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Marketing 8-12

QuestionAnswer
CHAPTER 8 (targ/ seg) Marketing segmentation is used for what 2 things? define customer needs, org's objectives and allocation of resources
4 criteria for segmentation sustainability, id/ measurability, accessibility, and responsiveness
3 Benefits of regional segmentation 1 scanner data assess best sellers 2 brands appeal to local preferences 3 quick reaction to competition
5 criteria for demographic segmentation age, gender, income, ethnicity, and family life cycle
What is psychographic segmentation? based on personality, lifestyles, etc.
3 strategies for selecting target markets undifferentiated, concentrated, and multisegment
A&D of undifferentiated A: cost less D: unimaginative products and vulnerable to competition.
A&D of concentrated A: concentrate resources, small firms can compete, strong positioning D: segment too small or changing, and large competitors may market to niche
A&D of multisegment A: greater financial success and economies of scale D: higher costs and cannibalization
3 Goals of 1-to-1 marketing cost reduction, customer retention, inc revenue
3 1-to-1 trends 1 no more one size fits all 2 loyal customers 3 mass-media approach decline, tech enables better customer tracking
2 ways to segment biz markets company characteristics and (customer) buying processes
what is the difference between the 2 purchasing strategies of buyers: satisficers and optimizers satisficers- buy first fit optimizers- shop around
Positioning is developing a marketing mix to influence customer perceptions
3 steps of effective positioning 1 asses competitors 2 differentiate 3 choose marketing position to have greatest impact
what is perceptual mapping? displaying/ graphing how customers' minds feel about products
what is repositioning? changing customer perceptions of existing brand
7 bases of positioning attribute, price & quality, use/ application, product user, product class, competitor, and emotion.
CHAPTER 9 (mr) 3 roles of marketing research, to be... descriptive, diagnostic, and predictive
5 sources of secondary data 1 internal info 2 gov agencies 3 trade & industry associations 4 biz periodicals 5 news media
Advs of secondary data saves time and money, determine direction for primary data, pinpoint type of people, and serves as a basis for comparison
Disadvs of secondary data may not give adequate info, may not be on target with problem, and questionable accuracy of data
what do marketing research aggregators do? acquire and resell reports already published by marketing research firms
Advs of primary data answer specific qs, current data, source is known, and secrecy
One disadv of primary data expensive
4 types of observation research 1 ppl watching ppl 2 ppl watching activities 3 machines watching ppl 4 machines watching activities
what is behavioral targeting? obs research using data mining coupled with identifying web surfers by ip address
what is ethnographic research? study of human behavior, observing it and its setting
4 things field service firms provide 1 focus group facilities 2 mall intercept locations 3 test product storage 4 kitchen facilities
what is cross-tabulation? comparing responses to diff survey qs
Advs of internet surveys rapid development, real-time reporting, low cost, personalized qs, improved participation, and contact with hard to reach.
what is web community research? select group that participates in ongoing dialogue with a corp
what are the benefits of web community research? customer innovation, brand advocates, and real-time results
what is trusted more than traditional advertising? consumer generated media
what is scanner based research? continuously monitoring a select group by the promotions and pricing they are exposed to and the products they buy
3 things behaviorscan does 1 track purchases of households 2 used to manipulate advertising 3 used to introduce new product/ analyze changes in behavior
3 things infoscan does 1 track packaged goods 2 retail sales purchasing info 3 promotional activity monitored for bar coded products
what is competitive intelligence? assess competition to become more efficient
4 characteristics of decision support systems 1 interactive 2 flexible 3 discovery oriented 4 accessible
what is neuromarketing? study of body's response to marketing stimuli
Advs of online focus groups participation, cost, broad geographic scope, accessibility, and honesty
CHAPTER 10 (prod, line, brand) 4 types of consumer products convenience, shopping, specialty, and unsought
5 benefits of product lines 1 advertising economies 2 package uniformity 3 standardized components 4 efficient sales and distrib 5 equivalent quality
3 adjustments to products modification, repositioning, and line extension/ contraction
3 types of product modifications quality, functional, style
what is planned obsolescence? modifying products so that those already sold become obsolete before they need to be replaced
3 reasons to reposition 1 change in demographics 2 declining sales 3 changes in social environment
3 symptoms of line overextension 1 low sales or cannibalization 2 resources allocated poorly to slow-moving products 3 sold items become obsolete
3 benefits of branding 1 product identification 2 repeat sales 3 new products sales
3 branding strategies manufacturer, private, and captive
advs of manufacturers brand heavy ads, attract new customers, enhance dealer prestige, rapid delivery, less inventory, and customers can switch brands while remaining loyal to comp
ads of private brand higher profits on own brand, less pressure to mark down price, manufacturer can become competitor or drop a brand, ties customer to wholesaler/ retailer, wholesaler/ retailer have no control over distribution of manufacturers' brands
advs of captive brand no evidence of store affiliation, made by third party, sold exclusively at chain, and can ask for price similar to manufacturers' brands
3 types of cobranding ingredient, cooperative, and complementary
4 packaging functions protect, promote, facilitate storage/ use, and facilitate recycling
CHAPTER 11 (prod develop) 6 categories of new products 1 new to world 2 new product lines 3 line additions 4 improvements/ revisions 5 repositioned products 6 lower-priced products
7 steps of product development process 1 new strategy 2 idea generation 3 idea screening 4 biz analysis 5 development 6 test marketing 7 commercialization
7 sources of idea generation customers, employees, distributors, vendors, competitors, R&D, and consultants
what is idea screening? first filter to eliminate ideas inconsistent with org's new product strategy
what is a concept test? evaluates new idea before prototype. Often successful for line extensions
4 biz analysis considerations of new product demand, cost, sales, profitability
5 things involved with new product development 1 prototype 2 sketch marketing strategy 3 packaging, branding, labeling 4 promotion, price, and distrib strategy 5 manufacturing feasibility
what is simultaneous product development? team of all functional areas and suppliers, participate in product development
what is test marketing? limited intro or a product to determine reactions of potential customers
cost of test marketing 1 year, $1 million, exposes new product to competition, and competition can jam test with their own promotions
alternative to test marketing scanner data, simulated labratory market testing, and online test marketing
commercialization involves materials, production, distribution, training, trade announcements, and advertising
new product success factors listen to customer, vision of future, and team projects
what is diffusion adoption of an innovation spreads
5 categories of adopters innovators, early adopters, early majority, late majority, laggards
5 product characteristics effecting rate of adoptiong complexity, compatibility, relative advantage, observability (of benefits), and trialibilty
4 stages of PLC intro, growth, maturity, and decline
intro stage... high failure, little comp, frequent modification, high costs, neg profit, promotion focuses on awareness and info, challenge to stimulate primary demand
growth stage... entrance of competitors, market consolidation, and brand differentiation
maturity stage... lengthened product lines, service and repair, heavy promotions to consumers and suppliers, marginal competitors gone, niches emerge
decline stage... large inventory of unsold items, eliminate nonessential marketing expenses, and "organized abondonment"
CHAPTER 12 (serv, nonprof) 4 ways services differ from goods intangible, inseperable, heterogenous, perishable
when is search quality assessed? before purchase, usually goods
when is experience quality assessed? after purchase
what is credence quality? can be assessed only with proper knowledge
5 components of service quality reliability, responsiveness, assurance, empathy, and tangibles
4 types of service processing people, possession, mental stimulus, and info
3 things the service mix helps determine 1 what new services to introduce 2 target markets 3 what existing services to eliminate
5 components of service distribution strategy 1 convenience 2 number of outlets 3 direct or indirect distribution 4 location 5 scheduling
4 components of service promotion strategy 1 stressing tangible cues 2 use personal info sources 2 create strong org image 4 engage in postpurchase communication
2 things to determine price strategy define unit of service consumption and determine if multiple elements are bundled or priced individually
3 orientations of service price strategy revenue, operations, patronage
what is operations oriented pricing match supply and demand by varying price
what is patronage oriented pricing max number of customers by varying price
3 levels of relationship marketing in services 1 financial- prince incentives to retain customers 2 social & financial- design services to meet customer needs 3 structural, social, n financial- create value-added services that are not available elsewhere
what is internal marketing employees = customers, provide benefits that satisfy their needs
characteristics shared between service and nonprofit intangible, production with customer present, vary greatly, cant be stored
marketing activities of nonprofits identify desired customers, manage programs/ services, schedule events and programs
3 unique aspects of nonprofit strategies 1 objectives 2 target markets 3 product decisions
objectives of nonprofits respond to wants of payers, users, donors, politicians, officials, media, and general public
3 things different about nonprofit target markets 1 apathetic/ opposed targets 2 pressure to adopt undifferentiated strategy 3 complementary positioning- dont compete
3 promotion decisions of nonprofits 1 professional volunteers 2 sales promotion activities (team up) 3 public service advertising
5 pricing decisions of nonprofits 1 pricing objectives - control cost, redistribute resources 2 nonfinancial prices- time, embarrassment, and effort 3 indirect payment (taxes) 4 seperation between buyer and seller (rich and poor) 5 below-cost pricing
5 gaps of service quality model 1 misunderstanding customer needs 2 inability to translate customer needs into delivery systems 3 inability to execute service as planned 4 inaccurate advertising communication 5 pos or neg customer satisfaction
gaps 1 btwn expected serv & mgmt perceptions of cons expectations 2 btwn mgmt perceptions & quality specs 3 btwn qual specs and serv delivered 4 btwn serv delivery & ext comm to cons 5 btwn expected serv & perceived serv (pos or neg)
Created by: stevemanzi19 on 2012-03-28



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