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MKTG Exam 2
| Question | Answer |
|---|---|
| Business to Business Marketing | Marketing of products and services to companies, governments, or non profit organizations for use in the creation of products and services that they can produce and market to others (B2B) |
| Organizational Buyers | Those manufactures, wholesalers, retailers, service companies, non profit organizations, and government agencies that buy products and services for their own use or for resale |
| Three types of organizational buyers | Industrial, reseller, and Government |
| Industrial organizational buyers | reporcess, make a product or service they buy before selling it again farms, construction, even banks. 75% non profit manufactures |
| Reseller Organizational buyer | wholesaler and retailers that buy physical products and sell without any reprocessing |
| Governments organizational buyer | federal, state and local agencies that buy goods and services for the constituents they serve |
| Derived Demand | The demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services ( fidget spinner) |
| What was the derived demand from the fidget spinner outbreak, the industrial product | the industrial product was the ball bearing |
| Organizational buying behavior | the decision process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers |
| Alternative Evaluation | Understand facilities, capacity, quality control, and financial status |
| Post-purchase behavior | is most different from the consumer decision process, uses formal rating |
| Buying center (purchasing Department) | group of people in an organization who participate in the buying process and share common goals, risks, and knowlege important to a purchase decision. |
| What changes depending on what you'er buying? | The buying center/ purchasing department |
| Buy classes | Consists of three types of organizational buying situations, straight rebuy, new buy and modified rebuy |
| New buy | new suppliers |
| Modified Rebuy | same company but change in quantity or product |
| straight rebuy | buying exact same product from same place, the only thing that may change is price |
| E-Marketplaces | Online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange for info, money, products, and services, also called B2B exchanges or e hubs |
| Traditional Auction | in an e marketplace, an online auction in which a seller puts up an item for sale and would be buyers are invited to bid in competition with eachother |
| Reverse Auction | buyer communicates a need for a product and suppliers are invited to bid in competition with each other |
| JCP media | Buys 100,000+ tons of paper per year for newspaper inssets and direct mail, gets thrown away they are losing money |
| Organization = what | Business |
| Market characteristics of organizational buying | demand is derived, fewer customers exist but purchases are larger |
| Product or service characteristics of organizational buying | goods purchased are raw and semifinished |
| buying process characteristics for organizational behavior | there are often reciprocal arrangements, and negotiation is normal online buying is widespread |
| Marketing mix characteristics for organizational behavior | direct selling is the rule, advertising are a technical nature prices are negotiated |
| the 7 organizational buying criteria | 1. price 2. ability to meet quality specifications 3. ability to meed delivery schedules 4. technical capability 5. warranties and claim policies 6. past performances 7. production facilities and capacity |
| Reciprocity | When two organizations agree to buy from each other |
| supply partnership | when buyer and supplier adopt mutually beneficial objectives |
| sustainable procurement | Intergrates environment considerations |
| countertrade | the practice of using barter rather than money for making gloval sales |
| Balance of trade | the difference between the monetary value of a nation exports and imports - |
| top three countries of importers for balance of trade | U.S., China, and Germany |
| Globalization | focus on creating economic, cultural, political, and technological interdependance among individual national institutions and economics |
| Protectionism | the practice of sheilding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| Tariffs | Government taxes on products or services entering a country the primarily serve to raise prices on imports |
| quota | a restriction placed on the amount of product allowed to enter or leave the country |
| global competition | exists when firms originate, produce, and market their products and services worldwide |
| multidomestic marketing strategy | a strategy used by multinational firms that have as many different product variations, brand names and advertising programs as countries in which they do business. |
| Global marketing strategy | a strategy used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarietes and adapting them when cultures differ |
| Global Brand | A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| economic espionage | the clandestine collection of trade secrets or proprietary information about a company's competitors |
| cross-cultural analysis | the 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 specific country |
| cultural symbols | things that represent ideas and concepts in specific culture |
| back translation | the practice where a translation word or phrase is retranslated into the original language by different interpreter to catch errors |
| consumer ethnocentrism | the tendancy to believe that it is inappropriate, ineed immoral, to purchase foreign-made products cultural ethnocentricity belief ones culture is superior |
| currency exchange rate | The price of one country's currency expressed in terms of another country's currency |
| 4 market entry strategys | 1. exporting 2. licensing 3. joint venture 4. direct investing |
| exporting | a gloval market-entry strategy in which a company produces product in one country and sells them in another country ( least difficult less reward) |
| Licensing | right to trademark then looses control or trade secret (low risk - capital free entry) |
| Joint venture | a global market-entry strategy in which a foreing company and local firm 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 | owning a foreign subsidary, (large risk, good reward) |
| Product and promotion strategies | product extension, sell same product in different countries, adaptation- change product in different countries, invention - inventing a new product for each country |
| Dumping | sell below cost in another country |
| Gray Market | parallel imprting where products are sold through unauthorized channels |
| channels of distribution | ee |
| GDP | all exports of goods and services to other countries during one year |
| 3 types of global companys | company'sinternational markets in other countries same as home country little change, multinational- multidomestic different in each, transnational- global, cha: nges slightly |
| Marketing Research | The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions. |
| 5 steps of the marketing reshearch plan | 1. define the problem 2. develop reshearch plan 3. collect relevant information 4. develop findings 5 take marketing actions |
| defining the problem | set research objectives and identify possible marketing actions |
| develping the research plan | specify constraints, identify data needed for marketing actions and determine how to collect data |
| collecting relevant information | obtain secondary data and primary data |
| Developing findings | analyzing the data and present the findings |
| take marketing actions | make action recommendations implement action recommendations and evaluate results |
| Measures of success | criteria or standards used in evaluating proposed solutions to the problem step 1 |
| What is the measure of succes used for legos | playtime (how long) |
| Constraints | In a decision the restrictions placed on potential solutions to a problem step 2 |
| Data | the facts and figures related to the project that are divided into two main parts: secondary data and primary data |
| Secondary data | facts and figure that have already been recorded prior to the project at hand |
| advantages to secondary data | time savings, inexpensive, disadvantage not as specific |
| Primary data | facts and figures that are newly collected for the project |
| advantages and disadvantages of primary data | flexible and specific, disadvantages take longer |
| internal data | inside the firm budgets, sales and customer communications |
| external data | outside of firm (census bureau) internet based reports |
| Observational data | Facts and figures obtained by watching how people actually behave, using mechanical personal, or neuromarketing data collection methods |
| ethnographic research | home use invironment |
| questionnaire data | Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. (easy to administer) trend hunter |
| test markets | used in small geographies to evaluate marketing actions |
| information technology | includes all of the 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 | The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. |
| what question did we make in class | which flavor do you prefer? |
| Market Segmentation | Involves aggregating prospective buyers into groups or segments, that 1. we hope have common needs. 2. hope will respond similarly to a marketing action. |
| Steps in segmenting and targeting markets | 1. group potential buyers into segments, if not simple cost effect you won't gain money than don't do segmentation 2. Group products to be sold into categories 3. develop a makret-products grid and estimate size of markets 4. select target markets 5. |
| the 5th and final step in segmenting and targeting markets | 5. take marketing actions to reach target markets |
| Types of segments | geographic, where customers live or work, demographic, objective sgementation, income, gender ect. |
| production differentiation | a marketing strategy that involves a firm using different marketing mix changing 4ps actions to help consumers perceive a product as being different and better than competing products |
| segments and target markets are the link between what | market needs and market actions |
| market-product grid | a framework to relate the market segments of potential buyers to products offered or potential marketing actions know what it looks like |
| personas | character descriptions of a typical customer in the form of a fictional character |
| production positioning | the place a product occupies in consumer's minds based on important attributes relative to competitive products |
| product repositioning | changing the place a product occupies in conumers mind relative to competitive products |
| Positioning statement | tells you about the company |
| perceptual map | a means of displaying in two dimensions the location of products or brand in the minds of consumers to enable manager to see how they perceive competing products or brands as well as the firms onw product brand |
| segment strategies | one product and multiple market segments- harry potter books, designed for tweens but all ages read multiple products with multiple product segments- automobiles, soccer moms drive mini vans but soccer moms also drive other cars |
| segment strategie called "segments of one" (mass customization) | personalized products like nike tennis shoes or chipotle bowl |
| segmentation trade off | synergies versus cannibalization, taking business away from yourself loft store similar to an taylor, having two price points to capture different markets, ann talor customers just went to loft for cheap price of same products |
| Organizational synergy | better functioning organization |
| tiffany/walmart strategy | selling to high-end and low-end segments whinne the pooh baby plate set |
| Product | a good service or idea consisting of a bundle of tangible and intangible attributes that statisfies consumers needs and is received in exchange for money or something else of value |
| two types of goods | durable and nondurable |
| services | intangible activities or benifits that organization provides to satisfy consumers needs in exchange for money or something else of value (travel medical, cosmetics like dying hair) |
| idea | though that leads to action |
| consumer products | products purchased by the ultimate consumer |
| the 4 types of consumer products | convenince products: items that the consumer purchases frequently with minimum shopping effor shopping products: items consumer compares everal alternative bought every few years specialty products consumer makes special effort to search |
| the final consumer product | unsought products: cosumer does not know about until something happens. tires, coffin ect |
| Business products | products organized buy that assistin providing other products for resale also called B2B or industrial products |
| product item | a specific product that has unique brand, size, or price SKU |
| SKU | stock keeping Unit Bar Code makes it a product item |
| Product Line | a group of product service items that are closely related becasue they satisfy a class of needs. used together sold to the same customer group, distributed at some outlets (nike basketball gear) |
| Product mix | consists of all product lines offered by an organization (basketball+football ect.) |
| Newness | a product is new if it is functionally different from existing products, legally "new" for 6 months |
| continuous | no new learning |
| dynamically continuous innovation: | (new phone) somewhat new |
| discontinuous innocation | all new information moving from horse to buggy |
| 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 customers. |
| 8 ways a product fails | 1. insignificant point of difference. 2. incomplete market and product protocol. 3. Failure to satisfy customer needs. 4. bad timing. 5. no economical access to buyers. 6. poor execution of marketing mix. 7. too little market attractivness. 8 bad quality |
| open innovation | practices and processes that encourage the use of external as well as internal ideas collaboration when conceiving producing and makreting new products and services |
| New-product strategy development | the stage of a new-product development process that defines the role for a new product in terms of the firms overall objectives, swat analysis, environmental scan |
| new products development process | seven stages an organization goes through to identify opportunities and convert them into sellable products or services know steps 1 4 and 7 |
| idea generation | the stage of the new-product development that develops a pool of concepts to serve candidates for new products building upon the pervious stages results |
| screening and evaluation | stage of the new stage of the new products development process that internally and externally evaluates new product ideas to eliminate those that warr no futher effort |
| Business analysis | the stage of the new product development process that specifies the feature of the product or service and the marketing strategy needed to bring it to market and make financial projections |
| development | stage of the new product development process that truns the idea on paper into prototype |
| Market testing | stage of the new products development process exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy |
| Commercialization | stage of new product development process that positions and launches a new product in full scale production and sales ( most expensive stage |
| most expensive stage of new product development process | commercialization |
Created by:
JerseyMeyeres