Midterms Flashcards
1
Q
an item or service produced and offered by the company for sale in the market
A
Product
2
Q
An entity like logo, symbol, or
name used by the companies, to make
their products identifiable.
A
Brand
3
Q
_________ and ____________ their
connection and relationships with
customers, which is what brands are all
about
A
Improving, strengthening.
4
Q
Process of creating a distinct identity for a business in the minds of your target audience
and the general population.
A
Branding
5
Q
Trademark
A
Brand name
6
Q
Customers perception of the brand.
A
Brand image
7
Q
Is the practice of planning, developing, maintaining, and monitoring a brand to create a strong and positive image in the minds of consumers and stakeholders
A
Brand Management
8
Q
to ensure that a brand is perceived favorably, differentiates itself from competitors and builds lasting relationships with customers
A
Brand Management
9
Q
SET OF TOOLS used by a company to create a brand image.
A
Brand Identity
10
Q
The LEVEL OF FAMILIARITY consumers has with a particular brand.
A
Brand Awareness
11
Q
Ability of consumers to RECOGNIZE AN IDENTIFYING CHARACTERISTICS of one
company versus a competitor
A
Brand recognition
12
Q
Consumers FIRST PURCHASE of a brand
A
Brand Trial
13
Q
Consumers ACCEPTING AND INCORPORATING a brand into their purchasing behavior and consumer identity.
A
Brand Adaption
14
Q
A marketing strategy where TWO BRANDS COLLABORATE
A
Co- Branding
15
Q
A strategy where a company creates NEW PRODUCT CATEGORY under its WELL-KNOWN BRAND NAME
A
Brand Extension
16
Q
Focuses on developing and
improving products, align with
customers need and market
trends.
A
Product Management
17
Q
Concentrates on building and
maintaining a brand’s image,
reputation, and customers
relationships.
A
Brand Management
18
Q
defines your product’s unique value proposition, target customers, and competitive advantages.
A
Competitive strategy
19
Q
high-level plan describing what a business hopes to accomplish with its product and how it plans to do so
A
Product Strategy
20
Q
reduction or elimination of
government power in an industry
A
Deregulation and Privatization
21
Q
permanent reduction of a
company’s labor force by removing
unproductive workers or divisions.
A
Downsizing
22
Q
practice of hiring a party outside a
company
A
Outsourcing
23
Q
process of changing and improving
the design of a product, service or
system etc
A
Re-engineering
24
Q
The process of bringing about new ideas, methods, products, services, or solutions that have a positive significant impact and value.
A
Innovation
25
a person who does the advertising,
promotion, brochures, website, and lead generation
Trappings
26
a plan by the owners
to describe how the company will grow in the future
Substance
27
A tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future.
SWOT Analysis
28
is a management method whereby an organization can assess major external factors that influence its operation
in order to become more competitive in the market.
Pest analysis
29
the act of giving or taking one thing in
return for another
Exchange
30
is an economy's ability to produce particular goods at a lower opportunity cost than its trading partners
Comparative Advantage
31
is an exchange involving a good
or service conducted between at least two different countries.
International Trade
32
when companies compete to sell
goods and services on an international scale.
Global Competition
33
Forces are used to identify and analyze an
industry's competitive forces.
Porter's five forces
34
a simple and intuitive way to
visualize the levers a management team can pull when considering growth opportunities.
Ansoff Matrix
35
Existing market, New Product
Product Development Strategy
36
Existing market, Existing Product
Market penetration Strategy
37
New market, Existing Product
Market Development Strategy
38
New market, New Product
Diversification Strategy
39
A product strategy where businesses offer products or services that are unique from their competitors
- features, price, quality, or other aspects
Differentiation Strategy
40
very similar to what other companies offer
and compete mainly on price.
Commodity Products
41
offer unique features or
benefits that set them apart from the competition.
Differentiated Products
42
appeal to a specific group of customers
and often come with a higher price tag.
Niche Products
43
- bringing about new ideas, methods,
products, services, or solutions that have a significant positive impact and value.
Innovation
44
the qualitative benefit that a user gets from a
particular product in satisfying needs, solving problems, and achieving goals.
Value
45
occurs when organizations
market many variations of the same products
Product Proliferation
46
- Intangible activities
Service
47
the process of imagining, creating, and
iterating products that solve users’ problems or address specific needs in a given market
Design
48
involves a business method focusing on gaining a competitive edge by reducing costs across the organization.
Cost Leadership Strategy
49
This means ensuring that the products you produce are of the highest possible quality (premium) and meet the needs of your target market.
Quality Strategy
50
Reliable
Service strategy
51
Appealing
Physical Product Strategy
52
User-friendly
Luxury Product Strategy
53
An effective product strategy starts with a focus on the right type of product.
Focus Strategy
54
The ‘market’ is the place where Adam Smith’s ‘invisible hand’ achieves an equilibrium between demand and supply.
Invisible Hand
55
an economic concept that relates to a
consumer's desire to purchase goods and services and willingness to pay a specific price for them.
Demand
56
refers to the willingness
and ability of consumers to purchase goods at different prices.
Effective Demand
57
effective demand is the point of equilibrium where aggregate demand equals aggregate supply.
Keynesian Economics
58
the maximum level of
demand for a product or service that could be
achieved under optimal conditions.
Potential demand
59
It represents the upper limit of how
much of a product or service
consumers would buy if there were
no barriers such as price,
availability, or competition.
Potential demand
60
potential demand for something that remains dormant because it is unavailable, consumers don't have the money, or they don’t know it is available
Latent demand
61
economic activities offered by one party to
another.
- time-based performances
- action of serving, helping or benefiting of
another for economic exchange
Service
62
are generally inexpensive,
non-durable, frequently purchased and used goods. They are often non-durable ones.
Convenience goods
63
infrequently purchased consumer
goods that demand time, planning, effort, and resources from customers
Shopping goods
64
incur special purchasing efforts, and
the items possess special features.
Specialty goods
65
‘Pure’ services:
- Intangibility
* Inseparability
* Variability
* Perishability
* Impossibility of ownership
66
the process creating a distinct identity for a business in the minds of your target audience and the general population
Branding
67
a form of identification or badge of origin
Brand name
68
is where your product or service fits
into its market, what features make it unique and why it's better than competitors' offerings.
Product Positioning
69
positioning is an act of designing the company's offering and image to occupy a distinct place in the mind of the target market.
Brand Positioning
70
a concise statement of the benefits
that a company is delivering to customers who buy its products or services
Value proposition
71
Emphasizing the cost effectiveness or
superior value of your product or service
- Apple "think different"
Value -Based Positioning
72
Highlighting the superior quality,
craftsmanship, or performance of your
product or service.
- High quality, expensive products
Quality-based positioning
73
Focusing on the unique benefits that
consumers can only gain from your product or service.
ex: FedEx, 711, Uber,
Benefit Positioning
74
Addressing a specific problem your target
audience faces and positioning your product
as the solution.
Problem/ solution positioning
75
Differentiating your brand from a competitor
based on factors like product features,
customer service, or pricing.
Competitor-based Positioning
76
mental process involved in knowing,
learning, understanding things
Cognitive
77
the way in which a person acts in response
to a particular situation/stimulus
Behavior
78
is a way of life of a group of people–the
behaviors, beliefs, values, and symbols that they accept, generally without thinking about them
Culture
79
a significant change in the beliefs,
values, norms, behaviors, or practices of a society
Cultural shift
80
are society’s relatively permanent and
ordered divisions whose members share similar values, interests, and behaviors.
Social Classes
81
are social groups of a defined age range
that share life experiences, significant events and culture.
Generations
82
T or F
Marketers can control factors influencing consumer behavior
False
83
Factors influencing consumer behavior
Cultural
Social
Personal
Psychological
84
Highest per person grocery bill but live on fixed incomes and are motivated by value
Silents
85
Loyal, Value hunter, prefers brick n mortar stores, expects high customer service
Baby Boomers
86
Brand loyals and Biggest spenders
Gen X
87
Researchers products online
Gen X
88
Mobile dependent
Millennials
89
Influencers affect buying decision
Millennials
90
make more frequent trips to the stores
Gen Z
91
is two or more people who interact to
accomplish individual or mutual goals.
Group
92
- social groups, work
groups, family, or close friends a consumer
identifies with and may want to join
Reference groups
93
direct influence and to
which a person belongs (clubs/parties/unions)
Membership groups
94
to which an individual wishes to belong
Aspirational groups
95
within a reference group who exert social
influence on others because of special skills,
knowledge
Opinion leader, Influentials
96
is a strategy that generates excitement
and conversations about a product or brand through word of mouth and social interaction.
Buzz Marketing
97
focuses on encouraging people to talk about and share their experiences with a product or brand
WORD OF MOUTH
98
Buzz marketing often involves sder-generated content, such as reviews, testimonials, or social media posts which can amplify the message and reach a wider audience
Consumer-generated Content
99
Collaborating with influence or individuals with a significant online following can help generate buzz as they share their opinions and experiences with their followers
Influencers
100
Creating content that is intriguing, entertaining, or thought - provoking can make it more likely to be shared, creating a buzz around the brand
Contagious Content
101
unconventional or unexpected marketing approaches can pique people's interest and generate buzz
Surprise and Novelty
102
Social platforms play a significant role of buzz marketing as they provide a space for discussion, sharing, and the potential for content to go viral
Social media
103
Creating unique and memorable experiences for customers can lead to them talking about the brand with enthusiasm
Experiential Marketing
104
is the most important consumer-buying
organization in society
Family
105
It is the main influence on a person's views, attitudes and behaviors
Family
106
online communities where people socialize or exchange information and opinions
Online Social Networks
107
People change the goods and
services they buy over their
lifetimes (tastes in food, clothes,
furniture are often age related)
Age and life cycle stages
108
affects the good and services bought by consumers
Occupation
109
Affects consumer store and product choices
Economic situation
110
Manifestations or actual patterns of behavior
Lifestyle
111
Person's patterns of living expressed in his or her psychographics
Lifestyle
112
AIO stands for
Activities, Interest, opinions
113
is the study and classification of your consumers based on their behavior, attitude, values, and lifestyle choices.
Psychographic Segmentation
114
a type of lifestyle wherein the person is fond of spending in simple traditional ways
Rural Lifestyle
115
a type of lifestyle wherein the person prefers to be alone most of the time
Solo Lifestyle
116
a type of lifestyle wherein the person has the qualities of being adventurous and artistic
Bohemian lifestyle
117
Focused on maintaining physical fitness
Active lifestyle
118
Focused on overall well-being and balance, physical and mental health
Healthy Lifestyle
119
Living in a city environment
Urban Lifestyle
120
Mobility and frequent relocation
Nomadic lifestyle
121
Heavy reliance on technology and digital platform
Digital lifestyle
122
combination of characteristics or qualities
that form an individual's distinctive character
Personality
123
personal knowledge of who we are,
encompassing all of our thoughts and feelings aboutourselves physically, personally, and socially.
Self-concept
124
is a need that is sufficiently pressing to direct the person to seek satisfaction
Motive
125
refers to qualitative research
designed to probe consumers’ hidden, subconscious motivations
Motivation research
126
describe a person’s relatively consistent
evaluations, feelings, and tendencies toward an objector idea.
Attitudes
127
occurs when consumers are buying
expensive, rarely-purchased items
- conducting extensive research before making a significant investment
Complex purchasing behavior
128
a descriptive thought that a person has about
something based on Knowledge, Opinion, Faith
Belief
129
High involvement, Significant difference between brands
Complex Buying behavior
130
In the shopping process, this behavior is visible when consumers struggle to differentiate between brands.
DISSONANCE-REDUCING PURCHASING BEHAVIOR
131
- is defined as a lack of harmony.
Dissonance
132
Study and classification of your consumer based on their behavior, attitude, values, and lifestyle choices
Psychographic Segmentation
133
Part of psychological factors
Motivation, perception, Learning, Beliefs, and attitudes
134
When consumers mindlessly buy something,
with little to no involvement in the product or
brand category
Habitual purchasing behavior
135
demonstrates zero brand loyalty, as you go
for your preferred taste, no matter the logo on the label.
Habitual purchasing behavior
136
Consumers purchase a different product not
because they were dissatisfied with the
previous one, but because they seek variety.
Variety Seeking behavior
137
Low involvement, Significant difference between brands
Variety seeking behavior
138
High involvement, Few difference between brands
Dissonance reducing buying behavior
139
Low involvement, Few difference between brands
Habitual buying behavior
140
(when one of the person’s
normal needs—for example, hunger or
thirst—rises to a level high enough to become
a drive)
Internal stimuli
141
(For example, an
advertisement or a discussion with a friend
might get you thinking about buying a new
car)
External stimuli
142
the sensory experience of the world
Perception
143
Significance
Selective attention
144
Meaning
Selective distortion
145
Recall
Selective retention
146
tendency for people to screen out most of the information they are exposed
Selective attention
147
tendency for people to interpret information in a way that will support what they already believe
Selective distortion (Misrepresentation)
148
Tendency to remember good points made about a brand they favor and forget good points about competing brands
Selective retention
149
Change in an individuals behavior from experience
Learning
150
internal stimulus that call for action
Drives
151
Something that will satisfy a person
Motive
152
influencing factors how a person will respond
Cues
153
the act/ intention of buying
Responses
154
the discomfort cause by a post-purchase conflict
Cognitive dissonance
155
a measurement that determines how happy customers are with a company's products, services, and capabilities
Customer Satisfaction
156
Adoption Process:
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
157
The key to a product's success lies in skillfully
integrating strategies throughout its
product life cycle
158
the 6 product life cycle stages
1. Introduction
2. Growth
3. Maturity
4. Saturation
5. Decline
6. Revival
159
the product's grand debut
introduction
160
the cornerstone of the entire journey.
Introduction
161
Strategies under Introduction
Initial awareness and Buzz
Product Differentiation
Pricing Strategy
162
your product gains momentum and attention,
offering expansion and refinement
opportunities.
Growth
163
these growth stage strategies guide its
evolution as it secures market share
Growth
164
Strategies for Growth
Broadening Market Reach
Enhancing Product Features
Strategic Pricing and Positioning
165
Stable, Saturation and focused on staying relevant
Maturity
166
Strategies for Maturity
Diversified Marketing in Maturity
Sustaining Customer Loyalty
Exploring Product Line Extensions
167
This phase is marked by fierce competition,
market saturation, and the need for creative
tactics to uphold relevance
Saturation
168
Strategies for Saturation
Innovative Marketing Campaigns
● Value-Add Services
● Niche Market Exploration
169
indicates reduced demand and relevance
Decline
170
Strategies for Decline
Assessing Liability
Harvesting or Exiting
Potential Revival
171
This stage offers the chance to rejuvenate
products, recapture consumer interest, and
breathe new life into what was once fading
Revival
172
