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Marketing Unit 2
Marketing Unit 2 (Chapters 6-10)
| Term | Definition |
|---|---|
| JCP | Buys 100,000+ tons of paper for newspaper inserts and direct mail |
| Business-to-business marketing | involves the marketing of products and services to companies, governments, or non profit organizations |
| Organizational Buyer | are those manufactures, wholesalers, retailers, service companies, nonprofit orgs, and government agencies that buy goods and services for their own use or for resale |
| Direct Selling | to organizational buyers is the rule, and distribution is very important |
| Derived Demand | is the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services(fidget spinner) |
| Organizational buying criteria are objective attributes of suppliers | price, ability to meet quality specifications, ability to meet delivery schedules, technical capability, warranties and claim policies, past performance, production facilities and capacity |
| Reciprocity | when two orgs agree to buy from each other |
| Supply partnership | when buyer and supplier adopt mutually beneficial objectives |
| Sustainable Procurement | integrates environmental considerations |
| Organizational Buying Behavior | is the decision-making process that orgs use to establish the need for products or services |
| Post purchase behavior | is the most different between the consumer and organizational in the purchase decision process |
| Buying Center | consist of the group of people in an organization who participate in the buying process |
| Buy Classes | consist of three types of organizational buying statins: straight rebuy, new buy, Modified rebuy |
| New Buy | something that has never been purchased before |
| Straight Rebuy | buying something again and nothing has been changed in the buying process |
| Modified Rebuy | rebuying, but looking for improvements |
| E-marketplaces | are online trading communities that bring together buyers |
| Traditional Auction | in an e-marketplace, an item is up for bid people bid on the item, highest bid wins |
| Reverse Auction | in an e-marketplace is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with one another |
| Countertrade | is the practice of using barter rather than money for global making sales |
| Balance of Trade | is the difference between the monetary value of a nation's exports and imports |
| Globalization | is the focus on creating economic, cultural political, and technological interdependence among individual national institution and economies |
| protectionism | is the proactive of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| tariffs | are government taxes on products or services entering a country that primarily serve to raise prices on imports |
| quota | is a restriction placed on the amount of a product allowed to enter or leave a country |
| Global Competition | exists when firms originate, produce, and market their products and services worldwide |
| international firms | markets in other countries same as home country |
| multinational firms | markets differently to each country |
| multidomestic marketing strategy | is used by multinational firms that have as many different product variations, brand names, etc. as countries they do business with |
| global marketing strategy | is 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 | is a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| transnational firm | standardized marketing activities when cultures are similar; different activities when cultures differ |
| 51% | of all websites use English language |
| economic espionage | is the clandestine collection of trade secrets or proprietary information about a company's competitors |
| cross-cultural analysis | is the study of similarities and differences among consumers in two or more nations and societies |
| Customs | are what is considered normal and expected about the way people do things in a specific country |
| Cultural Symbols | are things that represent ideas and concepts in a specific culture |
| Back Translation | is the practice where a translated word or phrase is retranslated into the original language by different interpreter to catch errors |
| Cultural ethnocentricity | belief that ones country is superior to another |
| consumer ethnocentrism | is the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign made products |
| currency exchange rate | is the price of one country's currency expressed in terms of another country's currency |
| exporting | is a global market-entry strategy in which a company produces products in one country and sells them in another country |
| licensing | right to trademark, patent, or trade secret |
| joint venture... | is a global market entry strategy in which a foreign company and local firm invest together to create a local business in order to share |
| direct investment | own a foreign subsidiary |
| Product exension | same product sold in different countries |
| product adaptation | change product for different countries |
| product invention | new product for different countries |
| dumping | sell below cost |
| gray market | where products are sold through unauthorized channels |
| Marketing Research... | is the process of defining the problem and opportunity collection |
| Measure of success | are criteria or standards used in evaluating proposed solutions to the problem (legos=playtime) |
| Constraints | are, in a decision, the restriction placed on potential solutions to a problem |
| Data | are the facts and figures related to the project that are divided into two main parts: secondary and primary data |
| Primary data | are facts and figures that are newly collected for the project(pros: more flexible and specific) (Cons: costly and time) consuming) |
| secondary data | facts and figures that have already been recorded(pros:no time constraint, cheap) (Cons: out of date, definitions and categories don't match, not specific enough) |
| marketing input data | effort expended to make sales |
| Observational data | are the facts and figures obtained by watching how people actually behave, using mechanical, personal, and neuromarketing data |
| ethnographic research | watching someone use a product in their home use environment |
| neuromarketing | electrodes on the brain, the true way to gather data (the brain doesn't lie) |
| questionnaire data | are the facts and figures obtained by asking people questions about the products |
| Information technology... | includes all of the computing resources that collect, store, |
| Data mining | is the practice of examining large databases to find statistical relationship between consumer purchasing patterns and marketing actions |
| Predictive modeling | is based on statistical models that use data mining and probability analysis to foretell outcomes |
| Sales Forecast | consists of the total sales of a product that a firm exeocts to sell during a specifiied time period under specified environmental conditions and its own marketing efforts |
| Marketing Research... | is the process of defining the problem and opportunity collection |
| Measure of success | are criteria or standards used in evaluating proposed solutions to the problem (legos=playtime) |
| Constraints | are, in a decision, the restriction placed on potential solutions to a problem |
| Data | are the facts and figures related to the project that are divided into two main parts: secondary and primary data |
| Primary data | are facts and figures that are newly collected for the project(pros: more flexible and specific) (Cons: costly and time) consuming) |
| secondary data | facts and figures that have already been recorded(pros:no time constraint, cheap) (Cons: out of date, definitions and categories don't match, not specific enough) |
| marketing input data | effort expended to make sales |
| Observational data | are the facts and figures obtained by watching how people actually behave, using mechanical, personal, and neuromarketing data |
| ethnographic research | watching someone use a product in their home use environment |
| neuromarketing | electrodes on the brain, the true way to gather data (the brain doesn't lie) |
| questionnaire data | are the facts and figures obtained by asking people questions about the products |
| Information technology... | includes all of the computing resources that collect, store, |
| Data mining | is the practice of examining large databases to find statistical relationship between consumer purchasing patterns and marketing actions |
| Predictive modeling | is based on statistical models that use data mining and probability analysis to foretell outcomes |
| Sales Forecast | consists of the total sales of a product that a firm exeocts to sell during a specifiied time period under specified environmental conditions and its own marketing efforts |
| Market Segmentation | involves aggregating prospective buyers into groups, or segments, that have common needs, that they will respond similarly to a marketing action |
| product differentiation | is a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different |
| segmentation | is the link between what we figure out people want and what we give them |
| market product grid... | is a framework to relate the market segments of potential buyers |
| one product and multiple market segments | books and magazines |
| multiple products and multiple market segments | automobiles |
| segments of one "mass customization" | build to order only when there is an order(everyone gets exactly what they want)(custom m&ms) |
| organizational synergy | better functioning organization |
| cannibalization | stealing sales from yourself (Anne Taylor and loft) |
| "tiffany/Walmart" strategy | selling high-end and low-end segments (Gap and old navy jeans) |
| if segmentation is not simple and cost effective | don't do it |
| geographic segmentation | where customers live or work |
| demographic segmentation | objective classification |
| personas | are character descriptions of a brands typical customers. personas bring target market data alive by creating fictional character narratives |
| Product positioning | is the place a product occupies in the consumers minds based on important attributes relative to competitive products |
| product repositioning | involves changing the place a product occupies in a consumers mind relative to competitive products |
| perceptual map | two dimensions on how to rate all the products in the category |
| product... | is a god, service or idea consisting of a bundle of tangible and intangible attribute that satisfies consumers' needs and is received |
| goods | things that are tangible (durable: made to last) (nondurable: not made to last) |
| services | are the 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 |
| consumer products (figure 10-1) | are products purchased by the ultimate consumer |
| convenience products | are items that consumers purchases frequently, convenience |
| shopping product | are items we buy more infrequently compare criteria such as price |
| specialty product | are items that a consumer makes a special effort to search out and buy |
| unsought products | are items that consumer either does not know they want to need until they need it |
| awareness is essential | for unsought products |
| business products | are products that organizations buy that assist in providing other products for resale also called B2B products or industrial products |
| product item | is a specific product that has a unique brand, size, or price |
| SKU(barcode) | stock keeping unit |
| product line | is a group of product or service items that are closely 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 of the product lines offered by an org |
| new product | a product is new if it is functionally different from existing products, newness can create new industries (is considered new for 6 months) |
| Continuous innovation (figure 10-2) | Dynamically continuous discontinuous innovation |
| protocol | is a statement that, before product development begins, identifies: a well-defined target market, specific customer's needs, wants, and preferences, and what the product will be and do to satisfy consumers |
| reasons for new product failure | insignificant point of difference, incomplete market and product protocol, failure to satisfy customers' needs on critical factors, no economical access to buyers, poor execution of the marketing mix, too little marlet eatractiveness, poor product quality |
| new-product development process... | seven stages an organization |
| new product strategy development... | is the stage of the new-product |
| idea generation | internally and externally, employee and friend, customer ir supplier, crowdsourcing, universities, inventors |
| business analysis | go no go stage, figure out the finances |
| commercialization (stage 7) | new product process launches the product into full scale production (commercialiazation is the most expensive stage) |
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