Term
| Where does product placement happen |
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Definition
Music
Movies
Tv Shows
Video Games
Books |
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Term
| Types of product placements |
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Definition
Visual,
Audible,
Use,
Integrated (the most effective)
Virtual Placement |
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Term
Theory Of product placement
More exposure: |
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Definition
| Reapeated exposure to a brand increases liking for a brand |
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Term
Theory Of product placement
Associative Network: |
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Definition
| The images and association with the characters or story |
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Term
| Reasons for product placement |
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Definition
Chennel Surfing (flipping)
Advent of TIVO ro DVR
Fragmented Media: Cable, Internet, Netflix
Exonimical: Production cost of commercials for exceeding placements
Permanence: a placement is forever including the DVD release |
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Term
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Definition
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Term
| Why is apple the marketer of the decade |
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Definition
The advertising legacy
the brand
Jobs Himself |
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Term
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Definition
Dont sell products, people buy what other people have
never be the first to the market(make something good into great)
Empower early adapters
make your message memorable
surprice and delight your customers |
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Term
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Definition
-Helps Create Value
-Is about satisfying customer needs and wants
-entails an exchange
-requires product price place and promotion decision
-can be performed by both individuals and organizations
-occurs in many settings |
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Term
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Definition
Creating
-Collaboration with suppliers and customers
-creat offerings that have value to the customers
Communication
-Describing those offering
-learning from customers
Delivery
-Getting those offering to the customers
-in a way that optimizes value
Exchange
-Trading value for those offering |
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Term
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Definition
Product:creating offering
promotion:communicating
Place:delivering (getting service/goods to customers)
Price:exchanging/capturing |
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Term
| What is the fundamental purpose of marketing |
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Definition
Create value
firms, partners, customers and society |
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Term
Profitable exhange
Personal value equation |
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Definition
| value= Benifits received - (cost + Hass) |
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Term
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Definition
Philosophy underlying evereything marketers do
seek to satisfy customer needs and wants |
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Term
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Definition
Just buyers and sellers exhanging money
simply about making a profit
a random activity |
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Term
| History of marketing role |
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Definition
1. Prodution oriented era
2. sales oriented era
3. market oriented era
4. value base marketing |
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Term
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Definition
| Make what they can make are not worried about the market |
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Term
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Definition
| Make it sell it. Its aggressive like door ro door salesman |
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Term
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Definition
| alligniny your product with your sales so that sell what your customers want |
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Term
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Definition
| its about customer value and satisfaction |
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Term
| Value based marketing -customer value |
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Definition
offers products that perform
earn trust
avoid unrealistic pricing
give the buyer the facts
offeres organization wide commitment in service and sale support
co creation (allo customer to create the product)
offer excess to allow for plenty of product
monitor the marketplace
share information
balance benefits with cost
build relationship with customers |
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Term
| Societal Marketing orientation |
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Definition
| the idea that an organization exists not only ro satisfy customer wants and needs and to meet organization objectives but also to pressure or enhance individuals and societys long term best interest (coca cola recycles) |
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Term
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Definition
Identifies a firms target market
a related marketing mix their 4 ps
the bases upon which firms plan to build a sustainable competitive advantage |
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Term
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Definition
operation excellence - efficiency
customer excellence - customer service
locational excellence - location, location, location
product excellence - best brand name like rolex |
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Term
| Why should you have a marketing plan |
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Definition
if you fail you plan you plan to fail
overall analysis of how the firm is going to get the marketing strategy accomplished
helps employees and management work towards common goals
allows the marketing manager to enter the marketplace with an awareness of possibilities and problems |
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Term
Planning phase
step one business missiong and objective |
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Definition
What business are we in
should focus on the market or markets the organization is trying to serve rather than a good or service offered
dont want: marketing myopia - defining a business in the term of goods and services rather in term of the benefits that customers seek
dont want tpo be too broad either
also may include sustainable competivie advantage |
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Term
Planning phase step two
SWOT analysis |
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Definition
Internal Sthrenght things the company does well
Internal Weakness things the company does not do well
External Oportunities conditions in the external environment that favor strength
external Threats condition in the external envirment that do not relate to existing strenght or favor areas of current weakness |
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Term
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Definition
| helps identify opportunities and threats |
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Term
| guidelines for designing marketing strategy based on six macroeconimic forces |
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Definition
social
demographic
economic
technological
political/legal
competitive |
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Term
Planning phase step three
indentifying and evaluating opportunities using STP |
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Definition
S Segmentation - which segment of the customer can you satisfy
T targeting - evaluation of each segment attractiveness
P positioning - how you are positioning the product within the target segment |
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Term
Step four
implement marketing mix and allocate resources |
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Definition
product value creation
price value capture
place value delivery
promotion value communication |
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Term
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Definition
competito based pricing
value based pricing
cost based pricing |
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Term
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Definition
realistic
measurable
time specific
consistent with and indication the priorities of the organization |
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Term
Step five
evaluate performance and make adjustment |
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Definition
who is resposible for performance
performance objectivies and measures
financial preformance metrics
portfolio analysis |
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Term
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Definition
stars -
Problem child
cash cow
dog |
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Term
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Definition
High market growth
high market share
cash neutral
hold |
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Term
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Definition
high market growth
low market share
cash absorbing
build |
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Term
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Definition
low market growth
high market share
cash generating
havest or milk |
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Term
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Definition
low market growth
low market share
cash neutral
divest |
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Term
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Definition
defined group most likely to buy a product
changes as consumers age
external elements change consumers desire |
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Term
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Definition
successful leveraing company capabilities
core competency
existing knowledge facilities patents etc |
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Term
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Definition
competive intelligence
proactive rather than reactive strategy |
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Term
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Definition
Firms are part of alliance
align with competitors suppliers etc
just in time delivery system (JIT) |
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Term
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Definition
Culture
core belief and value
passed on from parents to children
rein forced by school churches business and governement
secondary belief and value
more open to change than core beliefs |
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Term
| Who has the most spending power |
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Definition
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Term
| Marketing to hispanic american |
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Definition
the population diversity creates challeges for targeting this group
hispanics tend to be brand loyal but are not aware of many US brands
68% of US hispanics have home interenet access |
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Term
| Marketing to african americans |
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Definition
many firms are creating products for african american market
promotional dollars and media choice directly towards african american continue and increase |
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Term
| Marketing to Asian american |
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Definition
younger better educated and have highest average income of all groups
sometimes called a marketers dream
many products have been developed for asian american market
cultural diversity within the asian american market complicates promotional eddorts |
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Term
ethnic and cultural diversity
multiculturalism: |
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Definition
occurs when all major ethic groups in an area (city, county, or census tract) are roughly equally represented
us trend is towards greater multiculturalism
american racial and ethnic pattern have taken |
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Term
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Definition
people are the beasis for any amarket
demographic characteristics to buyers behavior
-tailoring products to what customers value is key to sales
- demographic coharts have their own needs values and consumption patterns |
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Term
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Definition
39 million born before 1946
most likely to complain
needs special attention
taken time browsing before purchasing
made in the USA
not into designer labels
loyal and willing to spend but quality conscious and want convenient hassle free shopping |
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Term
Generation Cohart
Baby boomers |
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Definition
77 million people born between 1946 and 1964
wealthiest generation in history
-account for % of customer spending
-hold 3/4 of the national financial assets
recession hit baby boomers hard eating into saving and retirement prospect
represent strong target for financial service |
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Term
Generation Cohart
generation x |
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Definition
40 million born from 1965 to 1976
most educated generation to date
less materialistic than other groups
skeptical of marketing
careful spending |
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Term
Generation Cohart
millennials / generation y |
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Definition
60 million born between 1977 and 2000
733 billion in purchasing power
ethnically diverse
fluent with digital technology
personalization and product customization are key to marketing success |
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Term
| what is the biggest determinate of income |
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Definition
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Term
| who has the highest income levels |
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Definition
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Term
| what is consumer behavior |
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Definition
how consumers make purchasing decisions
consumers use and dispose of products |
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Term
| what is the consumer decision process |
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Definition
need recognition
information search
alternative evaluation
purchase
post pushdown |
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Term
Consumer decision process
Step one: |
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Definition
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Term
Consumer decision process
step 2 |
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Definition
information search:
internal information search
-recall information in memory
external information seach
-seek information in outside envirment
-nonmarketing controlled
-marketing controlled |
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Term
| factors affectively consumers seach process : external search |
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Definition
need less information
-less risk
-more knowledge
-more product experience
-low level of interest
-confidence in decision
need more information
-more rish
-less knowledge
-less product experience
-high level of interest
-lack of confidence |
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Term
| factors affectively consumers seach process : the locus of control |
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Definition
internal locus of control
-more search activities
external locus of control
-fate, external factors |
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Term
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Definition
performance risk
-is it what you thought it was going to be
psychological
- how are you going to deal with financial risk |
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Term
| type of product or service |
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Definition
specialty good/service
conveniece good/service
shopping good/service |
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Term
Consumer decision process
step 3 |
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Definition
evaluating of alternative
universal = they are sold everywhere
retriavor = perticular offer
evoked = analyse product attribute, use cutoff criteria, rank atributes by importance
evaluative criteria = not as important
determinat attributes = are helpful to you
decision heuristics
mental shortcut = price = brand = procuct presentation |
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Term
Consumer decision process
step 4 |
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Definition
purchase
ritual consumption |
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Term
Consumer decision process
step 5 |
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Definition
post purchase
cognative decision
inner tension that a consumer experience after recognizing an incositency between behavior and values of opinion |
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Term
| consumer decision process circle |
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Definition
psychological factors
-motive
-attitude
-perception
-learning
-lifestyle
situation factors
-purchase situation
-shopping situation
-tempral state
social factors
-family
-reference groups
-culture
marketing mix
-product
-price
-place
-promotion |
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Term
| psychological factors: Motive |
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Definition
self actualization
esteem
love
safety
physiological |
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Term
| psychological factors: attitude |
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Definition
behavioral
attitude
cognitive
affective |
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Term
| psychological factors: perception |
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Definition
| its how it looks on a person |
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Term
| psychological factors: learning types |
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Definition
experiential
-an experience changes behavior
conceptual
- not learned through direct experience |
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Term
| social factors : individual influence |
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Definition
gender
age life cycle
personality lifestyle |
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Term
| social factors: Reference groups |
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Definition
groups
-family
-friends
-coworkers
-famous people
provide
-information
-reward
-self image |
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Term
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Definition
purchase situation
shopping situation
-store atmosphere
-salespeople
-crowding
-instore demos
-promotions
-packagin |
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Term
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Definition
limited problem solving
habitual decision making
extended problem solving
impulse buying |
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Term
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Definition
selective exposure
-consumer notices certain stimuli and ignores others
-you cannot see everything, you use clues like coke is red
selective distortion
-consumer changes or distorts information that conflicts with feelings or believe
-you buy a zune and then you tell yourself how its like an ipod
selective retention
-consumer remeberes only that information that supports personal belief
-some people remeber commercials some dont |
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