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marketing unit 2
| Question | Answer |
|---|---|
| jc penny | example of business as customer: buys 100,000 + tons of paper per year for newspaper inserts and direct mail. |
| business to business marketing (B2B marketing) | marketing of products and services to companies, governments, or non-profit businesses for use in the creation of goods and services that they can produce and market to others |
| organizational buyers | manufactures, compaines etc, that buy goods and services for their own use or for resale. |
| industrial markets | buy raw materials that they build into a product that gets sold to consumers. |
| reseller markets | buy stuff already made and resell it. |
| Government markets | buy and sell goods |
| market characteristics | derived demand, Few customers typically exist, and purchase orders are large |
| derived demand | demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services. |
| derived demand example: fidget spinner | ball barring increase |
| organizational buying criteria | 1. price. 2. ability to meet quality specifications. 3. ability to meet delivery schedules. 4. technical capability. 5. warranties and claim policies. 6. past performance. 7. production facilities and capacity. |
| organizational buying behavior | decision-making process!! that businesses use to establish the need for product and services and identify, evaluate, and chose among alternative brands and suppliers. |
| buying center (purchasing process) | consists of the group of people in a business who participate in the buying process and share common goals, risk and knowledge important to a purchase decision. |
| buy classes | consists of three types of business buying situations: straight rebuy, new buy and modified rebuy. |
| what about buying center? | people in the buying center change for different things. |
| traditional auction | auction which a seller puts an item up for sale and would be buyers are invited to bid in competition with each other. |
| reverse auction | buyer communicates a need for a product or service and would be sellers are invited to bid in competition with each other. |
| product or service characteristics | Products are raw, delivery time, and technical assistance and post sale service |
| buying process characteristics | reciprocal arrangements, and negotiation between buyers and sellers is commonplace, online buying over the internet is widespread. |
| marketing mix characteristics | direct selling to organizational buyers is the rule!! promotions are technical in nature |
| reciprocity | when two businesses agree to but from each other |
| supply partnership | when buyer and supplier adopt mutually beneficial objectives |
| sustainable procurement | integrates environmental considerations |
| organizational purchase process | everything on business side is bigger and more drawn out, consists of problem recognition, information search, alternative evaluation, purchase decision, and post purchase decision. |
| problem recognition | what they want or looking to buy |
| information search | use of white paper to see who they have worked with or who would be a good fit to work with. |
| alternative evaluation | 1. facilities, 2. capacity, 3. quality control, 4. financial status. |
| purchase decision | use criteria for what to choose and negotiate and award contract!! |
| post purchase decision | most different!! ridged process, to see if their quality standard was meet, formal vendor rating system. |
| new buy | many people involved, long decision time, uncertain problem, good solution. |
| straight rebuy | one group involved, short decision time, certain problem, |
| modified rebuy | two or three groups involved, moderate decision time, minor modification to problem, |
| E market places (B2B exchange, E hub) | online trading communities that bring together buyer and seller to make possible real-time exchange |
| countertrade | using barter instead of money in making Global sales |
| Top 3 in imports and exports | US, China, Germany |
| Globalization | focus on creating economic, cultural, political, and technological interdependence!! amount nations institutions and economics. |
| Protectionism | Practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| tariff | government taxes on products or services entering a country that primarily serve to raise prices on imports |
| quotas | a restriction placed on the amount of a product allowed to enter or leave a country |
| Global competition | firms originate, produce, and market their products worldwide |
| multinational firms (different everywhere) | markets differently to each country |
| international firms (Same everywhere) | markets in other countries same as home country |
| multidomestic marketing strategy | used by multinational firms that have as many different product variations, brand names, and advertising programs, as countries in which they do business |
| transnational firms (similar but different) | emphasize universal consumer needs |
| example of multi domestic marketing strategy | fabric softener |
| global marketing strategy | used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. |
| global brand | brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. |
| what % of websites use English | 51% |
| Economic espionage | Clandestine!!! collection of trade secrets or proprietary information about a company's competitors. |
| cross-cultural analysis | study of similarities and differences among consumers in two or more nations or societies |
| Customs | what is considered normal and expected about the way people do things in a specific country |
| cultural symbols | things that represent ideas and concepts in specific culture |
| USA symbol | twin towers |
| back translation | practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. |
| consumer ethnocentrism | tendency to believe that it is inappropriate to purchase foreign made products |
| cultural ethnocentricity | belief that one's culture is superior to another |
| currency exchange rate | price of one country's currency expressed in terms of another country's currency |
| exporting (least risk lest profit) | global market-entry strategy in which you make a product in one country and sell them in another country |
| Licensing ( second least risk, second least profit) | right to a trademark, patent, or trade secret, right to make your product in another country |
| joint venture ( second most risk, second most profit) | global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share the ownership, control, and profits of the new company. |
| direct investment (most risk, Most profit) | own a foreign subsidiary. Big risk and commitment |
| product extension | same product sold in different countries |
| product adaptation | change product for different countries |
| product innovation | new product for different countries |
| Dumping | sell below cost |
| Gray market (parallel importing) | where products are sold through unauthorized channels |
| marketing research | process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions |
| Step 1 | Define the problem, set research objectives, identify possible marketing actions |
| Step 2 | Develop the research plan, specify constraints, identify data needed for marketing actions |
| step 3 | collect relevant information, obtain secondary research, obtain primary research |
| step 4 | Develop findings, analyze the data, present the findings |
| step 5 | take marketing actions, make action recommendations, implement action recommendations, evaluate results |
| Measures of success | criteria or standards used in evaluating proposed solutions to the problem |
| lego measure of success | play time |
| constraints | restrictions!! placed on potential solutions to a problem |
| Data | facts and figures related to the project that are divided into two main parts: secondary data and primary data |
| Primary data | facts and figures that are newly collected!! for the project |
| secondary data | Facts and figures that have already been recorded prior to the project at hand |
| internal data (inside the firm) | inputs (budgets, finical statements, sales call report) Outputs (actual sales, customer communications) |
| External data (outside the firm) | U.S census report, trade association studies, business periodicals, internet-based reports |
| advantages and disadvantages of secondary data | time saving and cheap, disadvantages: out of date, not specific |
| Observational data | facts and figures obtained by watching!!! |
| mystery shopper | comes into a place of business like a normal customer and give feed back on the store |
| ethnographic research | watching someone use the product in their home environment |
| neuromarketing methods | tech used to study the brain |
| questionnaire data | facts and figures obtained by asking questions, very easy |
| soda question | which flavor do you prefer?? |
| test market | used in small geographies to evaluate marketing actions |
| advantages and disadvantages of primary data | more flexible, specific to the problem. disadvantages: costly and time consuming. |
| Information technology | all of the computing resources that collect, store, and analyze data. |
| data mining | practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions |
| predictive modeling | statistical models that use data mining and probability analysis to foretell!!! outcomes |
| sales forecast | prediction!! of what we expect to sale during a specific time period |
| market segmentation | aggregating prospective buyers into groups, or segments that 1 have common needs and 2 will respond similarly to a marketing action. |
| product differentiation | marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product and being different and better than competing products. |
| segmentation | is the link between the needs and the marketing program action. |
| market-product grid | market segments of potential buyers to products offered or penitential marketing actions |
| one product and multiple market segments examples | books and magazines |
| multiple products and multiple market segments examples | automobiles |
| segments of one - "mass customization" example | build-to-order only when there is an order |
| organizational synergy | better functioning organization |
| cannibalization | stealing sales from yourself |
| cannibalizations example | Ann Taylor stores got business taken away by there Ann Taylor Loft outlet stores. |
| Tiffany/ Walmart strategy | selling to high-end and low-end segments |
| Tiffany/ Walmart example | Winnie the poo cup plate silverware set in Tiffany store made with fancy materials, whereas at Walmart it's made out of plastic. |
| if segmentation isn't simple and cost effective and profit | don't do it |
| Geographic segmentation | where customers live or work |
| Demographic segmentation | Objective classification, age, race, income level, eye color, hair color |
| personas | character descriptions of a brand's typical customers. personas bring target market data alive by creating fictional character narratives |
| product positioning | place a product occupies in consumers minds based on important attributes relative to competitive products |
| Product repositioning | involves changing the place a product occupies in a consumer's mind relative to competitive products |
| perceptual map | means of displaying In two dimensions the location of product or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm's own product or brand |
| goods | tangible, anything you can touch, nondurable goods, durable goods. nondurable made to be thrown away, things that are made to last are durable. |
| services | intangible activities or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. |
| ideas | thought that leads to action, intangible |
| consumer products | products purchased by the ultimate consumer |
| convenience products | items that the consumer purchases frequently, conveniently and with a minimum shopping effort. |
| shopping product | items for which the consumer compares several alternatives on crate such as prices quality |
| specialty product | items that a consumer makes a special effort to search out and buy. |
| unsought products | items that the consumer either does bot know about or knows about but dies not initially want |
| convenience product examples | toothpaste, cake mix, hand soap, ATH cash withdrawal. |
| Shopping product examples | cameras, TVs, briefcases, airline tickets |
| Specialty product examples | Rolls-Royce cars, Rolex watches, heart surgery |
| Unsought product examples | Burial insurance, funeral services, awareness is essential. |
| business products | products organizations buy that assist in providing other products for resale. |
| product item | specific product that has unique brand, size, or price |
| sku | stock keeping unit |
| product line | group of product or service items that are close related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range. |
| product mix | consists of all the product lines offered by an organization |
| new product | 1. is new if it's "functionally different" from existing products. 2. newness can create new industries. |
| how long is a product new? | considered new for 6 months |
| continuous innovation | no new learning by consumers |
| dynamically continuous innovation | disrupts consumer's normal routine but does not require totally new learning |
| discontinuous innovation | requires new learning and consumption patterns by consumers |
| protocol | statement that, before product development begins, identifies: 1 well-defined target market. 2: specific customers needs wants and preferences. 3: what the product will be and do to satisfy consumers. |
| 8 reasons new product fails | 1. insignificant point of difference. 2. incomplete market and product protocol. 3. failure to satisfy customer needs on critical factors. 4. bad timing. 5. no economical access to buyers. 6. poor execution of the marketing mix. 7. too little market attr |
| new product development process | consists of 7 stages an organization goes through to identify opportunities and convert them to stable products or services |
| 1. new product strategy development | stage of the new product process that defines the role for a new product in terms of the firm's overall objectives |
| 2. idea generation | where you can get ideas from |
| 4. business analysis | stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
| 7. commercialization (most expensive) | stage of the new product process that positions and launches a new product in full scale production and sales |
Created by:
masonschlittenhard