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MKT 300
Test #1
Question | Answer |
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Target Market Selection Process- Step 3 | -A market segment profile describes the similarities among potential customers within a segment -Explains the differences among people and organizations in different segments |
Product positioning | -Creating and maintaining a certain concept of product in customers’ minds -Marketers seek to position a product so that it appears to have the characteristics the target market most desires |
Repositioning | -Positioning decisions are for all products, existing and new -Existing brands must be reevaluated and sometimes repositioned -changing price, distribution, image through promotion, packaging, benefits |
Consumer Buying Behavior | 1. Problem recognition2. Information search3. Evaluation of alternatives 4. Purchase stage 5. Postpurchase stage |
Situational influences | Physical surroundings Social surroundings Time dimension Purchase reason Buyer’s momentary mood and condition |
Perception | Selecting, organizing, and interpreting information to produce meaning |
Attitudes | -Refers to an individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea -Can be positive or negative: is measure by an attitude scale: a series of adjectives, phases, or sentences about an object |
Lifestyles | Refers to an individual’s pattern of living expressed though activities, interests, and opinions |
Consumer Problem Solving Strategies | Routinized response Limited problem solving Extended problem solving Impulse buying |
Social influences- roles | -The forces other people exert on one’s buying behavior -Roles: action and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons |
Culture and subculture | -Culture: the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to the future generations -Subcultures: groups of individuals whose characteristic values and behavior |
Business Markets | Individual, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other product, or use in general daily operations -also called B2B |
Characteristics of Transactions with business | Transactions between business tend to be much larger than individual consumer sales Discussions and negotiations associated with business purchases can require considerable marketing time and selling efforts |
Reciprocity | an arrangement in which two organizations agree to buy from each other •Reciprocal agreements that threaten competition are illegal |
Types of business purchases | 1. New task purchase: an item is purchased to be used to perform a new job or solve a new problem 2. Straight rebuy: a routine purchases of same products under approximately the same terms |
Types of business purchases 3. modified rebuy | 3. Modified rebuy: a new-task purchase that is changes on subsequent orders or when straight-rebuy requirements are modified |
Buying center | The group of people within the organization who make business purchase decisions •Roles include initiation/users, influencers, buyers, deciders, and gatekeepers |
Influences of the business buying decision process | Environmental: include competitive and economic factors, political forces, legal and regulatory forces, technological changes and sociocultural issues |
Influences of the business buying decision process | o Organizational: include company objectives, purchasing policies and resource and size and composition of buying center |
Influences of the business buying decision process | o Interpersonal: the relationships between people in the business; trust and collaboration are important |
Industrial Classification System | Identity potential business customers • Industrial classification systems are ready-made tools which allow marketers to divide organizations into groups base mainly on the type of good and services provided |
In-put out-put data | identity what types of industries purchase the products of a particular industry |
Estimate purchase potential | A marketer must verify the relationship between the size of potential customers’ purchases and another variable through industrial classification data, such as number of employees |
Marketing | the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment |
Marketing Mix | elements combined when determining how to satisfy customers needs for a product 1.product value, 2. price variable, 3. distribution variable, 4. promotion variable |
marketing environment | 6 forces that surround the customer and affect the marketing mix 1. economic forces, 2. political forces, 3. legal and regulatory forces, 4. technological forces, 5. socio-cultural forces, 6. competitive forces |
marketing concept | a management philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals |
evolution of the marketing concept | 1. product orientation (!850-1920), improved speed/efficiency 2. sales orientation (1920-1960), sales and selling, increase profit 3. marketing orientation (1950-current), research, respond to customer needs |
value-driven marketing | value= a customers subjective assessment of benefits relative to costs in determining the worth of a product value= customer benefits - customer cost |
marketing strategy | a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
marketing plan | a written document that specifies the activities to be performed to implement and control the organizations marketing activities |
competitive advantage | the result of a companys matching a core competency (superior skill or resources) to opportunities in the marketplace |
corporate identity | should support all corporate activities -unique symbols -personalities -philosophies |
corporate strategy | a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals |
marketing implementation | the process of putting marketing strategies into action intended-organization decides on during the planning phase and want to use realized- the strategy that actually take place |
environmental scanning | the process of collecting information about forces in the marketing environment |
types of competitive structures | monopoly- 1 source of supply oligopoly- few sellers control monopolistic competition- many competitors pure competition- no one influences price or supply |
consumer protection | federal and state laws -protect from harm -prohibits hazardous products -requires info disclosure -aimed at particular marking activities |
self-regulatory force | better business bureau, national advertising review board pros: less expensive, more realistic cons: lack of enforcement, less strict |
adoption and use of technology | -firms must keep up w/ technology to maintain their status as market leaders -must ensure that their technology is not easily copied -use a technology assessment to learn about and attempt to foresee the effects of new products and processes |
cultural values | -changes in cultural values alter people's need and desires for products -health, nutrition, and exercise growing importance -def of family changing |
social responsibility | an organizations obligation to maximize its positive impact and minimize its negative impact on society -being a good corporate citizen can result in greater consumer trust and loyalty, positive publicity, indirect long-term benefits |
corporate philanthropy | cause-related marketing; the practice of linking products to a particular social cause on an ongoing or short-term basis. strategic philanthropy; the synergistic use of organizational core competencies and resources to address key skateholders interest |
ethical issues related to the marketing mix | product info- covering up defects, counterfeiting- counterfeit products, advertising- deceptive advertising, pricing- stating a low price when in fact it is not lower |
social responsibility and ethics improve marketing performance | evidence shows there are long term financial benefits to being ethical and socially responsible |
marking research process | 1. locating and defining issue or problems 2. designing the research project 3. collecting data 4. interpreting research findings 5. reporting research findings |
types of research | the nature of research varies based on the research design and the hypothesis under investigation. -exploratory, conclusive, descriptive, experimental |
methods of collecting primary data | population, sample, survey methods, technology and surveys, questionnaire construction, observation |
personal interview surveys | in-home/ door-to-door, focus groups, customer advisory boards, telephone depths, shopping mall intercept |
questionnaire construction types | open-ended questions, dichotomous questions, multiple choice questions |
market | group of people who as individuals or organizations have needs for products in a product category and have the ability willingness and authority to purchase such products |
appropriate targeting strategy | undifferentiated target strategy, customers have similar needs for a product. concentrated targeting strategy, organizations with diverse need for products in the same class |
behavioristic variables | divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use |