Term
| List and define the two categories of consumers |
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Definition
-final - consumer buys g/s for personal use. Sale is final with them
-business - consumer buys g/s in order to produce or promote another g/s |
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Term
| Advantages of advertising? |
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Definition
-cost of people per view is low
-reach many geographically different people at once |
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Term
| Disadvantages of advertising? |
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Definition
-although people/view cost is low, there is no escaping the fact that some spend millions each year on advertising
-message might not reach target audience, as advertisers cannot control customer's viewing/reading habits
-impersonal (advertisement can communicate w/ you, but not you w/ it) |
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Term
Describe the marketing mix for the first stage of the product life cycle
Also define first stage |
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Definition
Introduction: product first enters market, many unaware of produce or how it can benefit them
product - relatively new, so customers don't realize how it can satisfy wants/needs
b.High to take advantage of no competitors
c. local (maybe national)
d. used to inform customers of product, potential |
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Term
Describe the marketing mix for the second stage of the product life cycle
Also define second stage |
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Definition
growth: product is successful, competitors take advantage of that growth and enter the market for themselves
a. some adjustments may be made
b. lowering due to increased competition
c. local (maybe national)
d. used to persuade customers that product is better than that of competitors, emphasizes better qualities |
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Term
Describe the marketing mix for the third stage of the product life cycle
Also define the third stage |
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Definition
Maturity: Everyone who wants the product owns it, competitors are in the market already
a. all adjustments have been made
b. lowering due to mass competition
c. global
d. used to remind customers how great product is |
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Term
Describe the marketing mix for the fourth stage of the product life cycle
Also define the fourth stage |
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Definition
decline: consumers have decided that product is no longer satisfying or have found a better alternative
a. no money is put into redesigning at all
b. lowest price it can be while still making a profit
c. local/global (based on where it sells)
d. minimal (based on where it sells) |
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Term
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Definition
1. emotional - based on fear, love, belief, etc
2. rational - logic, fact
3. patronage - based on loyalty |
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Term
| Define 3 types if consumer decision making |
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Definition
1- routine - usually inexpensive, do not require much thought, easy substitute
2. limited - less frequent and more expensive than routine, may shop around first, put more thought into purchase
3. extensive -not made often, very important/expensive, requires consumer to go through all five steps of consumer decision making process |
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Term
| list and describe all steps of creating a marketing plan |
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Definition
1. mission statement - clearly describe nature of business
2. target market - list, describe consumers, different parts of market, how will you attract them?
3. description - no specifics
4. marketing mix:
product: specific
price: also describe how you came up with your price
place: where will you sell/why, and is shipping a factor?
promotion: what will make target market buy?
5. competition - why product can better serve consumers
6. marketing goals - measurable and specific. ex: # of clients, income
7. procedures to monitor results |
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Term
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Definition
| budgeting for marketing activities, obtaining the necessary assistance to customers to assist them with purchasing the organization's g/s |
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Term
| marketing information management |
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Definition
| obtaining, managing, and using market information to improve decision making/performance of marketing activities |
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Term
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Definition
| direct, personal communications with prospective consumers in order to improve decision making/performance of marketing activities |
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Term
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Definition
| used to inform, persuade, or remind consumers about an organization's g/s in order for them to locate, obtain, and use g/s |
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Term
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Definition
| establishes and communicates value of g/s to consumers |
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Term
| Define: production/service management |
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Definition
| designing and developing products that meet the needs of prospective buyers |
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Term
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Definition
| determines the best methods and procedures used to locate, obtain, and use g/s |
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Term
| Define: the marketing concept |
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Definition
| ID customer needs, develop and market g/s, make profit |
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Term
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Definition
| encouraging people to buy things they need/want |
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Term
|
Definition
| taking personal responsibility for actions |
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Term
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Definition
| the organized actions of consumers seeking to increase their influence on business practices |
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Term
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Definition
| a statement of responsibilities for honest/proper conduct |
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Term
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Definition
| concern about the consequences of actions on others |
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Term
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Definition
| an organized effort to influence a company by refusing to purchase its g/s |
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Term
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Definition
| decisions based on honest and fair standards |
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Term
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Definition
| the g/s available to consumers and ability of consumers to afford those g/s |
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Term
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Definition
| paid communication between manufacturer/consumer |
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Term
| What are promotion's three roles in marketing? |
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Definition
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Term
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Definition
to educate potential and current customers of a new g/s or an improvement
helps make smarter purchasing decisions |
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Term
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Definition
| an attempt to encourage customers ot make a purchase, emphasizes product's advantages over other products |
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Term
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Definition
| reminds customer how good existing products are |
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Term
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Definition
| offering a low price to gain market share then raising the price |
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Term
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Definition
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Term
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Definition
| using a high price, but giving a quality g/s |
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Term
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Definition
| high pricing during an introduction phase |
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Term
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Definition
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Term
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Definition
| getting a customer to respond to an emotional rather than rational basis |
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Term
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Definition
| packaging products that complement each other |
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Term
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Definition
| includes "off peak" pricing and early booking discounts |
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Term
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Definition
| giving customers a good value for their money, especially in bad economic times |
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Term
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Definition
| when manufacturers combine several products for one price |
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Term
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Definition
| using incentives like coupons or discounts |
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Term
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Definition
| selling a "bare model" type product and offering the customer many options to choose from as "added" features |
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Term
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Definition
| the number of times per ad/game/show that a g/s is associated with an athlete/team/entertainer |
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Term
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Definition
| renewing/rejuvenating the body/mind with play/amusing activity |
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Term
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Definition
| grouping individuals w/in a larger market that share one/more characteristics |
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Term
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Definition
| the value people believe the receive from a g/s |
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Term
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Definition
| legal right to reproduce a team's logo for payment |
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Term
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Definition
| focuses on information that can be measured, such as income, professuin, age, gender, and education |
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Term
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Definition
| reflects what products you use, how often, and why |
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Term
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Definition
| any free notice about a g/s/event |
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Term
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Definition
| profit a sponsor earns from the support of an athlete/team |
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Term
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Definition
| a person, business, organization that donates g/s to another person/biz/organization/event/in exchange for public recognition |
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Term
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Definition
| a person's public expression of approval/support for a g/s (NOT A FORM OF SPONSORSHIP) |
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Term
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Definition
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Term
| Primates have adapted to the ____life |
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Definition
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Term
| How have primates adapted? |
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Definition
-mobile limbs
-hands/feet with 5 digits
-opposable tumbs
-shortened snout to allow eyes to be placed at the front of the head
-longer juvenile dependency
-give birth to generally one offspring at a time |
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Term
| What did we give up a sense of smell for? |
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Definition
-accurate distance vision
-color vision, high acuity |
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Term
| The cerebral cortex is highly folded for _____ in humans |
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Definition
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