Marketing exam 2
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| B2B | the marketing of goods and services to individuals and organizations for purposes other than personal consumption
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| New Buy | customer purchases goods and services for the first time, creating more work for the sales person
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| Modified Rebuy | buyer has purchased a similar past, but decides to change some specifications
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| Straight Rebuy | occurs when buyer or buying organizations simply buys additional units of products that had previously been purchased
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| Need recognition | buying organization realizes that there is an unfilled
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| Product specification | details organizations develops potential solutions to issues
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| RFP process 9request for proposal) | other companies come in and make bids to supply their work or components
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| Proposal Analysis and supplier selection | evaluates all RFP proposals and decides if it would be a good fit
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| order specification | order is placed w/ preferred supplier, then supplier sends an acknowledgment it received the order and fills it
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| Vendor performance assessment using metrics | firms analyze their vendors performance o they can make decisions about their future purchases
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| Market Segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
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| Market Segmentation | the process of diving a market into meaningful, relatively similar, identifiable groups or segments
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| Target Market | the market the company targets towards
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| Positioning method | developing a specific marketing mix to influence potential customers overall perception of a brand, product line, or organization in general
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| Positioning using perceptual mapping | means of displaying or graphing in two or more dimensions, the location of brands, the location of products, brands, or groups of products in customers' minds
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| Geographic | breaks customers into groups by where they live
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| demographic | segments by age, gender, race, education, or income
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| Psychographic | how customers describe themselves
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| Self values | goals for life: self respect, self fulfillment, sense of belonging
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| Self image/concept | image people have for themselves
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| geo-demographic | combination of geographic, demographic, and lifestyle to classify customers
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| benefit | what benefits the customer receives from products or services
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| Behavioral | divides based on how they use the product or service
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| occasional | based on when product is needed
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| loyalty | customers buy almost exclusively from the firm
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| Undifferentiated targeting strategy | focuses on the similarities in needs of the customers opposed to the differences (mass marketing)
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| Differentiated targeting strategy | target several markets with different offerings for each (multi-segment strategy)
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| concentrated market strategy | selects a single market and focuses all its energy on providing a product to fit its needs
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| Micro-marketing | tailors a product or service to individual customers
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| Identifiable | firms need to be able to identify who is in their market
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| Substantial | needs to measure its size and compare to market
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| Reachable | needs to be able to reach market through persuasive communication and distribution
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| Responsive | customers must react similarly and positively to offerings
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| Profitable | focus on potential profit for each segment using market growth, access, and competition
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| Product | everything both favorable and unfavorable that a person receives in exchange (goods, services, ideas)
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| Comsumer Products | products or services used by people for their personal use
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| Specialty products/services | products or services toward which customers show a strong preference that they will expand considerable effort to search for best supplier
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| shopping products/services | products consumers will spend a fair amount of time comparing alternatives. Its usually more expensive and found in fewer stores
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| Convenience products/services | relatively inexpensive item that merits little shopping effort
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| unsought products/services | products consumers either do not think of buying or do not know about it
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| Product Mix | Complete set of all products offered by a store
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| Product Lines | groups of items consumers tend to use together or think of as part of a group of similar products
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| Brand Equity | set of assets and liabilities linked to a brand that add or subtract value provided by the product or service
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| Product Life Cycle | defines the stages that products move through as they enter, get established in, and ultimately leave the marketplace, creating marketers a starting point for planning
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| Intro Stage | (plc) first launch
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| Growth Stage | (plc) gains acceptance and sales increase
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| Maturity Stage | (plc) reaches sales peak
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| Decline | (plc) eventually leaves market
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| Intangible | cannot be touched, tasted, or seen like a pure product
*Atmosphere is important to convey value
*Images are used to convey benefit of value
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| Inseparable | service and consumption happen at the same time
*lower risk by offering guarantees or warranties
*Quality of service depends on the quality of employees
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| Variability | when not everything is exactly the same and perfect
*labor intensive
*heterogeneous
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| Perishable | services that cannot be stored for use in the future
*major challenge: synchronizing supply and demand
*Deep discounts and off-peak pricing strategies encourage demand during non-peak times
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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