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Marketing 113 final
note cards to help study for Marketing 113 final exam
| Question | Answer |
|---|---|
| What is the Marketing definition? | Set of activites used to implement a management orientation that stresses customer satisfaction. |
| 4 Marketing Mangement Philosophies? | Carrying out tasks achieve desired exchanges between corporation and its customers. |
| Production Concept | Demand for Product is greater than supply. |
| Selling Concept | Demand for Product is equal to supply. |
| Marketing Concept | Supply product is greater than demand, creating intense competition among suppliers. |
| Societal Marketing Concept | focus on other stakeholders, as well as business and its customers, balancing company profits, customers wants, and society's interest. |
| Marketing Concept definition | The idea that the social and economic justification for an organizations existence is the satisfaction of customer wants and needs while meeting organizational objectives. |
| Marketing Mix | Product, Place, or Distribution, Promotion, and Price. |
| Product | Product offering the product strategy. The product includes not only the physical unit but also its package, warranty, after sale service, brand name, company image, value and other factors. |
| Place, or Distribution | Concerned with making products available when and where customers want them. |
| Promotion | Includes advertising, public relations, sales promotions, and personal selling. |
| Price | What a buyer must give up to obtain a product. |
| Business Mission Statement | Answers question of "What business are we in?" And focuses on the market rather than the good or service. |
| Objectives | A statement of what is to be accomplished through marketing activities. Realistic, Measurable, Time specific, consistent with and indicate the organization's priorities |
| SWOT Analysis | Strengths, Weakness, Opportunities, threats. |
| Strengths | internal and what the company does well. |
| Weakness | internal and what the company needs to work on. |
| Opportunities | External and what can help them in the future. |
| Threats | External and what might weaken them in the future. |
| Marketing Strategy | The activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce a mutually satisfying exchanges with target markets. |
| Implementation | The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes that plan's objectives. |
| Evaluation | Gauging the extent to which the marketing objectives have been achieved during the specified time period. |
| Control | Provides the mechanisms for evaluation marketing results in light of plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. |
| Mission Statement | A statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions. |
| 3 types of Competitive Advantages | Cost, Product/Service Differentiation, and Niche. |
| Cost | Being low cost competitor in an industry while maintaining satisfactory profit margins. |
| Product/Service Differentiation | The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitons. |
| Niche | The advantage achieved which a firm seeks to target and effectively serves a small segment of the market. |
| Domestic and global external marketing environmental factors | Demographics,Social change, Economic conditions, Political and legal factors, technology, and Competition. |
| Environmental Scanning/ Marketing intelligence | Collection and interpretation of information about forces, events and relationships in the external environment that may affect the future of the organization of the implementation of the marketing plan. |
| Primary Data | Type of Data called field research, company carries out research themselves and this data is accurate. Specific to your type of product/service. Time consuming and costs more. |
| Secondary Data | Company uses information from other sources that have already been researched by someone else. Not specific to your area of research and data used can be biased difficult to validate. Type of research called desk research. |
| Survey Research | Researcher interacts with people to get facts, opinions, and attiudes. |
| Observation Research | relies on people watching people, people watching an activity, machines watching people, and machines watching activity. |
| Experiments | Researcher alters one or more variable while observing effects of those alterations on another variable. |
| Marketing research | Research directed towards consumer related marketing and business to business marketing. |
| Problem Identification and Definition | clearly stating problem at hand full definition and understanding. Uses research sources like customer feedback or purchase patterns. |
| Designing a Proper Approach | Determining nigh fool proof approach to solving identified problem. Analysis of company goals and resources is required. |
| Developing Actual Research Design | Decisive step creation of research design and quality of this plan decide success or failure of entire marketing research process. |
| Data Collection and Survey | Surveys, interview, and feedback reception takes place. Example of telemarketing. |
| Data Structuring and Analysis | Organization of the collected data. |
| Report generation and presentation | Final step demands proper presentation of data and results from research otherwise all rest of processes are worthless. |
| Probability Sampling | form of research where products, customers, or stores chosen from selection of times that have probability not equal to zero |
| Non probability Sampling | Customers, stores, or products chosen on basis of convenience or personal judgment of researcher. |
| Marketing Research | process of planning, collecting, and analyzing data that is relevant to marketing decision. |
| % criteria for being part of market is.. | person or a group, Has want, Need, With ability to buy, and willingness to buy. |
| Target market | Group of people or organizations which an organization designs, implements, and maintains a marketing mix intended to meet needs of that group resulting in mutually satisfying exchanges. |
| Undifferentiated targeting strategy | Marketing approach that views market as one big market with no individual segments and thus requires a single marketing mix. |
| Advantages of Undifferentiated targeting strategy | Potential savings on production and marketing costs. |
| Disadvantages | unimaginative product offerings and company more susceptible to competition. |
| Concentrated Targeting Strategy | Strategy used to select one segment of market for targeting marketing efforts. |
| Advantages of Concentrated Targeting Strategy | Concentration of resources, meets narrowly defined segment, small firms can compete, and strong positioning. |
| Disadvantages | Segment too small or changing, large competitor may market to niche segment. |
| Multi segment Targeting Strategy | Strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each. |
| Advantages of Multi segment Targeting Strategy | Greater financial success, Economics of scale. |
| Disadvantages | High costs, Cannibalization. |
| 4 basic criteria for successful segmentation | Substantiality, Identifiability and Measurability,Accessibility, and Responsiveness. |
| Substantiality | Segment must be large enough to warrant a special marketing mix. |
| Identifiability and Measurability | Segments must be identifiable and their size measurable. |
| Accessibility | Members of targeted segments must be reachable with marketing mix. |
| Responsiveness | Unless segment responds to a marketing mix differently, no separate treatment is needed. |
| Position | Place product, brand, or group of products occupies consumers minds relative to competing offerings. |
| Market Share | Company's product sales as percentage of total sales for that industry. |
| 5 general bases commonly used to segment consumer markets? | Geography, Demographics, Psychographics, Benefits sought,and usage rate. |
| What is Business market? | Practice of individuals, organizations including commercial business, governments and institutions, facilitating sale of their products or services to other companies or organizations turn and resell them. Also know as B2B marketing for short. |
| Consumer decision making process? | Need recognition, Information Search, Evaluation of alternatives, Purchase, and Post purchase. |
| What is Consumer Behavior? | Processes a consumer uses to make purchase decisions as well use and dispose of purchased goods or services. Includes factors that influence purchase decisions and product use. |
| Product Mix | Encompasses and/ or includes all the products organization sells. |
| Width( or breadth) | number of product lines organization offers. |
| Depth | Number of items in each product line. |
| Modification | When a organization changes one or more of a products characteristics. |
| Quality Modification | Change in products dependability or durability. |
| Functional Modification | Change in products versatility, effectiveness, convenience or safety. |
| Style Modification | aesthetic changes to the product, rather than quality or functional change. Such as change how shoe looks and not how it works. |
| Line Extensions | Company's management decides to add one or more products to existing product line in order to compete more broadly in the industry. |
| Contractions | Company realizes it has an overextended product line(s) and decides to reduce the products in that line(s). |
| Characteristics of a service | Result of applying human or mechanical effort to people or objects. Services involve a deed, a performance, or an effort that cannot be physically possessed. |
| Intangibility | Cannot be touched, seen, tasted, heard, or felt in same manner that goods can be sensed. |
| Inseparability | Sold, produced, and consumed at same time, goods are produced, sold and then consumed. Production and consumption inseparable activities. |
| Heterogeneity | Greater variability of input and outputs, tend to be less standardized and uniform than goods. |
| Perishability | Services cannot be stored, warehoused, or inventoried. |
| Brand | Name, term, symbol, design or combination of these that identifies a sellers' products and differentiates them from competitors products. |
| Brand Equity | Refers to value of company and brand names. |
| Global Brand | Refer to brands where at least 20 percent is sold outside home country. |
| Brand Loyalty | Consistent preference for one brand over all others. |
| Branding Strategies | Firms face complex branding decisions. Wheter to brand at all generic products vs branded products, manufactures brands vs private brands, individual brands vs family brands and co branding. |
| Packaging 4 functions | protect products, promote products, facilitate storage use, and facilitating recycling and reducing environmental damage. |
| New product strategy | idea screening, brain storming, concept test, business analysis, Also development and simultaneous product development. |
| Complexity | Degree of difficulty involved in understanding and using new product. |
| Compatibility | Degree which new product is consistent with existing values and product knowledge. |
| Relative Advantage | Degree to which product is perceived as superior existing substitutes. |
| Observability | Degree which benefits or other results of using product can be observed by others and communicated to target customers. |
| Trailibility | degree which product can be tried on limited basis. |
| Product life cycle | Biological metaphor traces stages of products acceptance to it's decline. |
| Marketing Channels | Set of interdependent organizations that ease transfer of ownership as products move from producer to business user or consumer. |
| Direct Channel | Channel that goes from the producer directly to the business user or consumer without going through intermediaries. |
| Indirect Channel | Chain goes from producer to business user or consumer through use of middlemen such as retailers and wholesalers. |
| Retailer | channel intermediary that sells mainly to consumers. |
| Merchant wholesaler | Institution that buys goods from manufactures, takes title to goods and resells them. |
| Agent and Brokers | Wholesaling intermediaries who facilitate the sale of product by representing channel members. |
| Producer | Manufacture of product |
| Wholesaler | Buys goods from producer take title to goods and resells to consumers. |
| Retailer | Buys goods from producer or wholesaler and resells to consumers. |
| Agent/Broker | Acts as Representatives to producers, Wholesalers, and Retailers. |
| Intensive | form of distribution aimed at having product available in every outlet. |
| Selective | form of distribution achieved by screening dealers to eliminate all but a few in any single area. |
| Exclusive | form of distribution that established one or few dealers within a given area. |
| Export | Sell domestically produced products to buyers in other countries. |
| Licensing | Legal process allowing use of manufacturing/ patents/ knowledge. |
| Contact Manufacturing | Private-label manufacturing by a foreign country. |
| Joint Venture | Domestic firm buys/joins a foreign company to create a new entity. |
| Direct Investment | Active ownership of a foreign company/ manufacturing facility. |
| Objectives of Promotion | inform, Persuade, and to remind. Increase awareness of a new brand or product. |
| Promotional Mix | Advertising, Public Relations, Sales Promotion , and Personal selling. |
| Advertising | Any form of impersonal paid communication in which sponsor or company is identified. |
| Public Relations | Marketing function that evaluates public attitudes, identifies areas within the organization that public may be interested in. |
| Sales Promotion | Consists of all marketing activities, other than personal saling, advertising, and public relations that stimulate consumer purchasing and dealer effectiveness. |
| Personal Selling | Purchase situation involving a personal, paid for communication between two people in an attempt to influence each other. Both buyer and Seller have specific objectives they wish to accomplish. |
| AIDA Concept | Attention, Interest, Desire, and Action. Process for achieving promotional goals in terms of stages with consumer involvement with message. |
| Communication Process | Process by which we exchange or share meaning through a common set of symbols. Broken down into sender and encoding, the message transmission, the receiver and decoding the feed back. |
| Selling/Sales Process | Includes advertising techniques to draw potential customers in, such as coupons, samples, premiums, Point of Purchase (POP) displays, contests, sweepstakes, and rebates. |
| Integrated Marketing Communications (IMC) | Careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer. |
| Push Strategy | Marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise. |
| Pull Strategy | Marketing strategy that stimulates consumer demand to obtain product distribution. |
| Media types | Newspaper, Magazines, Radio, Television, Outdoor media, Internet. |
| Supply | Make something that is needed or wanted available to someone. |
| Demand | Want or need of something. |
| Inelastic | Used to show the responsiveness of the quantity demanded of a good or service not change in price doesn't affect demand. |
| Elastic | Used to show the responsiveness of the quantity demanded of a good or service change in price does affect demand. |
| Price Skimming | Pricing strategy which a marketer sets a relatively high price for a product or service at first then lowers the price over time. |
| Price Penetration | Setting relatively low initial entry price, often lower than eventual market price to attract new customers. |
| Prestige Pricing | Premium pricing ( Prestige pricing) is strategy consistently pricing at, or near, the high end of the possible price range to help attract costumers. |
| Psychological Pricing | Price ending is marketing practice based on the theory that certain prices have psychological impact to make costumers think a certain way. |
| Brake Even Point | Point or state which a person or company doesn't make or lose any money. |
| Markup Pricing | Difference between the cost of a good or service and its selling price. |
| Price Fixing | Agreement between two or more firms on price they will charge for a product. |
| Price Discrimination | Is when company sells a product to two or more different buyers but prices are different between the two or more buyers. |
| Predatory Pricing | Practice of charging a very low price for a product with intent of driving competitors our to business or out of the market. |
| Bait Pricing | Deceptive and tried to get consumer into a store through false or misleading price advertising and then uses high pressure selling to persuade them to buy more expensive merchandise. |
| Price Bundling | Marketing two or more products in single package for a special price. |
| Dumping | Someone puts product on market on a another market usually international and the product is sold at cheaper price internationally to drive the competition out of business. |
Created by:
gamergirl402
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