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Marketing Exam 2
| Term | Definition |
|---|---|
| Product | a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy customers needs in exchange for smth. |
| Goods | anything you can touch |
| Nondurable goods Durable goods | not meant to last meant to last |
| Services | intsangible activities or benifits that an org provides to satisfy customers needs in exchange for smth. |
| Ideas | thought that leads to action |
| Consumer products | : products purchased by the ultimate consumer |
| Convienience Product: | items bought frequently, convienitly, and minimum shopping effort (toothpaste, bread, chips. Innexpensive, lots of places to buy. Promotion: awareness, see over and over in your feed. Will buy other item if its gone) |
| Shopping Product | items bought more infrequently, look at a few diff criteria and compare price or style (suitcase, shoes, headphones. Buy fairly often, not on the regular. Lots of places to look. Promote: differentiation. Specific brand in mind but will accept subs.) |
| Specialty product: | items you make a special effort to search out and buy. (Rolls Royce, rollex. Place is limited. Promotion: uniqueness and status of brand. No substitute, brand loyal) |
| Unsought Products | : item consumer doesn’t know about or know they need it. (Insurance, funerals. Place limited, *awareness is essential* will accept subs) |
| Buisness Products: | products orgs buy that assist in providing other products for resale. |
| Product Item: | specific product that has a unique brand, size, or price (SKU- stock keeping unti) (has barcode) |
| Product Line: | group of products/services that are closely related bc they satisfy a class of needs, used together, sold to same consumer group, distributed thru same outlets, or fall within givin price range. |
| Product Mix: | consists of all product lines together by an org. (Nike’s basketball line, running line, football line) Have different uses |
| Derived Demand | the demand for industrial products that is driven from the demand for consumer products and services. (Fidget spinners needing ball barrings) |
| JC Penny | Buys 100,000 tons of paper per year for newspaper insterts and direct mail. |
| Buisness to Buisness Marketing | marketing of products and services to companies, govs, ect for use in creation of goods they can sell to others. |
| Industrial Markets | buy all compenents for a product, essemble it, and sell it to you |
| Reseller Markets | Buy already made products to sell (wholesalers, retailers) |
| Government Markets | buy and sell goods, buy and make products |
| Reciprocity | 2 organizational buyers agree to buy from each other |
| Supply partnership | when buyer and supplier adopt mutually beneficial objectives |
| Organizational Buying Behavior | decision making process organizations use to establish the need for product and services. Identify, evaluate, and choose among alternative suppliers. |
| Org purchase decision process: | Problem Recognition, Info Search, Alternative Evaluation, Purchase Decision, Post Purchase Behavior. ( bigger and more drawn out than consumer) |
| Problem Recognition | want to use earbuds for salesforce, so need 10,000 earbuds |
| Info Search | use whitepapers to figure out who they want to buy from |
| Alternative Evaluation | what are their facilities, quality control, capacity, and financial status like. Wanna make sure they can keep using them for years to come. |
| Purchase Decision | use these criterias to decide who to buy from *negotiate and award a contract* |
| Post Purchase Behavior | *Most different from consumer side* rigid checklist to determine if they should use this company again or not. Very formal |
| The Buying Center | consist of group of ppl in an org who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision. *ppl in buying center change based on what you’re buying* |
| New Buy | Never bought before, long decision time, buying influence is technical/operating personnel |
| Straight Rebuy | Buying something again and not changing anything. 1 person involved, short decision time, only will change if someone offers a lower price. |
| Modified Rebuy | Bought before, but smth changes. Moderate decision time, uses a few people. |
| E-Marketplaces | online trading communities bringing together buyers and supplier orgs to make possible the real time |
| Traditional Auction | in an E-Marketplace, a online auction where sellers put up items for sale and would-be buyers are invited to bid in competition with each other |
| Reverse Auction | buyer communicated a need for a product or service and would-be suppliers are invited to bid in competition with eachother. |
| Countertrade | practice of using bartering rather than money for making global sales |
| Leading in imports and exports | US, China, Germany |
| International Firm | markets to other countries the same as in home country. Usually company with not much money to adapt to each country. |
| Multinational Firm | Markets differently to each country. DIfferent strategy for each country. |
| Multidomestic Marketing Strategy | used by multinational firms, as many countries as we do buisness in, thats how many product variations, brand names, and ad programs there are. |
| Transnational Firm | emphasize universal consumer needs. Products are recognizable throughout the world, but they might change it slightly for cultural differences, like McDonalds) |
| Global Marketing Strategy | the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. |
| 51% of all websites... | use English |
| Economic Espionage | the clandestine collection of trade secrets or proprietary info about a company’s competitors. (China does this most) |
| Cross Culture Analysis | study of similarities and differences in customers in 2+ nations or societies. |
| Customs | what are considered *normal and expected* about the way people do things in a specific country (tipping) |
| Values | beliefs about what is desirable or appropriate that guide a person’s behavior and decisions. |
| Cultural Symbols | things that represent ideas and concepts in a specific culture (twin towers) |
| Cultural Ethnocentrism | the belief that one culture is superior to another |
| Consumer Ethnocentrism | belief that you should only buy products produced in your own country. Innapropriate to buy from foreign countries. |
| Currency Exchange Rate | the price of one countries currency expressed in terms of another countries currency |
| Figure 7-5 | futher right= higher risk, higher reward |
| Market Entry Strategies | Exporting, Licensing, Joint Venture, Direct Investment |
| Exporting | a company produces products in one country and sells them to another |
| Licensing | allows someone in another country to make your product. Right to trademark, patent, or trade secret |
| Joint Venture | a foreign company and local firm invest together to create a local buisness in order to share ownership, control, and profits of it. |
| Direct investment | own a foreign subsidiary (building new facility in new country) Requires big commitment and acceptence of risk. |
| Product extension | same product sold in different countries |
| Product adaptation | change product for different countries |
| Product invention | new product for different countries |
| Dumping | take products that didnt sell well in US and sell them for much cheaper in other countries |
| Gray Marketing | products are sold thru unauthorized channels |
| which flavor tastes better | Coke vs Pepsi Question |
| Marketing Research | process of defining a marketing problem, opportunity, collecting and analyzing info, and reccommending actions |
| 1. Define the Problem | Set research objectives and Identify possible marketing actions |
| 2. Develop the Research Plan | Specify Constraints, Identify data needed for marketing actions, Determine how to collect data |
| 3. Collect Relevant Info | Obtain secondary and primary data |
| 4. Develop Findings | Analyze data and present findings |
| 5. Take Marketing Actions | Make action reccommendations, Implement the reccommendations, Evaluate results. |
| Measures of Success | criteria or standards used in evaluaating proposed solutions to the problem |
| Legos: play time. | Measure of Success Example |
| Constraints | restrictions places on potential solutions to problems |
| Data | facts and figures related to the project |
| Primary Data | facts and figures that are NEWLY collected for a project |
| more flexible and specific to the problem costly and time consuming | Advantages and Disadvantages of Primary data |
| Secondary Data | facts and figures that have already been recorded prior to the project at hand. |
| Time saving and inexpensive out of date, definitions/categories not right, not specific enough | Advantages and Disadvantages of Secondary data |
| Observational data | facts and figures obtained by *watching* how people actually behave |
| Test Market | used in small geographies to evaluate marketing actions |
| IT Information Technology | all of the computing resources that collect, store, and analyze data |
| Data Mining | practice of examining large databases to find statistical relationships btwn consumer purchasing patterns and marketing actions. |
| sales forecast | total sales of a product that a firm expects to sell during a specific time period under certain conditions and marketing efforts. |
| Focus group | a small group of consumers led by a moderator who discuss their opinions and attitudes about a product or marketing issue. |
| ethnographic | A research technique in which researchers observe consumers in their natural environments to understand how they use products and services. |
| Questionaire Data | facts and figures obtained by asking people questions |
| Neuromarketing | Researchers study brain activity and physiological responses to see how consumers react to ads, brands, or products. |
| Market Segmentation | putting prespective buyers into groups or segments that have common needs and will respond similarly to a marketing action. |
| Product Differentiation | marketing strategy where firm uses different marketing mix actions to help consumer percieve product as different and better than competing ones. |
| Identifying market needs and Executing marketing program actions. (what ppl want and what we give them) | segmentation is the link between |
| Market Product Grid | Chart to relate market segments of potential buyers to products offerred or potential marketing actions. |
| One product and multiple market segments | Books and magazines |
| Multiple products and multiple market segments | Automobiles. Lots of diff ppl and drive lots of diff cars |
| Segments of one- Mass Customization | Built-to-order, you get exactly what you want. Only when there is an order. |
| Cannibalization | stealing sales from yourself (Ann Taylors Loft outlet stores) |
| Tiffany/Walmart Strategy | selling to high end and low end product (Winnie the Phoo plate set) |
| Geographic Segmentation | where customers live or work |
| Demographic Segmentation | objective classification |
| Personas | character descriptions of a brand's typical customers. They bring target market data alive by creating fictional chatacter narratives. |
| Product Positioning | the place a product occupies in a consumers mind based on important attributes relative to competitive products |
| Product Repositioning | changing the place a product occupies in a consumers mind relative to competitive products |
| Perceptual Map | displaying in 2 dimensions the location of products or brands in the minds of consumers to enable a manager to see how they competining products or brands as well as their own. |
| Protocol | statement that, before product development begins, identifies: a well defined target market, specific customers needs, wants and preferences and what the product will do to satisfy consumers. |
| reasons for new product failures | Insignificant point of difference Incomplete market and product protocol Failure to satisfy customer needs on ctirical factors Bad timing No economical access to buyers Poor execution of marketing mix Too little marketing attractiveness Poor produc |
| New Product Development Process | stages org goes thru to identify opportunities and convert them to sales |
| Buisness Analysis | stage of new product process that specifies the features of the product and marketing Strat needed to bring product to market (finance) |
| Commercialization | launch new product into full scale production and sales. (Most expensive stage) |
Created by:
carlyconnard