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Marketing Comps 2016
Key Terms
| Term | Definition |
|---|---|
| Marketing | Activity, set of institutions, and processes for creating communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large |
| Marketing Mix | Controllable tactical marketing tools - Product, Price, Place and Promotion - that the firm blends to produce the response it wants in the target market |
| Micro Environment | Forces close to the company that affect it's ability to serve it's customers* |
| Macro Environment | Larger societal forces that affect the micro enviroment including GDP, inflation, employment, spending and fiscal policy |
| Consumer Market | All individuals and households who buy goods and services for personal consumption |
| Business Market | All organizations that buy goods and services for use in their production of other products and services that are sold, rented or supplied to others |
| Business Market 5 Characteristics | 1. Fewer, geographically concentrated customers with a small number of accounting for most sales 2. More Inelastic demand 3. Derived Demand 4. More decision makers 5. More complex buying decisions |
| Business Market 3 Types | 1. Corporate Market 2. Institutional Market 3. Government Market |
| Buying Situations 3 Types | 1. New Buy 2. Modified Rebuy 3. Straight Rebuy |
| Business Buying Process 5 Participants | 1. Users 2. Influencers 3. Buying center 4. Deciders 5. Gatekeepers |
| Segmentation | Divide the marketplace into distinct groups of buyers on the basis of needs, characteristics, or behaviors who might require separate products or marketing mixes |
| Targeting | Process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
| Segmentation 4 Approaches | 1. Behavioral 2. Demographic 3. Psychographic 4. Geographic |
| Effective Segment 5 Requirements | 1. Accessible 2. Differentiable 3. Substantial 4. Actionable 5. Measurable |
| Products 4 Types | 1. Convenience 2. Shopping 3. Specialty 4. Unsought |
| Services 4 Unique Characteristics | 1. Intangibility 2. Inseparability 3. Perishability 4. Variability |
| Pricing 2 Approaches | 1. Cost-Plus strategy 2. Value strategy |
| New Product Pricing 2 Strategies | 1. Penetration Pricing 2. Skimming |
| Promotion Mix 5 Elements | 1. Advertising 2. Personal Selling 3. Public Relations 4. Direct Marketing 5. Consumer Promotion |
| Advertising 5 Main Elements | 1. Objective - task 2. Strategy - what is the message 3. Execution - how well is message executed |
| Consumer Promotion Tools | 1. Free Samples 2. Coupons 3. Rebates 4. Price Packs 5. Premium Offers 6. Contests |
| Distribution 3 Strategies | 1. Intensive 2. Selective 3. Exclusive |
| Measurable Marketing 3 Types, Impact and Benefit | 1. Consumer attitude -intention to purchase 2. Consumer behavior - measure of effectiveness 3. Company performance - measure of efficiency |
| Brand | Distinguishing name, term, design, symbol or other feature that distinguishes one's seller's product from others |
| Brand Equity | Set of associations and behaviors on the part of a brand's consumers, channel members and parent corporation that permits brand to earn greater volume/margins that it could w/out the brand name and that gives a strong sustainable, and different advantage |
| Brand's 6 Benefits to Firms | 1. Enhance Efficiency and Effectiveness of marketing plans 2. Enhance loyalty 3. Enhances price and margins 4. Enhanced brand extension success 5. Enhance trade leverage 6. Enhance competitive advantage |
| Brand's 3 Benefits to Consumers | 1. Simplify search effort 2. Reduce perceived purchasing risk 3. Provide status and prestige |
| New Product Development 8 Stages | 1. Idea Generation 2. Idea Screening 3. Concept Development 4. Marketing Strategy 5. Business Analysis 6. Product Development 7. Commercialism 8. Test Marketing |
| Selling Process 7 Steps | 1. Prospecting and Qualifying 2. Pre-approach 3. Approach 4. Presentation 5. Handling Objections 6. Closing the Sale 7. Follow-Up |
| Primary Data | Info collected for the specific purpose at hand, focused on specific requirements |
| Secondary Data | Info that has been previously collected by someone else for a different purpose, obtained more quickly and cheaper |
| Market Research | Systematic and objective process of gathering info for aid in marketing decisions |
| Prime Managerial Value of Market Research | Reduces uncertainty - providing info that facilitates decision making about strategies and tactics used to achieve the specific goal |
| Considering Market Research 5 Factors | 1. Time constraints 2. Data availability 3. Nature of the decision 4. Benefits vs Costs |
| Valuable Info 4 Factors | 1. Timely 2. Quality 3. Relevant 4. Completeness |
| Market Research 3 Types | 1. Exploratory 2. Descriptive 3. Casual |
| Inferring Causality 3 Factors | 1. Establish casual order 2. Measure concomitant variation 3. Recognize presence or absence of other plausible explanations |
| Research Process 6 Stages | 1. Define Objective 2. Determine Research Design 3. Design and Prepare Sample Survey 4. Sampling and Data Collection 5. Analyze Data 6. Conclude, Prepare and Communicate Results |
| Defining Research Problem Process 6 Stages | 1. Ascertain the decision maker's objective 2. Understand the background of the problem 3. Isolate and identify the problem, not symptoms 4. Determine unit of analysis 5. Determine relevant variables 6. State research questions and objectives |
| Good Research Question 4 Characteristics | 1. Decision-oriented 2. Clear 3. Specific 4. Accompanied by a well formulated hypothesis |
| Conducting Exploratory Research 4 Reasons | 1. Diagnosing 2. Screening 3. Discovering |
| Exploratory Research Disadvantage | Management often takes exploratory data as conclusive |
| Checking a Questionnaire Design 5 Steps | 1. What should be asked 2. How should questions be phrased 3. What sequence should they be in 4. What layout would be optimum 5. How should it be presented |
| Scales 4 Types | 1. Nominal 2. Ordinal 3. Interval 4. Ratio |
| Good Measurement 2 Criteria | 1. Reliability 2. Validity |
| Questionnaires 6 Things to Avoid | 1. Complexity 2. Leading/Loaded Questions 3. Double-Barreled Questions 4. Ambiguity 5. Assumptions 6. Burdensome Questions |
| Sequencing Issues | 1. Order bias 2. Anchoring affect |
| Sample | Small part that is representative of larger group |
| Population | Particular section, group, type of people, animals, things in a given area |
| Census | Official count or survey of a population |
| Sampling 6 Reasons | 1. Time Efficiency 2. Larger Populations 3. Economic Efficiency 4. Inaccessibility of Entire Population 5. Observation's Destructiveness 6.Accuracy |
| Target Population | Entire group of individuals or objects to which researchers are focused on learning about |
| Sampling Frame | List of people or objects that form the population from which the sample was taken out of |
| Need | Consumer necessity for a product or service, the absence of which diminishes the human fulfillment of the person |
| Want | Consumer desire for the perceived value of a good, the fulfillment of which may or may not affect human fufillment |
| Maslow's Hierarchy of Needs | Physiological, Safety, Love/Belonging, Esteem, Self-Actualization |
| Consumer Buyer Decision Process 5 Steps | 1. Need Recognition 2. Information Search 3. Evaluation of Alternatives 4. Purchase Decision 5. Post Purchase Behavior |
| Positioning | Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target customers |
| Persuasion 6 Techniques | 1. Authority 2. Commitment and Consistency 3. Social Proof 4. liking 5. Reciprocity 6. Scarcity |
| Perceptual Process 4 Steps | 1. Sensory stimuli 2. Exposure 3. Attention 4. Interpretaion |
| Operational Conditioning | Behavior modification through direct positive or negative reinforcement upon a subject causing it to associate physical feeling with behavior and change future behavior |
| Classical Conditioning | Behavior modification through learning in which a stimulus aquires the capacity to evoke a response originally associated with a different stimulus and automatically behaves similar to it |
| Materialism | Misconception that material possessions above spiritual values |
| Viral Marketing | Giving incentive to consumers to market your product to others in their social spheres, sometimes rewarding them with discounts or rebates |
| Word-of-Mouth | Product info transmitted by an individual consumer to other individual consumers on an informal basis |
| Guerilla Marketing | Promo strategies that use unconventional techniques and intensive campaigns, designed to get maximal results from minimal resources |
| Value Pricing | Offering the right combination of benefits at a fair price |
| Skimming | Setting a high price for a new product to skim max revenues layer by layer from the segments willing to pay the high price; few but more profitable sales |
| Penetration | Setting a low price for a new product in order to attract a large number of buyers and a large market share |
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