Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MKT 300 - Chapt 1-7
Marketing Chapters 1-7
| Question | Answer |
|---|---|
| The 4 eras of marketing are? | Production, Sales, Marketing, Value-based Marketing |
| Production-Oriented Era | Belief that a good product would sell itself. |
| Sales-Oriented Era | Overproduction that depended on heavy doses of personal selling and advertising. |
| Market-Oriented Era | Focusing on what consumers wanted and needed before they designed, made, or attempted to sell their products. |
| Value-Based Marketing Era | Giving customers greater value than their competitors did. |
| Exchange can be defined as? | The trade of things of value between the buyer and the seller so that each is better off as a result. |
| Marketing Mix (4 P's) | Product, Price, Place, Promotion |
| Product | Creating value with a variety of options. |
| Price | Capturing value; Everything the buyer gives up in exchange for the product. |
| Place | Delivering the value proposition. (Placement or Placing Value) |
| Promotion | Communicating the value proposition. |
| The role of value in marketing? | Consumers seek a fair return in goods and or services for their hard earned money and time. |
| Consumer relationship management can be defined as? | Business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among customers. |
| Marketing plan (3 Phases) | Planning Phase, Implementation Phase, Control Phase |
| Planning phase | Step 1: Define the business mission, Step 2: Conduct a situation analysis (SWOT), Strengths, Weaknesses, Opportunities, Threats |
| Implementation Phase | Step 3: Identifying and evaluating opportunities using STP (Segmentation, Targeting, and Positioning), Step 4: Implement marketing mix and allocating resources. |
| Control Phase | Step 5: Evaluate performing using marketing metrics |
| SWOT Analysis | Assesses both internal environment with regard to its (Strengths), (Weaknesses), and the external environment in terms of its (Opportunities) and (Threats) |
| Four overarching strategies to create and deliver value? | Product and value creation, Price and value capture, Place and value delivery, Promotion and value delivery |
| Four growth strategies are? | Market Penetration, Market Development, Product Development, Diversification |
| Market Penetration can be defined as? | Employ the existing marketing mix and focuses the firm's efforts on existing customers. |
| Market Development can be defined as? | Employ the existing marketing offering to reach new market segments, whether domestic or international. |
| Product Development can be defined as? | Offers a new product or service to a firm's target market. |
| Diversification can be defined as? | Introduces a new product or service to a market segment that currently is not served (related and unrelated). |
| What is the 4E framework? | Excite the Customer, Educate the Customer, Experience the Product of Service, Engage the Customer |
| The different users of social media are? | Creators, Bonders, Professionals, Sharers |
| What are two types of thought sharing sites? | Blogs, Microblogs |
| What are three types of blogs? | Corporate Blogs, Professional Blogs, Personal Blogs |
| Page hits are defined as? | Total requests for a page. |
| Page views are defined as? | The number of times any page gets viewed by any visitor. |
| Bounce rates are defined as? | Percentage of times a visitor leaves the page immediately. |
| Click paths are described as? | Shows how users proceed through the information. |
| Conversion rate is? | Measure that indicates what percentage of visitors or potential customers act as the marketer hopes. |
| Keyword analysis? | Keywords used to search. |
| Three ways to manage your individual brand? | Social Reach, Influence, Extended Network |
| List the five steps in a social marketing campaign. | 1. Identify strategies and goals. 2. Identify target audience. 3. Develop the campaign. 4. Develop the budget. 5. Monitor and change. |
| Globalization can be defined as? | The trend of the world economy toward becoming a more interdependent system. |
| Global village definition? | Shrinking of time and space as air travel and the electronic media have made it easier for the people of the globe to communicate with each other. |
| eCommerce is defined as? | The buying/selling of products and services through computer networks. |
| Global economy definition? | Increasing tendency of the economies of the world to interact with one another as one market instead of many national markets. |
| Multinational Corporation definition? | Business firm with operations in several countries. |
| Ethnocentric managers are classified as? | Managers that believe their native countries, culture, language, and behavior are superior to all others. |
| Parochialism definition? | Narrow view in which people see hints solely throughout their own perspective. |
| Polycentric managers are? | Take the view that native managers in the foreign offices best understand native personnel and practices, so the home office should leave them alone. |
| Geocentric managers are ones who? | Accept that there are differences and similarities between home and foreign personnel practices. |
| Global outsourcing is? | Using suppliers outside the US to provide labor, goods, or services. |
| Licensing can be defined as? | A firm allows a foreign company to pay it a fee to make/distribute the firms product/service. |
| Franchising is what? | A firm allows a foreign company to pay it a fee and a share of profit in return for using the firm's brand name. |
| Joint Ventures are? | Formed with a foreign company to share risk/rewards of starting a new enterprise together in a foreign country. (Strategic Alliance) |
| Wholly owned subsidiary? | Foreign subsidiary that is totally owned and controlled by an organization. |
| Greenfield ventures? | A foreign subsidiary that the owning organization has built from scratch. |
| Tariffs | Customs duty, or tax levied mainly on imports. |
| Import Quotas | Limit on number of products that can be imported. |
| Embargoes | Complete ban on certain imports/exports. |
| Macro-environmental Factor: Culture | Have products or services identifiable by and relevant to a particular group of people. (Country/Regional) |
| Macro-environmental Factor: Demographics | Provide an easily understood snapshot of the typical consumer in a specific target market. |
| Example of Demographics are? | Generational cohorts, income, education, gender, and ethnicity. |
| Macro-environmental Factor: Social Trends | Shape consumer values. |
| Examples of social trends? | Thrify, Health and Wellness, Concerns, Greener Consumers, Time-Poor Society. |
| Macro-Environmental Factor: Technological Advances | Advances that influence production. |
| Macro-Environmental Factor: Economic Situation | Inflation, Foreign Currency Fluctuations, Interest Rates. |
| Last Two Macro-Environmental Factors | Political/Regulatory environment and responding to the environment. |
| Immediate Environment: Competitors | Critical that marketers understand their firms competitors because it affects consumers. |
| Immediate Environment: Capabilities | Satisfying customer needs that match their core competencies. |
| Immediate Environment: Corporate Partners | Parties that work with the focal firm. |
| Five steps in consumer decision process | 1. Need Recognition. 2. Search for Information. 3. Evaluation of Alternatives. 4. Purchase and Consumption. 5. Post Purchase. |
| Need Recognition can be defined as? | Consumers recognize they have an unsatisfied need (Functional and Psychological) |
| Search for Information is the? | Searching for options to satisfy that need (Internal and External) |
| Evaluation of Alternatives is? | Sifting through choices available and evaluating alternatives. |
| Purchase and Consumption is? | Retailers turn to conversion rates to measure how well they have converted purchase intentions into purchases. |
| Post Purchase is? | Customer satisfaction, cognitive dissonance, Customer Loyalty, Undesirable Behavior |
| Four perceived/Actual Risks? | Performance Risk, Financial Risk, Social Risk, Physiological Risk |
| Performance Risk | The perceived danger inherent in a poorly performing product/service. |
| Financial Risk | Associated with a monetary outlay and includes the initial cost of the purchase as well as the costs of using the item or service. |
| Social Risk | Fears that consumers suffer when they worry other might not regard their purchases positively. |
| Physiological Risk | Safety Risk: Fear of an actual harm should a product not perform properly. |
| Three attribute sets? | Universal, Retrieval, Evoked |
| Universal Set | Includes all possible choices for a product category. |
| Retrieval Set | Includes the brands or stores that the consumer can readily bring forth from memory. |
| Evoked Set | Alternative brands/stores that consumer states they will consider when making a purchase decision. |
| Determinant Attributes | Product of Service features that are important to the buyer and on which competing brand or stores are perceived to differ. |
| Post Purchase Cognitive Dissonance | The psychologically uncomfortable stare produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyers remorse. |
| Maslow's Hierarchy of Needs (Psychological Factors) | Physiological, Safety, Love, Esteem, Self Actualization |
| Four other psychological factors | Attitude, Perception, Learning, Lifestyle |
| Social factors involved in consumer behavior? | Family, Reference Groups, Culture |
| Four B2B Markets | Manufacturers/Service Providers, Resellers, Institutions, Government |
| Manufacturers/Service Providers | Buys raw materials, components, and parts that allow them to make their own goods/services. |
| Re-sellers | Marketing intermediaries that resell manufactured products without significantly altering their form (Whole-sellers/Retailers) |
| Institutions | Hospitals, Schools, and Religious organizations who purchase goods/services. |
| Government | One of the largest purchasers of goods/services. |
| Buying Process Stage 1 | Need recognition |
| Buying Process Stage 2 | Product specification |
| Buying Process Stage 3 | RFP process (Request For Proposals) |
| Buying Process Stage 4 | Proposal Analysis, Vendor Negotiation, and Selection. |
| Buying Process Stage 5 | Order Specification |
| Buying Process Stage 6 | Vendor Performance Assessment using metrics. |
| The Buying Center | Participants that are responsible for buying decisions. |
| Initiator | Person who first suggests buying the particular product/service (Doctor) |
| Influencer | Person whose views influence other members of the buying center in making the final decisions (Pharmacy) |
| Decider | Person who ultimately determines any part of or the entire buying process. (Pharmacy) |
| Buyer | Person who handles the paperwork of the actual purchase. |
| User | Person who consumes/uses the product/service. (Patient) |
| Gatekeeper | Person who controls information or access to decision makers and influencers. (Insurance Company) |
| New Buy | Purchases a good or service for the first time. |
| Modified Buy | Buyer has purchased a similar product in the past but, is changing specifications. |
| Straight Rebuy | Buying additional units. |
Created by:
towilliamsjr
Popular Marketing sets