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