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BUS Test 3
| Question | Answer |
|---|---|
| Marketing | Organizational function and process for creating, communicating and delivering value to customers and for managing customer relations in a way that benefit the organization and its stakeholders |
| Utility | Ability of goods and services to satisfy customers wants |
| Form Utility | Satisfies wants by converting inputs into a finished form |
| Time Utility | Satisfies wants by providing goods and services at a convenient time for customers (Amazon 1 day delivery, 24 hr gym, dry cleaners same day service) |
| Place utility | Providing goods at a convenient place for customers (Redbox, vending machines, waffle house at every exit) |
| Ownership Utility | Satisfies wants by smoothly transferring ownership of goods and services from seller to buyer (car dealerships, financing options, make # of payments will own product) |
| Non Profits | More employees than the govt. Play a pivotal role of expansion of marketing across our economy. Started marketing beyond just services and goods. |
| People marketing | Sports, politics and art dominate this category. (MAGA, Paris Hilton on perfume and clothes,) figure out what your customer needs and ensure your product delivers |
| Place marketing | Tourist, businesses bc of taxes, What happens in Vegas stays in Vegas. |
| Event marketing | Athletic, cultural or charitable events for ex Olympics, the super bowl, and FIFA world cup |
| Idea marketing | Change the way people think. Recycle, seatbelt, donate blood, |
| Evolution of Marketing | Production era Marketing era Relationship era Selling era |
| Production era (Marketing) | Not many choices. Produce large quantities as efficiently as possible |
| SELLING ERA (MARKETING) | 1920’s - supply exceeded demand (hard sell) |
| Marketing Era (Marketing) | Flooded market with many choices of products - Concept materialized in 1950’s |
| Marketing Concept | A business philosophy that makes customers customer satisfaction - now and in the futer - the central focus of the entire organization. |
| Relationship Era (Marketing) | Zeros in on long customer relationships. New customers costs 5x more than an existing customer |
| Customer Relationship Era (CRM) (The customer - front and center) | Ongoing process of acquiring, maintaining, and growing profitable customer by delivering value. |
| Value | A customers perception that a product has a better relationship than its competitors bw the cost and benefits |
| Customer satisfaction | Customers perceive that a good or service delivers value above and beyond their expectations |
| Customer Loyalty | Customers buy a product from he same supplier again and again-sometimes paying even more for it than they would for a competitive product. |
| Marketing plan | Formal document that defines marketing objectives and the specific strategies for achieving those objectives |
| Marketing segmentation | Dividing potential customers of similar people , or segments (Target market) |
| Target market | Group of people who are most likely to buy a particular product |
| Consumer marketers (B2C) - Business to consumer | Marketers who direct their efforts toward people who are buying products for personal consumption |
| Business marketers (Business to business or BTB) | Marketers who direct their efforts toward people who are buying products to use either directly or indirectly to produce other products |
| Demographic segmentation | Dividing markets into smaller groups based on measurable characteristics such as race, gender, age, income level, ethnicity. |
| Geographic segmentation | Dividing smaller groups based on where consumers live. (Cities, countries, population density as key factors) |
| Psychographic segmentation | Divinding market into smaller groups based on consumer attitudes, interests, values and lifestyle. |
| Behavioral segmentation | Dividing the market based on how people behave towards various products. This category includes both the benefits that consumers seek from products and how consumers use the products (Fast food - men in their 20’s (usage patterns) Miller light - low carbs |
| Marketing mix | Blend of strategies for product, price, distro, and promotion Product strategy Price strategy Distro strategy Promotion strategy |
| Pricing strategy | Brand name to product image, guarantees, |
| Disto Strategy | Deliver to right people, right time and right quantities. (Shipping, warehouse, web, brick and mortar) |
| Promotion Strategy | Advertising, sales promotions, [public relations, word of mouth and product placement |
| ENVIRONMENTAL SCANNING | Process of continually collecting info from the external marketing environment |
| Market share | % of a market controlled by a given marketer |
| Consumer behavior | How people act when they are buying, using, and discarding goods and services for their own personal consumption. Also explores the reasons behind people’s actions |
| Cognitive dissonance | Consumer discomfort with a purchase decision, typically for a high priced item. |
| Business buyer behavior | Describes how people act when they are buying products to use either indirectly or directly to produce other products |
| Marketing research | Process of gathering, interpreting, and applying info to uncover opportunities and challenges, and to make better marketing decisions |
| Secondary data | Existing data that marketers gather or purchase for a research project |
| Primary data | New data that marketers compile for a specific research project |
| Observation data | Research that does not require the researcher to interact with research subject |
| Survey research | Marketing research that requires the researcher to interact with the subject |
| Green marketing | Developing and promoting environmentally sounds products and practices to gain a competitive edge |
| Mass Communication | Creation of products tailored for individual consumers on a mass basis |
| Product | Anything that an organzation offers to stisfy customer needs and wants including both goods and services |
| Pure Goods | Product only; no services |
| Consumer products | Products purchased for personal use |
| Pure services | Product that does not have any goods. |
| Product differentiation | Attributes that make a good or service different from others. The cmpetetion to meet same or similiar customer needs |
| Quality level. | How well a poduct preforms it core functions |
| Product consistency | Reliability a product delivers its promised level of quality |
| Product features | The specific characterics of a product |
| Customer benefit | The advantage that a customer gains from a specific product |
| Product line | Group of products that are closely related to each other, either in how they work or the customers they serve. |
| Product mix | Total number of product lines and individual items sold by a single firm |
| Cannibalization | Producer offers a new [roducr that takes sales from existing products |
| Brand | Product’s id. - name,symbol,design,rep,image |
| Brand equity | Overall value of a brand to an organization |
| Line extensions | Similiar products offered under the same brand |
| Brand extension | New product, in a new category into under an existing brand name |
| Licensing | Purhcasing the right to use another company’s brand or symbol |
| Cobranding | Est brands from differe companies join forces to market the same product |
| National brands | Brands that the producer own and markets |
| Store brands | Brands that the retailer both produces and distribute (private label brands) |
| Product life cycle | Pattern of sales and proffits that typically changes over time |
| Promotion | Marketing comm designed to influeince consumer purchase decisions through information, persuasion, and reminders |
| Integrated marketing comm | Coordination of marketing messages through every promotional vehicle to comm a unified impression about a product |
| Positioning statement | Brief statement that articulates how the market would likr the target market to envision a product relative to the competition |
| Promotional Channels | Marketing comm - traditional tools such as advertising, promotion, direct marketing, personal selling, product placement, advergaming and internet minimovies |
| Product placement | Paid intergration of branded products in movies, tv and other media |
| Advergamming | Video games created as a marketing tool, usually with brand awareness are the core goal. |
| Buzz marketing | Word-of mouth or viral marketing or guerrilla marketing |
| Sponsorship | Deep assoc bw a marketer and a partner (sporting event) which involves promoting of the sponser in exchange for either payment, service |
| Advertising | Paid, non-personal comm designed to influence a target audience with regard to a product, service organization or idea |
| Sales promotion | Marketing activities designeds to stimulate immediate sales through specific short term programs |
| Consumner promotion | Immediate customer sales using tools such as promotional products,samples, rebates, and displays |
| Trade promotion | Stimulate wholesalers and retailers to push specific products over the short term. |
| PR | Effort to create positive relationships with all of a firms different ‘publics’ including customers, employees, suppliers, the community and the general public |
| Publicity | Unpaid stories in the media that influence perceptions about a company and their product |
| Personal selling | The person to person presentation of products to potential buyers |
| Push stragety | Motivating distrobuters to heavily promote or ‘push’ a product usually through trade promotion and personal selling |
| Pull strategy | Creating demand from the ultimate consumers so htat they pull your products through distro. |
| Distro stragety |
Created by:
Philcarroll135