BUS-M 300: EXAM 1
89 Cards in this Set
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marketing
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activity, set of institutions, and processes for creating, communicating, and delivering and exchanging offerings that have VALUE
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customer values
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form, time, possession, place, information, service
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form value
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utility provided by changing raw materials into a finished product
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time value
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product availability when customer needs it
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possession value
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enhancing customers' ability to acquire and use the product over time
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place value
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marketing product available where customer needs it
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information value
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providing relevant information about the product
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service value
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providing ongoing excellent service
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4Ps
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product, promotion, price, place
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Strategic planning steps
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mission statement, setting company objectives, designing business portfolio, planning and implementing strategy
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product oriented
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what they sell
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market oriented
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focus on how to change people's lives
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product life cycle
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limited life, sales pass through distinct stages, products vary, require different life cycles
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product life cycle stages
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introduction, growth, maturity, decline
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growth share matrix
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assists firm in analyzing and designing businesses and products to achieve enhanced profits, sales , or share across various stages of PLC
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matrix
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tool that uses market share data and the growth of the market in which the business or product operates to develop a strategy for growth
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market share
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product unit sales/total market unit sales
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growth share matrix stages
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question mark, star, cash cow, dog
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question mark
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very new products and businesses, low sales
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star
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young but maturing, strong sales
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cash cow
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mature products, strong sales
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dog
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product and business decline
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marketing strategies
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build, hold, harvest, divest
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segmentation
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groups of customers based on their similarity to one another
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unknown customer needs
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solutions for customers that are so radical or revolutionary they cant be envisioned
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PECTS
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political, economical, competitive, technological, social
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WOW
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insight that arises from a PECTS analysis that cant be explained solely on the facts from PECTS alone
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political analysis
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current and future laws, environment issues, political climate
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economic analysis
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economic growth, inflation rates, unemployment, exchange rates, customer confidence
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competitive analysis
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direct/indirect competitors, intensity of competition and trends, success
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technological analysis
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present & future state of tech, competing techs, innovation
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social analysis
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lifestyle needs, customer needs, buying trends, ethical issues
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strategic groups
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competitors can be defined by how they compete to serve the customer
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3 groupings of strategic groups
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pursue similar competitive strategies, have similar firm characteristics, have similar types & sizes of assets
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customer choice
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analysis based on how the customer defines competing solutions
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marketing research
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process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness
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process of marketing reserach
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define research objectives, define data, collect data, analyze data, act on insights
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research objectives
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segmentation, products, pricing & promotion, distribution
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qualitative
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depth of insight, focus groups
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quantitative
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focused on numerical data that is representative of larger group, surveys
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secondary data
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data already collected but for another purpose
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primary data
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data collected to address a specific research question, get yourself
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exploratory research
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develop hypothesis, establish priorities for future, better formulate research purpose, clarify concepts, use qualitative
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descriptive research
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describe phenomena, characteristics, demographics, quantitative
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causal research
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test hypothesis, answer questions
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3 requirements of causal research
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co-variation, temporal sequence, nonsuperious assocation
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co-variation
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two phenomena vary together
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temporal sequence
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appropriate causal order of events
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nonspurious association
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an absence of alternative plausible explanations
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consumer behavior
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process of individuals or groups selecting, purchasing, using, and disposing of goods, services, ideas, or experiences, to satisfy needs and desires
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problem recognition
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consumer perceives a difference between their current product outcomes and their desired outcomes
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information search
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consumers gather information from many sources to make a decision
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alternative evaluation sets
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evoked set, retrieved set, universal set
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evoked set
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small group being evaluated, smaller than total
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retrieved set
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brands stored in memory
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universal set
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all brands available to purchase
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objective attributes
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quantitative, rational, everything in brochure
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subjective attributes
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qualitative, what makes you feel, emotional
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extended problem solving
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purchase decision is important, spend much time, money, and effor
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limited problem solving
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purchase is somewhat important, spend moderate time, effort, and some money
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routine decision making
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frequently solve this need, little time, effort and no money
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psychological influences
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personality, motivation, risk, lifestyle, perception, learning
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personality
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refers to consistent behaviors or responses to stimuli on consistent basis
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self-concept
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how people see themselves and how they think others see them
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motivation
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force within the customer driving them to purchase or not purchase
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5 motivation reasons
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physical, safety, social, reflect success, better themselves
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risk
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purchasing power often produces risk for consumer
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5 risks
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performance, financial, physical, social, time-loss
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performance risk
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product may not perform well, break down
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financial risk
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buyer may lose money, pay too much
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physical risk
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product may be harm to the user's health
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social risk
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friend, relatives, spouse may not approve
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time-loss risk
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maintenance time or time required to return the product to the place of purchase may be excessive
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lifestyle
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values, attitudes, and behaviors exhibited by customers helping predict buying patterns
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3 types of lifestyles
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achievers, strivers, thinkers
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achievers
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live buy goal directed lives and strong commitment to career and family, consume time-saving produts
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strivers
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trendy, fun-loving, less confident, consume safe
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thinkers
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mature, reflective, and well-educated, consume durable
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perception
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process by which the customer selects, organizes, and interprets info
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learning
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affects customers purchasing; emotional vs rational
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situation influences
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physical environment, time, personal factors
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physical environment
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the atmosphere of the store
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time
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the amount of time you have available to make a decision
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personal factors
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your mood, amount of money you have in hand, companions
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socio-cultural influences
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culture and social class
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culture
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societal group who share a distinctive set of beliefs, characteristics, or experiences; race
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social class
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refers to overall rank of people in society; income
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reference group
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can influence an individual's purchase behavior, share same attitudes, evaluations
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opinion leader
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provides valuable information to others
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Study Guide