Marketing 380 2015 WWU -Staton

ch13 positioning and branding

* how you want to be seen and percieved in relation to the competition. you want to have a distinctivev place in teh mind of teh target market.

ch13 private brands

brand offered by a wholesaler or retailer. In contrast to manufacturers brand, many large wholesalers and retailers place their own brands on the merchandise they market. o Although some manufacturers refuse to produce private label goods, most regard such production as a way to reach additional market segments. o The growth of private brands has paralleled that of chain stores in the U.S. o Manufacturers not only sell their well-known brands to stores but also put the stores own label on similar products.

ch14/15 channel management

channel captain ex: apple is the dominant person in their channel and everyone benefits by following after them ex: walmart, because they are so big and can be captains

ch12 industrial distributor

channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors or business or B2B customers; also called a wholesaler.

ch18 price fixing

collaborating with competitors to set a price, also reffered to as a cartel... illegal

ch2 tactical plan

could be open new factories, or locations to where to sell the cars, or selling to more women. usually shorter term

ch17 evaluation

customer satisfaction ethical issues: being forced to give good surveys.

ch17 cross selling

multiple goods are sold to the same customer

ch13 captive brands

national brand sold exclusively by a retail chain. o The nations major discounters such as walmart, target and kohls have come up with a spinoff of the private label idea. o Typically captive brands provide better profit margins than private labels. o Targets captive brands include linens by designer Rachel ashwell etc...

ch12 raw materials

natural resources, such as farm products, coal, copper or lumber that become part of a final product.

ch17 sales positions

really easy to advance if you sell alot, you will be promoted *potential for getting hired is high * alot of satisfaction *alot of successs *alot of independence *training is really important ( role playing throughout) * a national accounts organization and reagional sales office ( keep track )

ch12 goods

tangible products customers can see, hear, smell, taste, or touch.

ch18 demand based pricing

target costing ( this is what ikea does, basically working backwards) yield management pricing ( pricing to maximize capacity, the travel industry is good at doing this. very good at managing capacity good for companies that have fixed costs.

ch18 ethical and legal issues with pricing

tarifs: trying to protect the market of domestic goods with raising teh price of imports.

ch9 tweens and teens

teens are a rapidly growing market. Even though this group doesn't fall into a single category, they reflect the diversity of the U.S. population in general, the most popular purchases include candy and snacks, soft drinks, clothing, music and electronics. * If marketers could classify this group, it would be called interactive. *The biggest problem for marketers is keeping up with them, let alone staying a step ahead.

ch10 why do we do marketing research?

to collect information to answer a question is the process of collecting and using information for marketing decision-making

ch18 penetration pricing

where youcome in with a low price, ( trying to get economies of scale and market share)

ch17 sales manager

you have to be really good at sales and managing can be very complicated, lead by example, behave ethically.

product development strategy

you look at your existing customers, and what new products can you add for them

ch9 target markets

you need to be very specific *

ch18 loss-leader pricing

you sell some products at a loss to increase purchasing of other products ex: dvd players higher but dvds are alot less, printers and printer ink

ch9 micro marketing

( market very narrow) targeting potential customers at very narrow, basic levels, such as by ZIP code, specific occupation, or lifestyle---possibly even individuals themselves. a. The internet allows marketers to make micromarketing even more effective: by tracking specific demographic and personal information, marketers can send email directly to individual consumers most likely to buy their products. b. Micromarketing, like niche marketing, can become too much of a good thing if companies spend too much time, effort, and marketing dollars to unearth a market too small and specialized to be profitable. c. Micro marketing may cause a company to lose sight of other larger markets. Its important for marketers to assess the situation and pursue the most profitable markets.

ch13 brand principle

( what is your story, values, what is your mission the answer to these questions have to resignate with your target market. Usually a brand principle is like a montra ( 3 words or less. )

ch12 product service strategy

(getting into the marketing mix ( 4ps) • Goods-------> services continuum • A pure good: there is no such thing as a pure good, ( his example of making his own ketchup) • A good with service ( example of your cell phone, for it to have value you need to have the service) • A service with accompanying goods ( air service getting from poing A to B and getting peanuts) • Pure service: ( baby sitting and psychotherapy ) • Know the good service continume o Product

ch9 Geographic information systems (GIS)

* A growing number of companies benefit using GIS to ( locate new outlets, assign sales territories, plan distribution centers, and map out the most efficient delievery routes.)

ch16 advertising channels

* Tv: good for awareness and segmentation, you can do product demonstrations. disadvantages are alot of clutter, people skip commercials. *radio: good for older demographic, imposible to skip a radio add, its relatively inexpensive! but not many people listen to it. you cant make immediae purchases *newspapers: rather inexpensive, coupons, covers , the whole market, pretty flexible, disadvantages are quality and color of ads are low, not alot of sustainability *magazines: there are consumer magazines and business magazines like associated with a trade, very good at getting a precise consumer, with some magazines there is a prestige to them. *direct mail: can be fliers, coupon books, catalogs, advantages of this are that its more personzliaed, you think people will be more likley to buy from you this way. *outdoor advertising: banners, billboards, bus shelters etc.... large awareness, repetitive, cant have fairly complicated messages.

ch6 social classes

* W. Lloyd warners research identified six classes within the social structures of both small land large us cities . 1. upper- upper( its not just about income, means they have had a long term family wealth, brands are less important) 2lower-upper, 3.upper-middle( means you care about education) 4.lower-middle classes(still llive more paycheck to paycheck) 5. working class 6.lower class( you can still splurge) *class rankings are determined by occupation, income, education, family background and residence location. *americans dont like to talk about social classes( although the US has alot of these classes

ch9 two most popular ways to segment by demographic?

* age and gender * example of only males under 25 and females over 25 consistently go to the movies.

ch 4/5 summary

* alot of the information for ch4/5 are out of date *has teh internet changed all teh rules of marketing? ---you can be bombareded with advertisements all the time now. ---companies can get so much more data now because of the internet ---marketing is alot about data ----the ability to go viral has made marketing so much more cheaper now! ----native ads are huge !!! ----a closer dialog with consumers and business ---better social care

ch14/15 marketing intermediaries

* between producer and consumers * sales person * whole sellers *broker *general retailers

ch6 Attitudes

* cognitive: refers to the individuals information and knowledge about an object or concept. * affective: deals with feelings or emotional reactions. * behavioral: invovlves tendencies to act in a certain manner. *alot of marketing focusses on these three attitudes. • Attitudes: persons enduring favorable or unfavorable evaluations, emotions or action tendencies toward some object or idea. As they form over time through individual experiences and group contacts, attitudes become highly resistant to change.

ch16 comparative advertising

* direct and indirect of other companies historically Mac has only been 10-15% of market share, its a niche if you're a market leader, you don't worry about other companies *o Firms whose products are not the leaders in their markets often favor comparative advertising. o Advertising by market leaders seldom acknowledges that competing products even exist, and when they do they do not point out any benefits of the competing brands. o Comparative advertising: advertising strategy that emphasizes messages with direct or indirect promotional comparisons between competing brands. o Comparative advertising was once frowned upon. But the federal trade commission now encourages it, believing such ads keep marketers competitive and consumers better informed about their choices. o When competition through advertising exists, prices tend to go down because people can shop around. o This benefit has proved increasingly true for online consumers, who now use shopping bots to help find the best prices on good and services.

ch9 geographic segmentation

* division of an overall market into homogenous groups based on their locations. Marketers have long practiced geographic segmentation.Geographic location does not ensure all consumers in a location will make the same buying decisions, but this segmentation approach helps identidfy some general patterns. In addition to total population, marketers need to look at the fastest growing states to plan their strategies for the future. *. Population size alone, however, may not be reason enough for a business to expand into a specific country. * Businesses also need to look at a wide variety of economic variables. Some businesses may decide to combine their marketing efforts for countries that share similr population and product use patterns instead of treating each country as an independent segment.

ch12 durability vs. non durability

* durability: what are consumer durables ( houses, appliances) it lasts many ususes, buy these when economy is doing well, provides more jobs has an impact on GDP * non durability: ( bubble gum), doesnt last very long.

ch6 subcultures

* ethnicity, nationality, age, rural versus urban location, religion and geographic distribution * hispanic population, african american population, asian population are all growing within the U.S.

ch6 Family influences

* family influences have changed alot over the years *autonomic vs. syncretic *family of orientation : the habits you form because of your parents *family of procreation: the purchases you make with the family you create

ch9 Positioning ( POD & POP)

* figuring out what youre offering and place in market, you always have to change. * positioining map ( you pick the attributes and tehen decide what the opportunities are) • The concept of positioning seeks to put a product in a certain position or place, in the minds of prospective buyers.

ch17 Prospecting

* filmographics: helpful for prospecting * database marketing : the RFM formula 1. recency 2. frequency 3. monetary value this is how you rate your customers! can be B2C & B2B, this helps you figure out your 80/20 rule.

ch6 Hofsteed's cultural dimensions ( like social class, culture)

* hofstede came up with these cultural dimensions 1. individualism vs. collectivism: mexico is much higher in collectivism, U.S.A is more individualism 2.masculine vs. feminism: is it more nurturing vs. agressive? scandinavian countries are more feministic, more masculine is male / female nouns. 3.high vs. low power: distance, how agalitarian is your culture? high= korea, russia and china. Low= U.S.A. 4.High vs. low risk avoidance: USA is very low risk avoidance, alot of asian cultures are high risk avoidance.

ch12 Homogenous vs. Heterogenous ( shopping products)

* homogeneous: differences but not so great *heterogeneous: spend alot of time thinking about them

Vans case

* it is now a lifestyle brand with many segmented markets fulfiling the needs of all their different target audiences. * their consumers are way less cohesive now *products offered now( professionals, elite amatures, casual skater, kids who play the video games) ---its important to have different placement because you wont have to worry about scaring off groups and you are going to the consumer that way. * this case is a good example of differentiated marketing

ch3 strategic alliances

* its about creating a competitive advantages ( licensing deal , do you build or do you by? ) * licensing deals : like seahawks, they dont make teh seahawk apparal they license it out * joint venture: disney in the city of Hong Kong.

ch9 segmenting by family life cycle stages

* marketers care more about life cycles than a specific age. iii. Families typically spend the most during the eyars their children are growing, on everything including housing, food, clothing , braces and college. Thus they look to obtain value wherever they can. iv. Marketers can create satisfied and loyal customers among this group by giving them the best value possible. v. Empty nesters may have the disposable incomes necessary to purchase premium products once college tuitions and mortgages are paid off. vi. One trend noted by researchesr in the past decade is an increase in the number of grown children who return home to live twith their parents. "boomerangs" vii. Another trend is the growing number of grandparents who care for grandchildren on a regular basis , making them customers all over again for baby and child products.

ch6 social influences

* norms: ar teh values, attitudes and behaviors a group deems appropriate for its members and how group members are expected to comply with these norms. individuals who aspire to be in this group may adopt its standars of behavior and values. * status: is the relative position of any individual member in a group; roles define bahavior that members of a group expect of individuals that hold specific positions.

ch17 team selling

* order processor: the bottom, entry level position in sales you figure out the basic consumer needs. usually separate than the outbound sales person. *missionary sales person: promoting good will within the company, pharmasuetical companys do this alot. you get a budget for entertainment.

ch17 different types of selling

* over the counter: a customer comes to the business * field selling: can be both B2B and B2C, the sales person goes to the customer, very expensive way to sell things, lots of follow up ) -----B2C: network marketing ( this is super scary)--- like avon, tupawear, mary kay, where teh sales come through friends. often the sales person buys the stuff, if they cant sell it they are at a loss. * telemarketing: sales through the phone, usualy have a bad wrap. its a super cheap way to market ---inbound telemarketing: you call the company ---outbound telemarketing: like cold calling * inside selling: where customers come to you *alot of sales are about pushing a solution vs. a sale

ch6 reference groups

* people or institutuions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, values and conduct, such as a spouse, family, friends or celebrities. Consumers usually try to coordinate their purchase behavior with their perceptions of the values of their reference groups. *Reference group influence can create what some marketers call "elastic consumers" consumers who make decisions to save or splurge in the same economy. *primary groups and secondary groups which is asperational( you do want it) vs. dissociative ( you dont want it.)

intermobile ON FINAL

* piggie back: when you have stuff shipped on a truck * birdie back: when you have stuff shipped by trucks and trains and plains * fishie back : shipped via the ocean then truck

ch2 porters 5 forces

* potential for new entrants: lots of choices drive down prices * barganing power of suppliers: ex: diamond, oil, have huge power on suppliers. * threat of substitute products: the more products the worse for a company * rivalry among competitors.

ch1 production era

* pre 1925 *when it was about stressing the efficiency in producing a quality product. They thought a good product would sell its self. *known for Fords model T( can have it in every color as long as its in black) *production orientation: business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that " a good product will sell itsself"

ch17 approach

* precall planning: you are figuring out the consumers needs the more you uncover the mkore teh customer will be impressed * presentation (SPIN):relate to problems and needs

ch13 brand management roles

* previously was a brand manager responsible for one single brand, but now it has shifted to be category managment where product management system in which a category manager with profit and loss responsibility over sees a product line. ( this maximizes sales for the retailer by overseeing an entire product line, usually assisted by analysists, some other responsibilities include: defining the category based on the target markets needs, scoping out a consumers decision process when shopping the category, identifying consumer groups and the store clusters with the greatest sales potential, creating marketing strategy and performance egoal for each cluster and using a score card to measure progress, defining and executing the tactics and tracking progress.

ch6 personal determinants of consumer behavior

*Consumer behavior is affected by a number of interna;l, personal factors in addition to interpersonal ones. Each individual brings unique needs, motives, perceptions, attitudes, learned responses, and selfconcepts to buying decisions. *need: imbalance between actual and desired states ( this then creates a motive) *motive: inner state that directs a person toward the goal of satisfying a need. This individual takes action to reduce the state of tension and return to a condition of equilibrium.

ch6 elastic consumers

*Reference group influence can create what some marketers call "elastic consumers" consumers who make decisions to save or splurge in the same economy. * during slow economy instead of being frugal they spend on designer stuff because of their reference group influence.

Virgin mobile case *niche targeting *placement *contracts *hidden costs *virgin went with a prepaid plan, priced at .25 per minute for the first 10 minutes, then .10 for the rest of the day, it became the fastest to get 1,000,000 customers and got half a billion dollars!!! potential exam questions: 1. calculate CLV 2. A company can differentiate by rice as well as price structure 3. marketing is about math 4. whats the differences between the acquisition cost of virgin mobile and the disciples of Staton. ----with the disciples of staton we have a fixed cost of the recording studio, a variable cost of each CD to produce and a selling price. its easier to calculate the contribution margin for this example as well as to calculate the break even point in dollars. for virgin mobile we calculate for how many months we will break even with a customer how the differences of fixed costs are allocated against acquisition costs, how are variable costs and fixed costs differentially calculated for different products.

* pricing levels Vs. pricing structure ---pricing levels: how you price to customers about pricing amounts ----pricing structure: hos is a payment presented to a customer ( lease vs. buy), installments, down payments *pricing options 1. clone the industry 2. price lower than others( pricing level is lower, they can target lower people) 3. "crazy plan" (prepaid w/elimination of contracts) *virgin mobile was considered to be in the maturity/ decline stage * know customer lifetime value ( understand this but don't have to calculate it) ---how much money you make over the lifetime of a customer ----keep in mind the churn rate of a customer ---margin per month: margin the customer generates in a year *know customer acquisition costs( easiest to change) 1. advertising cost per customer($75~$105 per customer) 2. hand set subsidy( $100~$200) ---they make service look lower ---variable cost 3. sales commission subsidy($100) ---around $370 total acquisition cost. * breakeven ---cm ( contribution margin= price-variable cost) ---acquisition cost divided by contribution margin = breakeven --for virgin , breakeven point is 16.8 months *the disciples of mark ( how the differences of fixed costs are allocated against acquisition costs) how are variable costs and fixed costs differentially calculated for different products.

ch6 low involvement purchase decisions

* routine purchases that pose little risk to the consumer (buying a loaf of bread or a pint of ice cream at the store) few buyers invest that much effort in choosing a brand of orange justice , but believe it or not they still go through steps of the consumer decision process. But on a more compresses scale. * ( not a whole lot of risk)

ch16 The communication process

* sender: source of the message communicated to the receiver. ( sender acts as the source in the communication system as he or she seeks to convey a message) o The marketer is the message sender: he or she encodes the message in the form of sales presentations, advertising, displays or publicity releases. o The channel for delivering may be a salesperson, PR outlet, website or an advertising medium. o Decoding is often the toughest step in marketing communications because consumers do not always interpret messages the same way as senders do. o Since recievers usually decode messages according to their own frame of referenceor experience, a sender must carefully encode a message to match the targests frame of reference. o Feedback lets marketers evaluate the effectiveness of the message and tailer their responses accordingly. • It may take the form of attitude change, a purchase, or a nonpurchase. • In some instances, marketers use promotion to create favorable attitudes toward their goods or services in the hope of future purchases. Other promotional comm. Aim to stimulate consumer purchases directly. • Even a non purchase is feedback. • Marketers must be keenly aware of why messages fail. • Noise can be one of those reasons why failure occurred.( international noise especially) • Also non verbal cues.

ch10 Quantitative

* structured and scientific, have large samples * survey data is teh grandaddy of quantitative research the qualitative leads to a more quantitative research!

ch6 subliminal perception

* the history is really interesting but it doesnt relly work very well. * it has to do more with priming your consumers by getting them into the mood to do something ( like ad placement)

ch10 test marketing

* three major problems are it is expensive, competitors usually learn about the new product quicker, and some products are not suited well to be tested on teh market.

ch9 differentiated vs. undifferentiated marekt

* undifferentiated marketing: one size fits all, like toilet paper, or Model T(ford), WD40 its teh one to use for everything *differentiated marketing: Vans, where we do the whole pyramid( pros, elites, casual skaters and video gamers) they had specific marketing mixes for each one of those groups. this is differentiated marketing.

ch14/15 manufacturuer

* when do you see a zero level? --- like a brewery that makes their own beer ( goes straight from manufacturing to the consumer) *you need to think about your target market in terms of what levels you are wanting. ---the same product could be through many different levels ----generally its cheaper for a consumer to go to a retailer and not straight from the producer/ ----people who go straight to the producer are consumers who have more inelastic demand.

ch14/15 difference between wholeseller and distributer

* wholeseller: manufacture sells stuff to wholeseller and wholeseller breaks the bulk up * distributers do the same but more, like the beer guy that shows up to the bars. distributors manage the inventory

ch17 SPIN QUESTIONS

* with personal selling, you want to ask spin questions S-situation: this is where you establish the need P-problem: you try to ask a question that can solve a problem( ex: does your back hurt from mopping?) I-Implication: you ask a question about the consequenses N-Need payoff: this is where you bring up your solution/ product

Ch2 SMART objectives

* you cant create a marketing plan without a specific objective. those objectives must be SMART! -SPECIFIC -MEASURABLE -ACTIONABLE -REALISTIC -TIME BOUND

ch1 Sales era

*1920-1950 * the idea that it was really about advertising and personal selling that made people want purchases. *outputs got greater and greater and greater * manufacturers made sure they had very strong sales forces * sales orientation: belief that consumers will resist purchasing nonessential goods and series, only marketing and personal selling can overcome consumers resistance and persuade them to buy.

ch1 Marketing era

*1950s-1980s *( mad men)---advertising became really important, media channel efficiencies, suddenly 75 million people were watching tv shows etc. * firms had a strong sense of consumer orientation, and the marketing concept became important ( this is where we came up with the 4-ps and the 5-cs)

ch1 Relationshp era

*1990s *we really begand to understand the imiportance of customer acquisition cost, and long term value added relationships *this era ended in the early 2000s

ch9 demographic segmentation

*The most common method of marketing segmentation is demographic segmentation which defines consumer groups according to demographic variables such as gender, age, income, occupation, education, household size, sexual orientation, and stage in the family lifecycle. * similarities within a group that is quantifiable * while demographic segmentation is helpful, it can also lead to stereotyping which can alienate a potential market or cause marketers to miss a potential market altogether.

ch1 5-cs

*company: *competitors: *collaborators: 3rd party that help with creating communicating and delivering value but not part of our company *customers: who are all the types of customers a company go after? *context: the pestel analysis

ch1 Consumers and marketing

*consumers create needs, marketers dont create needs. *turning needs into wants. * marketers fulfill these needs. the key is to not focus on the products its self, but focus on the BENEFITS that they are providing.

ch6 interpersonal

*determinants of consumer behavior * culture * subcultures * social influences

ch9 Psychographic segmentation

*division of population into groups having similar attitudes, values and lifestyles. * A life style refers to a persons mode of living and describes how an individual operates on a daily basis. * Consumers lifestyles are composites of their individual psychological profiles, including their needs, motives, perceptions, and attitudes. Also influences from family, jobs, social activities and culture. *The most common method for developing psychographic profiles of a population is to conduct a large scale survey asking consumers to agree or disagree with a collection of several hundred AIO statements psychographic segmentation: i. does help marketers quantify aspects of consumers personalities and lifestyles to create goods and services for a target market. ii. These profiles produce much richer descriptions of potential target markets than other techniques can achieve. iii. Psychographic segm. Is a good supplement to segmentation by demographic or geographic variables.

ch6 ASCH phenomenon (group dynamics)

*line size experiement video *groups influence peoples purchase decisions more than they realize. Most people adhere in varying degrees to the general expectations of any group they consider important often without conscious awareness. The surprising impact of groups and group norms on individual behavior has been called the Asche phenomenon. *Asch found that individuals conformed to majority rule, even if it went against their beliefs. * very powerful force in building behaviors ( branding is really important then as well) external and internal factors

ch16 message

*message: communication of information, advice, or a request by the sender ro the receiver. An effective message accomplishes three tasks: o 1. it gains the recievers attention o 2. It achieves understanding by both receiver and sender. o 3. It stimulates the recievers needs and suggest an appropriate method of satisfything them. o These tasks are related to the AIDA concept. • encoding, translating it into understandable terms and transmitting it through ta communications channel. • Decoding is the recieveers interpretation of the message. • The recivers respons, known as feedback, completes the system. • Through the process, noise, wich is ineffective promotions , or advertising or poor radio or television reception, can interfere with the transmission of the message and reduce its effectiveness.

3 main ways to get traffic

*paid media *earned media *owned media

ch1 non traditional marketing

*person marketing:using a celebrity or authoritative figure to cultivate attention *place marketing: has become more important in the world economy not only for tourism but also to recruit business and workers. *cause marketing: identification and marketing of a social issue, cause, or idea to selected target markets. *event marketing:marketing of sporting, cultural and charitable activities to selected markets. *organization marketing:markets efforts of mutual benefit organizations service orgs and gov orgs that seek to influence others to accept their goals, recieve their services or contribute to them in some way.

ch1 Social era

*presently in *how the internet and social media sites haev made that the customers are actually a part of our marketing in a way that they really never were before.

ch6 consumer behavior

*process through which buyers make purchase decisions. * Consumer behavior builds on an understanding of human behavior in general. In their efforts to understand why and how consumers make buying decisions, marketers borrow extensively from the sciences of psychology and sociology.

ch1 4-ps

*product *price: how much are you going to charge for it, how will you charge for it? *promotion: this is advertising ( paid, earned, owned)- bundles are a good way to promote *placement ( distribution): you wouldnt sell channel at walmart, or tesla specifically going through malls to promote their product.

ch1 What are the different eras in marketing? * there are certainly companies today that think in these different types of eras.

*production era : pre 1925 * sales era: 1920s-1950s *marketing era: 1950s-80s *relationship era: 1990s-2000s *social era: presently in

ch3 Different types of economies

*subsistance economy: people grow and produce what they need * a raw materials exporting country: bar bell effect, very rich and very poor population * low medium and high economies: this is what the U.S. is

ch10 secondary data

*using data that has already been collected, could or could not answer the question you are looking for. * less expensive than primary data. * it comes from alot of different sources ( internal and external) *industry data- comes from teh trade association- like when liquor became more populare because of a tv show *target case * internal data includes sales recors, product performance reviews, sales force activity( all the purchases we make are out of habit! inflection points for new habits), reports, and marketing cost reports. * external data comes from a variety of sources, including government recors, syndicated research services and industry publications.

ch16 trade promotion

: sales promotion that appeals to marketing intermediaries rather than to consumers. • Companies spend as much time on trade promotion as they do on advertising and consumer oriented sales promotion combined. • Trade promotion strategies include offering free merchandise, buy back allowances, and merchandise allowances, along with sales contests t oencourage wholesalers and retailers to sell more of certain items or product lines.

ch6 autonomic role

1. Autonomic role is seen when the partners independently make equal numbers of decisions. Personal-care items would fall into the category of purchase decisions each would make for himself or herself.

ch2 Steps in marketing planning process

1. Begins at the corporate level with the definition of a firms mission statement. 2. Then determines its objectives 3. Assesses its resources: assess an organizations strengths, weaknesses, and available opportunities. 4. Evaluates environmental risks and opportunities. 5. Guided by this information marketers within each business unit then formulate a marketing strategy, implement the strategy through operating plans and gather feedback to monitor and adapt strategies when necessary.

ch3 government regulation phases

1. antimonopoly period 2. protecting competitors 3.consumer protection 4. industry deregulation 5. cyberspace

ch1 what are the 8 universal functions of marketing?

1. buying: ( can meet consumer demands) 2. selling: ( using advertising , personal selling, and sales promotion to match products to customer needs) 3. transporting: ( moving produ. from production to places to be purchased) 4. storing: ( warehousing products until needed for sale) 5. standardizing and grading: ( ensuring that product offerings meet quality and quantity controls of size, weight, etc.) 6. financing: ( prov. credit for channel members and consumers) 7. Risk taking: ( dealing with uncertainty about the future customer purchases) 8. Securing marketing info:( collecting info about consumers, competitors, and channel members for use in making marketing decisions)

ch9 determinants of market-specific strategy

1. company resources 2. product homogeneity 3. stage product life cycle 4. competitors strategies * A firm with limited resources may have to choose a concentrated marketing strategy. * Small firms may be forced to select small target markets because of limitations in their sales force and advertising budgets. * A firms strategy may also change as its product progresses through the stages of the lifecycle. * The strategies of competitors also affect the choice of a segmentation approach.

ch10 marketing research process.

1. define problem: do this well make sure you are looking at the problem not the symptoms. 2. conduct exploratory research: you want to be creative with how you get your data, not trying to answer a question but just seeing what is out there . ( marketing researchers often refer to internal data collection as a situation analysis. 3. formulate a hypothesis: an educated guess that predicts and is testable. 4. create research design: are you testing your research question? 5. collect data: this is really important!!! ( can have primary and secondary data!) 6. interpret and present research information: final step, need to show your findings for the decision makers in a format that allows managers to make effective judgments.

ch16 goals of advertising

1. educate about product features 2. enhance brand loyalty 3. improve consumer perceptions of the brand

retail strategy

1. figuer out who the target market is 2. then develop retailing mix, expectations of target mix * merchandice expectations *promotion: letting customer know about products (seo really important) *location: really important *customer service *pricing *atmosphere: costco has a cheap atmosphere apple has an atmosphere where people want to hang out there.

ch12 differentiation of products

1. form ( like houses) 2. features ( cupholders) 3.custimization ( dell products) 4. Product performance ( like horse power ( car stuff) 5. product conformance ( the ability of a product can work with other products in the company ( legos are very high in conformance) technology isnt usually good with conformance. 6. durability 7.reliabiliyt 8. repairability 9.style ( aesthetics, how consumers relate to style.

ch13 types of brands

1. generic products 2. manufacturesr brands 3. private brands 4. captive brands 5. family brand 6. individual brand

when you select target

1. how big is target market 2. profit expected 3. competition

ch17 sales process steps

1. prospecting step ( attention, RFM(80/20)) 2.approach step(interest) 3.presentation (interest) 4.demonstration(desire) 5. handling objections(desire) 6.closing(desire) 7. follow up(action)

ch3 stages in the business life cycle

1. prosperity 2. recession 3. depression 4. recovery

ch12 products B2B

1. raw materials 2.accessories 3.components 4. installations 5.business services 6. MRO supplies

ch9 segmenting by age

1. school age kids 2. tweens and teens 3. generation x 4. baby boomers 5. seniors 6. the millennials

ch18 setting the price 1. what are your pricing objectives 2. estimate demand 3. estimate your cost 4. evaluate the environment 5. what are your pricing strategies?

1. what are your pricing objectives? --- ex: revenue goals, competitive affect pricing ( preditory priing ) customer satisfaction, image enhancement ( sometimes you price just to look better , like cars. ----profitability objectives: profit max "marginal analysis and target return objectives, market share objectives, how does your competition price? ----value pricing: might want to be seen as prestigeious ro a value. --- non-profits price in a way just to cover their costs. ---governmental pricing ( gas tax to help fix roads, paying a toll for bridges to manage capacity, market supression: like cigarette tax) 2. estimate demand ---based on two ways *supply and demand: the higher the demand the higher the price, the higher supply the lower the price. *what do consumers want? ( estimating demand) ---need to know # of buyers X how much they would spend = total market demand ---- then figure out your estimated share of that ( elastic: small change in price changes quantities sold vs. inelastic: like gasoline, milk, cocain ) the more substitutes , the more elastic, the less face to face the more elastic and teh luxury of teh product. you need to know your product. you need to sorta know where you are in the demand curve. 3.Estimate your cost --two categories of cost a. variable costs : cost varies b. fixed costs: occurs same cost every month ( this classroom is a fixed cost) ---groupon worked well for high fixed cost companies and worked very poorly for variable cost companies ---- average total costs: if youre doing it right , cost per unit shoudl go down the more you sell ( might want to price lower so you can get the benefits. ----break even analysis ----set a price goal ( we are about the commerce) 4. evaluating the environment ---we need to set a price that covers our cost & also gives us a competitive advantage we need to understand the external environment when you have inflation, you expect pricest to go up, but when it gest under ontrol prices usually dont change. 5. what are your pricing strategies? ---fixed versus dynamic ---fixed price: the price isnt going to change ----dynamic price: adjusts depending on the situation, we as consumers like it if its in our favor.

ch12 service questions

1. what is the nature of teh service 2. what type of relationship? 3. how much flexibility for custimization? 4.demand and supply fluctuate?? 5. how is teh service delivered?

ch9 the market segmentation process

1.develop a relevant profile for each segment 2. forecast market potential 3.forecast probable market share 4. select specific market segments

ch16 communication objectives

1.finding a category need ( similar to maslows heirarchy of needs) 2.build the brand awareness ( aided vs. unaided awareness) 3. how likely is the brand... brand attitude 4. brand purpose/ intention

ch14/15 Marketing channels * the 4-ps are all important, placement is teh one that is most likely going to be the one that makes a product fail.

1.minimize the intermediaries 2.figure out descrepencies of what markets wants and what you can produce ex: nordstrom rack ( getting rid of what didnt sell) its up to the retailesr to do with the excess 3. standardize exchange expectations ex: if you go to starbucks you know what will happen 4. search for byers and sellers easier ex: if youare creating a product it would be hard to get to each individual seller

ch6 consumer decision process

1.the consumer recognizes a problem or unmet need 2.searches for appropriate goods and services ( too many choices can cause anxiety and stress) 3.evaluates the alternatives before making a purchase decision 4. purchase decisions 5.makes the purchase 6.after buying the item, the consumer evaluates wheter or not he/ she made the right choice.

ch9 steps in positioning

1.value proposition 2. competitive frame of reference: who do you define your competitors as? 3.defining associations (POD & POP) ---point of difference: attribute that consumers associate with your brand in a positive way ( the law of pod is that they all become pops if its a good pod) ex: smart phone, touch screen is a good pod) 4. positioing statement: "to____ our_____ is the ____ that____." ---this is the most important thing of marketing!!!! 1. target group with a particular need 2. your specific brand 3. what makes you different? your concept/ offering 4. your point of difference * positioning statement is like a madlib

ch6 husband dominant

2. Husband dominant role occurs when the husband usually makes certain purchase decisions. Buying a generator or woodstove for the home is a typical example. ( have changed the most over the years)

ch6 wife dominant

3. Wife dominant role has the wife making certain bying decisions. Childrens clothing is a typical wife dominant purchase. ( have changed the most over the years)

ch2 basic elements of marketing strategy

4 ps

ch6 syncretic role

4. Syncretic role refers to joint decisions. The purchase of a house follows a syncretic pattern. ( like purchasing a house)

ch16 promotion

: communication link between buyers and seller; the function of informing, persuading, and influencing a consumers purchase decision.

product diversification strategy

: introducing a new product for new markets. With these new products you could have cannibalization

ch16 product placement

: is a form of promotion(non personal selling) in which a marketer pays a motion picture or television program owner a fee to display a product prominently in the film or show. o Recently product placement became the reason for even making a movie ( the lego movie

ch18 two part pricing

: like country clubs where you pay a monthly membership fee and then pay for usage

ch2 strategic window

: limited periods when key requirements of a market and a firm's particular competencies best fit together. The success of products is also influenced by conditions in the market. The view through a strategic window shows planners a way to relate potential opportunities to company capabilities. Such a view requires a thorough analysis of. • Current and projected external environmental conditions • Current and projected internal company capabilities • How, whether and when the firm can feasibly reconcile environmental conditions and company capabilities by implementing one or more marketing strategies.

ch6 Maslows hierarchy of needs (most marketing is made with these needs in mind)

Abraham H. Maslow developed this, according to maslow, a person must at least partially satisfy lower-level needs before higher needs can affect behavior. Maslow believed that a satisfied need no longer has to be met, once met they move onto the next level. But there are flaws with maslows reasoning:some needs can relate to more than one level; individuals may progress through tht eneeds hierarchy in a different order; and some individuals bypass social and esteem needs and are motivated by self-actualizational needs. 1. (largest) psychological needs 2. safety needs 3.social/ belonginness needs 4. esteeem needs 5. self-actualization needs

ch1 B-C and B-B

B-C ( there are all these b-b transactions beforehand) B-B ( is much better in money)

ch13 adopter categories

Consumer innovators: someone who purchases a new product almost as soon as the product reaches the market. o Later adopters await for additional information and rely on the experiences of initial buyers before making trial purchases. o Five categories of purchasers based on their relative times of adoption: 1.consumer innovators, 2.early adopters, 3.early majority, 4.late majority and 5.laggards. • Diffusion process: process by which new goods or services are accepted in the market place Focuses on all members of a community. The focus here is on the speed at which an innovative product is accepted or rejected by all group members.

ch3 Consumerism- part of the Socio-cultural environment

Consumerism: The social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government. • Firms cannot always adjust to meet the demands of consumer groups • The choice between pleasing all consumers and remaining profitable defines one of the most difficult dilemas facing business

ch6 esteem needs

Esteem Needs: people have a universal desire for a sense of accomplishmkent and achievement. They also wish to gain the respect of others and even exceed others performance once lower-order needs are satisfied. ( ex: pandoras marketing encourages consumers to buy pieces because life has its moements that make them unforgettable)

ch17 action

Followup: if you do that well, you are most liekly going to have that customer for awhile.

ch9 Cohort effect

Marketers can learn from a sociological concept called the cohort effect, which is the tendency of members of a generation with common characteristics, such as an interest in sustainability, to be influenced and bound together by significant events occurring during their key formative years, roughly ages 17-22. These events help define the core values of the age group that eventually shape consumer preferences and behavior * millennials cohort effect is 9/11 or technology.

ch10 Marketing intelligence

Marketing intelligence is the process of gathering information and analyzing it to improve business strategy, tactics and daily operations.

ch9 the millennials

Members of the millennial generation are highly visual and are generally comfortable with all forms of technology. They gravitate to activities that provide constant entertainment and immediate gratification. They get their information from social media vs. traditional media and they prefer texting to emails. The significance of the cohort effect for marketers lies in understanding the general characteristics of millennials as they responds to their life-defining events.

ch6 physiological needs

Physiological needs: needs at the most basic level concern essential requirements for survival, such as food, water, shelter and clothing. ( ex: Pur water company)

ch1 PESTEL

Political Economical conditions ( buying power) social cultural( like everyone wanting organic stuff) technological environmental legal

ch6 safety needs

Safety needs: second-level needs include financial or lifestyle security, protection from physical harm, and avoidiance of the unexpected. To gratify these needs, consumers may buy life insurance, alarm systems, or retirement plans. ( ex: fidelity investments)

ch9 VALS ( values and lifestyles)

Segmentation system that divides consumers into eight psychographic categoreies: innovators, thinkers, achievers, experiencers, believers, strivers, makers and survivors. *it is based on two key concepts : resources and self-motivation.

ch6 self-actualization needs

Self-actualization needs: the top rung of maslows ladder of human needs represents peoples desire to realize their full potential and find fulfillment by expressing their unique talents and capabilities. ( ex: companies that run exotic adventure trips)

ch6 social/belonginess needs

Social/ Belonginness needs: satisfaction of physiological and safety needs leads a person to attend to third- level needs, the desire to be accepted by people and groups important to that individual. To satisfy this need, people may join organizations or programs to buy goods or services that make them feel part of a group. (ex: chase)

ch2 SBUs

Strategic business units (SBUs): key business units within diversified firms. Each SBU has its own managers, resources, objectives and competitors. A division, product line, or single product may define the boundaries of an sbu. Sbu pursues its own distinct mission and often develops its own plans independently of other unites in the org.

ch9 generation x

The group born between 1968 and 1979, this group is very family oriented, not defining themselves by their careers as much as previous generations, well educated and optimistic. *This generation is comfortable with the internet, they were raised on television so the TV is still an important marketing tool. *This group is more concerned about protecting the natural environment. So they are turning to goods and services that support certain causes.

ch9 segmenting by income and expenditure ----- Engels law

Three observations about the impact of household income on consumer spending behavior: as household income increases: 1. a smaller percentage of expenditures goes for food; 2. the percentage spent on housing, household operations, and clothing remains constant; ( this one still remains partly accurate) however the percentage of fixed expenditure for housing and household operations has increased over the past 30 years) 3. and the percentage spent on other items (such as recreation and education) increases( this one also remains true, with the exception of medical and personal care costs, which appear to decline as a percentage of increased income.) * Recent studies show that Engel laws are still valid, but with a few exceptions. Researchers note a steady decline in the percentage of total income spent on food, beverages, and tobacco as income rises.

ch18 olygopolies

a couple companies control the market, pricing isnt very different from each other. ( like pepsie and coca cola are very similar)

ch3 trends

a function of demographics, you can predict it, the trend of dance music being popular with down turn economic conditions * are more predictable than fads, usually a function of demographics. * they represent significant opportunities of threats.

ch13 brand asset valuator

a global advertising agency Young & rebicam developed another brand equity system. o Judges how a firm builds its brand based off of: 1. differentiation 2. relevance 3. esteem 4.knowledge

ch10 what do you need in order to do a good survey?

a good sample What is a sample: a subset of an entire population that you are going to survey *before undertaking a study to gather primary data, researchers must first identify which participants to include in the study. Sampling is important because if it fails to involve consumers who accurately reflect the target market, the research is likely to yield misleading conclusions. Samples can either be probability samples or non-probability samples

ch1 sellers market

a market in which there are more buyers for fewer goods and services

ch1 buyers market

a market in which there are more goods and services than people willing to buy them.

ch3 fads

a short lived marketing situation that impacts demand ( ferbies, silly bands) * is an unpredictable short term trend (man buns and selfies * they come in and they come out

paid media

a third party promotion, you are paying for viewers, paying a content publisher for their own device. ex: facebook ads: good source for demographis and psychographic information, sponsored posts ex: celebrity sponsorships ex: popups and banner adds (really good for awareness) ex: native ads - paid content marketing

ch3 1. anti-monopoly period

a. 19th and early 20th century, major laws such as the: *Sherman antitrust act * clayton act * federal trade commission act were passed to maintain a competitive environment by reducing the trend toward increasing concentration of industry power in the hands of a small number of competitors * teddy roosevelt was all about the anti trust and anti monopoly

ch3 4.industry deregulation

a. Began in the late 70s and continues to the present. During this phase , gov. has sought to increase competition in the industries such as telecommunicaiotns, utilities, transportation, and financial services by discontinuing many regulations and permitting firms to expand their service offerings to new markets *COPPA: childhood online policy protection act *consumer interest groups * alot of industries have self regulations like movie ratings and video game ratings.

ch3 depression

a. Consumer spending sinks to its lowest level during a depression. b. The last true depression in the united states was in the 1930s

ch3 recession

a. In economic slow downs, consumers focus on more basic, functional products that carry lower price tags. They limit travel, restaurant meals, and entertainment. ( economy is not growing much is this stage) b. During a recession , marketers consider lowering prices and increasing promotions that include special offers to stimulate demand. c. They may also launch special value-priced products likely to appeal to cost-conscious buyers.

ch3 1. prosperity

a. In times of prosperity , consumer spending maintains a brisk pace, and buyers are willing to spend more for premium versions of well-known brands. (hopefully we are in times of prosperity) b. Growth in services such as banking and restaurants usually indicates a strong economy. ( particularly growth in the service sectors) c. When economists predict conditions such as low inflation and low unemployment, marketers respond by offering new products, increasing their promotional efforts and expanding distribution. They may even raise prices to widen profit margins.

ch3 recovery

a. The economy emerges from recession and consumer purchasing power increases. b. Cautions also restrains their willingness to buy. c. Recovery remains a difficult stage for businesses just climbing out of a recession because theymust earn profits while trying to guage uncertain consumer demand. d. Many cope by holding down costs. e. Some trim payrolls and close branch offices.

ch3 5. cyberspace

a. This is the newest regulatory frontier. Federal and state regulators are investigating ways to police the internet and online services. There are now sites to educate consumers about identity theft, spam, phishing, and online shopping scams. Also privacy and child protection issues.

ch3 3. consumer protection

a. the objective of consumer protection underlies most laws, with a good examples including: *Sherman act *federal trade commission act *federal food and drug act. *1960s consumer bill of rights by kennedy. tied into government de regulation

ch 18 cost-plus pricing: (part of #5)

adding markup after so businesses can set a price against competitors. its very simple, its hard to lose money. you could be giving away a lot of revenue & product. it doesnt think of other factors ( seasonality etc) its hard to do it right. costco is really good at this though because they make money off of memberships.

ch16 reminder advertising (the goal is to simply just remind and reinforce previous advertising efforts)

advertising that reinforces previous promotional activity by keeping the name of a good, service, organization, person, place, idea or cause before the public. • Common in the latter part of the maturity stage and throughout the decline stage of the product lifecycle. • Traditionally marketers stated their advertising objectives as direct sales goals. But a more current and realistic standard, however, views advertising as a way to achieve communications objectives. ( informing, persuading and reminding potential customers of the product)

ch6 internal / personal factors that influence consumer behavior

age, life cycles, household income, needs, motivations. Demographics, and psychographics and how those things can really impact consumer behavior.

Hubspot case *inbound marketing: customers come to you, you fulfil a need *Web2.0: marketing now is relationship based and internet makes it easier. *central issue of the case: 1---how do they grow their business ? 2---which option would be the better long term decision? what does hubspot do? 1. content design (CMS) content management system 2. consultations 3. SEO/SEM ---search engine optimization: its creating a system in place, where your site comes up first. ---technical SEO ( HTML has the proper tags and systems avoide not ahving tags and stuff on prictures) ----content SEO (creating good content on a regular basis)

answers: 1. changing their pricing strategy. ----it comes down to segmentation ( owner ollies & marketing marys) ---owner ollies: small business owners, knowless marketing, solo vs. a team *likely not to stay around *less likely to put time into the product * less acquisition cost *a much bigger segment ----marketing marys: big companies, marketing teams, use alot of tools 2. acquisition cost & customer life time value ----thinking about cost to aquire, retention rate, how much revenue, how big the market is of either segments. ---B2C vs. B2B *churn rate differences *and return rates *B2B gets more value out of the product so focus on them *B2C: but this is still the best option. * digital marketing promotions with hubspot ----comment/ "flame wars" and social media marketing * digital marketing 1. creating traffic to your website 2. really creating a relationship and they keep coming back * everything can be turned into data ---data turns into information then turns into insight then to action *google analytics: free software platform that helps you figure out where yiour traffic is coming from: this is all about how we get traffic 3 main ways to get traffic: *paid media *earned media *owned media

ch9 seniors

as baby boomers age and americans continue to live longer, the median age of the U.S. population has dramatically increased. *More than 40 million people are now over age 65. Many marketers have found that seniors are a group worth targeting. * Although many seniors live on modest, fixed incomes, those who are well off financially have both time and money to spend on leisure activities and luxury items.

ch10 qualitative

based on opinions of customers, very unstructured but you get the voice of your customers. you see patterns and themes. * this is good for exploratory research * experimental research is great. the scientific method. its like having a control group. you see alot of market testing.

ch12 marketing mix

blending of the four strategy elements- product, distribution, promotion, and price to fit the needs and preferences of a specific target market . • Marketers realize people buy want satisfaction rather than objects. Ex: you might feel a need for a television to satisfy a want for entertainment. • Marketers think in terms of a product as a compilation of package design and labeling, brand name, price, abailability, warranty, reputation, image, and customer service activities that add value for the customer.

ch1 consumer orientation

business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them .

ch12 MRO items

business supplies that include: maintenance items (brooms , filters, and light bulbs), repair items(nuts and bolts used in repairing equipment), and operating supplies(printer paper and cartridges, mouse batteries, and pens). • A purchasing manager regularly buys operating supplies as a routine job duty. • Because supplies are relatively standardized, heavy price competition frequently keeps costs under control.

ch1 interactive marketing

buyer- seller comunications in which the customer controls the amount and type of info recieved from a marketer through channels such as the internet and virual reality kiosks. it provides immediate access to key product info. taking place on social media sites such as fb and pinterest.

ch14/15 black markets

buying things that are illegaly created

transportation

can be up to 10% of costs have to make ti more efficient and reduce cost ( like ikea how they have you assemble your own products and pick your own stuff up) different carriers * common carriers: like fedex , for hire from the general public * contract carriers: *private carriers: like sisco, specific to that company

ch12 accessory equipment

capital items, such as desktop computer's and printers that typically cost less and last for shorter periods than installations

ch13 product positioning

consumers perceptions of a products attributes, uses, quality, advantages, and disadvantages relative to competing brands. • Marketers often conduct studies to analze consumer preferences and to construct product-positioning maps that put their products positions in relation to those of competitors offerings.

ch12 staples( part of convenience goods)

convenience goods and services consumers constantly replenish to maintain a ready inventory.(ex: gas, shampoo)

ch16 integrated marketing communications (IMC)

coordination of all promotional activities to produce a unified, customer focused promotional message. o IMC involves not only the marketer but all other organizational units that interact with the consumer. o Marketing managers set the goals and objectives of the firms promotional strategy in accordance with overall organizational objectives and marketing goals. o Based on these objectives, elements of the promotional strategy are formulated into integrated communications plan, which then becomes a central part of the firms total marketing strategy. •To reach targeted groups of consumers, organizations must turn to niche marketing--- advertising in special-interest magazines, buying time on cable tv channels events and activites. •Without IMC programs, marketers often encounter problems within their own organizations, because separate departments have authority and responsibility for planning and implementing specific promotional mix elements. • The coordination of an IMC program often produces a competitive advantage basedon synergery and interdependence among the various elements of the promotioanla mix. • IMC strategy , marketers can create a unified personality for the product or brand by choosing the right elements form the promotional mix to send the message.

ch18 why is pricing so important?

dictates the demand you can sell, price is an indicator of competitive set, and the value, it is the way you pay the bills its the only one that bring in revenue the market segments you target determine your price. its the most dynamic of your 4 ps. its the easiest to change versus changing your product.

ch10 primary data

data collected specifically for the question you want to answer *the choice between collecting primary or secondary data is tied to cost, applicability and effectiveness. * primary research includes: observation, surveys, and controlled experiements. * a controlled experiment is the least used method for collecting primary data. *census and surveys are normally ussed to do a sample probabiliyt and non probability. * observational research is seen alot in primary research!

ch17 desire

demonstration: this is a way a customer can try the product out ( like costco and sampling) it over comes objectives. humans have weird senses of ownership when they have used it or trying it. handling objectives: if the customer questions it, price can create objectives. a good sales person uses the objective to make a sale. this is making a weakness into a strength. closing: ABC( ALWAYS BE CLOSING), talk about their major concerns, implement giving a choice that leads to a sale. give a sense of urgency, remain silent for customer

ch3 when should we compete?

depends on a firms resources, objectives and expected profit potential.

ch13 product diversification strategy

developing entirely new products for new markets • Some firms look to target markets that complement their existing markets; others look in completely new directions. • Firms must keep in mind cannibalization.

ch14/15 conflict

different retailers get upset ( horizontal) verticle conflicts ( manufacturer to consumers) usually all about price retailers usually just care about volume cannel conflict like with amazon with kindles.

ch16 direct marketing

direct communications, other than personal sales contacts, between buyer and seller, designed to generate sales, information requests, or store or website visits. o While many people equate direct marketing with direct mail, this important promotional category also includes telemarketing, direct response advertisng and infomercials on television, direct response print advertising and electronic media. o Direct marketing gives potential customers an action-oreinted choice, permits segmentation and customization of communications, and produces measurable results.

ch14/15 distribution

distribution=placement: movement of goods and services from business to consumers, reffered to marketing channel

ch9 product related segmentation ( behavioral segmentation)

division of a population into homogeneous groups based on their relationships to a product. i. Segmenting based on the benefits people seek when they buy a product ii. Segmenting based on usage rates for a product iii. Segmenting according to consumers brand loyalty toward a product.

ch6 perceptual screens

do we percieve everything we see, usually dont think about it. * a mental filtering process through which all inputs must pass.o Marketers use techniques such as doubling the size of an ad, using certain colors or graphics, or developing unique packaging to elicit positive responses from consumers. o Color is so compelling that is use on product packaging and logos often is the result of a long and careful selection process. • Red: grabs the attention, and orange has been shown to stimulate appetite.e bulue is associated with water, and so it used on many cleaning products. Green connotes low-fat or healthful food products.

ch6 subliminal advertising

doesnt work, we can prime people but cant force them to do something.

ch3 2. protecting competitors

emerged during the greater depression era of the 1930s, when independent merchants felt the need for legal protection against competition from larger chain stores. * Legislation enacted the robinson-pataman act. * they didnt want businesses to fail.

ch9 school age kids

exert considerable influence over family purchases, particularly in the area of food. With childhood obesity on the rise a recent study by the American academy of pediatrics revealed that the advertising of junk food plays a key role in the childhood obesiety.

ch12 decline stage

final stage of the product lifecycle, in which a decline in total industry sales occurs. o Some manufacturers refuse to give up in the decline stage.

market development strategy

finding new markets for your existing products, how do you get people who don't subscribe to the newspaper to start to subscribe.

ch12 component parts

finished business products of one producer that become part of the final products of another producer.

ch12 introductory stage

first stage of the product lifecycle in which a firm works to stimulate sales of a new-market entry o Merchandise in this stage might bring new technology to a product category. o Because the product is unknown to the public promotional campaigns stress info about its features. o In this phase the public becomes acquainted with the items merits and begins to accept it. o Technical problems and financial losses are common During the introductory stage, as companies fine tune product design and spend money on advertising.

ch10 Big data

fueled by 21st century technological advances, the vast and unprecedented volume, speed, and array of data available for informed decision making. Data that originates in unprecedented volume and at unprecedented speed from the world around us. • Big data has the potential to increase revenue • Create new revenue streams • Improve return on investment • Build commanding market share

earned media

getting external traffic that you havent paid for *this is "going viral" *word of mouth *hootsuite

ch 13 venture teams

group of personnel from different areas of an organization who work together in developing new products. i. The venture team must meet criteria for return on investment, uniqueness of product, serving a well-defined need, compatibility of the product with existing technology, and strength of patent protection. ii. Its position may expand over a number of years. iii. When purchases confirm the commercial potential of a new product, an existing division may take responsibility for that product, or it may serve as the nucleus of a new business unit or of an entirely new company. iv. Some companies differentiate between venture teams and task forces. 1. A new product task force assembles an interdisciplinary group working on temporary assignment through their functional departments.

ch6 Freuds thoughts

he thought that motivation was about upbringing and cant be understood on a conscious level, this is not true though.

ch9 Positioning maps

helps marketers place products in a market by graphically illustrating consumers perceptions of competing products within an industry • Can create a competitive positioning map from info solicited from consumers or from their accumulated knowledge about a market. • A positioning map may present two different characteristics (price & perceived quality)

ch6 high involvement purchase decisiosn

high involvement purchase decisions ( have alot of consequences)purchases with high levels of potential social or economic consequences. ( buying a car, or deciding where to go to college) consumers generally invest more time and effort in buying decisions for high-involvement products than in those for low-involvement products.

ch18 break even analysis ( part of #3 estimate your costs)

how many units do you need to sell to cover your fixed costs not for profit use break even analysis as their pricing structure disciples of mark $15,000- studio cost ( fixed) 2.00/unit- CDS cost ( variable) $14.00- selling price 14 - 2 = 12 ( represents the contribution margin) fixed costs/cm=15000/12=1250 units sold to break even

ch17 Personal selling

how you close a sell, thousands of years we have just done trading sales people have to figure out how to make a sell happen in sales there is usually a price flexibility this is something that provides a lot of jobs 1.what are your customers needs? 2.how do you satisfy those needs? 3. its important to follow up ( create relationships) 4.must be an experit in your industry( your product and competitors)

ch13 brand personality

human characteristics attached to a brand, if your brand was a person what would their characteristics be?

ch9 classifications of urban data

i. Core based statistical area (CBSA): collective term for metropolitan and micropolitan statistical areas. Must contain at least one urban area with a pop. Of 10,000 or more. ii. Metropolitan statistical area (MSA): freestanding urban area with a population in the urban center of at least 50,000 and a total MSA population of 100,000 or more. ( his favorite, everette to tacoma is one) iii. Micropolitan statistical area: area with at least one town of 10,000 to 49,999 people with proportionally few of its residents commuting to outside the area.( bank of america on the Av vs. university village and different banking) iv. Consolidated metropolitan statistical area (CMSA): urban area that includes two or more PMSAs. v. Primary metropolitan statistical area(PMSA): urbanized county or set of counties with social and economic ties to nearby areas.

ch9 segmentation by usage rates

i. Marketers may also segment a total market by grouping people according to the amounts of a product they buy and use. ii. Markets can be divided into heavy, moderate, and light user segments. iii. The 80/20 principle: generally accepted rule that 80 percent of a products revenues come from 20 percent of its customers. Some times reffered to as Paretos law. Relatively few heavy users of a product can account for the bulk of its consumption.

ch9 segmentation by brand loyalty

i. groups consumers according to the strength of the brand loyalty they feel toward a product. ii. A good example of brand loyalty segmentation is the frequent purchase program. It might be frequent flyer, or frequent stay, or frequent purchase of something. iii. Other companies attempt to segment their market by developing brand loyalty over a period of time, through consumers stages of life. iv. Companies spar for loyalty on just about every front.

ch6. cognitive dissonance

imbalance among knowledge, beliefs, and attitudes that occurs after an action or decision, such as a purchase. Dissonance is likely to increase if: i. The dollar value of a purchase increases ii. When the rejejcted alternatives have desirable features that the chosen alternatives do not provide iii. When the purchase decision has a major effect on the buyer. Usually with high involvement purhcases. c. Marketers can help reduce cognitive dissonance by providing info that supports the chosen item. d. A nother method of dealing with dissonance is to change products. The consumer may ultimately decide that one of the rejected alternatives would have been the best choice, and decide to purchase it in the future.

ch2 Market planning

implementing planning activities devoted to achieving marketing objectives. Establishes the basis for marketing strategy. Product lines, pricing decisions, selection of appropriate distribution channels, and decisions relating to promotional campaigns all depend on plans formulated within the marketing orgs. Virtual conferences are where many planning activities take place now.

ch19 step out

in which one firm raises prices then waits to see if others follow suit. o If competitors fail to respond by increasing their prices, the company making the step out usually reduces prices to the original level.

ch12 business service

intangible products firms buy to facilitate their production and operating processes. • Examples: financial services, leasing and rental services that supply equipment and vehicles. • Price may strongly influence purchase decisions for business services.

ch12 services

intangible tasks that satisfy the needs of consumer and business users

ch19 market-plus pricing

intentionally setting a relatively high price compared with the prices of competing products; also known as skimming pricing • It is more commonly used as a market entry price or distinctive goods or services with little or no initial competition. • When the supply begins to exceed demand, or when competition catches up, the initial high price is dropped. • A company may practice a skimming strategy in setting a market entry price when it introduces a distinctive good or service with little or no competition. • In some cases, a firm may maintain a skimming strategy throughout most stages of a products lifecycle. • Sometimes maintaining a high price through the products lifecycle works, but sometimes it does not. • High prices can drive away otherwise loyal customers • If an industry or firm has been known to cut prices at certain points in the past, consumers and retailers will expect it. If the price cut doesn't come, consumers must decide whether to pay the higher tab or try competitors products. • During the late growth and early maturity stages of its lifecycle a products price typically falls for two reasons: 1. The pressure of competition 2. The desire to expand its market.

ch3 competitive environment

interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumers purchasing power. • As organizations vie to satisfy customers, the interactive exchange creates the competitive environment. • Marketers must continually monitor their competitors marketing activities: their products, distribution channels, prices, and promotional efforts.

ch13 product development

introduction of new products into identifiable or established markets. • Firms may also choose to introduce new products into markets in which they have already established positions to try to increase overall market share. o These new offerings are called Flanker Brands. ( the fragrance industry uses this strategy exensively when it develops scents related to their most populare products.

ch6 real self

is an objective view of the total person

ch10 government data

is the leading source of marketing data. with the census, population , business, manufacturing, ec.

ch18 price discrimination

it is legal, like cheaper for seniors

ch18 monopolistic competition

it is on how differentiated the product is ex: apple ipod because nothing elese is like it

ch1 What is marketing?

it is the creation of value, delivery of value, and communication of value. value = Benefits - Cost * marketing is an applied social science ( psychology, linguistics, political science, sociology, theology, economics.)

ch9 AIO statements

items on lifestyle surveys that describe various activities, interests, and respondents opinions. *( helps researchers develop lifestyle profiles) then marketers can develop a separate marketing strategy that closely fits the psychographic makeup for each lifestyle segment. *Many businesses turn to psychographic research to learn what consumers in various demographic and geographic segments want and need.

ch18 robinson patman act

its illegal for a manufacturer to sell different prices, but you can do volume discounts thats why it makes it harder to enforce

owned media

its like your website *corporate facebook page you can control that content, but slightly less trustworthy * red bull is a good example ( this is B2C marketing) * B2B the products are usually happening at your own site *SEO/ SEM

ch14/15 distribution intensity

its more about the width * exclusive: sold in very few retailers. for example: car shops if you want a toyota etc. the benefit gives you a product of prestige. * selective: have a limited # of channels. ex: high end running shoes, only sold in specific locations * intensive: when you have low involvement, high turnover and perishable product. ex: snicker bars, they are everywhere. all channels. the benefit is that products are everywhere.

ch9 why do we segment ?

its more efficient, not everyone is going to buy your product, not all segments are equal in value to you * a good segment: ---is identifiable and measurable( how much buying power does this market have?) ---must be substation able ---must be responsive ---must be viable and sustainable 1. we cant be good for everyone 2. focus on segmentation that is the most profitable 3. we need to have a mix, we need to figure out who our cutomers are. * segment the market by ( geographic, demographic, psychographic, product related

ch6 learning

knowledge or skil acquired as a result of experience, which changes consumer behavior. In a marketing context, refers to immediate or expected changes in consumer behavior as a result of experience. *pavlov, with conditioning ( classical conditioning- ex: where sounds entice you to buy something.

ch3 consumer rights

list of legitimate consumer expectations suggested by president John F. Kennedy. 1. the right to choose freely. Consumers should be able to choose from among a range of goods and services 2. The right to be informed. Consumers should be provided with enough education and product information to enable them to be responsible buyers. 3. The right to be heard. Consumers should be able to express their displeasure to parties, sellers, assistance groups and city or state offices 4. The right to be safe. Consumers should be assured that the good and services they purchase are not injurious with normal use.

ch2 strategic planning

long-term planning, with tessla they could have a strategic plan to sell a cheaper car.

ch3 Environment scanning

looking at the external environment to look for opportunities and threats that could alter your marketing objectives

ch 13 cannibalization

loss of sales of an existing product due to competition from a new product in the same line. o any firm wants to avoid investing resources in a new product introduction that will adversely affect sales of existing products. o A company can accept some loss of sales from existing products if the new offering will generate sufficient additional sales to warrant the investment in its development and market introduction.

ch18 pure competition

lots of supply, low barriers to entry . the goods arent very differentiated. ex: commercial fishing * its always good to know what the competition is pricing *have to understand consumer trends/cultural shifts as well

ch1 marketing myopia

managements' failure to recognize the scope/ size of its business/market, this endangers future growth.they are thinking purely in the product versus marketing orientation. example: recognizing that a newspapers competitive scope is any business that delivers information vs. just other newspaper companies.

ch16 Sales promotion

marketing activities other than personal selling, advertising, guerrilla marketing, and public relations that stimulate consumer purchasing and dealer effectiveness. • This includes displays, trade shows,coupons, contests, samples, premiums, product demonstrations, and various one-time selling efforts. • Sales promotion provides a short term incentive, usually in combination with other forms of promotion, to emphasize, assist, supplement, or otherwise support the objectives of the promotional program. • Sales promotions geared to intermediaries are called trade promotions. o Sales promotions, can be more accurately monitored and measured than advertising, produce immediate consumer responses and provide short term sales increases.

ch1 mobile marketing

marketing messages transmitted via wireless techn.

ch6 perception

meaning that a person attributes to incoming stimuli gathered through the five senses. * how we select, organize and interpret stimuli • People respond better to messages that break through their perceptional screens.

ch16 marketing communications

messages that deal with buyer-seller relationships. A company must coordinate the messages for maximum total impact to reduce the likelihood that the consumer will completely tune them out. To prevent this loss of attention, marketers turn to integrated marketing communications.

ch10 syndicated data service

neilson , comscore ( how do they work?) they gather data from consumers and then sells it to marketers * they pay people to collect data and then they sell it. *an organization that regularly provides a standardized set of data to all customers. (Organization that provides standardized data on a periodic basis to its subscribers.) Syndicated services also can be considered a type of limited-service research supplier.

ch16 advertising messages

o Advertising campaign: series of different but related ads that use a single theme and appear in different media within a specified time period. this is what most firms do , a series but different related ads that run different pieces are in different channels.

ch16 advertising

o Advertising: is any paid, non-personal communication through various media about a business firm, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience. o Advertising is a major promotional mix component for thousands of organizations ( total ad spending in the U.S. $180 billion, and online ad spending was more than $50 billion) o Mass consumption and geographicaly dispersed markets make advertising particularly appropriate for marketing goods and services aimed at large audiences likely to respond to the same promotional messages. o Advertising involves the mass media such as: newspapers, television, radio, magazines, movie screens, and billboards, as well as electronic and computerized forms of promotion like Internet commercials, streaming videos and TV monitors at super markets. o Advertising: ----advantages: stem from its ability to create instant awareness of a good, service, or idea; build brand equity; and delier the marketers message to mass audiencesfor relatively low cost per contac. ----Disadvantaes: dificuly of measuring ad effectiveness and high media costs.

ch6 Lewin model

o B= f (I, P) look this up ( consumer behavior is a function of interpersonal and personal behaviors)• *Kurt Lewins proposition: B = f(P,E) which means that behavior (B) is a function (f) of the interactions of personal influences (P) and pressures exerted by outside environmental forces (E). • The statement is usually rewritten to apply to consumer behavior: B = f(I,P) consumer behavior (B) is a function (f) of the interactions of interpersonal influences (I) such as culture, friends, classmates, coworkers, and relatives , and personal factors (P) such as , learning and perception. *In other words, inputs from others and individuals psychological makeup affect his or her purchasing behavior.

ch16 interactive advertising

o Because marketers realize that two way communications are more affective in achieving promotional objectives, they are interested in interactive media. o Interactive advertising: two-way promotional messages transmitted through communication channels that induce message recipients to participate actively in the promotional effort. o Kiosks in shopping malls and text messages on cell phones. Multi media technology, the internet and commercial online services are changing the nature of advertisng from one way, passive communication technique to more effective, two way marketing communications. o Interactive advertising creates dialog between marketers and individual shoppers , proviing more materials at the users request. o challenge is to gain and hold consumer interest in an environment where these individuals control what they want to see. o Successful interactive advertising adds value by offering the viewer more than just product related information. o Many marketers believe such ads can be so finely targeted that they cut through increasing advertising clutter and reach only consumers ready to hear their messages.

ch16 guerrilla marketing

o Guerrilla marketing: unconventional, innovative, and low-cost marketing techniques designed to get consumers attention in unusual ways. o Usually guerrilla marketing is used when a firm doesn't have the funds to do a full marketing program. • Buzz marketing can be a part of guerrilla marketing. This type of marketing works well to reach college students and other young adults. • Firms may hire students to mingle among their own classmates and friends, creating buzz about a product. (campus ambassadors) they wear log-bearing tshirts or caps, leave post it notes with marketing messages around campus, and chat about the good or service with friends during class breaks or over meals. • Viral marketing: also mentioned in ch 11, is another form of guerrilla marketing that has rapidly caught on with large and small firms. o The results of guerilla marketing can be funny and outrageous , even offensive to some people, but they almost always get consumers attention. Some guerrilla marketers stencil their company and product names anywhere graffiti might appear. Street artists are hired to plaster company and product logs on blank walls or billboards. o Guerilla marketing: good for firms with limited funds, it is innovative and effective as long as the tactics are not too outrageous, but it is more difficult to reach people. o Marketers must determine the appropriate blend of these promotional mix elements to effectively market their goods and services.

ch16 objectives of advertising

o Marketers use advertising messages to accomplish the following objectives: 1.to inform 2. to persuade 3.remind Can be used individually or, more typicaly in conjunction with each other. • Advertising attempts to condition consumers to adopt favorable viewpoints toward a promotional message. • The goal of an ad is to improve the likelihood that a customer will buy a particular good or service. • Effective advertising can enhance consumer perceptions of quality in a product, leading to increased customer loyalty, repeat purchases, and protection against prie wars. • Perceptions o superiority pay off in the firms ability to raise prices without losing market share.

ch16 nonpersonal selling (this is good for B2C) things like advertising and promotion, mass communicaiton!

o Non-personal selling: Promotion that includes advertising, product placement, sales promotion, direct marketing, public relations, and guerrilla marketing- all conducted without being face-to-face with the buyer. o Advertising and sales promotion are usually regarded as the most important forms of nonpersonal selling. o About 1/3 of nonpersonal selling activities are allocated for media advertising; the other two thirds fund trade and consumer sales promotions.

ch16 Personal selling ( this is good for B2B) 15 million jobs in this area of selling

o Personal selling: interpersonal influence process involving a sellers promotional presentation conducted on a person-to-person basis with the buyer. o Oldest form of promotion, it dates back to the beginning of trading and commerce. o It may take place face to face, over the telephone, through video conferenceing or by computer links between buyer and seller. o The range of selling jobs, as well as the products they represent are huge. o Personal selling: entails a relatively high per-contact cost, it involves less wasted effort than non personal forms of promotion like advertising. o Personal selling often provides more flexibility than the other forms because the salesperson can tiler the sales messae to meet the unique nees or objections of each potential customer.

ch16 public relations

o Public relations: firms communications and relationships with its various publics. o These publics include ( customers, suppliers, stockholders, employees, the government and the general public. o Can be formal or informal contacts. o Publicity is the marketing oriented aspect of public relations. It can be defined as nonpersonal stimulation of demand for a good, service, person, cause or organization through unpaid placement of significant news about it in a published medium, on social media sites, or through a favorable presentation of it on the radio or television. o Public relations are usually low in most firms. Consumers find this type of news source more bleivable than company disseminated information. o Bad publicity can damage a companys reputation and diminish brand equity o Public relations efforts like publicity frequentlyoffer greater credibility than other promotional techniques.

ch16 retail advertising

o While this activity accounts for a sizeable portion of total annual advertaising expenditures, retail advertising varies wiedley in its effectiveness. One study showed that consumers often respond with suspicion to retail price advertisements. o Retail advertising: advertising by stores that sell goods or services directly to the consuming public. o Cooperative advertising: strategy in which a retailer shares advertisng costs with a manufacturer or wholesaler. o Cooperative advertising campaigns originated to take advantage of the medias practice of offering lower rates to local advertisers than to national ones. ( cooperative advertising is like in the stores best buy ( samsung, bose etc)

ch6 word of mouth

o Word of mouth: is probably the oldest marketing technique in existence. It is also one of the most effective. If one satisfied customer tells a friend it triggers so many other people.

ch10 interpretive research

observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography or " going native".

ch19 bundle pricing

offering two or more complimentary products and selling them for a single price.

ch18 fair wars

one competitor lowers price then everyone else does it.

native ads

paid content marketing

ch18 price skimming

price skimming is when you come in at a very high price and quickly go down. This is when you have an innovative product, those true innovaters their demand is inelastic. To become more mainstream you drop the price ( the first iphone came out then within a week they dropped the price by $100.)

ch18 trial pricing

pricing as cheap or free for a period of time, then charge more after that. ( like direct tv )

ch19 skimming pricing strategy

pricing strategy involving the use of a high price relative to competitive offerings. Also known as a market plus pricing.Benefits of Skimming price strategy • It does allow a manufacturer to quicly recover its research and development costs. • It also permits marketers to control demand in the introductory stages of a products life cycle and then adjust productive capacity to match changing demand. Problems of skimming price strategy • It attracts competition • Competitors see innovative firms reaping large financial returs and may decided to enter the market. • A low initial price for a new Product could lead to fulfillment problems and loss of shopper goodwill if demand outstrips the firms production capacity. • Excess demand occasionally leads to quality issues, as the firm strives to satisfy consumer desires for the product with inadequate production facilities.

ch10 two types of samples

probability and non probability

ch19 loss leaders

product offered to consumers at less than cost to attract them to stores in the hope that they will buy other merchandise at regular price

ch12 emergency goods and services ( part of convenience goods)

products bought in response to unexpected and urgent needs

ch13 Generic products

products characterized by plain labels, no advertising, and the absence of brand names. • The market shares for generic products increases during economic down turns.

ch14/15 dual distribution

products that go through more than one channel you do that to cover more market ex: nordstrom ( store, website, catelog) as consumers, what do we expect? --- we expect that there are price and product consistencies ---we expect the cannels together like rieturns being able to pick something up at a store from online etc...

retailing

products to consumers the start of retailing was teh general store 1860-70s it lead to the creation of supermarkets 1930sit became a much better self service atmosphere 1950s first discount stores ( walmarts, kmarts) difference between super market and discount store where discount stores are massive 1968 conveinience store: small open longer, higher markup, conveinient 1980s-90s off price retailers (tj max, nordstrom rack) their role is to help with inefficieincies

ch12 Product life cycle

progression of a product through introduction, growth, maturity, and decline stages. 1. introductory stage 2. growth stage 3. maturity stae 4. decline stage

ch16 persuasive advertising (is trying to increase current demand)

promotion that attempts to increase demand for an existing good, service, organization, person, place, idea, or cause. • Typically used during the growth stage and the early part of the maturity stage of the product lifecycle.

ch16 information advertising (is developing initial demand)

promotion that seeks to develop initial demand for a good, service, organization, person, place, idea or cause. • the success of a new market entry often depends simply on announcing its availability or explaining its benefits.

ch2 strategic marketing plan

really understanding what the market looks like ( 5-c analysis) what are teh customers that are out there, what are your competition, firms swot, what is the mission objectives of teh company. * you cant create a marketing plan without a specific objective. those objectives must be SMART! -SPECIFIC -MEASURABLE -ACTIONABLE -REALISTIC -TIME BOUND

ch9 Core regions

region from which most major brands get 40-80 percent of their sales. * like suburu sells in specific states

ch12 supplies

regular expenses a firm incurs in its daily operations. These expenses do not become part of the buyer's final products. • Supplies are also called MRO items because they fall into three categories.

ch16 sponsorships

relastionship in which an organization provides funds or in-kind resources to an event or activity in exchange for a direct association with that event or activity. o Commercial sponsorship of an event or activity involves personal selling, advertising, sales promotion, and public relations in achieving specific promotional goals. Sponsorships have become a multi-billion dollar business. o Today sponsorships are more prevalent in sports. o The escalating costs of traditional advertising make commercial sponsorships a cost-effective alternative. Except for really large events, which often have multiple sponsors, most sponsorships are less costly than an advertising campaign that employs tv , print and other media. o Sponsor also often gain the benefit of media coverage anyway, because associated events are covered as news. o Sponsor have little control of sponsored events beyond matching the audiences to profiles of their own target markets. ( event organizers control the coverage, which typically focuses on the event and not the sponsor.) o In contrast a traditional advertisement allows a marketer to create an individual message containting an introduction, a theme, and a conclusion.

ch1 relationship marketing

relationship marketing recognizes the critical importance of internal marketing to the success of external marketing plans. it gives a company new opportunities by moving customers up a loyalty ladder.

ch17 compensation

salary based: from a consumers perspective its better, but for employee not as much) commission based: very motivating, weeds peiople out. most firms do a mix of the two

ch12 growth stage

second stage of the product lifecycle that begins when a firm starts to realize substantial profits form its investment in a product. o Sales volume rises rapidly during the growth stage as new customers make initial purchases and early buyers repurchase the product, such as camera phones. o Word of mouth reports, mass advertising and lowered prices all encourage hesitant buyers to make trial purchases of new products. o As sales volume rises, competitors enter the market place, creating new challenges for marketers.

ch1 Strategy (STP)

segmentation target audience Positioning strategy

ch18 price bundling

selling two or more goods as a single price ( Comcast is a great example of this for internet, tv, phone) value meals at mcdonalds: the burgers have good profit margins, the fries have really good profit margins, the softdrinks have infinite profit margins. To encourage people to buy higher profit things this is why you do price bundling

ch6 ideal self

serves as a personal set of objective, because it is the age to which the individual aspires. When making purchases consumers will likely choose products that move them closer to their ideal self-images.

ch19 penetration

sets a low price as a major marketing weapon. Pricing strategy involving the sue of a relatively low entry price compared with competitive offerings, based on the theory that this initial low price will help secure market acceptance. • a penetration stratetgy may also extend over several stages of the product lifecycle as the firm seeks to maintain a reputation as a low-price competitor. • A penetration pricing strategy is sometimes called a market-minus pricing when it implements the premeis that a lower-than-market price will attract buyers and move a brand from an unknown newcomer to at least the brand-recognition stage or even the brand-preference stage. • Success depends on generating many trial purchases. • Penetration pricing is common among cable and internet providers, which typically offer low rates for a specified intro period, then rais the rates. • If competitors view the new product as a threat, marketers attempting to use a penetration strategy often discover that rivals will simply match their prices. • Retailers use penetration pricing to lure shoppers to new stores. o Examples: strategies might take forms such as zero interest charges for credit purchases at a new furniture store, two for one offeres for dinner at a new restaurant or an extremely low price on a single product purchase for first time customers. • Penetration strategy works best for goods or services characterized by highly elastic demand. • Many highly price-sensitive consumers pay close attention to this type of appeal. • The strategy also suits situations in which large-scale operations and long production runs result in low production and marketing costs. • Penetration pricing may be appropriate in marketing situations in which introduction of a new product will likely attract strong competitors. • Such a strategy may allow a new product to reach the mass market quickly and capture a large share prior to entry by competitors. o Every day low pricing: pricing

ch16 media scheduling

setting teh timing and sequence of advertising campaign most producsts are seasonal in nature: most have a season with the best sales, or repurchase. 1. continuity: advertise all the time @ a specific level, product has high churn and high demand, like toothpaste , geico 2. conentration: when you basically put all your money at one time, like halloween stores, campaigne advertisements 3.flighting: when you have up and down spending on advertising, gives the perception of continuity without spending otns of money 4.pulsina: the combination of flighting and continuity, alsways have a base level of spending

verticle marketing systems

should be very efficient, forward systme, and backward system want to create economies of scale

ch13 family brand

single brand name that identifies several related products. o Family brands help marketers introduce new products to both customers and retailers. o Family brands should identify products of similar quality, or the firm risks harming its overall product image.

ch13 individual brand

single brand that uniquely identifies a product. o Individual brands cost more than family brands to market because the firm must develop a new promotional campaign to introduce each new product. o Distincitive brands are extremely effective aids in implementing market segmentation strategies, however. o Should distinguish dissimilar products.

ch3 mega trends

slow moving trends that change the world, ( like the baby boomers, millennials, the internet, mobile phones) * very slow moving, very big economical trends that seem to then make a change and last forever. ( example: the baby boom was a mega trend. or buying smaller houses and the invention of the internet was a very good example of a mega trend.

market penetration strategy

so this is increasing sales in existing products in existing markets. ( how do you get your current readers to read more)

ch10 custom marketing research

soup to nuts company. Call them up and say you have a question on "X" and they will do everything they can to get that info. Sometimes they will hire a specialty line. * if you have some sort of research question you hire a custom firm to do market research on your question. • Full-service research supplier: an organization that contracts with clients to conduct complete marketing research projects. (Marketing research organization that offers all aspects of the marketing research process.) a full service supplier becomes the clients marketing research arm, performing all of the steps in the marketing research process.

ch12 goods-services continuum

spectrum along which goods and services fall according to their attributes, from pure good to pure service. ( this is a good way to distinguish services from goods) This helps marketers visualize the differences and similarities between goods and services. o A car is a pure good but the dealer can also offer repair and maintenance services or includes the services in the price of a lease. o Services can be distinguished from goods in several ways: • Services are intangible: services do not have physical features buyers can see, hear smell , taste or touch prior to purchase. Service firms essentially ask their customers to buy a promise. • Services are inseparable from the service providers: consumer perceptions of a service provider become their perceptions of the service itself. The name of a doctor, lawyer or hair stylist is synonymous with the service they provide. • Services are perishable: providers cannot maintain inventories of their services. A day spa cant stockpile facials or pedicures. A travel agent can't keep quantities of vacations on a shelf. • Companies cannot easily standardize services: however, many firms are trying to change this. Most fast food chains promise you'll get your meal within a certain number of minutes, and it will taste the way you expect it too. • Buyers often play important roles in the creation and distribution of services: service transactions frequently require interaction between buyer and seller at the production and distribution stages. • Service standards show wide variation: a product often blurs the distinction between services and goods. For example U-Haul is a service that rents trucks and moving vans, which are goods.

ch3 time based competion (first mover advantages)

strategy of developing and distributing goods and services more quickly than competitors. • With increased international competition and rapid changes in technology, a steadily growing number of firms use time as a strategic competitive weapon. • The flexibility and responsiveness of time-based competitors enable them to improve product quality, reduce costs, and expand product offerings to satisfy new market segments and enhance customer satisfaction.

ch13 market development strategy

strategy that concentrates on finding new markets for existing products. • Market segmentation provides useful support for such an effort.

ch9 undifferentiated

strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing. a. Mass marketing or undifferentiated marketing was much more common in the past than it is today. b. There are a lot of dangers to this type of marketing, because a firm is attempting to satisfy everyone in the market with one standard product and it may suffer if competitors offer specialized alternatives to smaller segments of the total market and better satisfy individual segments. c. Firms that implement strategies of differentiated marketing, concentrated marketing, or micromarketing may capture enough small segments of the market to defeat another competitors strategy of undifferentiated marketing. * Undifferentiated marketing strategy: suits a firm selling items perceived by consumers as relatively homogemous. • During early stages, undifferentiated marketing might effectively support the companys effort to build initial demand for the item. • In the later stages, competitive pressures may force modifications in products and in the development of marketing strategies aimed at segments of the total market.

ch9 differentiated marketing ( very important concept)

strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments. a. By providing increased satisfaction for each of many target markets, a company can produce more sales by following a differentiated marketing strategy than undifferentiated marketing would generate. b. In general, however, differentiated marketing also raises costs . production costs usually rise because additional products and variations require shorter production runs and increased setup times. c. Inventory costs rise because more products require added storage space and increased efforts for record keeping. d. Promotional costs also rise because each segment demands a unique promotional mix. e. Despite higher marketing costs, an org. may be forced to practice differentiated marketing to diversify and reach new customers. * Competition ususaly forces each firm to adopt a differentiated marketing strategy. * Once a strategy is chosen to reach their target market, markets must then decide how best to position the product.

ch13 market penetration strategy

strategy that seeks to increase sales of existing products in existing markets. • firms can attempt to extend their penetration of markets in several ways. They may modify products, improve product quality, or promote new and different ways to use products. • Packaged goods markets often pursue this strategy to boost market share for mature products in mature markets.

ch14/15 the transfer of ownership title

supply chain management: raw materials -> products ->consumers physical distribution: rarely do producers sell to the consumers

ch13 brand mark

symbol or pictorial design that distinguishes a product.

ch10 what types of firms collect data?

syndicated data service custom marketing research specialty line

ch13 brand equity

the added value endowed based on how the consumers feel about the brand ( like the pepsi challenge, in the blind taste test they preferred pepsi over coke, but in a non blind test people choose coke over pepsi so this means that coke has a higher brand equity. o Studies have also linked brand equity to high profits and stock returns. ---internal validity: what youre proving is what youre testing ( with pepsi challenge its good) ---external validity: what youre testing in the lab is how the real world works ( with pepsi challenge they test it in a way that isnt done in a normal way, that we usually drink pepsi) o In global operations, high brand equity often facilitates expansion into new markets. o Strong brand has the power to increase a company's sales and earnings. o A global brand generally is defined as one that sells at least 30% outside its home country • A brand can go a long way of making or breaking a company. o It increases the likelihood that consumers will recognize the firms products or product line when they make purchase decisions. o A strong brand identity can contribute to buyers perceptions of product quality o Branding can reinforce customer loyalty and repeat purchases

ch14/15 marketing

the creation, communication and distribution of value ex: distribution as a point of difference is fedex, amazon etc, they use their distribution as a point of difference where car dealerships are located, especiall y H&M

ch18 price

the exchange value of a good or service when higher than average comes more prestige when lower more of a value price

containerization

the fact of good produicts

ch9 baby boomers

the group born between 1946 and 1964, they are a popular segment to target because of their numbers and income levels. Boomers tend to value health and quality of life, a fact not lost on marketers for products like organic foods, financial investments, travel and fitness. But boomers are also quick to embrace new technology, even as they age.

ch3 Game theory

the prisioners delimma, if neither person rats out the other guy, then they are both free, but that usually doesnt happen. it has to do with trust.

ch1 life time value of a customer

the revenues and intangible benefits that a customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer.

ch1 social marketing

the use of online social media as a communications channel for marketing messages. * visual buzz: as teh tangible expression of an issue or position * strategic alliances: partnerships in which two or more companies combine resources and capital to create competitive advantages in the market.

ch6 looking glass self

the way an individual thinks others see him or her, also may differe substantially from self image because popel often choose to project different images to tothers than their perceptso of their real selves.

ch6 self image

the way an individual views himself or herself, may distort the objective view

ch2 first mover strategy

theory advocating that the company first to offer a product in a marketplace will be the long-term market winner. Being first may also refer to entering new markets with existing products or creating significant innovations that effectively turn an old product into a new one. Companies that follow can learn from mistakes by first movers.

ch2 second mover strategy

theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace. Ex: Facebook appeared after MySpace. Target after Wal-Mart.

ch13 brand associations

these are the mental links that a person makes with a brand, and their key attributes. ( for western, mountain, trails, blue, green, teaching focused, etc)

ch18 bait and switch

they advertise a prodcut, but dont "have it" but offer a different one... its illegal to do this, but can get away with it...

ch10 specialty line

they specialize in one part of the research. Like they could be the ones who field a survey etc... * its like getting people for focus groups, its part of the research. • Limited-service research supplier: a marketing research firm that specializes in a limited number of activities, such as performing data processing or conducting field interviews.

ch1 not for profit organizations

they use specialized networks devoted to social causes. it is hard to market to muliple publics but not for profit typically markets their clients and their sponsors. sometimes not for profit orgs possess some degree of monopoly power in a given geographic area.

ch1 for profit organizations

thier goal is to generate revelues above and beyond their costs and to make money for all the stakeholders involved. theses orgs. may market tangible goods or intangible services.

ch12 maturity stage

third stage of the product lifecycle, in which industry sales level out. o Sales of a product category continue to grow during the early part of the maturity stage. But eventually they reach a plateau as they backlog of potential customers dwindles. o At this point many competitors have entered the market, and the firms profits begin to decline as competition intensifies. o Differences between competing products diminish as competitors discover the product and promotional characteristics most desired by customers. o The competitive environment becomes increasingly important. o Some firms try to differentiate their products by focusing on attributes like quality, reliability, and service. Others focus on redesign for extending the product lifecycle.

ch10 competitive intelligence

this is a form of business intelligence that focuses on finding info about competitors using published sources, interviews, observations by salespeople and suppliers in the industry, government agencies, public filings such as patent applications and other secondary sources including the internet and social media sites. • Goals: uncover competitors specific advantages (such as new-product launches, innovative features in existing goods or services, or original marketing or promotional strategies) even the competitors advertising can help. • Marketers use competitive intelligence to make better decisions that strengthen their own competitive strategy in turn.

ch1 transaction based marketing

this is being replaced by a different longer term approach that emphasizes building relationships with one customer at a time.

ch18 pricing

this is how you make money • It is a real big signal about your quality, and your competitive set is in the market. (important) • It is the easiest of the 4-ps to change, the most dynamic. It affects volume and margins

ch3 infation

this is what the government really cares about, so they dont care about unemployment because they are guaranteed a job. * inflation means when teh dollar is worth less. *rising prices caused by some combination of excess consumer demand and increases in the costs of one or more factors of production.

ch1 how might a firm communicate value?

through advertising channels, price of the product and all the ways that we let people know what the firm does.

ch1 how might a firm might create value?

through points of difference: it is about creating points of difference that fill a need and what customers care about.

ch1 how might a firm express delivery of value?

through product design, transportation, customer service. the actual product, good customer support and how do people purchase the product.

ch6 opinion leaders

trendsetters who purchase new products before others in a group and then influence to others in their purchases. *In nearly every reference group, a few members act as opinion leaders. *Their interest motivates them to seek out info. From mass media, manufactureers, and other sources and in turn transmit this info to associates through interprersonal communications. * Opinion leaders are found within all segments of the population.

ch16 difference between communicating persuasive advertising or reminder advertising

using emotion, teh cocacola ad didnt tell us anything about their product.

ch13 branding ( brand drivers)

usually a brand plan has your brand priciple, brand personality, brand associations

ch16 advertising appeals

usually around emotions: emotions are memerable, humor creates positive feelings which transfers to the brand sex appeal : increases arousal, if more people are aroused they are more likely to act. after you develop the add you need to figure out what media to use?

ch6 culture

values, beliefs, preferences, and tastes handed down from one generation to the next. o Culture is the broadest environmental determinant of consumer behavior. * we care less about traditinos, new is best. ( where some cultures value change over time, but the basic core values do not change. * the u.s. 's culture is based on Work ethic and desier to accumulate wealth( two core values of the united states) youth and status is also really important

ch19 leader pricing

variant of loss-leader pricing in which marketers offer prices slightly above cost to avoid violating minimum markup regulations and earn a minimal return on promotional sales.

ch18 EDLP ( every day low price)

walmart, the idea where prices are always low so you dont rely on price and sales promotions. it smooths our demands its easier for competitors to match unless they are elastic quality is usually poor in products.

ch1 What is the importance of relationships in marketing?

we want to create and manage relationships that benefit the organization and the stakeholders. a returning customer is much more valuable than a new customer--- because of acquisition cost.

ch14/15 reverse channel

what if something is wrong with teh product. like students selling their textbooks after purchasing them. when you get a new phone, they may give you money back for your old one.

merchandizing

what products are we looking to sel? concept of the sku: stock keeping unit *slotting allowances: certain parts of teh store sell better so the product company pays more for those locations in the store. * customer service: really important with differentiation, want returning customers ( free child care example) * pricing: consistency , or differences between different places? markups and mark downs.

grey markets

when someone buys something legally , but not what the manufacture wants to see happen. like the trader joes and pirate joes

innovation and new product development

• Importance of product positioning: how is this innovation or new product important from what has come before.

ch13 product development strategies

• A firms strategy for a new product development varies according to its existing product mix and the match between current offerings and the firms overall marketing objectives. • The current market positions of products also affect product development strategy.

ch 13 brand licensing

• A growing number of firms authorize other companies to use their brand names. Even colleges license their logos and trademarks. This is known as brand licensing. • Brand licensing: practice that expands a firms exposure in the market place o The brand names owner also receives an extra source of income in the form of royalties from licensees, typically 10% of wholesale revenues. o Brand names don't transfer well to all products. o If a licensee produces a poor quality product or an item ethically incompatible with the original brand, the arrangement could damage the reputation of the brand.

ch13 brand names

• A name plays a central role in establishing brand and product identity. o Brand name: part of a brand, consisting of letters, numbers, or words, that can be spoken and that identifies and distinguishes a firms offerings from those of its competitors • Effective brand names are easy to pronounce, recognize and remember. •marketers should also beware of how well they get their point across in interpersonal communications. • Brand names should also give buyers the correct connotation of the products image. • Brand name must also qualify for legal protection When a class of products becomes generally known by the original brand name of a specific offering, the brand name may become a descriptive generic name. if this occurs., the the original owner loses exclusive clam to the brand name. ( nylon, aspirin, escalator, kerosene, and zipper all started as brand names) • Firms can also identify their brands by brand marks

ch10 probability sample

• A probability sample: each person has the same probability of being in the sample • What is the benefit of a probability sample: it is statistically more accurate. You can measure a margin of error. * probability samples are much more valid. * simple random sample: equal opport. to be selected *stratified sample: randomly selected subsamples of different groups that represent the total sample. like when you pick a respresented ratio of freshman, juniors, seniors, et.. on campus. *cluster sample:researchers select a sample of subgroups or clusters from which they draw respondents. like when you just talk to only freshmen on campus.

ch16 AIDA concept

• AIDA concept: steps through which an individual reaches a purchase decision: attention, interest, desire, and action. ( also vital to online markets) o The first promotional message must gain the potential consumers attention. o it then seeks to arouse interest in the good or service. o It then stimulates desire by convincing the would-be buyer of the products ability to satisfy his or her needs. o Lastly, the sales presentation, advertisement, or sales promotion technique attempts to produce action in the form of a purchase now or in the future. o Bottom line: if no one responds to a website, it might as well not exist.

ch13 consumer adoption process

• Adoption process: stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again. 1. Awareness: individuals first learn of the new product, but they lack full information about it 2. Interest: potential buyers begin to seek information about it 3. Evaluation: they consider the likely benefits of the product 4. Trial: they make trial purchases to determine its usefulness 5. Adoption/rejection: if the trial purchase produces satisfactory results, they decide to use the product regularly.

ch13 packaging

• All packaging serves three major objectives: 1. Protection against damage, spoilage and pilferage; 2. Assistance in marketing the product; 3. Cost effectiveness

ch 13 new product planning

• As its offerings enter the maturity and decline stages of the product lifecycle, a firm must add new items to continue to prosper. • Regular additions of new products to the firms line help protect it from product obsolescence. • New products are the lifeblood of any business, and survival depends on a steady flow of new entries.

ch9 positioning strategies

• Attributes • Price/quality • Competitors • Application • Product user • Product class • What ever strategy the firm chooses, marketers want to emphasize a products unique advantages and differentiate it form competitors options. This is where positioning map comes into play. * positioning map is where you pick teh attributes and tehn decide your opportunities are.

ch13 brand loyalty

• Brands achieve widely varying consumer familiarity and acceptance. • Marketers measure brand loyalty in three stages: 1.brand recognition:consumer awareness and identification of a brand.Advertising offers one effective way for increasing consumer awareness of a brand. Other tactics could be offering free samples or discount coupons for purchases Once customers have used a product, seen it advertised, or noticed it in stores, it moves from the unknown to the known category, increasing the probability that some of those consumers will purchase it. 2.brand preference:consumer choice of a product on the basis of a previous experience. 3.brand insistence: the ultimate stage in brand loyalty, leads consumers to refuse alternatives and to search extensively for the desired merchandise. Consumer refusal of alternatives and extensive search for desired merchandise. a. a product at this stage has achieved a monopoly position with its consumers. b. Many companies try to achieve brand insistence but few achieve this goal.

ch 13 trademark

• Businesses invest considerable resources in developing and promoting brands and brand identities. • The high value of brand equity encourages firms to take steps in protecting the exepnditures they invest in their brands. • Trademark: brand for which the owner claims exclusive legal protection • Trademark should not be confused with trade name, which identifies a company. ( ex: coca-cola company is a trade name, but coke is a trademark of the companys product.) • Some trade names duplicate companies brand names.

ch13 early adopters

• By reaching these buyers early in the products development or introduction, marketers can treat these adopters as a test market, evaluating the product and discovering suggestions for modifications. • Because early purchasers often act as opinion leaders from whom others seek advice, their attitudes toward new products quickly spread to others. • Acceptance or rejection of the innovation by these purchasers can help forecast its expected success. • These early adopters tend to be younger, are better educated, and enjoy higher incomes than other consumers. • They are more mobile than later adopters and change both their jobs and addresses more often. • They also rely more heavily than later adopters on impersonal information sources; more hesitant buyers depend primarily on company generated promotional info. And word of mouth.

ch19 competition pricing

• Competitive pricing strategy: pricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the level of comparable offerings. • Opening price point: an opening price below that of the competition, usually on a high quality private label item.

ch12 world wide quality programs

• Congress established the Malcolm baldridge national quality award. It is the highest national recognition for quality a us company can receive. • The award works toward promoting quality awareness, recognizing quality achievements of U.S. companies, and publicizing successful quality strategies. • ISO9001:2008: standards developed by the international org. for standardization based in Switzerland to ensure consistent quality management and quality assurance for goods and services throughout the European Union. o although, most other ISO standards are specific to particular products or processes, ISO9001 applies to any organization , regardless of the goods or services it produces.

ch13 brand differentiation

• Differentiation:refers to a brands ability to stand apart from competitors. ( Porsche, victoria secret stand out in consumers minds as symbols of unique product characteristcis )

ch13 brand esteem

• Esteem:Is a combination of perceived quality and consumer perceptions about a brands growing or declining popularity. A rise in perceived quality or in public opiion about a brand enhances a brands esteem. But negative impressions reduce esteem. Brands with high esteem include coca-cola and Honda

ch12 shopping products

• In contrast to the purchase of convenience items, consumers buy shopping products only after comparing offerings such as price, quality, style and color. • Typically shopping products cost more than convenience purchases. • This category includes tangible items such as clothing, furniture, electronics and appliances as well as services like child care ... • The purchaser of a shopping product lacks complete information prior to the buying trip and gathers information during the buying process. • Shopping products: products consumers' purchase after comparing competing offerings. o Several attributes distinguish shopping products: physical attributes; service attributes, such as warranties and after sale service terms; prices; styling; and places of purchase. o A stores name and reputation have considerable influence on peoples buying behavior. The personal selling efforts of salespeople also provide important promotional support.

ch13 brand knowledge

• Knowledge: refers to the extent of customers awareness of the brand and understanding of what a good or service stands for. Knowledge implies that customers feel an intimate relationship with a specific brand. Exampeles include Kraft Macaroni & cheese and North face.

ch12 classifying consumer services

• Like tangible goods, services are also classified based on the convenience, shopping and specialty products categories. • Service firms may serve consumer markets, business markets or both. • Services can be classified as equipment based or people based. • Marketers may ask five questions to help classify certain services: 1. What is the nature of the service? 2. What type of relationship does the service organization have with its customers? 3. How much flexibility is there for customization and judgment on the part of the service provider? 4. Do demand and supply for the service fluctuate? 5. How is the service delivered?

ch13 manufacturers brands

• Manufacturers brands, also called national brands, define the image most people form when they think of a brand. • Manufacturers brands: brand name owned by a manufacturer or other producer. ( sony, pepsi-cola, dell)

ch10 what kind of information do we look up?

• Market demographics • Competitors strengths and weaknesses • Buying behavior • Sales trends • Brand perceptions

ch9 segmentation

• Market segmentation attempts to isolate the traits that distinguish a certain group of consumers from the overall market. • An understanding of the groups characteristscs such as: age, gender, geographic location, income, and buying patters—plays a vital role in developing a successful marketing strategy. • Marketers rarely identify totally homogeneous segments, in which all potential customers are alike; they almost always encounter some differences among members of a target group but must be careful to ensure their segments accurately reflect consumers.

ch13 brand

• Marketers recognize the powerful influence products and product lines have on customer behavior, and they work to create strong identities for their products and protect them. Branding is the process of creating that identity • Brand: name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from those of the competition. o Satisfied buyers respond to branding by making repeat purchases of the same product because they identify the item with the name of its producer.

ch16 creating an advertisement

• Must create an add that is memorable. These type of adds increase sales and enhance their organizations image. • Research helps them by pinpointing the three goals an ad needs to accomplish o Three goals: educating consumers about product features, enhancing brand loyalty, or improving consumer perception of the brand. o These objectives should guide the design of the add. • Marketers can also test ads before they commit to the ad. • Must find creative ways to fill out the intangible images of most services and successfully convey the benefits consumers receive.

ch10 non-probability sample

• Non probability: not everyone has the same chance of being in the sample • Benefit of non-probability sample: super convenient and super cheap. ( if he just asked the class a question about western Washington university that would be a non-probability sample example) * convenience sample: selected upon readily available respondents *quota sample:divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as a whole. participants are hand picked vs. being randomly selected.

ch18 strategies for achieving these pricing objectives

• One fool doesn't charge enough, or charges too much. o Cost plus pricing: when you just want to cover your costs, its not really smart but a lot of firms do it, they think about cost too much o Yield management pricing: maximizing your capacity. If you have capacity constraints you price on maximizing the capacity you have ( like airlines will have different prices when you buy it. ) o cost based pricing o Demand based pricing: target costing o Price leadership: like cartel pricing ( one gas station puts a price out there, and everyone else does it) o Every day low pricing (EDLP): figure out your cost to make it as low as possible, but then don't change that price cause it smooths out the demand.

ch13 product identification

• Organizations identify their products in the market place with brand names, symbols and distinctive packaging. • Choosing how to identify a firms output represents a major strategic decision for marketers.

ch12 installations

• The specialty products of the business market are called installations. • This classification includes major capital investments for new factories and heavy machinery and for telecommunication systems. • Because installations last for longer periods of time and their purchases invovlve larger sums of money, they represent major decisions for organizations. • Price typically does not dominate purchase decisions for installations. • Installatins are major investments often designed specifically for the purchasers. • Marketers of these systems typically focuss their promotional efforts on employing highly trained sales representatives, often with technical backgrounds. • Installations: major capital investments in the B2B market.

ch3 PESTEL analysis

• POLITICAL ENVIRONMENT: it can impact consumer expectations but they can create new business opportunities. consists of laws and their interpretations that require firmst to operate under competitive conditions and to protect consumer rights. • ECONOMIC: the overall health of the economy influenes how much consumers spend and what they buy. ( gross domestic product) economic environment: factors that influence consumer buying power and marketing strategies including stage of teh business cycle, infalation, deflation, unemployment, income and resource availability. • SOCIO-CULTURAL: how people view themselves and the outside.component of the marketing enviornment consisting of the relationship between the marketer, society and culture. (must be sensative to societies demographic shifts and changing values) this is the rise of consumerism • TECHNOLOGICAL ENVIRONMENT ( moores law) that processors double their capacity every 18 months. application to marketing of knowledge based on discoveries in science, inventions and innnovations. (VOIP)-voice over internet protocol- which is a phone connection through a personal computer with any type of broadband internet connection. • Environmental : how do people care or not care about environmental issues • Legal

ch18 pricing objectives

• Profitability objective: may want to maximize your product or want a return, so you would price higher • Volume objective: you are trying to maximize sales, trying to maximize your market share. So if volume is objective you price lower • Competitive pricing : you are trying to show you are a good value and you price lower than your competition. • Prestige objective: you want to create exclusivity, perception of quality and luxury. • Not for profit: ( break even): with western Washington university with how they set their tuition, they plan to break even. • Incentives: government incentives ( you tax things you don't want people to use) or tolls on the 520 bridge

ch16 promotions and digital marketing

• Promotion is about getting the right consumer exposed to the message at the right time and place • IMC ( integrated, marketing communications -----Want a marketing communication that gets attention, reflects the consumers level of understanding, the comunicaation are clear on POD and POP, creates a strong brand associations. • AIDA ( attention , interest, desire, action ) *Digital marketing: • Inbound marketing: where a consumer will contact you, what goes into inbound marketing ( good content, good search engine optimization, and good social share) people are already interested in your product • Outbound marketing : is the traditional way of marketing where you advertising to the masses. • Hootsuite: it's a service where you can schedule and plan your posts over social media platforms. • Google analytics: it's a tool to analyze how successful your website is, where traffic is coming from, what the traffic is doing, and where they are when they leave. • What is the different between paid, earned and owned media

ch16 elements of the promotional mix

• Promotional mix: subset of the marketing mix in which marketers attempt to achieve the optimal blending of the elements of personal and non-personal selling to achieve promotional objectives. • The promotional mix requires a carefully designed blend of variables to satisfy the needs of a company's customers and achieve organizational objectives. • Personal selling, non- personal selling, including advertising, sales promotion, direct marketing, public relations, and guerrilla marketing are the components of the promotional mix • Personal selling, advertising, and sales promotions usualy account for the bulk of a firms promotional expenditures. • Direct marketing, guerrilla marketing, sponsorships and public relations also contribute to integrated marketing communications.

ch13 brand relevance

• Relevance: refers to the real and perceived appropriateness of a brand to a big consumer segment. A large number of consumers must feel a need for the benefits offered by the brand brands with high relevance include Apple and Hallmark.

ch12 product B2C

• Shopping products: these are the things that are either homogenous or heterogenius ( you compare them and for the homogenous you compare on price, for heterogeneous you do about features) • Convenience products: you buy them without a lot of thought ( you have impulse items, anything sold at the checkout counter are considered convenience products or like staples like milk, gas, dry cleaning or emergency items. You are not as concerned about price with convenience products the demand is inelastic • Specialty items : usually have a specific brand associated with them ( clothes, cars) if you have a particular brand loyalty they are specialty product • Unsought : you never think about them until you need to buy them, like tomb stones etc. you have no idea how much they cost

ch13 brand extensions

• Some brands become so popular that marketers may decide to use them on unrelated products in pursuit of instant recognition for the new offerings. The strategy of attaching a popular brand name to a new product in an unrelated product category is known as brand extension. • Do not get confused with line extension. With brand extension all it does is carrying just the brand name to a new product. • in establishing brand extensions, marketers hope to gain access to new custoemrs and markets by building on the equity already established in their existing brands. ( American girl is a great example of brand extension) • Line extensions: development of individual offerings that appeal to different market segments while remaining closely related to existing product line.

ch3 types of competition ( share of the wallet)

• The most direct form of competition occurs among marketers of similar produces. Ex: when a competitive gas station opens across the street from another one. or like AT&T and Wireless • A second type of competition is indirect, involving products that are easily substituted. Like in the fast food industry where pizza competes with chicken, hamburgers and tacos. • Final type of competition occurs among all organizations that compete for consumer's purchases.

ch19 pricing strategies

• The specific strategies firms use to price goods and services grow out of the marketing strategies they formulate to accomplish overall organizational objectives. • Firms can choose from three pricing strategies: 1.Skimming, 2.penetration, and 3.competitive pricing

ch12 TQM

• Total quality management (TQM): continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance. o Managers are responsible for communicating the goals of tqm to all staff members and for encouraging workers to improve themselves and take pride in their work. o Many companies solicit reviews or feedback from customers to improve their goods and services.

ch13 protecting trademarks

• Trademark protection confers the exclusive legal right to use a brand name, brand mark, and any slogan or product name abbreviation. • It designates the origin or source of a good or service. • Frequently, trademark protection is applied to words or phrases, such as Bud for Budweiser or the met for the metropolitan opera in new york city. • Firms can also receive trademark protection for packaging elements and product features, such as shape, design, and typeface. • The internet is the next battlefield for trademark infringement cases.

ch16 types of advertising

• While IMC involves a message dealing with buyer-seller relationships, advertising seeks to inform or persuade members of a particular audience. • Marketers use advertising to reach target markets with messages designed to appeal to business firms, not for profit organizations or ultimate consumers. Types of advertising o Advertisements fall into two broad categories: product and institutional. 1.Product advertising: non-personal selling of a particular good or service. This is the type of advertising the average person usually thinks of when talking about most promotional activities. 2.Institutional advertising: promotion of a concept, an idea, a philosophy, or the goodwill of an industry, company, organization, person, geographic location, or government agency. This has a broader meaning than corporate advertising that is typically limited to advertising sponsored by a specific profit-seeking firm. Institutional advertising is sometimes related to the public relations function.

ch12 importance of the service sector

• While some firms have found success with offshoring certain of their work functions, such as call centers and IT, others have returned those functions to the United States after determine they would save money and improve quality by doing so. Termed backshoring, this trend is growing and actually becoming a marketing tool for firms. "Foreign call centers feed into the perception that companies aren't interested in their customers," notes one marketing researcher. • Some companies bringing their call centers back to the US are taking another approach using home-based hourly workers, often managed by a private firm. This emerging trend is known as homeshoring. • Home shoring: hiring workers to do jobs from their homes. o Enables firms to save on office space, furnishings, and supplies. Also save on health care and other benefits. Also experiencing another benefit: a reduction in the use of energy and other natural resources, which decreases the firms impact on the environment. • Most service firms emphasize marketing as a significant activity because: 1. The growth potential of service transactions represents a vast marketing opportunity 2. The environment for services is changing.

ch12 bench marking ( both internal and external, similar to swot)

• firms often rely on an important tool called benchmarking to set performance standards. The purpose of benchmarking is to achieve superior performance that results in a competitive advantage in the marketplace. • Benchmarking process involves three main activities: identifying manufacturing or business s process that need improvement, comparing internal processes to those of industry leaders, and implementing changes for quality improvement. • Benchmarking requires two types of analyses: internal and external • Before a company can compare itself with another, it must analyze its own activities to determine strengths and weaknesses. • A comparison of the results of the analysis provides an objective basis for making improvements. • Benchmarking can take a simpler more informal approach • Benchmarking: method of measuring quality by comparing performance against industry leaders.

ch6 Self concept theory

• persons multifaceted picture of himself or herself. The concept of self emerges from an interaction of many of the influences - both personal and interpersonal, that affects buying behavior. A personas needs, motives, perceptions, attitudes, and learning lie at the core of his or her conception of self. In addition , family, social, and cultural influences affect self-concept. *Real self: •self image: •looking glass self: •ideal self:

ch13 trade dress

• visual cues used in branding create an overall look sometimes referred to as trade dress. o Trade dress: visual components that contribute to the overall look of a brand. • These visual components may be related to color selections, sizes, package and label shapes, and similar factors. • A combination of visual cues can also constitute trade dress.

ch2 mission

•Mission: essential purpose that differentiates one company from others. • Focuses on a limited number of goals, stresses policies and values, defines the competitive fears, takes a long term view, and is short meaningful and memorable. the purpose of our company that differentiates form other companies. * This statement specifies the orgs overall goals and operational scope and provides general guidelines for future management actions. •A mission statement is how we differentiates a company from others. • Sephora's mission statement: to be the leader of beauty etc... * googles mission statement doesnt say anything aobut using the internet.