63
Q

purchase decisions in which consumers settle for an alternative that is “good enough” or that passes some acceptable threshold

A

“satisficing” decision making

64
Q

an analysis to determine the sales volume required to cover fixed and variable costs fully. profit at the breakeven sales volume is zero.

A

breakeven analysis

65
Q

a financial transaction, such as a sale, that takes place between businesses, such as between a manufacturer and wholesaler or between a wholesaler and a retailer

A

B2B

66
Q

a financial transaction, such as a sale, that takes place between a company and consumers who are the end users of a product

A

B2C

67
Q

an approach to pricing in which the posted price is based on the cost of producing a product, plus some additional margin for the firm to realize a return. In the simplest version, called cost-plus pricing, a firm typically adds a percentage to the costs of production to arrive at the posted price

A

cost-oriented pricing

68
Q

in economics, a graphic representation of the relationship between product price and the quantity of the product demanded. it is drawn with the price on the vertical axis on the graph and quantity demanded on the horizontal axis

A

demand curve

69
Q

an approach to pricing in which the posted price varies according to the current level of market demand

A

dynamic pricing

70
Q

a product or service in which product characteristics, such as quality or price, are difficult to observe in advance, but can be ascertained upon consumption

A

experience good

71
Q

a conceptual tool used to assess the change in unit sales required to maintain profitability in light of a change in product price (which in turn changes the unit margin)

A

marginal math

72
Q

the purposeful setting of price at varying levels across time, across geographic regions, and/or across channels to assess consumer response to the various prices

A

price experimentation

73
Q

the degree to which an individual’s willingness to purchase changes with a change in price

A

price sensitivity

74
Q

a product or service with features and characteristics easily evaluated before purchase. search goods are more subject to substitution and price competition than experience goods.

A

search good

75
Q

an approach to pricing in which the posted price is based on the value of a product as perceived by the customer

A

value-based pricing

76
Q

a participant in a distribution channel (such as a manufacturer or service provider) who crafts a strategy for going to market that will produce profits for the channel partners while addressing customers’ concerns and interests

A

channel steward

77
Q

the construction and continual guidance and management of a set of channel tasks or functions that mirrors the needs of the company’s customers as closely as possible

A

channel stewardship

78
Q

channel functions that create value for the customer by making product availability convenient and allowing for better support through information and service

A

channel value chain activities

79
Q

the extent of retail coverage necessary to reach the customers in the market

A

coverage intensity

80
Q

or wholesaler - one who sells products to retailers or business end users. distributors own and take physical control of inventory; they also promote the products or services and arrange for financing, ordering, and payment with their customers

A

distributor

81
Q

or broker - specialized sales agents hired by the supplier and/or manufacturer who focus on a particular customer segment. They typically do not take physical control of the products or services they sell, and they are compensated through commissions or fees

A

jobber

82
Q

an inventory management and product delivery system that takes advantage of point of sale for product tracking to compress the time between product or service design concept and appearance on the retail shelf

A

quick response (QR) system

83
Q

one of a variety of retail formats through which products are sold to end customers, usually individuals. Retailer formats include (but are not limited to) department stores, mass merchandisers, supercenters (hypermarkets), convenience stores, discount stores, websites, catalogs, warehouse clubs, and drugstores

A

retailer

84
Q

producer (or manufacturer), assembler, or designer of a product or service being sold

A

supplier

85
Q

3 elements in the marketing strategy formation

A

analysis, decisions, outcomes

86
Q

aspiration decision - what are the 3 steps?

A
  1. segmenting the market to identify the possible groups to serve
  2. targeting a specific group or groups to address
  3. positioning in the mind of the selected customers
87
Q

action plan decision - what are the four Ps that make this up?

A

product + promotion + place = value creating

price = value capturing

88
Q

5 Cs of Analysis

A

Company, Competition, Customer, Collaborators, Context

Marketing Management (1 decks)

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