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Marketing exam 2
| Question | Answer |
|---|---|
| B2B | the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
| New Buy | customer purchases goods and services for the first time, creating more work for the sales person |
| Modified Rebuy | buyer has purchased a similar past, but decides to change some specifications |
| Straight Rebuy | occurs when buyer or buying organizations simply buys additional units of products that had previously been purchased |
| Need recognition | buying organization realizes that there is an unfilled |
| Product specification | details organizations develops potential solutions to issues |
| RFP process 9request for proposal) | other companies come in and make bids to supply their work or components |
| Proposal Analysis and supplier selection | evaluates all RFP proposals and decides if it would be a good fit |
| order specification | order is placed w/ preferred supplier, then supplier sends an acknowledgment it received the order and fills it |
| Vendor performance assessment using metrics | firms analyze their vendors performance o they can make decisions about their future purchases |
| Market Segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| Market Segmentation | the process of diving a market into meaningful, relatively similar, identifiable groups or segments |
| Target Market | the market the company targets towards |
| Positioning method | developing a specific marketing mix to influence potential customers overall perception of a brand, product line, or organization in general |
| Positioning using perceptual mapping | means of displaying or graphing in two or more dimensions, the location of brands, the location of products, brands, or groups of products in customers' minds |
| Geographic | breaks customers into groups by where they live |
| demographic | segments by age, gender, race, education, or income |
| Psychographic | how customers describe themselves |
| Self values | goals for life: self respect, self fulfillment, sense of belonging |
| Self image/concept | image people have for themselves |
| geo-demographic | combination of geographic, demographic, and lifestyle to classify customers |
| benefit | what benefits the customer receives from products or services |
| Behavioral | divides based on how they use the product or service |
| occasional | based on when product is needed |
| loyalty | customers buy almost exclusively from the firm |
| Undifferentiated targeting strategy | focuses on the similarities in needs of the customers opposed to the differences (mass marketing) |
| Differentiated targeting strategy | target several markets with different offerings for each (multi-segment strategy) |
| concentrated market strategy | selects a single market and focuses all its energy on providing a product to fit its needs |
| Micro-marketing | tailors a product or service to individual customers |
| Identifiable | firms need to be able to identify who is in their market |
| Substantial | needs to measure its size and compare to market |
| Reachable | needs to be able to reach market through persuasive communication and distribution |
| Responsive | customers must react similarly and positively to offerings |
| Profitable | focus on potential profit for each segment using market growth, access, and competition |
| Product | everything both favorable and unfavorable that a person receives in exchange (goods, services, ideas) |
| Comsumer Products | products or services used by people for their personal use |
| Specialty products/services | products or services toward which customers show a strong preference that they will expand considerable effort to search for best supplier |
| shopping products/services | products consumers will spend a fair amount of time comparing alternatives. Its usually more expensive and found in fewer stores |
| Convenience products/services | relatively inexpensive item that merits little shopping effort |
| unsought products/services | products consumers either do not think of buying or do not know about it |
| Product Mix | Complete set of all products offered by a store |
| Product Lines | groups of items consumers tend to use together or think of as part of a group of similar products |
| Brand Equity | set of assets and liabilities linked to a brand that add or subtract value provided by the product or service |
| Product Life Cycle | defines the stages that products move through as they enter, get established in, and ultimately leave the marketplace, creating marketers a starting point for planning |
| Intro Stage | (plc) first launch |
| Growth Stage | (plc) gains acceptance and sales increase |
| Maturity Stage | (plc) reaches sales peak |
| Decline | (plc) eventually leaves market |
| Intangible | cannot be touched, tasted, or seen like a pure product *Atmosphere is important to convey value *Images are used to convey benefit of value |
| Inseparable | service and consumption happen at the same time *lower risk by offering guarantees or warranties *Quality of service depends on the quality of employees |
| Variability | when not everything is exactly the same and perfect *labor intensive *heterogeneous |
| Perishable | services that cannot be stored for use in the future *major challenge: synchronizing supply and demand *Deep discounts and off-peak pricing strategies encourage demand during non-peak times |
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