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MBA 516
Marketing Midterm
| Question | Answer |
|---|---|
| 80-20 Rule | 80% of your profits come from 20% of your customers |
| Active Information Search | looking for reading material, phoning friends, going online, and visiting stores to learn about product information. |
| Actual Self-Concept | part of the consumer behavior’s personal factors. how people view themselves. |
| Believers | part of psychographic segmentation. Conservative, conventional and traditional people with concrete beliefs. They prefer familiar, US made products and are loyal to established brands. |
| Beltway Boomer | one segment of this huge cohort-college educated, upper-middle-class and home owning. Like many of their peers who married late, these people are still raising children in comfortable suburban subdivisions, and they're pursui |
| Brand Personification Technique | a qualitative measure where you ask a person what they think of when the brand is mentioned. Ask them what kind of person they imagine. |
| Business Markets | consists or all the organizations that acquire goods and services used in the production of other products or services that are sold, rented or supplied to others. Different from consumer markets in that: - Fewer, larger buys - Close supplier-customer re |
| Derived Demand | the demand for business goods ultimately comes from the demand for consumer goods. |
| Buying Alliance | : Two or more organizations, or groups within organizations, collaborating on certain aspects of their spend in order to generate leverage and better value for money for all. |
| Cluster Sampling Method | : a probability sample where the research only targets a specific group within the overall sample. |
| Cohorts | : groups of individuals born during the same time period who travel through life together. AKA generation. |
| Consumer Markets | : companies selling mass consumer goods and services such as juices, cosmetics, athletic shoes, and air travel spend a great deal of time establishing a strong brand image by developing a superior product and packaging, ensuring its availa |
| Convenience Sampling Method | : a non-probability sample where whoever shows up is who your sample is. |
| Cosmopolitans | : Educated, midscale and multi-ethnic, urban couples in America's fast-growing cities. Concentrated in a handful of metros-such as Las Vegas, Miami and Albuquerque-these households feature older home-owners, empty-neste |
| Creative Marketer | : a proactive marketer who discovers solutions customers did not ask for but to which they enthusiastically respond. Example: coke and noncarbonated beverages like vitamin water. |
| Custom Marketing Research Firms | : hired to carry out specific projects. They design the study and report the findings. |
| Customer Relationship Management | : the process of carefully managing detailed information about individual customers and all customer touch points to maximize loyalty. Touch points are any occasion on which a customer encounters the brand and the product. |
| Customer Retention | Reduce defection. A company must define and measure its retention rate. Distinguish the causes of customer attrition and identify those that can be managed better. Compare the lost customer’s lifetime value to the costs of reducing the defection rate. |
| Retention dynamics | Market funnel: the percentage of the potential target market at each stage of the decision process, from merely aware to highly loyal. Acquiring new customers can cost 5 times more that current ones |
| Managing the customer base | Reduce the rate of customer defection. Increase the longevity of the customer relationship. Enhance the growth potential of each customer through “share of the wallet”, cross selling and up selling. Making low profit customer more profitable or terminatin |
| E-procurement | : organized around two types of hubs (1) vertical (center on industries) and (2) functional hubs (logistics, media buying ,advertising) |
| Elastic Demand | : demand for a product is sensitive to price changes. |
| Experiencer | : part of psychographic segmentation. Young, enthusiastic, impulsive people who seek variety and excitement. They spend a comparatively high proportion of their income on fashion, entertainment and socializing. |
| External Marketing Metrics | : describes the normal work of preparing, pricing, distributing and promoting the service to customers. |
| External Networks | : include customers or recipients, intermediaries, stakeholders, complementary, open innovation networks and suppliers |
| External Stimuli | : advertisements, posters, coupons, point-of-purchase materials, store displays, etc which give rise to a drive. |
| Grassroots Marketing | : part of geographic segmentation. Activities such as marketing programs get as close and personally relevant to individual customers as possible. Understanding the needs and wants of local customer groups in trading areas, neighborhoo |
| Hard-core loyals | : consumers who buy only one brand all the time. Give you insight into your strengths. |
| Heterogeneous Preferences Pattern | : differ in product features and services that may be more important than price. The seller of goods carriers a wide assortment to satisfy individual tastes and trains salespeople to inform and advis |
| Homogenous Preferences Pattern | : similar in quality but different enough in price to justify shopping comparisons. |
| Ideal Self-Concept | : part of the consumer behavior’s personal factors. how people would like to view themselves. |
| Income Distribution Trends (U.S.) | : Low, medium, high incomes – US has been a good example of this, but you hear a lot about “the shrinking middle class”. This would be a very negative trend for middle market retailers. (Albertson’s supermarket in Green Lake |
| Increasing Market Share | : You never want 100% because the cost of buying through acquisition may far exceed its revenue value; a company should consider four factors first |
| Increasing Market Share | The possibility of provoking antitrust action (frustrated competitors are likely to cry “monopoly” and seek legal action if a dominant firm makes further in roads. Economic cost: sometimes gaining market share ends up costing you more. Danger of pursuing |
| Increasing Market Share | The effect on actual and perceived quality. The greater, the less perceived quality. |
| Inelastic Demand | : price change has no effect on the supply and demand of a good or service. |
| Internal Marketing Metrics | : describes training and motivating employees to serve customers well. The most important contribution the marketing department can make is arguably to be exceptionally clever in getting everyone else in the organization to pract |
| Internal Stimuli | : things within yourself that make you do something. Your personal preferences and urges. |
| Latent Demand | : consumers may share a strong need that cannot be satisfied by an existing product |
| Makers | : part of psychographic segmentation. Practical, down to earth, self-sufficient people who like to work with their hands. They seek US made products with practical or functional purpose. |
| Market Challenger | : second behind the leader. Typically attack the leader and other competitors in an aggressive bid for further market share. Example: Miller |
| Market Follower | : Third largest market share. Counterfeit, clone, imitate or adapt the leader’s product. Example: Coors |
| Market Leader | : Person with the most market share and usually leads in price changes, new product introductions, distribution coverage, and promotional intensity. Example: Budweiser |
| Market Nicher | : smallest market share. Focus on a particular customer base and are a leader in a small market. Example: Samuel Adams. |
| Market Research Problem Definition | : a situation where your company intends to sell a product or service that fills a specific gap, or intended use |
| Market-penetration Strategy | : finding new users among those who might use the product but currently do not. |
| Marketing Information Systems | : consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. It relies on internal company records, marketing intelli |
| Marketing | : Identifying and meeting human and social needs profitably. Organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit |
| Maslow's Hierarchy of Needs | Self Actualization, Self-Esteem, Love and Belongingness, Safety and Security, Physiological |
| Masstige Goods | : noting or pertaining to goods that are perceived to have prestige or high style but are affordable for a wide range of customers. |
| Members of the Buying Center | : includes all members of the organization who play any of the following seven roles in the purchase decision process |
| Initiators | : users or others in the organization who requests that something be purchased. |
| Users | : those who will try the product of service. In many cases, they initiate the buying proposal and help define the product requirements |
| Influencers | : people who influence the buying division, often by helping define specification and providing information for evaluating the alternatives. Technological personnel are particularly important for these |
| Deciders | : people who choose product requirements or suppliers |
| Approvers | : people who authorize the proposed actions of deciders or buyers |
| Buyers | : people who have formal authority to select the supplier and arrange the purchase terms. they may help shape the product specifications, but they play their major role of selecting vendors and negotiating. |
| Gatekeepers | : people who have the power to prevent sellers or information from reaching members of the buying center. For example, purchasing agents, receptionists, telephone operators. |
| Negative Demand | : consumers dislike the product and may even pay to avoid it. |
| New-Offering Realization Process | : a core business process where all the activities in researching, developing and launching new high quality products quickly and within budget |
| Old Milltowns | : America's once-thriving mining and manufacturing towns have aged-as have the residents communities. Today, the majority of residents are retired singles and couples, living on downscale incomes in pre-1960 homes and apartments |
| Passive Information Search | : Example: noticing cars on the road you find attractive and are thinking of purchasing. |
| Porter's 5 Forces | Threat if New Entrants, Threat of Substitute Products, Rivalry Among Existing Firms, Determinants of Supplier Power, Determinants of Buyer Power |
| PRIZM Clusters | : Potential Rating Index by Zip Markets. Classifies over half a million US residential neighborhoods in 14 distinct groups and 66 distinct lifestyle segments The groupsings take into consideration 39 factors in five br |
| Quota Sampling Method | : Non probability sample where the researcher finds subjects to represent specific catergories. |
| Responsive Marketer | : a way of proactively protecting the market share. finds a stated need and fills it. |
| Share of Heart | : creating and maintaining an emotional bond with people who are important to your organization. |
| Share of Mind | : aimed at establishing a brand firmly in place as the first brand people in a market think of when they need what the brand offers. This type of marketing requires connecting to your customers emotionally |
| Share of Wallet | : sales from existing customers can be increased with new offerings and opportunities. Example: Harley- Davidson sells more than motorcycles and accessories like gloves, jackets, helmets, and sunglasses etc. |
| Social Class | : relatively homogeneous and enduring dividsions in a society, hierarchically ordered with members who share similar values, interest and behavior. Lowe lowers, upper lowers, working class, middle class, upper middles, lower uppers and upper u |
| Specialty-line marketing research firms | : provide specific research services. Best example is the field service firm which sells field interviewing services to another firm. |
| Split Loyals | : consumers who are loyal to two or three brands. Can give insight into competitors. |
| Strivers | : part of a psychographic segmentation. Trendy and fun loving people who are resource constrained. They favor stylish products that emulate the purchases of those with greater material wealth. |
| Subcultures | : provide a more specific identification and socialization for their members. These include nationalities, religions, racial groups and geographic regions. |
| Supply Chain | : a dimension of business innovation. Think differently about sourcing and fulfillment. Also partners with specific suppliers and distributors to create a superior value delivery network. |
| Survivors | : part of a psychographic segmentation. Typically elderly, passive people concerned about change and loyal to their favorite brands. |
| Syndicated-service Research Firms | : gather consumer and trade information which they sell for a fee. Example: Nielsen. |
| Target Markets | : part of the qualified available market the company decides to pursue |
| Total Customer Benefit | : the perceived monetary value of the bundle of economic, function and psychological benefits customers expect from a given market offering because of the product, service, people and image. |
| Total Customer Satisfaction | : a person’s feelings of pleasure or disappointment that result from comparing a product’s perceived performance to the expectations. Expectations result from past buying experience, friends’ and associates’ advice, and marketer |
| VALS categories | Buyers are segmented by psychological/personality traits |
| Innovators | : successful, sophisticated, active, “take charge” people with high self-esteem. Purchases often reflect cultivated tastes for relatively upscale, nice oriented products and services |
| Thinkers | : mature, satisfied and reflective people motivated by ideals and who value order, knowledge, and responsibility. They seek durability, functionality and value in products |
| Achievers | : successful, goal oriented people who focus on career and family. They favor premium products that demonstrate success to their peers. |
| Experiencers | : young, enthusiastic, impulsive people who seek variety and excitement. They spend a comparatively high proportion of income on fashion, entertainment and socializing |
| Believers | : conservative, conventional and traditional people with concrete beliefs. They prefer familiar, US made products and are loyal to established brands |
| Strivers | : trendy and fun loving people who are resource constrained. They favor stylish products that emulate the purchases of those with greater material wealth |
| Maker | : practical, down to earth, self sufficient people who like to work with their hands. They seek US made products with practical or functional purpose. |
| Survivors | : Elderly, passive people concerned about change ad loyal to their favorite brands. |
| Value | : sum of the tangible and intangible benefits and costs to the buyer. |
| Value Capture | : A dimension of business innovation. Redefine how a company gets paid or create innovative new revenue streams. |
| Value Creation | : how a company efficiently develops more promising new offerings |
| Value Delivery System | 1) Choosing the value represents the homework marketing must do before any product exists. Marketers must segment the market, select the appropriate target and develop the offering’s value position 2) Provide value. 3) Communicating the value by utilizing |
| Vertical coordination | A number of forces influence the development of a relationship between business partners. Based on the four relevant factors: availability of alternatives, importance of supply, complexity of supply and supply market dynamism |
| Basic buying and selling | : these are simple, routine exchanges with moderate levels of cooperation and information exchange |
| Bare bones | : these relationships require more adaptation by the seller and less cooperation and information exchange |
| Contractual transaction | : these exchanges are defined by formal contract and generally have low levels of trust, cooperation and interaction |
| Customer supply | : in this traditional custom supply situation, competition rather than cooperation is the dominant form of governance |
| Cooperation systems | : the partners are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation |
| Collaborative | : in these exchanges, much trust and commitment ldad to true partnerships |
| Mutually adaptive | : buyers and sellers make many relationship-specific changes, but without necessarily achieving strong trust or cooperation |
| Customer is king | : in this close, cooperative relationship, the seller adapts to meet the conumer’s needs without expecting much adaption or change in exchange |
| Winner's Circle | : Among the wealthy suburban lifestyles, the youngest, a collection of mostly 25- to 34-year-old couples with large families in new-money subdivisions. Surrounding their homes are the signs of upscale living: recreational |
| Word Association Technique | : qualitative research technique involves asking subjects what words come to mind when they hear the brand’s name. |
| Young Digerati | : the nation's tech-savvy singles and couples living in fashionable neighborhoods on the urban fringe. Affluent, highly educated and ethnically mixed, communities are typically filled with trendy apartments |
Created by:
Andrew Eldridge
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