Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MKTG 250
Exam 2
| Question | Answer |
|---|---|
| reseller market | reselling physical products without reprocessing them (food industry); wholesalers (sysco), retailers(grocery store) |
| industrial market | reprocess a product or service they buy before reselling it (manufacturers) |
| government markets | the federal, state and local agencies that buy goods for the constituents they serve (NASA) |
| derived demand | the demand for industrial products or services is driven by the demand for consumer products – based on expectation of future consumer demand (fidget spinner, ball bearings) |
| reciprocity | : an industrial buying practice in which two organizations agree to purchase each other’s products and services |
| supply partnerships | when a buyer and its supplier adopt mutually beneficial objectives |
| organizational buying criteria | the objective attributes of the suppliers products and services and the capabilities of the supplier themselves; price, quality, delivery, technical capability, warranties, past performance, production facility/capacity |
| org. buying characteristic | Fewer customers typically exist and their purchases are large |
| org. buying objective | emphasis on buying from racial/ethnic minority, women owned businesses, etc |
| buyer-seller relationship | involve complex negotiations concerning delivery, price, technicals specifications, warranties, etc |
| org. buying behavior | the decision-making process that organizations use to establish the need for products and identify, evaluate and choose among alternative brands and suppliers |
| org. buying process | problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior - same as consumer behavior |
| alternative evaluation | consider facilities, capacity, quality control, financial status |
| purchase decision | Negotiate and award contract |
| post purchase behavior | most different between consumer and business – formal vendor rating system |
| buying center | "purchasing"; group of people involved in the buying process- share common goals, risks and knowledge important to purchase decision (users, influencers, buyers, deciders, gatekeepers) |
| buy classes | straight rebuy, modified rebuy, new buy |
| straight rebuy | one person involved, short decision, reorder something you’ve ordered before |
| modified rebuy | few people involved, moderate decision process, current suppliers |
| new buy | never bought before, many people involved, long decision process, new and present suppliers, |
| e-marketplace | online trading communities that bring together buyers and supplier organizations (independent trading or private exchanges) |
| traditional auction | seller puts an item for sale and would-be buyers are invited to bid in competition |
| reverse auction | a buyer communicates a need for a product and would-be suppliers bid in competition with one another |
| countertrade | the practice of using barter rather than money to make global sales |
| GDP | gross domestic product |
| protectionism | the practice of shielding one or more industries within a countries economy from foreign competition through tariffs and quotas |
| quota | limit on amount of product that can be imported/exported |
| tariff | taxes on goods being imported/exported |
| international firm | engage in trade and marketing in different countries as an extension of the marketing strategy in home country |
| multinational firm | view the world as consisting of unique parts and markets to each country differently - multidomestic marketing strat |
| multidomestic marketing strategy | have as many different product variations, brand names and ad programs as countries in which they do business |
| transnational firm | view the world as one market and emphasizes cultural similarities across countries or universal consumer needs - global marketing strat |
| global marketing strategy | the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| economic espionage | clandestine collection of trade secrets |
| cross-cultural analysis | involves the study of similarities and differences among consumers in two or more nations/societies- understand values, customs, symbols and language |
| cultural customs | what is considered normal and expected about the way people act |
| cultural values | represent personally or socially preferrable modes of conduct or states of existence that tend to persist over time |
| cultural language - back translation | a translated word is retranslated into the original language to catch errors |
| cultural ethnocentricity | beliefs ones culture is superior to another |
| consumer ethnocentrism | beliefs that it is inappropriate or immoral to purchase foreign made products |
| economic infrastructure | economic consideration - a countries communications, transportation, financial and distribution systems- is acritical consideration in determining whether to try to market to a country |
| currency exchange rates | economic consideration- the price of one countries currency expressed in terms of another countries currency |
| global market entry strats | exporting, licensing, joint venture, direct investment |
| exporting | producing products in one country and selling them in another country, small-medium sized companies- indirect and direct |
| indirect exporting | when a firm sells its domestically produced products in a foreign country through an intermediary- least commitment, risk and potential profit |
| direct exporting | when a firm sells domestically produced products in a foreign country without intermediaries |
| licensing | offer the right to a trademark, patent, trade secret or other valued item of intellectual property in return for a royalty (NFL) |
| joint venture | foreign company and local firm invest together to create a local business, co-ownership, government involvement |
| direct investment | the biggest commitment a company can make when entering the global market- entails a domestic firm actually investing in and owning a foreign subsidiary |
| product extension | selling the same products in other countries (nike, apple,etc) |
| product adaptation | changing a product in some way to make it more appropriate for consumer preferences (frito-lay) |
| product invention | invent totally new products to satisfy needs across countries |
| dumping | when a firm sells a product below domestic price or actual cost |
| gray market (parallel importing) | products are sold through unauthorized channels or distribution (black market) |
| marketing research | the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions |
| Marketing research process | define the problem, develop a research plan, collect information, develop findings, take action |
| define the problem | set the research objective and identify potential marketing actions |
| measures of success | criteria or standards used in evaluating proposed solutions to problems (LEGO measure of success = play time) |
| develop the research plan | specify constraints, identify data, determine how to collect data |
| constraints | restrictions placed on potential solution to a problem (limits on money available |
| methods | the approaches that can be used to collect data to solve all or part of a problem- observing people and asking questions; sampling, statistical inference |
| collect information | third part of research process |
| primary data | the facts and figures that are newly collected for the project- observational, questionnaire, other sources |
| secondary data | fact and figures that have already been recorded prior to the project at hand (internal and external) |
| advantages of primary data | more flexible, specific to problem |
| disadvantages to primary data | costly, time consuming |
| advantages to secondary data | inexpensive, saves time |
| disadvantages to secondary data | not specific, potentially our of date |
| observational data | facts and figures obtained by watching how people behave (mechanical, personal or neuromarketing methods) |
| ethnographic research | observing ones behavior within their home use environment |
| questionnaire data | (primary)facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors- most commonly used |
| focus group | Informal session of customers who are asked for opinions, help uncover ideas that are often difficult to obtain with an individual interview |
| test market | obtaining data through experiments, used in small geographies to evaluate marketing actions |
| IT | information technology, all computing resources that collect, store and analyze data |
| data mining | the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions |
| sales forecast | refers to the total sales of a product that a firm expects to sell during a specified period of time under specified environmental conditions and its own marketing efforts |
| lost horse forecast | involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast and assessing whether they have a positive or negative impact |
| develop findings | analyze the data, present findings |
| take marketing action | make action recommendations, implement recommendations, evaluate results |
| market segmentation | involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to marketing actions |
| product differentiation | a firm using different marketing mix actions to help consumers perceive the products as being different and better than competing products |
| market-product grid | a framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| bases for segmentation | geographical, demographic, psychographic, behavioral |
| segmentation strategies | 1 product multiple segments, multiple products multiple segments, mass customization |
| 1 product multiple segments | avoid extra costs of developing and producing additional versions of the product; magazines, books, movies (harry potter) |
| multiple products multiple segments | more expensive, very effective if it meets customers needs better; auto industry |
| mass customization | tailoring products or services to the tastes of individual customers on a high-volume scale; build to order |
| cannibalization | stealing sales from yourself, Loft and Ann Taylor; outlet store stole customers from main store |
| Tiffany/Walmart Strategy | selling to high end and low end segments |
| segmentation process | group potential buyers in segments, group products in segments, market-product grid/size of markets, select target market, take action |
| personas | character descriptions of a brand typical customer, bring data alive through fictional character narratives |
| product positioning | refers to the place a products occupies in consumers minds based on important attributes relative to competitive products |
| product repositioning | changing the place a product occupies in a consumers mind relative to competitive products - chocolate milk |
| perceptual map | a means of displaying in two dimensions the location of products in the minds of consumers to enable managers to see how they perceive competing products as well as their own products |
| product | good or service or idea consisting of a bundle of tangible and intangible attributes that satisfy consumer needs, received in exchange of something |
| goods | has tangible attribute that a consumers 5 senses can perceive, nondurable and durable |
| services | are intangible activities or benefits that an organization provide to satisfy consumer needs (taxes, massage |
| convenience products | items that a consumer purchases frequently, conveniently and at minimum shopping effort (toothpaste, hand soap, bread) – relatively inexpensive, easy to find, high awareness |
| shopping products | items for which the consumer compares several alternatives on criteria such as price, quality, style (phone, shoes, smaller appliances) – fairly expensive, lots of options |
| specialty products | items that the consumer makes a special effort to search out and buy (rolls-royce, rolex, etc) – very expensive, limited place to buy, brand uniqueness |
| unsought products | items that the consumer does not know about or doesn’t want (insurance, funeral services) – awareness is essential, limited promotion, accept substitutes |
| product item | a specific product that has a unique brand, size or price (SKU; stock-keeping unit) |
| product line | a group of products or service items that are closely related because they satisfy a class of needs, used together, sold together, etc |
| product mix | consists of all the product lines offered by an organization |
| new products | functionally different from existing products |
| continuous innovation | doesn’t require new learned behavior (gain consumer awareness and wide distribution) |
| dynamically continuous innovation | only minor changes of behavior required (highlight points of difference and benefits) |
| discontinuous innovation | : involves making the consumer learn entirely new consumption patterns to use product (educate consumers through product trial and personal selling) |
| protocol | a statement before product development begins identifying a well-defined target market, specific customer needs and wants, what the product will be and do |
| reasons new products fail | Insignificant point of difference, Incomplete market and product protocol, Failure to satisfy needs on critical factors, Bad timing, No economical access to buyers, Poor execution of marketing mix, Too little market attractivenes, Poor product quality |
| new product development process | : 7 stages a company goes through to identify opportunities and convert them into salable products |
| new product strategy development | first stage, defines the role for a new product in terms of the firms overall objectives – SWOT analysis and environmental scanning |
| business analysis | specifies the features of the product or service and the marketing strategy needed to bring it to the market and make financial projections |
| commercialization | last step, position and launch new product in full-scale production and sales, most expensive stage |
Created by:
kayleejh0829