Midterm 1
Marketing 300 with Lim at University of Wisconsin - Madison
About this deck
By: Caitlin Dean
Textbook:
Principles of Marketing (13th Edition)
Created: 2011-10-23
Size: 118 flashcards
Views: 83
Textbook:
Principles of Marketing (13th Edition)Created: 2011-10-23
Size: 118 flashcards
Views: 83
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Marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
marketing research process
defining problem and research objectives; developing the research plan for collecting information; implementing the research plan - collecting and analyzing data; interpreting and reporting the findings
exploratory research
marketing research to gather preliminary information that will help define problems and suggest hypotheses
descriptive research
marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
causal research
marketing research to test hypotheses about cause-and-effect relationships
ethnographic research
form of observational research that involves sending trained pbservers to watch and interact with consumers in their "natural habitat"
survey research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
experimental research
gathering primary data by selecting marched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
focus group interview
personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization; interviewer "focuses" group discussion on important issues
sample
segment of the population selected for marketing research to represent the population as a whole
customer relationship management
managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty
new product development
development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
concept testing
testing new product concepts with a group of target consumers to find out if the concepts have a strong consumer appeal
product idea
An idea for a possible product that the company can see itself offering to the market
product concept
a detailed version of the new-product idea stated in meaningful consumer terms
product image
The way consumers perceive an actual or potential product
test marketing
the stage of new-product development in which the product and marketing program are tested in realistic market settings
commercialization
introducing a new product into the market
product life-cycle
the course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline
new product development process
idea generation; idea screening; concept development and testing; marketing strategy development; business analysis; product development; test marketing; commercialization
product life cycle stages
product development; introduction; growth; maturity; decline
brand equity
differential effect that knowing the brand name has on a customer response to the product or its marketing
store brand (private brand)
a brand created/owned by a reseller of a product or service
co-branding
using the established brand names of two different companies on the same product
line extension
extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
brand extension
extending an existing brand name to new product categories
culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
subculture
a group of people with shared value systems based on common life experiences and situations
social class
relatively permanent and ordered divisions in a society whose members what similar values, interests, and behaviors
membership groups
groups with direct influence and to which a person belongs
reference groups
form a comparison or reference in forming attitudes or behaviors; aspirational, avoidance
word of mouth
personal communication about a product between target buyers and neighbors, friends, family members, and associates
opinion leader
person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
buzz marketing
cultivating opinion leaders and getting them to spread information about a product or service to those in their communities
lifestyle
a person's pattern of living as expressed in his or her activities, interests, and opinions
selective attention
tendency for people to screen out most of the information to which they are exposed
attitude
a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
brand loyalty
intrinsic commitment to a brand nased on the benefits or values it provides; minimal information processing
cognitive dissonance
buyer discomfort cause by postpurchase conflict
important cultural shifts
health and wellness; energy and global warming
important subcultures in the US
hispanic - fastest growing segment; african american - increasing affluence; asian - most affluent; mature consumers - disposable income
components of social class
education, occupation, income, wealth; family/social network, geographic location, lifestyle, taste
differences in class-based consumption
different brand and product preferences, automobiles, clothes, home furnishings, leisure activities, spending, saving, credit
difference between WOM and Buzz Marketing
buzz marketers are paid to spread the word, WOM is free advertising
evaluation of alternatives
elaboration likelihood model - the durability of attitude change depends upon the extent to which people think about/elaborate on the contents of persuasive communications; central route (more enduring) and peripheral route of persuasion
types of buying behavior
complex buying behavior (high involvement, significant differences between brands), variety-seeking buying behavior (low involvement, significant differences between brands), dissonance-reducing buying behavior (high involvement, few differences between brands), habitual buying behavior (low involvement, few differences)
market segmentation
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products of marketing programs
market targeting
process of evaluating each market segment's attractiveness and selecting one or more segments to enter
geographic segmentation
dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
age and life-cycle segmentation
dividing a market into different age and life-cycle groups
gender segmentation
dividing a market into different groups based on gender
income segmentation
dividing a market into different income groups
psychographic segmentation
dividing a market into different groups based on social class, lifestyle, or personality characteristics
behavioral segmentation
dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
occasion segmentation
dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
benefit segmentation
dividing the market into different groups according to the different benefits that consumer seek from the product
target market
a set of buyers sharing common needs or characteristics that the company decides to serve
undifferentiated (mass) marketing
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated (segmented) marketing
market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
concentrated (niche) marketing
market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
micromarketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups
local marketing
tailoring brands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores
individual marketing
tailoring products and marketing programs to the needs and preferences of individual customers
product position
the way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products
value proposition
the full positioning of a brand - the full mix of benefits upon which it is positioned
product
anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
service
any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
consumer product
a product bought by final consumer for personal consumption
convenience product
consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
shopping product
consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
specialty product
consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
unsought product
consumer product that the consumer either does not know about or knows about but does not normally think of buying
industrial product
product bought by individuals and organizations for further processing or for use in conducting a business
product quality
characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
brand
name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or groups of sellers and differentiates them from those of competitors
product line
group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
product line length
the number of items in the product line
line filling
creating products to fill in the perceived gaps in the product line
line stretching
quality change: upward/downward; no quality change (variety of tastes): horizontal
product mix (product portfolio)
the set of all product lines and items that a particular seller offers for sale
market penetration
strategy for company growth by increasing sales of current products to current market segments without changing the product
market development
strategy for company growth by identifying and developing new market segments for current company products
product development
developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering
diversification
strategy for company growth through starting up or acquiring businesses outside the company's current products or markets
differentiation
actually differentiating the market offering to create superior customer value
SWOT analysis
an overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T)
marketing mix
set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
satisfaction
consumer's expectation - perceived performance
marketing information system (MIS)
people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer/market insights
variety-seeking buying behavior
low consumer involvement but significant perceived brand differences; lots of brand switching
habitual buying behavior
occurs under conditions of low-consumer involvement and little significant brand difference
dissonance-reducing buying behavior
when consumers are highly involved with an expensive, infrequent, or risky purchase, but see little difference among brands
complex buying behavior
when consumers are highly involved in a purpose and perceive significant differences among brands (usually when product is expensive, risky, purchased infrequently, and highly self-expressive)
value proposition
the full positioning of a brand; the full mix of benefits upon which the brand is differentiated and positioned. benefits vs. price: more for more, more for the same, the same for less, less for much less
interactive marketing
training employees in the fine art of interacting with customers to satisfy their needs
introduction stage
product life-cycle stage in which the new product is first distributed and made available for purchase
growth stage
product life-cycle stage in which a product's sales start climbing quickly
maturity stage
product life-cycle stage in which sales growth slows or levels off
buying center
all the individuals and units that play a role in the business purchase decision-making process; size and makeup of buying center varies for different products and for different buying situations
gatekeepers
people in organizations buying center who control the flow of info to others
deciders
people in organizations buying center who have formal/informal power to select or approve the final suppliers
buyers
people in organization's buying center who have formal authority to select the supplier and arrange terms of purchase; negotiations
influencers
people in organization's buying center who help define specifications and provide information for evaluating alternatives
users
members of the buying organization who will actually use the purchased product or service, in many cases they initiate the buying proposal
systems selling (solution selling)
buying a packaged solution to a problem for a single seller, thus avoiding all the separate decisions involved in a complex buying situation
modified rebuy
business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
straight rebuy
business buying solution in which the buyer routinely reorders something without any modifications
e-procurement
purchasing through electronic connections between buyers and sellers (usually online)
business buying process
problem recognition; general need description; product specification; supplier search; proposal solicitation; supplier selection; order-routine specification
promotion
activities that communicate the merits of the product and persuade target customers to buy it
place
company activities that make the product available to target customers
price
the amount of money customers must pay to obtain the product
product
the goods-and-services combination the company offers to the target market
positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
societal marketing concept
the idea that a company's marketing decisions should consider consumer's wants, the company's requirements, consumer's long-run interests, and society's long-run interests
share of customer
the portion of a customer's purchasing that a company gets in its product categories
About this deck
By: Caitlin Dean
Textbook: Principles of Marketing (13th Edition)
Created: 2011-10-23
Size: 118 flashcards
Views: 83
Textbook:
Principles of Marketing (13th Edition)Created: 2011-10-23
Size: 118 flashcards
Views: 83
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
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“I have used this website for three exams, and I see a huge difference in my test results.”
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