Midterm Flashcards
Burtons “to build the best snowboard out there”
focused on benefits offered to the customer
SWOT Analysis
Strengths, weaknesses, opportunities, threats
ben&jerrys ideals
social responsibility. 3 part mission.
business firm
privately owned. earns profit
non profit org
serves customer but does not make profit
cash cows
large amounts of cash, slow growth. more than they can invest profitably in themselves. Cash goes to overhead and other investments.
stars
high share, high growth rate. may need more money to fund. often become cash cows
question marks
low share, high market growth. Need a lot of cashto maintain market share
dogs
low shares, slow growth. little promis
Market penetration
strategy to increase sales of CURRENT PRODUCTS in CURRENT MARKETS
Market Development
CURRENT PRODUCTS to NEW MARKET
Product Development
NEW PRODUCTS to CURRENT MARKETS
Diversification
NEW PRODUCTS to NEW MARKETS
Planning phase of Strategic Marketing Process
SWOT, Market-Product goal setting, Marketing Program
Implementation phase of Strategic Marketing Process
Obtaining resources, designing marketing org. heirarchy, developing planning schedules, executing the marketing program
Evaluation Phase of Strategic Marketing Process
compares the results with goals
Exclusive dealing
arrangments with reseller to handle only their products. not competitiors
Requirement contracts
requires buyer to purchase certain amount for a certain time period
territorial distributorships
manufacturer gives distributer sole rights to sell in an area
tying arrangment
buy one, must buy the other
consumer bill of rights
right to safety, to be informed, to choose to be heard
moral idealism
considers certain individual rights/duties as universal
utilitarianism
focuses on if benifits exceed costs, behavior is ethical
triple bottom line
orgs need to improve life, the planet and make profit
evaluative criteria
the objective attributes of a brand and subjective like brand prestige
consideration set
the group of brands that are considered
reciprocity
industrial buying practice where organizations agree to by each other’s good. Legal, but Justice Department disapproves
Supply Partnership
when a buyer and its supplier adopt mutually beneficial objectives, policies and procedures to lower costs or increase value of products.
new buy
fiirst time buyer of a product/service
straight rebuy
reordering existing product from list of acceptable suppliers
modified rebuy
largely the same, slight different
make buy decision
during problem recognition.
value analysis
durring information search- appraisal of design quality and preformance of a product
multidomestic marketing strategy
different product variations,brand names and ad programs in diff countries
global marketing strategies
standarizing marketing activities when there are culutural similarities. adapting where differences
global brand
market under same name in all countries
international firms
trades in diff countries as extension of strategyt at home
multinational firms
makrets to each part of world diff.
transnational firms
views world as one giant market
Exporting as market entry
producting goods in one country, selling in another
licensing as martket entry
company offeres the right to a trademark/patent/trade secret in return for a royalty/fee
joint venture
when local and foreign firms work together to create local
direct investment
all on your own
product extension
same product, multiple coiuntries
product adaption
changing product to make more appropriate for country
product invention
totall new products
primary data
facts/figures collected for the project
secondary data
have already been recorded
product item
specific product that has a unique brand
product lime
is a group of products or service items
product mix
consist of all of the product lines offered by orgs
product calss
entrie product category
product form
variations within the product calss
multiproduct branding
one name for all prodcuts within product class (ex. microsoft/GE)
multibranding strategy
giving each product distinct name
private branding strategyt
manufacturers products but sells them under the brand name of a wholesaler/retailer. (items at RadioShack)
Mixed Braning Strategy
where a firm markets product under its own name and that of a resaler because the two segments are different.
pure competition
many sellers of similar product
monopolistic competition
many sellers competing with substitutable products in price range (ie coffee/tea)
oligopoly
when a few orgs control entire industry
pure monopoly
one firm owns all
values
A society’s personally or socially preferable modes of conduct or states of existence that tend to persist over time.
beliefs
A consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people
