Midterm I

Question 1

Brand Personality

Answer 1

-Set of human characteristics associated with a brand -Personality is how the brand behaves -Gender, age, socio-economic class, psychographic, emotional characteristics

Question 2

Customer Relationship Management

Answer 2

System for managing interactions with current and future customers, i.e. customer service, technical support

Question 3

Customer Satisfaction

Answer 3

Measure of how products and services supplied by a company meet or surpass customer expectation

Question 4

Demand

Answer 4

Desire for a certain good or service supported by the capacity to purchase it

Question 5

Detractor

Answer 5

Extremely unlikely to recommend to a friend

Question 6

Fad

Answer 6

Unpredictable, short-lived and without social, economic, or political significance

Question 7

Customer Lifetime Value

Answer 7

Prediction of the net profit attributed to the entire future relationship with a customer

Question 8

Need

Answer 8

Occurs when a person feels psychologically deprived of basic necessities, such as food, clothing, and shelter

Question 9

Market

Answer 9

One of many varieties of systems, institutions, procedures, social relations, and infrastructures whereby parties engage in exchange

Question 10

Market Offerings

Answer 10

Some combination of products, services, information, or experienced offered to a market to satisfy a need or want

Question 11

Marketing Myopia

Answer 11

Focusing only on existing wants and losing sight of underlying consumer needs

Question 12

Marketing

Answer 12

-A process by which companies create value for customers and build strong customer relationships to capture value from customers in return -Deals with identifying human and social needs -Meeting needs profitably

Question 13

Perceived Value

Answer 13

The worth that a product or service has in the mind of the consumer; affects the price that he/she is willing to pay for it

Question 14

Primary Data

Answer 14

-Data from primary research tailored to your particular needs -Focus groups, surveys, interviews, etc -Delivers more specific results than secondary research

Question 15

Promoter

Answer 15

Extremely likely to recommend your product or service to other potential customers

Question 16

Relationship Marketing

Answer 16

From of marketing developed from direct response marketing campaigns, which emphasize customer retention and satisfaction rather than a dominant focus on sales

Question 17

Secondary Data

Answer 17

Data that already exists; collected by someone other than the user (censuses, organizational records, etc.)

Question 18

Share of a Customer

Answer 18

The portion of the customer’s purchasing that a company gets in its product categories

Question 19

Target

Answer 19

-Refers to which segments to go after -Consists of a set of buyers who share common needs or characteristics that the company decides to serve

Question 20

Trend

Answer 20

-Sequence of events that has some momentum and durability -Reveals shape of the future

Question 21

Value

Answer 21

Difference between a prospective customer’s evaluation of the benefits and costs of one product when compared with others

Question 22

Value Proposition

Answer 22

Promise of a value to be delivered and a belief from the customer that the value will be appealed and experienced

Question 23

Want

Answer 23

The form that needs take as they are shaped by culture and individual personality

Question 24

Marketing Research Process

Answer 24

1. Define the problem 2. Develop the research plan (budget, scope, data sources, research approach) 3. Collect information 4. Analyze information 5. Present findings 6. Make decision

Question 25

The Four Ps

Answer 25

1. Product -What does the customer want from it? 2. Place -Where do they look for it? 3. Price -What is the value to the buyer? 4. Promotion -How will you reach your audience (TV, ads, radio, etc.)

Question 26

Frontal

Answer 26

Directly matches opponent’s products

Question 27

Flank

Answer 27

Geographic areas where competitor is under performing; serves uncovered markets

Question 28

Bypass

Answer 28

Attack easier markets to broaden resource base; diversify into unrelated products

Question 29

Encirclement

Answer 29

Capture territory through a grand offensive on all fronts

Question 30

Guerilla

Answer 30

Waging small, intermittent attacks to harass and demoralize the opponent (selective price cuts, intense promotional blitzes, attention-getting activities)

Question 31

SWOT Analysis

Answer 31

Strengths:

Product, brand image, loyal users

Weaknesses:

High price, bad quality

Opportunities:

Demand is growing

Threats:

Competitors