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MGT 8803 > Marketing > Flashcards

Marketing Flashcards

1
Q

Prospecting

A

assessing leads, identify potential customers, and narrow down to the right target market.

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2
Q

Marketing

A

The creation and satisfaction of demand for a product/service

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3
Q

Marketing Functions

A

Buying
Selling
Transporting
Market Information
Risk Taking
Storing
Financing
Standardization & Grading (sorting products)

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4
Q

5 Cs of Marketing

A

Company
Customers
Collaborators
Competitors
Context

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5
Q

Target Market

A

buyers that share common needs/characteristics that company decides to serve

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6
Q

Marketing Mix

A

Product
Price
Place
Promotion

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7
Q

Customer Market Model

A
  1. Awareness
  2. Engagement
  3. Aquisition
  4. Customer segmentation
  5. Customer retention
  6. Support and Advocacy
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8
Q

Customer Profile

A

Demographics
Geographic
Psychographic
Behavioral
RFM (Monetary, Frequency, Recency)

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9
Q

Buyer Journey

A

Discovery
Consideration
Decision

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10
Q

Marketing Plan

A

written document composed of analysis of:
-current marketing situation
-opportunities/threats to firm
-marketing objectives/strategy specified in terms of four Ps
-action programs
-projected or pro forma income (and other financial) statements

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11
Q

Customer Lifetime Value (CLV)

A

approximate worth of customer to company in economic terms; overall profitability of individual customer.

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12
Q

Direct Environment

A

Customers
Company
Competitors

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13
Q

External Environmental

A

cultural and social
economic
political and legal
technological

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14
Q

customer segmentation

A

divides market into categories that share similar attributes such as age, location, gender habits, and so on

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15
Q

single target market approach

A

segmenting market and picking one segment as firm’s target market

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16
Q

multiple target market approaches

A

segmenting market and choosing two or more segments, then treating each as separate target market needing a different marketing mix

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17
Q

combined target market approach

A

combining two or more submarkets into one larger target market as basis for one strategy

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18
Q

criteria for segmentation

A

substantial
identifiable and measurable
accessible
responsive

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19
Q

segmentation dimensions

A

demographic
geographic
behavioral

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20
Q

segmentation steps

A
  1. define the market (all possible customers)
  2. divide into segments
  3. select segments to target
  4. develop marketing mix for each segment using 4 Ps
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21
Q

Positioning

A

arranging product to occupy clear, distinctive, and desirable place relative to competing products in minds of target customers

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22
Q

positioning statement

A

for (our target market), (our brand) of all (product type) delivers (key benefits or point of differentiation) because (our brand) is (reasons to believe).

for 16 to 24-year-old males who embrace excitement, adventure, and fun, Mountain Dew of all carbonated soft drinks, delivers great taste that exhilarates like no other because Mountain Dew is energizing, thirst-quenching, and has a one-of-a-kind citrus flavor.

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23
Q

differentiation

A

utilizing marketing mix in distinct way such that customers see it as different from competition

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24
Q

market penetration

A

drive increased sales of current product in existing markets

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25
Q

adoption process

A

awareness
interest
evaluation
trial
decision
confirmation

26
Q

buying influences

A

economic
psychological
sociological
purchase situation

27
Q

buying emotions

A

control
self-achievement
nurturing

28
Q

buying center

A

group of people responsible for buying decisions in large organizations

29
Q

buying center members

A

users
deciders
influencers
buyers
gatekeepers

30
Q

B2B marketing

A

business to business marketing; the process of selling merch or services from one business to another

31
Q

product planning

A

making decisions about features/services of a product or idea that will help sell the product

32
Q

elements of product planning

A

product idea
branding
packaging
warranty
product classes

33
Q

business product classes

A
  1. installations
  2. accessories
  3. raw materials
  4. components
  5. supplies
  6. professional services
34
Q

consumer product classes

A
  1. convenience
  2. shopping
  3. specialty
  4. unsought
35
Q

product lifecycle stages

A
  1. introduction
  2. growth
  3. maturity
  4. decline
36
Q

how long can a product be called new?

A

6 months

37
Q

product development process

A
  1. idea generation
  2. screening
  3. idea evaluation
  4. development
  5. commercialization
38
Q

direct distribution system

A

distributing product directly to customer. can be further divided by method of communication that takes place when sale occurs

39
Q

indirect distribution

A

goods and services move from producer to channel members and then to consumers or industrial users

40
Q

channel specialists

A

adjust quantity by accumulating and bulk-breaking

41
Q

retailer types

A

supermarkets
specialty shops
vending/convenience stores (c-stores)
internet

42
Q

price skimming

A

firm tries to sell at high price before aiming at more price-sensitive consumers

43
Q

penetration pricing

A

firm tries to sell the whole market at one low price

44
Q

average cost pricing

A

adding a reasonable markup to average cost of product

45
Q

promotion types

A

advertising
PR and publicity
sales promotion

46
Q

promotion methods

A

informing
persuading
reminding

47
Q

AIDA Model

A

attention
interest
desire
action

48
Q

adoption curve

A
  1. innovators
  2. early adopters
  3. early majority
  4. late majority
  5. laggards
49
Q

advertising types

A

product
-pioneering
-competitive
-reminder
institutional

50
Q

pricing objectives

A

profit oriented
sales oriented
status quo oriented

51
Q

advertising mediums

A

TV
radio
direct mail
newspapers
internet

52
Q

digital marketing

A

uses internet and mobile interactive channels to develop communication/exchanges w/ customers

53
Q

Influences on consumer behaviour

A

economic needs
psychological variables
social influences
purchase situation

54
Q

Business and organizational customers

A

producers
intermediaries
government units
nonprofits

55
Q

push marketing

A

using normal promotion efforts, personal selling, advertising, and sales promotion to help sell the whole marketing mix to possible channel members

56
Q

Pull Marketing

A

involves use of mass selling tools to stimulate demand for a particular brand.

57
Q

Strategy

A

ideas that outline how product will achieve its objectives

58
Q

Tactic

A

action/method that contributes to achieving goal

59
Q

Primary decision criteria in determining channel strategy

A

Cost
Capital
Coverage
Control
Content
Congruency

60
Q

reasons for choosing direct channels

A

greater control
lower cost
internet makes direct distribution easier
direct contact with customers
suitable intermediaries not available

MGT 8803 (6 decks)

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