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Business 101 > Final Exam review- Weeks 9-10 > Flashcards

Final Exam review- Weeks 9-10 Flashcards

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1
Q

Marketing

A

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for coustemers, clients, partners and society at large.

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2
Q

The process of marketing

A

begins with discovering unmet customer needs and continues with researching the potential market; producing a good or service capable of satisfying the targeted costumers; and promoting, pricing, and distributing that good or service

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3
Q

Utility

A

the power of a good/service to satisfy a want or need. The benefits recieved from the exchange.

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4
Q

What are the four types of Utility?

A

Form, Time, Place, and Posseting

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5
Q

What are the two basic steps of developing a market strategy?

A

Identify the target market and create a marketing mix

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6
Q

Identify a target market

A

A group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.

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7
Q

Create a marketing mix

A

The marketing mix is a blend of the four elements of marketing strategy

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8
Q

What are the four elements of a marketing strategy?

A

Product, Place, Price, and Promotion

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9
Q

Market Research

A

The process of collecting and evaluating information to support marketing decision making

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10
Q

Primary data

A

Data collected through observation, surveys, and other forms of observational study

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11
Q

Secondary data

A

Previously published data from trade accociations, advertising agencies, marketing research firms and other sources

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12
Q

Data mining

A

Computer searches of customer data to detect patterns and relationships

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13
Q

Business intelligence

A

Activities and technologies for gathering, storing, and analyzing data to to make better competitive decisions

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14
Q

What are common bases of segmenting customer markets?

A

Geographical, demographic, psychological, and product related

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15
Q

Geographic segemntation

A

divides the market into homogeneous groups based on their locations

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16
Q

Demographic segregation

A

divides market on the basis of various demographic or socioeconomic characteristics: gender, income, age, occupation, household size, stage in family life cycle, education, and ethnic group

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17
Q

Psychographic segmentation

A

divides the consumer market into groups with similar psychological characteristics, values, and lifestyles

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18
Q

product-related segmentation

A

divides market based on buyer’s relationship to the good/service based on benefits sought by buyers, usage rates, and loyalty levels

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19
Q

consumer behavior

A

actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions

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20
Q

relationship marketing

A

developing and maintaining long-term, cost-effective exchange relationships with partners

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21
Q

What is the 80/20 rule?

A

80% of revenue comes from 20% of costumers

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22
Q

Product

A

A bundle of physical, service, and symbolic characteristics designed to satisfy customer wants

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23
Q

product line

A

A group of related products marked by physical similarities or intended for a similar market (e.g cereal)

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24
Q

product mix

A

an assortment of product lines and individual goods and services a firm offers to customers and business users

25
Q

What are the four basic stages of the product life cycle?

A

Introduction, growth, maturity, and decline

26
Q

What are the product development stages?

A

generating new ideas, screening, concept development & business analytics, product development, test marketing, and commercialization

27
Q

Generating ideas

A

ideas come from many ideas: coustemer suggestions, suppliers, employees, & competative products

28
Q

Screening

A

eliminates ideas that do not mesh w/ overall company objectives or can’t be developed given resources

29
Q

Concept development and business analytics

A

further screening occurs, as well as assessment of potential sales, profits, growth rate, and competitive strengths

30
Q

product development

A

functioning phototypes or detailed descriptions of product may be created

31
Q

test marketing

A

into of new product supported by complete marketing campaign to a selected city or TV coverage area to examine both consumer responses to new offering & marketing effort used to support it

32
Q

Commercialization

A

product is generally available to market

33
Q

Why can products fail?

A

are not properly developed & tested, are poorly packaged, lack adequate promotional support, lack adequate distribution, or do not satisfy a customer’s want/need

34
Q

Brand

A

Name, Term, sign, symbol, design or some combination that identifies the products of one of the firm and differentiates them

35
Q

brand name

A

part of the brand that consists of words or letters included in a name used to identify and distinguish the firm’s offerings from competitors

36
Q

trademark

A

brand that has been given legal protection

37
Q

brand recognition

A

the consumer is aware of the brand but does not have a preference of it

38
Q

brand preference

A

consumer chooses one brand over another

39
Q

brand insistence

A

consumer will seek out preferred brand

40
Q

brand equity

A

added value that a respected and successful name gives to a product based on brand awareness

41
Q

distrabution channel

A

path through which products and legal ownership of them flow from producers to consumers

42
Q

Integrated marketing communications

A

the coordination of all promotional activities- media advertising, direct mail, personal selling, sales promotion, and product relations- to produce a unified, customer-focused message

43
Q

promotion

A

the function of informing, persuading, and influencing a purchase decision

44
Q

product placement

A

marketers pay placement fees to have their products showcased in various media, ranging from newspapers to television

45
Q

native advertising

A

online advertising method in which the advertiser attempts to gain attention by providing content in the context of the user’s experience

46
Q

Guerilla advertising

A

involves innovative, low-cost marketing efforts designed to get consumer attention in a unusual way

47
Q

product advertising

A

messages deigned to sell a particular good/service

48
Q

institutional advertising

A

messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities

49
Q

cause advertising

A

institutional messaging that promotes a specific viewpoint on a public issue as a way to influince public opinion and legislative process

50
Q

Informative advertising

A

used to build initial demand for a product in introductory phase

51
Q

persuasive advertising

A

attempts to improve the competitive status of a product or concept, usually in growth and maturity stages

52
Q

comparative advertising

A

compares products directly with competitors either by name or inference

53
Q

reminder-oriented advertising

A

appears in late maturity or declining stages to maintain awareness of the importance and usefulness of product

54
Q

Outline Sales promotion

A

consists of forms of promotions like coupons, product samples, and rebates that support personal selling and advertising

55
Q

sales process

A

the sales process typically follows a 7 step process, depending on the type of product that you are selling as well as customer

56
Q

What is the break-even point equation?

A

break even point= fixed costs/(average cost per unit-average cost per unit)

57
Q

skimming prices

A

Setting an intentionally high price to relative to the prices of competitors to distinguish product

58
Q

penetration pricing

A

setting a low price as marketing weapon

59
Q
A

Business 101 (2 decks)

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