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Stack #4633778
| Term | Definition |
|---|---|
| business to business marketing | marketing of products and services to companies and organizations for use in the creation of products and services they can produce and market to others |
| organizational buyers | manufactures, wholesalers, retailers, etc. that buy products and services for their own use or resale |
| industrial markets | manufactures reprocess (make) a product or service they buy before selling it again to the next buyer |
| reseller markets | wholesalers and retailers that buy physical products and resell them again - do not make anything |
| government markets | government units are the federal, and local agencies that buy goods and services for the constitution they serve |
| demand is .... | derived |
| market characteristics | few customers typically exist, and their purchases are large (K-state buy towels or toilet paper) |
| product or service characteristics | |
| buying process characteristics | |
| marketing mix characteristics | |
| derived demand | (ex: fidget spinner) |
| organizational buying criteria are objective attributes of suppliers (there are 7) | price ability to meet specifications ability to meet delivery schedule technical capability warranties and claim policies past performance production facilities and capacity |
| JCP Media buys how many tons of paper per year for newspaper inserts and direct mail | 100,000+ |
| reciprocity | when 2 organizations agree to buy from each other |
| supply partnership | when buyer and supplier adopt mutually beneficial objectives |
| sustainable procurement | integrates environmental considerations |
| organizational buying behavior | decision making process that helps us understand why we would choose one company over another |
| during purchase decision.... | negotiate terms and award a contract |
| buying center | group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision - the people on buying center change depending on what you are buying |
| buy classes (3) | consist of 3 types of organizational buying situations: new buy, straight rebuy, and modified rebuy |
| straight rebuy | buying the exact same thing - toothpaste |
| modified rebuy | buying similar but changing something |
| e-marketplace | |
| traditional auction | put item up for sale and whoever bids the highest wins |
| reverse auction | a company communicates a need (we need an addition to our building) - companies bid how much they would charge then you decide who you want to work with |
| Countertade | practice of using barter rather than money for making global sales |
| Balance of trade | the difference between the monetary value of a nation's exports and imports |
| Top 3 countries in the world in terms of imports and exports | US China Germany |
| 5 developments that influences global marketing & globalization | |
| globalization | focus on creating economic, cultural, political, & technological interdependence among individual national institutions & economies |
| protectionism | shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| tariffs | gov. taxes on products or services entering a country that primarily serve to raise prices on imports |
| quota | a restriction placed on the amount of a product allowed to enter or leave a country |
| global competition | exists when firms originate, produce, & market products worldwide |
| international firms | markets in other countries same as home country (very little to no change) |
| multinational firms | markets differently to each 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 | emphasize universal consumer needs (global but tweeks for cultural differences) |
| 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(mcdonalds, coke, m&ms) |
| economic espionage | clandestine collection of trade secrets or proprietary information - cost US firms billions of dollars each year |
| cross-cultural analysis | study of similarities and differences in 2+ countries |
| 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 a specific culture (american flag, eiffle tower) |
| back translation | the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| cultural ethnocentricity | belief that |
| consumer ethnocentrism | tendency to believe that it is inappropriate to purchase foreign made products |
| currency exchange rates | price of one country's currency in terms of another country's currency |
| exporting | a company produces products in one country and sells them in another country |
| licensing | right to trademark, patent, or trade secret (less risk) |
| joint venture | foreign and local companies invest together to create a local business in order to share ownership, control, and profits of the new company (more risk, more reward) |
| direct investment | own a foreign subsidiary, very big commitment (most risk, most reward) |
| order of a firm's potential profit and control | |
| product extension | same product sold in different countries |
| product adaptation | change product for different countries |
| product invention | new product for different countries |
| dumping | sell below cost |
| transnational firms | emphasize universal consumer needs (global but tweeks for cultural differences) |
| 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(mcdonalds, coke, m&ms) |
| economic espionage | clandestine collection of trade secrets or proprietary information - cost US firms billions of dollars each year |
| cross-cultural analysis | study of similarities and differences in 2+ countries |
| 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 a specific culture (american flag, eiffle tower) |
| back translation | the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| cultural ethnocentricity | belief that |
| consumer ethnocentrism | tendency to believe that it is inappropriate to purchase foreign made products |
| currency exchange rates | price of one country's currency in terms of another country's currency |
| exporting | a company produces products in one country and sells them in another country |
| licensing | right to trademark, patent, or trade secret (less risk) |
| joint venture | foreign and local companies invest together to create a local business in order to share ownership, control, and profits of the new company (more risk, more reward) |
| direct investment | own a foreign subsidiary, very big commitment (most risk, most reward) |
| order of a firm's potential profit and control | |
| product extension | same product sold in different countries |
| product adaptation | change product for different countries |
| product invention | new product for different countries |
| dumping | sell below cost in other countries |
| gray market | where products are sold through unauthorized channels (parallel importing) |
| marketing research | the process of defining a market problem and oppurtunity, systematically collecting |
| step 1 of marketing research | define the problem - |
| step 2 of marketing research | developing the research plan - identift |
| *step 3 of marketing research | collect relevant information |
| step 4 of marketing research | analyze the data |
| step 5 of marketing research | take marketing action - make action recommendations, implement the action recommendations, evaluate the result |
| measures of success | criteria or standards used in evaluating proposed solutions to problems |
| *measure of success with legos was... | play time - how long |
| constraints | in a decision, the restrictions placed on potential solutions to a problem |
| data | facts and figures related to the project |
| primary data | newly collected data |
| secondary data | have already been recorded prior to the project |
| internal data | inside the firm - inputs(budgets, financial statements, sales call reports) marketing input data |
| external data | outside the firm (Census Bureau, trade association) |
| advantages of secondary data | inexpensive & time saving |
| disadvantages of secondary data | out of date & not specific |
| observational data | facts & figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods |
| personal methods | mystery shoppers, observation, ethnographic research |
| ethnographic research | in your home use environment (watching you do laundry) |
| neuromarketing methods | technology used to study the brain (most accurate) |
| questionnaire data | facts & figures obtained by asking people about their attitudes, awareness, intentions and behaviors (most popular) |
| test markets | used in small geographies to evaluate marketing actions (small group of people try before available to public) |
| information technology | includes all of the computing resources that |
| data mining | the practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions |
| predictive modeling | based on statistical models that use data mining and probabaility analysis |
| *advantages of primary data | |
| *disadvantages of primary data | |
| sales forecast | consists of total sales of a product that a firm expects |
| market segmentation | aggregating prospective buyers into groups pr segments that have common needs and will respond similarly to a marketing action |
| product differentiation | involves |
| market-product grid | chart/framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| example of one product and multiple market segments | books & magazines |
| example of multiple products and multiple market segments | cars/vehicles |
| example of segments of one "mass customization" | build to order, only when there is an order (everyone gets exactly what they want) - ordering a bowl at chipotle o r designing shoes online |
| you want organizational synergy | better functioning organization |
| you do not want cannibalization | stealing sales from yourself |
| Tiffany/Walmart Strategy | capture both ends of the market - selling to high-end and low-end segments |
| Geographic segmentation | where consumers live or work |
| Demographic segmentation | objective classification |
| personas | are character descriptions of a brand's typical customer. personas bring target market data alive by creating fictional character narratives |
| product positioning | the place a product occupies in consumers' minds based on important attributes relative to competitive products |
| product repositioning | changing the place a product occupies in a consumer's mind relative to competitive products (changing slogans - subway) |
| positioning statement | |
| perceptual map | means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see.... |
| product | a good, service, or idea consisting of a bundle of tangible or intangible attributes that satisfy consumer needs |
| goods | tangible attributes |
| durable goods | last over many uses - cars or appliances |
| nondurable goods | consumed in one or few uses - food products |
| services | intangible activities or benefits that an organization provides to satisfy consumers' needs |
| ideas | thought that leads to action |
| consumer products | products purchased by the ultimate consumers |
| convenience products | items that a consumer purchases frequently, conviently, and with minimum of a shopping effort |
| shopping products | consumer compares several alternatives on criteria such as price quality or style |
| specialty products | |
| unsought products | |
| business products | products orgs buy that assists in providing other products for resale - also known as B2B products or industrial products |
| product item | one specific item that has a unique brand, size, or price. Stock-keeping unit (SKU) |
| product line | closely related group of products bc they satisfy a class of needs, are used together, sold to the same customer group, and distributed through the same outlets. (Nike basketball items line - socks, shoes, sweatbands, etc.) |
| product mix | all of the product lines offered by an organization (Nike's wrestling, baseball, tennis, etc.) |
| A product is considered new if... | it is functionally different from existing products |
| continuous innovation | consumers don't need to learn new behaviors (got a new land improved laundry detergent) |
| dynamically continuous innovation | minor behavior changes are needed (getting a new phone or updating a video game) |
| discontinuous innovation | requires new learning in order to use product |
| going from horse and buggy to cars is an example of what type of innovation? | discontinuous innovation |
| protocol | a statement that identifies a well defined target market, specific customers' needs, wants, and preferences, and what the product will be and do to satisfy consumers |
| new products need a precise... | protocol |
| reasons why new products fail (8) | insignificant point of difference incomplete market and product protocol failure to satisfy customer needs bad timing no economical access to buyers poor execution of the marketing mix too little market attractiveness poor product quality |
| new product development process | 7 stages an org goes through tp identify opportunities |
| new product strategy development | stage of new product process that defines the role for |
| business analysis | stage that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
| commercialization | stage that positions and launches a new product in full-scale production and sales - most expensive stage |
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