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MARKETING > MKTG Final > Flashcards

MKTG Final Flashcards

1
Q

Advertising

A

Paid, nonpersonal communication through various media about a business firm, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience

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2
Q

AIDA Concept

A

Steps through which an individual reaches a purchase decision (Attention, Interest, Desire, Action)

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3
Q

App

A

Short for application, a free or paid download that links users to a wide range of goods and services, media and text content, social media platforms, search engines, and the like.

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4
Q

Backward Integration

A

Process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials

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5
Q

Blogging

A

An online journal for an individual or organization where a writer posts information or opinions on various topics and followers may respond.

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6
Q

Bottom Line

A

overall company profitability

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7
Q

Brand Equity

A

added value that a respected well-known brand name gives to a product in the marketplace

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8
Q

Brand Recognition

A

Consumer awareness and identification of a brand.

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9
Q

Business Product

A

Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.

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10
Q

Buyers Market

A

A market in which there are more goods and services than people willing to buy them.

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11
Q

Cannibalization

A

loss of sales of an existing product due to competition from a new product in the same line.

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12
Q

Cause Marketing

A

Identification and marketing of a social issue, cause, or idea to selected target markets.

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13
Q

Celebrity Testimonials

A

celebrity endorses and promotes a product/business

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14
Q

Channel Conflicts

A

Conflicts among manufacturers, wholesalers, and retailers. For example retailers do not like it when manufacturers create a website where they can sell the goods that are sold in the retail store.

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15
Q

Cohort Effect

A

Variations in the characteristics of an area of study (such as the incidence of a characteristic or the age at onset) over time among individuals who are defined by some shared temporal experience or common life experience, such as year of birth, etc.

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16
Q

Consultative Selling Process

A

Primarily focused on the experience that the potential customer (the lead) feels and sees during their interactions with you. The steps are: research, ask, listen, teach, qualify and close.

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17
Q

Content Marketing

A

A marketing technique of creating and distributing relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience – with the objective of driving profitable customer action.

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18
Q

Contractual Marketing System

A

System in which independent firms at different levels of distribution are tied together by contract to achieve economies of scale and greater sales impact.

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19
Q

Convenience Products

A

Products that appeal to a very large market segment. They are generally consumed regularly and purchased frequently. Examples of such products include most household items including food, cleaning products, and personal care products.

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20
Q

Cooperative Advertising

A

Agreement between a manufacturer and a member of the distribution chain (distributor, wholesaler, or retailer) under which the manufacturer shares a certain percentage of the member’s advertising and promotion costs, or contributes a fixed sum.

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21
Q

Corporate Website

A

an informational website operated by a business or other private enterprise such as a charity or nonprofit foundation.

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22
Q

Cultural Differences

A

The variations in the way of life, beliefs, traditions and laws between different countries, religions, societies and people.

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23
Q

Cumulative Quality Discount

A

More than one discount. For instance: Take an additional 20% off the 30% off. You can’t just add it to each other, you have to do the 30% off. Then 20% off that total amount.

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24
Q

Currency Exchange Rates

A

The price of one nation’s currency in the terms of another country’s currency. Fluctuations in exchange rates can make a nation’s currency more or less valuable compared with those of other nations.

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25
Q

Deregulation Movement

A

Fewer and simpler regulations will lead to a raised level of competitiveness, therefore higher productivity, more efficiency and lower prices overall.

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26
Q

Differentiated Marketing

A

Strategy that focuses on producing several products and pricing, promoting and distributing them with different marketing mixes designed to satisfy smaller segments; this allows a company to produce more sales because they are able to target many markets.

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27
Q

Direct Selling

A

is the marketing and selling of products directly to consumers away from a fixed retail location.

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28
Q

Dumping

A

controversial practice of selling a product in a foreign market at a price lower than what it receives in the producers domestic market. for example international companies that try to dump their products in the US at a lower price. To counteract this the US puts import tariffs on the foreign products so that the price increases to those prices of the US

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29
Q

Elastic Demand

A

Measure of responsiveness of purchasers and suppliers to a change in price

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30
Q

Elements of the Promotional Mix

A

Works like a subset of the marketing mix, with its product, distribution, promotion, and pricing elements.

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31
Q

Environmental Scanning

A

Process of collecting information about the external marketing environment to identify and interpret potential trends.

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32
Q

Ethics

A

Moral standards of behavior expected by a society.

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33
Q

Field Selling

A

Sales presentations made at prospective customer’s locations on a face-to-face basis.

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34
Q

Foreign Licensing

A

Agreement that grants foreign marketers the right to distribute a firm’s merchandise or to use its trademark, patent, or process in a specified geographic area.

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35
Q

Franchise

A

Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser.

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36
Q

Full-Service Research Supplier

A

Marketing research organization that offers all aspects of the marketing research process.

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37
Q

Global Marketing Strategy

A

standardized marketing mix with minimal modifications that a firm uses in all of its domestic and foreign markets. This approach brings the advantage of economies of scale to production and marketing activities.

38
Q

Hierarchy of Needs (Maslow)

A

1) Physiological: food, water, vitamins, health care, etc.
2) Safety: Health and life insurance, business protection, auto safety features, smoke and carbon monoxide detectors
3) Belongingness: Cosmetics, food, entertainment, fashion, appliances and home furnishings, cars, clubs and organizations
4) Esteem: Fashion, jewelry, gourmet foods, electronics, luxury cars, credit cards, investments, sports and hobbies, travel, spas
5) Self-Actualization: Education, cultural events, sports and hobbies, motivational seminars, technology, travel, investments

39
Q

High-Involvement Product

A

Purchases with high levels of potential social or economic consequences.

40
Q

Horizontal Channel Conflict

A

Results from disagreements among channel members on the same level.

41
Q

IMC Strategy Development

A

Integrated Marketing Communications?????????????

42
Q

Inelastic Demand

A

Demand that, throughout an industry will not change significantly due to a price change

43
Q

Inflation

A

Rising prices caused by some combination of excess consumer demand and increases in the costs of one or more factors of production.

44
Q

Intensive Distribution

A

Distribution of a product through all available channels.

45
Q

Kurt Lewin

A

Psychologist who proposes B= f(P,E) where B-behavior is a function(f) of the interactions of personal influences (P) and pressures exerted by outside environmental forces (E)

46
Q

Low-Involvement Product

A

Routine purchases that pose little risk to the consumer. A low-involvement purchase would be buying a loaf of bread from the store.

47
Q

Marginal Cost

A

Change in total cost that results from producing an additional unit of output.

48
Q

Market Segmentation

A

Division of the total market into smaller, relatively homogeneous groups.

49
Q

Marketing Mix

A

Blending of the four strategy elements- product, distribution, promotion, and pricing- to fit the needs and preferences of a specific target market. It is an ever-changing combination of variables to achieve success. Pg. 46

50
Q

Multidomestic Marketing Strategy

A

Application of market segmentation to foreign markets by tailoring the firm’s marketing mix to match specific target markets in each nation. It assumes that differences between market characteristics and competitive situations in certain nations require firms to customize their marketing decisions to effectively reach individual marketplaces. Chapter 8 Global Marketing. Pg. 257-258

51
Q

NAFTA

A

Accord moving trade barriers among Canada, Mexico, and the United States (North American Free Trade Agreement)

52
Q

Non probability Sample

A

Sample that involves PERSONAL JUDGEMENT somewhere in the selection process.

53
Q

Penetration Pricing

A

Pricing strategy involving the use of a relatively low entry price compared with competitive offerings, based on the theory that this initial low price will help secure market acceptance.

54
Q

Personalization

A

Also known as one-to-one marketing that emphasizes personalized interactions with the customers.

55
Q

Place Utility

A

Availability of goods and services at convenient locations. Example: on-site daycare, banks in grocery stores, etc.

56
Q

Price Bundling

A

Offering two or more complementary products and selling them for a single price.

57
Q

Price Determination

A

(p.620) a technique that attempts to derive correct equilibrium prices in the marketplace by comparing demand and supply. It also requires more complete analysis than actual business firms typically conduct.

58
Q

Price Quotations

A

(p 649) based on industry conditions, quoted prices are built around list price.

59
Q

Price Skimming

A

Pricing strategy involving the use of a high price relative to competitive offerings

60
Q

Pricing Objectives

A

A. Profitability objectives- profit maximization and target return
B. Volume Objectives- Sales maximization, Market share
C. Meeting competition objectives: Value Pricing
D. Prestige Objectives- Lifestyle Image (high priced, status items ie. BMW)
E. Not-for-profit objectives- Profit Max. Cost recovery, market incentives, market suppression

61
Q

Primary Data

A

information collected for a specific investigation; information collected for the first time for a marketing research study usually done within the firm.

62
Q

Private Brand

A

brand offered by a wholesaler or retailer

63
Q

Product Positioning

A

consumers perceptions of a product’s attributes, uses, quality, and advantages and disadvantages relative to competing brands

64
Q

Promotional Pricing

A

pricing policy in which a lower-than-normal price is used as a temporary ingredient in a firm’s marketing strategy

65
Q

Prospecting

A

personal selling function of identifying potential customers; before doing this a company must be sure that they can define their brand to potential customers and explain what the brand can do for them

66
Q

Protective Tariff

A

Taxes designed to raise the retail price of an imported product to match or exceed that of a similar domestic product ( has to do with dumping!)

67
Q

Psychological Pricing

A

pricing policy based on the belief that certain prices or price ranges make a good or service more appealing than others to buyers

68
Q

Pure Competition

A

market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price

69
Q

Pure Good

A

Consumer good, such as salt, that involves no service aspect

70
Q

Push Money

A

cash reward paid to retail salespeople for every unit of a product they sell

71
Q

Revenue Tariff

A

taxes designed to raise funds for the importing government

72
Q

Robinson Patman Act

A

Federal legislation prohibiting price discrimination not based on a cost differential; also prohibits selling at an unreasonably low price to eliminate competition; 1936

73
Q

Sales Promotion

A

Marketing activities other than personal selling, advertising, guerrilla marketing, and public relations that stimulate consumer purchasing and dealer effectiveness

74
Q

Search Marketing

A

paying search engines, like Google, a fee to make sure the company’s listing appears toward the top of the search results

75
Q

Second-Mover Strategy

A

theory that advocates observing closely the innovations of the first movers and then improving on them to gain advantage in the marketplace

76
Q

Secondary Data

A

previously published information

77
Q

Selective Distribution

A

distribution of a product through a limited number of channels–a firm chooses a limited number of retailers in an area to handle its line; by limiting the number of retailers, marketers can reduce total marketing costs while establishing strong relationships with the channel

78
Q

Sellers Market

A

a market where there are more buyers for fewer goods and services

79
Q

Services

A

Intangible tasks that satisfy the needs of consumer and business users. (Chpt 12)

80
Q

Sherman Anti Trust Act

A

Prohibits restraint of trade and monopolization; identifies a competitive marketing system as a national policy goal. (Chpt 3)

81
Q

Shopping Products

A

Products consumers purchase after comparing competing offerings. (Chpt 12)

82
Q

Social Networking Sites

A

A website that provides virtual communities through which people can share information, post opinions, and increase their circle of online friends.

83
Q

Specialty Store

A

A specialty store typically handles only part of a single product line.

84
Q

Strategic Plans

A

Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives.

85
Q

Tactical Plans

A

Planning that guides the implementation of activities specified in the strategic plan.

86
Q

Target Market

A

The group of people to whom the firm aims its marketing efforts and ultimately its merchandise

87
Q

Task-Objective Method

A

Development of a promotional budget based on evaluation of the firm’s promotional objectives. This method has two steps.

  1. Firm must define realistic communication goals that they want the promotional mix to achieve.
  2. Firm must determine the amount and type of promotional activity required for each objective.
88
Q

Telemarketing

A

promotional presentation involving the use of the telephone on an outbound basis by salespeople or on an inbound basis by customers who initiate calls to obtain information and place orders.

89
Q

Truck Wholesalers

A

limited-function merchant wholesaler that markets perishable food items

90
Q

Vertical Channel Conflict

A

Arises when a disagreement exists among channel members of different levels

91
Q

Wholesalers

A

channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or B2B customers.

MARKETING (14 decks)

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