Term
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Definition
| a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products |
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Term
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Definition
| the process of creating, distrubuting, promoting, and pricing goods, services, adn ideas to facilitate satisfying exchange relationships with customers in a dynamic environment |
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Term
| 3. What is a marketing strategy? |
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Definition
| a marketing strategy is designed around two components (1) the selection of a target market, and (2) creating a marketing mix that will meet the needs of that target market (p.37). I like to write this as an equation: MS = TM + MM; a marketing strategy (MS) is a target market (TM) with a marketing mix (MM) created for it. |
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Term
| 4. Give at least one example from each of the six (6) forces in the marketing environment. |
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Definition
competitive- Brand competitors
economic- willingness to spend
political- political officials relationship to dissuade against laws prohibiting certain marketing activities
legal and regulatory-Sherman Antitrust act-monopolies
technological- internet marketing
sociocultural-demographic changes |
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Term
| 5. What is the role of the FTC? |
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Definition
| Regulates a variety of business practices and curbs false advertising, misleading pricing, and decpetive packaging and labeling |
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Term
| 6. What is the difference between ethical decision-making in marketing, and "social responsibility?" |
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Definition
soc. resp-maximize positive impact and minimize negative impact on society
ethical decision making-principles and standards acceptable marketing conduct as determined by various stakeholders |
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Term
| 7. What is a target market? |
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Definition
| a specific group of customers on whom an organization focuses its marketing efforts |
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Term
| 9. What are the three (3) targeting strategies? |
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Definition
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Term
| 10. What are some segmentation variables for (a) consumer markets, and (b) business markets? |
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Definition
consumer-demographic variables(income), geographic(climate), psychographic(motives), behavioristic (end use),
business- Geographic location, customer size, type of organization |
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Term
| 11. Be able to link the following things you've learned about consumer marketing and consumer buying behavior: level of consumer involvement, information search, convenience products, specialty products, routinized purchases, impulse buying, brand loyalty |
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Definition
| (e.g., when a consumer is making a routine purchase, she is likely using low level of involvement and buying a convenience product with little or no information search; brand loyalty is usually very high in such situations, unless the shopper is totally price conscious, which then requires that the level of involvement be increased in order to find the lowest price! This, by the way, is the total reason for Wal-Mart's success: no source search involvement is required for price-conscious shoppers.) |
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Term
| 12. Describe, with examples, the four types of business markets. Also three types of business products. |
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Definition
producer markets, reseller markets, government markets, institutional markets
products:business services, raw materials, component parts |
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Term
| 13. Know cold the concepts of product line, product mix, width, depth, etc.! |
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Definition
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Term
| 14. Why do we do test marketing? What are we testing? |
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Definition
| introducing a product on a limited basis to measure the extend to which potential customers will actually buy it |
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Term
| 15. Why is business analysis done just before product development? |
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Definition
| assess the potential of a product idea for the firm's sales, costs, and profits |
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Term
| 16. Know several examples of product positioning and, especially, the repositioning that several auto firms are going through right now! |
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Definition
| how a product is viewed to the consumers eyes. Mercedes, Kia |
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Term
| 17. What would a brand manager manage? A market manager? A product line manager? |
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Definition
brand- responsible for a single brand
market-responsible for managing the marketing activities that serve a particular gruop of customers
product line-product line managing |
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Term
| 18. Describe the types of brands, with examples. Also the branding policies |
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Definition
manufacturer brands
private distributor brands,
generic brands-indicate only product category
branding policies-
individual branding
family branding
brand extension branding |
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Term
| 19. Know all the characteristics of services that make them different, and more challenging to market, than goods. |
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Definition
intangibility-unable to be perceived by the sense or to be posessed
inseparability-being produced and consumed at the same time
perishability-inability of unused service capacity to be stored for future use
heterogeneity-variation in quality
customer contact- level of interaction between provider and customer needed to deliver the service |
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Term
| 21. Be able to describe the major modes of transportation/physical distribution, and some advantages/disadvantages of each. |
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Definition
| railroads, trucks, waterways, airways, pipelines |
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Term
| 22. Know about non-store retailing and franchising. |
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Definition
non-store retailing-selling of products outside the confines of a retail facility
franchising-grants a dealer the right to sell products in exchange for some type of consideration |
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Term
| 24. What are the most widely used consumer sales promotion methods? |
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Definition
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Term
| 23. Know why certain product and market situations utilize advertising as their primary promotion mix element, while others use personal selling and trade sales promotion. |
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Definition
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Term
| 25. Know, please, about elastic and inelastic demand, and how these concepts affect the setting of prices. Think beyond your own history and experiences as relates to prices and "must-have" items; there are still situations where many people have to act |
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Definition
elastic-change in price causes an opposite change in total revenue-increase in price decrease in revenue.
inelastic-increase in price increase total revenue. |
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