MARK 3001: Final Exam
165 Cards in this Set
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service
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an intangible offering that involves a deed, performance, or effort that cannot be physically possessed
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customer service
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human or mechanical activities firms undertake to help satisfy their customers' needs and wants
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service vs. product marketing
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-intangible
-inseparable
-heterogeneous
-perishable
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intangible
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-services cannot be touched, tasted, or seen
-requires using cues to make more tangible (atmosphere, images)
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inseparable
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-production and consumption are simultaneous
-cannot inspect out defects ahead of time
-customer is part of service
-lower risk by offering guarantees or warranties
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heterogeneous
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-variability in the service's quality
-technology/automation: can take away from experience
-training and scripts
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perishable
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-cannot be stored for future use
-if not consumed, revenue potential is lost
-must carefully manage supply and demand
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service gaps model
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1. knowledge gap
2. standards gap
3. delivery gap
4. communication gap
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knowledge gap
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-the difference between customers' expectations and the firm's perception of those customer expectations
-use research to understand consumers' needs
-do not assume customers are happy
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service quality
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customers' perceptions of how well a service meets or exceeds their expectations
1. reliability: ability to perform service dependably and accurately
2. responsiveness: willingness to help customers and provide prompt service
3. assurance: knowledge of and courtesy by employees; trust …
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voice-of-customer (VOC) program
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collects customer inputs and integrates them into managerial decisions
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standards gap
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-difference between the firm's perceptions of customers' expectations and the service standard it sets
-establish policies, performance standards
-based upon consumer needs
-educate employees
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delivery gap
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-difference between the firm's service standards and the actual service it provides to customers
-employees do not perform correctly
-hire well, train, monitor, and reward
-empower service providers
-support and incentives for employees
-use of technology
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empowerment
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allowing employees to make decisions about how service is provided to customers
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emotional support
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managers and coworkers should show concern for well-being and standing behind employees' decisions
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instrumental support
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the systems and equipment to deliver the service properly
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communication gap
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-difference between the actual service provided to customers and the service that the firm's promotion program promises
-commercials, comments from sales people
-must reflect actual service
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service recovery
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-listen to customers and involve them in service recovery
-find a fair solution
-resolve problems quickly
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distributive fairness
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a customer's perception of the benefits he or she received compared with the costs
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procedural fairness
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the perceived fairness of the process used to resolve complaints
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expanded 4P's of services
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1. people: employees, customer, and other customers all influence quality of experience
2. physical evidence: the tangible part of the service; the "servicescape"
3. processes: activities which lead up to and are a part of the service
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adjusting basic marketing mix
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1. product: emphasize the service process; build brand image
2. place: generally no intermediaries; convenience is important
3. price: harder to set and justify to customers for many services; use price to adjust demand to supply
4. promotion: focus on making services seem tangible; sh…
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globalization
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the process by which goods, services, capital, people, information, and ideas flow across national borders
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assessing global markets
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-economic analysis using metrics: evaluating general economic environment, market size and population growth rate, and real income
-infrastructure and technology
-government actions (tariff, quota, exchange control, trade agreement)
-sociocultural analysis
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trade deficit vs. surplus
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-deficit: country imports more than it exports
-surplus: higher level of exports than imports (firms prefer to manufacture in these countries)
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gross domestic product (GDP)
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the market value of the goods and services produced by a country in a year
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gross national income (GNI)
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GDP + the net income earned from investments abroad
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purchasing power parity (PPP)
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a theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, if expressed in the same currency
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human development index
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-life expectancy, nutrition, education, access to basic needs
-broader picture
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infrastructure
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the basic facilities, services, and installations needed for a community or society to function
-transportation, communication, distribution channel, commerce
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tariff
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a tax levied on a good imported into a country
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quota
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designates the maximum quantity of a product that may be brought into a country during a specified time period
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exchange control
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the regulation of a country's currency exchange rate, the measure of how much one currency is worth in relation to another
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trade agreements
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intergovernmental agreement designed to manage and promote trade activities for a specific region
-trading bloc: the countries that have signed a particular agreement
-EU, NAFTA, CAFTA, Mercosur, ASEAN
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sociocultural factors
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1. power distance: willingness to accept social inequality
2. uncertainty avoidance: extent to which society relies on orderliness, consistency, structure, and formalized procedures
3. individualism: perceived obligation to and dependence on groups
4. masculinity: extent to which domin…
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BRIC countries
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-Brazil: predicted growth
-Russia: overall growth prospects appear promising; attempting to improve trade relations; declining population; corruption
-India: one of the world's fastest growing markets; 15% of world population; expanding middle and upper classes; increasing global attitu…
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culture
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-the common set of values shared by its citizens that determines what is socially acceptable
-significant difference in values and behaviors across countries and regions
-language problems: back translation; translation errors
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choosing a global entry strategy
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from least to most risk/control
-export
-franchising
-strategic alliance
-joint venture
-direct investment
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exporting
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producing goods in one country and selling them in another
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franchising
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a contractual agreement between a firm, the franchisor, and another firm or individual, the franchisee, to allow the franchisee to operate a business using the name and format developed and supported by the franchisor
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strategic alliance
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collaborative relationships between independent firms, though the partnering firms do not create an equity partnership
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joint venture
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a firm entering a market pools its resources with those of a local firm--ownership, control, and profits areshared
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direct investment
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requires a firm to maintain 100% ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries
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global marketing mix: product or service strategies
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-sell the same product or service in both the home country market and the host country
-sell a product or service similar to that sold in home country but include minor adaptations
-sell totally new products or services
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glocalization
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standardize products globally but use different promotional campaigns to sell them
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reverse innovation
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companies initially develop products for niche or underdeveloped markets and then expand them into their original or home markets
-change message and product
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global market standardization
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same product, same message
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product adaptation
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same message, different product
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pricing strategies
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price depends on tariffs, quotas, anti-dumping policies (present from pricing at or below cost), economic conditions, competitive factors
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global distribution strategies
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-some global channels are very long and complex
-consumer shop small, local stores
-suppliers must be creative in delivering to these outlets
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marketing strategy
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identifies 1) a firm's target markets, 2) a related marketing mix, and 3) the bases on which the firm plans to build a sustainable competitive advantage
-developed through marketing planning
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sustainable competitive advantage
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an advantage over the competition thats not easily copied and thus can be maintained over a long period of time
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customer excellence
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focus on retaining loyal customers and excellent customer service
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operational excellence
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efficient operations and excellent supply chain and HR management
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product excellence
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products have high perceive value and effective branding/positioning
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locational excellence
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good physical location/ internet presence
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the marketing plan
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1. define the business mission
2. situation analysis (SWOT)
3. identify opportunities
4. implement marketing mix
5. evaluate performance using marketing metrics
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phases
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-planning: steps 1&2
-implementation: steps 3&4
-control: step 5
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mission statement
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-broad description of a firm's objectives and the scope of activities it plans to undertake
-attempts to answer: what type of business are we? what do we need to do to accomplish our goals and objectives?
-stay within core competency
-don't succumb to marketing myopia (goods/services v…
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situational analysis
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-determines the firm's internal strengths and weaknesses and external opportunities and threats
-identifies the firm's competitive advantage
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STP
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-segmentation, targeting, and positioning
-firm divides marketplace into subgroups or segments, determines which of those segments it should pursue or target, and finally decides how it should position its products and services to meet the needs of those chosen targets best
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market segment
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customers who respond similarly to a firm's marketing efforts
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target marketing
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a firm evaluates each segment's attractiveness and decides which to pursue
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market positioning
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the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
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implement marketing mix and allocate resources
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-product and value creation
-price and value capture
-place and value delivery
-promotion and value communication
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metric
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measuring system that quantifies a trend, dynamic, or characteristic
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portfolio analysis
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-method to classify current business units/products
-helps determine how to allocate resources
-Boston Consulting Group Growth Matrix
-indicates if growth or consolidation is appropriate
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strategic business unit
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a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives
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BCGGM
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-relative market share on x axis, market growth rate on y axis
-star: high-growth markets, high market share--require heavy investment (invest and grow)
-cash cows: low-growth markets, high market share--have excess resources (maintain and milk)
-question marks: high-growth markets, lo…
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growth strategies
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-market penetration: current markets, current products
-market development: new markets, current products
-product development: new product, current market
-diversification: new market, new product (related or unrelated)
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ways to consolidate
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-harvesting: cut back on resources devoted to product/market
-divestment: eliminate entire product line or division
-pruning: eliminate specific product
-retrenchment: cut back geographically
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marketing
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organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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production orientation
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-focus is on internal capability and technology
-not focused on customer
-what does the firm do best?
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sales orientation
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-focus is on aggressive sales techniques
-how can we sell more of what we have?
-less emphasis on long term relationship
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market orientation/ marketing concept
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make what you can sell
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value based marketing orientation
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-purpose of the organization is to satisfy consumer needs/wants, while meeting organizational objectives
-provide more value than competitors
-what does the customer want?
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why is marketing important?
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-enriches society
-can be entrepreneurial
-expands global presence
-strengthens channel relationships
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societal marketing orientation
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-focus on enhancing benefits to society
-how can I meet consumer needs and benefit society?
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ethics vs. laws
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-ethics: moral principles and values that govern actions
-laws: society's values which are enforceable in court
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framework for ethical decision making
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1. identify issues
2. gather information and identify stakeholders
3. brainstorm and evaluate alternatives
4. choose a course of action (consider 4 sets of norms: societal, general business, personal, company)
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societal norms
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-basic set of values of the society
-ethical decision making metric
-publicity test/transparency test
-moral mentor/admired observer test
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general business norms
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-what is the standard practice in business
-basic business values
-consumer has right to safety, to be informed, to choose, and to be heard (consumer bill of rights)
-no longer caveat emptor (buyer beware)
-industry standards
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american marketing association code of ethics
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-do no harm
-foster trust and consumer confidence in the marketing system
-values of honesty, responsibility, fairness, respect, openness and citizenship
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company norms
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-values
-rules
-controls
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personal norms
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-family
-religion
-values
-personal moral philosophies:
-moral idealism: if there is potential for harm to occur, it is unethical
-utilitarianism: balance good vs. bad
-golden rule test
-person in the mirror test
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profit responsibility
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-companies are responsible only to stockholders and investors
-companies have just one duty: maximize profit within the law
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stakeholder responsibility
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companies are responsible to owners and to customers, employees, and suppliers
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corporate social responsibility
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companies are responsible to:
-employees and their families
-current and potential customers
-society: community and environment
-marketplace: partners and competition
-cultural diversity
-environmental stewardship
-cause related marketing
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marketing environment
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uncontrollable elements outside of any organization that may affect its performance
-environmental scanning: systematic analysis of those elements
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immediate/ corporate environment
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-company has some control
-company, corporate partners
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macro (external) environment
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-no control
-culture/social: values and beliefs (country vs. regional)
-demographics: populations statistics (age, gender, ethnicity, individual income, education)
-political/legal: laws
-technology: innovation
-economic: income and business
-competition: what other firms are doing
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social trends
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-thrift: how consumers think about value
-health and wellness concerns
-greener consumers
-privacy concerns
-time-poor society
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generation Z
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2014-2001
-attitudes
-access to info
-cynical towards ads
-socially connected
-digital natives
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generation Y and millennials
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1977-2000
-largest cohort
-wide range of life cycles
-inquisitive, diverse, time managers, multitasks, identify with brands
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generation X
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1965-1976
-focus on children
-helicopter parents
-biggest spenders at mass merchandisers
-value education
-convenience is important
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baby boomers
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1946-1964
-control 84% of personal wealth
-more active than previous
-postponing retirement
-involved in lives of adult children/ grandchildren
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business cycles
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-recession: falling income/employment/production (focus on value)
-recovery: rising income/employment/production (buy now for better times later)
-prosperity: high income/employment/production (focus on convenience/reward)
-depression: low income/employment/production (focus on basic n…
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competitive environment
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-direct competition (brand): similar/same product
-indirect competition (product): substitutable items--perform same function
-competition for discretionary spending: other possible uses for the money
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low involvement purchases
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-low cost, standardized, not important, low risk
-routine response behavior/habitual
-marketers influence with in store promotions and linking to high involvement issues
-less attention
-peripheral processing
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high involvement purchases
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-important to consumer
-risk is present
-consumer spends time and effort
-substantial differences between alternatives
-extensive process
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actual or perceived risk
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-performance risk
-financial risk
-social risk: meeting groups' expectations
-physiological risk: any harm that could come
-psychological risk
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extended decision making process
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1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post-purchase behavior
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need recognition
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internal and external stimuli make a consumer want to go from their present state to a preferred state
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attribute sets
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-evoked: consideration set
-retrieval: options we can remember
-universal: everything
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compensatory decision making
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use multiple attributes and weight of each
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cognitive dissonance
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doubt of purchase afterwards--buyers remorse
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psychological factors
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motives: physiological needs, safety needs,social needs, esteem needs, self actualization
attitude:
-cognitive: rational
-affective
-behavioral: shaped by experiences
perceptions: exposure; selective distortion
learning
lifestyle: how we spend time and money
demographics
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social factors
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-family: consumer socialization--we learn how to buy from family
-reference groups: membership, aspirational, dissociative
-culture: shared meanings, beliefs, morals, values of a group
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situational factors
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-purchase situation: for self or others
-temporal state: time of day/ mood
-shopping situation: value vs. luxury
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segmentation
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-identifying and serving homogeneous groups of consumers
-segments: naturally existing groups of consumers with similar needs/wants and responses
-target market: the segment your firm chooses to serve
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segmentation, targeting, and positioning process
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1. establish overall strategy or objectives
2. segmentation methods or variables
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
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segmentation methods
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-geographic
-demographic
-psychographic: lifestyle, self-concept, self-values (VALS survey)
-benefits
-behavioral: occasion, loyalty
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segment attractiveness
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-identifiable: who is in the market? are the segments unique?
-substantial: too small and its insignificant; too big and it might need its own store
-reachable: can you reach consumers so they know the product exists, understand what it does, and recognize how to buy
-responsive: move …
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targeting strategy
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-undifferentiated/ mass marketing: firm assumes all consumers are the same
-multisegment/ differentiated: firm selects more than one segment for its target markets
-concentrated/ niche: firm selects one segment as target
-one-to-one marketing or micro marketing: firm treats individuals…
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value proposition
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target customers must have clear understanding of firm's competitive advantage
-can be displayed on perceptual maps
-unique points of difference
-value= what you get for what you give
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the research process
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1. defining objectives and research needs
2. designing the research
3. data collection process
4. analyzing data and developing insights
5. action plan and implementation
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type of data
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-secondary: pieces of information collected prior to this research project; looking things up
-primary: data collected specifically for this research; creating new information
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secondary data
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external:
-government sources
-census
-syndicated data: available for a fee from commercial research firms
-scanner research
internal:
-data warehouse
-data mining
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qualitative research
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-provides initial information
-generally in-depth and unstructured
-observation: manual, mechanical, ethnographic
-in-depth interviews: limited number; somewhat unstructured; time consuming and costly
-focus groups: groups of 8-12 consumers; discuss one topic; facilitated by trained m…
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quantitative research
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-large number of respondents
-statistically valid
-can generalize
-experiments: changing a variable and analyzing results; usually change one of 4P's and look at either sales or awareness; field or lab
-survey research: telephone interviews, mail surveys, internet surveys, mail interc…
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questionnaire issues
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-types of questions: structured (choices are provided--ex. Likert scale and semantic differential) vs. unstructured (choices are not provided--ex. fill in the blank and projective technique)
-ordering of questions: sensitive, personal questions at end; more difficult questions at end
-w…
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sampling
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-who is the population?
-what will be used for the sampling frame?
-what type of sample will be used?
-convenience sampling: limitations
-probability sampling: every person has the same chance of being selected (random number generator)
-systematic random sample: ex. every 4th person…
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action plan and implementation
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-executive summary
-body
-conclusions
-limitations
-supplements including tables, figures, appendices
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product
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-anything that is of value to a consumer and an be offered through a voluntary marketing exchange
-goods, services, places, ideas, organizations, people, and communities
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types of products
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-specialty: consumers show such a strong preference that they will spend considerable effort to search
-shopping: consumers will spend a fair amount of time comparing alternatives
-unsought: consumers either do not normally think of buying or do not know about
-convenience: consumer is…
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breadth vs. depth
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-breadth: number of product lines
-depth: number of categories within a product line
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branding
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a brand can use name, logo symbols, characters, slogans, jingles, URLs, and even distinctive packages
-facilitates purchasing, establishes loyalty, protects from competition, reduces marketing costs, are assets, and impact market value
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brand equity
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-brand awareness
-perceived value
-brand associations
-brand loyalty: consumers less sensitive to price; lower marketing costs; firm insulted from competition
-lovemark: loyalty beyond reason
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brand ownership
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-manufacturer brands or national brands: owned and managed by the manufacturer
-private-label brands or store brands: developed by retailers
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brand dilution
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extension adverse affects consumer perceptions about the attributes the core brand is believed to hold
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co-branding
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two or more brands on one product
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packaging
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-contain and protect
-promote
-facilitate storage, use, and convenience
-facilitate recycling
-provide information
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why do firms create new products?
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-changing customer needs
-market saturation
-managing risk through diversity
-fashion cycles
-improving business relationships
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diffusion of innovation
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-innovators (2.5%): obsessive about trying new products and ideas
-early adopters (13.5%): oriented to community; rely on group norms/ values; opinion leaders
-early majority (34%): collect info and evaluate more than early adopters; deliberate
-late majority (34%): adopt product after…
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factors affecting product diffusion
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-relative advantage
-compatibility
-observability
-complexity and trialability
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how firms develop new products
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-idea generation: internal R&D, R&D consortia, licensing, brainstorming, outsourcing, competitor's products, customer input
-concept testing: testing new product idea among a set of potential customer
-product development: prototype, alpha testing (in-house), beta testing
-market testi…
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product life cycle
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-introduction: low sales; low profits; innovators; one or few competitors; high marketing and production costs; focus on awareness
-growth: rising sales; rising profits; early adopters and early majority; few competitors; aggressive advertising of differences between brands
-maturity: p…
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non-traditional PLCs
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-fads: product popular for a brief period
-trends: more lasting effect on market than a fad
-niche: short growth; long maturity; dominate small section of market
-seasonal: high and low demand depending on season
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the supply chain
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-physical supply network: raw materials, components, manufacturing
-marketing channel: manufacturing, resellers, consumers
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supply chain management
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a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless operation in which merchandise is produced and distributed in the right quantities, to the right l…
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channel intermediaries
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-retailer: sells mainly to final consumers
-merchant wholesaler: buys and takes title to good from manufacturing; stores, ships, and sells to other businesses; more risk
-agent and/or broker: facilitates sale between manufacturer and others; does not take title
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levels of distribution intensity
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-intensive: convenience goods; many intermediaries
-selective: shopping and some specialty goods; several intermediaries
-exclusive: specialty goods and industrial equipment; one intermediary
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strategic relationships
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-mutual trust
-open communications
-common goals
-interdependence
-credible commitments
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electronic data interchange
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computer-to-computer exchange of business documents from a retailer to a vendor and back
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pull vs. push
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-pull: orders based on sales data; more accurate inventory; better when demand is uncertain
-push: merchandise allocated based on forecast; doesn't need sophisticated IS system; good for steady demand items
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distribution center
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-management of inbound transportation
-receiving and checking using UPC and RFID
-storing (put on a rack until needed) and cross-docking (prepackaged for a specific store)
-getting merchandise floor ready: ticketing and marking (price and identification labels)
-preparing to ship
-sh…
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trends in channel design
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-disintermediation: elimination or reduction in the number of levels (decided by market characteristics, product factors, and company factors)
-increased use of electronic channels
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the AIDA model
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-awareness: a multichannel approach increases likelihood that message will be received
-interest: the customer must want to further investigate
-desire: i like it to i want it
-action
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the lagged effect
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-advertising does not always have an immediate impact
-multiple exposures are often necessary
-it is difficult to determine which exposure led to purchase
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advertising
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-most visible element of IMC
-extremely effective at creating awareness and generating interest
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public relations
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-free media attention
-importance has grown as cost of other media has increased
-consumers becoming more skeptical about marketing, PR becoming more important
-publications, video and audio, annual reports, media relations, electronic media
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sales promotions
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-can be aimed at both end user consumers or channel members
-used in conjunction with other forms of IMC
-can be used for both short-term and long-term objectives
-coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, POP displays, rebates, product placement
-cro…
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personal selling
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-some products require the help of a salesperson
-more expensive than other forms of promotion
-internet, telephone, face-to-face, teleconference
-value added: provide information and advice, save time and simplify buying, build relationships
1. generate and qualify leads: trade shows…
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direct marketing
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-growing element of IMC
-includes e-mail and m-commerce
-good for multicultural groups
-database technology improves
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online marketing
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-websites
-blogs
-social media
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setting and allocating IMC budget
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-objective and task method: determines budget required to undertake certain tasks to accomplish objectives
-rule-of-thumb methods: competitive parity, percentage of sales, and available budget
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marketing metrics
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-frequency
-reach
-gross rating points
-web tracking
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search engine marketing
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-clicks
-impressions
-click through rate
-return on investment
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steps in planning and executing an ad campaign
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1. identify target audience
2. set advertising objectives: pull for consumers; push for channel members; inform, persuade, or remind; institutional vs. product focused
3. determine the advertising budget
4. convey the message: informational vs. emotional appeal
5. evaluate and select …
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5 C's of pricing
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-company objectives
-customers
-cost
-competition
-channel members
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company objectives
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-profit-oriented: target profit pricing; profit maximization; target return pricing
-sales-oriented: market share; sales maximization
-competitor oriented: competitive parity; status quo
-customer-oriented: match price to customer expectations; prices set based on perception of value
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price elasticity of demand
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-elastic: price sensitive (E>1)
-inelastic: price insensitive (E<1)
-consumers are less sensitive to price increases for necessities
-elasticity: percentage change in quantity demanded of good A/ percentage change in price of good A
-cross-price elasticity
-income effect
-substituti…
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competition
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-monopoly: one firm controls the market
-oligopoly: a handful of firms control the market
-monopolistic competition: many firms selling differentiated products at different prices
-pure competition: many firms selling commodities for the same prices
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product pricing strategies
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-everyday low pricing
-high/low pricing
-market penetration pricing: set initial price low to build sales and market share
-price skimming: sell product at high price and eventually lower it
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legal aspects and ethics of pricing
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-deceptive or illegal price advertising (ex. bait and switch)
-predatory pricing
-price fixing
-price discrimination
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MARK 3001: Exam 1