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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. |