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Marketing > Videos > Flashcards

Videos Flashcards

1
Q

Market penetration

A

Selling same product to same market but trying to sell more

Fairly high rate of sucess => 90% or more

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2
Q

Product development

A

Taking same target but introducing new products

70% chance of success

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3
Q

Market develpment

A

Taking successful product and moving it to new markets

50% chance of success

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4
Q

Diversification

A

Going after a brand new product for a brand new prodcut

Lowest chance of success because of so many uknowns

10% - 20% chance of success

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5
Q

School offering classes to new students who go to different universities to try to increase summer enrollment

A

Market development

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6
Q

Market penetration

A

Geting exisitng customers to buy more

highest rate of success

coming up with more reasons for them to use the product

starbucks: frequent buyer cards - reward existing users for buying more
- give away after a level of loyalty

Alkaselzer => they decide to take 2 alkaselzers to take better “plop plop fizz fizz” - sells doubled over night

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7
Q

Electronic superstore sends special coupon to its current customers offering them a special discount during slow week

A

Market penetration

*trying to get exisitng customer to come back one more time

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8
Q

Product development

A

Selling additional products to the same customer

ex. tide liquid => tide to go pen, tide stain release

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9
Q

Market development

A

Take same product, move it to new markets

Adjust sweetner depending on customer they are going to

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10
Q

Diversifcation

A

New product, new audience

Honda sells cars and generators

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11
Q

Strategies in order of success

A

Market penetration

Product development

Market developpment

Diversification

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12
Q

Elements of a creative strategy? Objective

A

Trying to get customer to buy for the first time?

or they already know you? trying to get new uses

*increases odds of success

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13
Q

Business to business purchases

A

Make more purchases than do consumers

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14
Q

Producers

A

Manufacturers

firms, mines

financial institutions

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15
Q

ORganizaitonal buying is different

A

Orders are larger

Buying in bulk for raw materials

Organizations buy for a purpose: to use or resell

Basic purchasing needs are economic for organizational buyers - small differences in price can make a big difference in what seller they choose

*some emotional component

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16
Q

Business to business process

A

Formal

Vendor analysis is consistently used

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17
Q

Larger businesses operate with:

A

buying center

  • buyer, user, influences, gatekeepers, deciders
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18
Q

PO Req

A

Includes all specifications needed

given to vendors, vendors come back with bids

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19
Q

Buying Center

A

Formal or informal

Typically involves multiple influences

Varies from purchase to purchase

Buyer and gatekeeper stay same

Decider, user, and influencer may all differ

*typically only buyer position appears on organizational chart

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20
Q

Evaluating Organizational Buying Influences

A

Vendor Analysis Considers all influences

Behavioral needs are important

Economic importances!!!!

Ethical conflicts may arise

Purchasing may be centralized

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21
Q

Is it ok for a buyer?

A

As a buyer, you need to be familiar with your company’s policy and be familiar about what you can and cannot accept from vendors

As a buyer, your word is everything

*dont accept anything regardless of what the policy is

22
Q

Straight Rebuy

A

Routine purchase

when companies order something very frequently

have a reliable vendor

ex. copying paper at an office

23
Q

Straight rebuy situatiosn

A

More difficult to get customers to buy yours instead

24
Q

New-Task buying

A

Large capital expenditure

ex. building new technology, building a building

infrequent

try to get a lot of opinions

Will take a lot of time, look at a lot of different vendors

Rare, high risk

25
Q

Modified Rebuy

A

Happens in 1 of 2 situtiaons

  1. Straight rebuy supplier stops performing well

2.

26
Q

Had a reliable vendor, now there are problems, door is open for new vendors now =>

A

modifeid rebuy

27
Q

Segment

A

Demographics

Geographics

Behavior

28
Q

Segmenting Business Customers

A

Type of customer

Demographic variables

How the customer will use the product?

Type of buying situation

Purchasing methods

Current relationship between buyer and seller

29
Q

NAICS

A

Try to group companies in a similar line of business

look at governmental information on that industry

30
Q

Government Market

A

30% of GDP

Often has a “approved” supplier list

requires cometitive bids usually

FCPA - law that says you cannot buy help in dealing with foreign governments

  • you cannot pay a bribe
31
Q

Marketing Information System

A

Single data system used to come up with key data to come up with decisions

Used for strategy planning

32
Q

Typically reserach is a _______________ position

A

staff

*people working in marketing research are consulting that work with internal clinets

33
Q

________________ is the most important step

A

Defining the problem

34
Q

What information do we already have?

A

Situation analysis - educates the researcher

35
Q

Two ways of gathering primary data

A

Observing

Questioining

36
Q

Quantitative research

A

Often closed ended

Specific samples

Projectable to whole population

37
Q

One of the most popular types of qualitative research?

A

Focus group

-

38
Q

Qualitative research:

A

not projectable

no numbers

39
Q

A reseracher wants to study 1,000 consumers and needs informatoion about a lot of personal and sensitive issues:

A

Mail - no one is face to face and more likely to answer sensitive information

40
Q

Random sample

A

Each respondent has an equal chance to participate in the survey

More likely you will have a sample that is representative of the total population

however: is methodology biased?

How are non-responders replaced

41
Q

Population sampe and confidence intervals

A

Deals with how that sample was drawn

42
Q

Most common confidence interval:

A

95%

43
Q

Sampling error

A

Concerns how the sample was drawn and the sie of the sample

44
Q

Non-sampling error

A

Everything else that can affect the results

45
Q

Double barreled

A

Not testing a questionaire and beeing poorly designed

Ask a question that is actually two questions and asking respondent to give one response

46
Q

Leading question

A

Dont you see any problems with using your quesitons online?

47
Q

Loaded question?

A

Should people be allowed to protect themselves with mase?

Lead people to a certain response

48
Q

Overstate

A

how much would you pay for a nice pair of comfy sunglasses that protect your eyes greatly

49
Q

___________ are based on experimental design

A

Test markets

50
Q

When you partner, you can ________________

A

plan better

51
Q
A

Marketing (15 decks)

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