JJ Brotton Exam 2 Mktg 400 ksu

Objectives

- Profit - women/ minority/ suppliers/vendors - environment/ sustainability

Organizational Buyers

- Reseller - Industrial - Government markets

Ways to segment

-One product and multiple market segments -Multiple products and multiple market segments -segments of one (mass customization)

Steps in the Market research process

1. define the problem 2. develop the research plan 3. collect relevant date 4. develop findings 5. take marketing action

Organizational Buying process

1. problem recognition 2. information search 3. alternative evaluation 4. purchase decision 5. post purchase behavior

Quota

A limit placed on the quantities of a product that can be imported

Supply Partnership

A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer

New Product Development Process

A seven-phase process for introducing products: - - idea generation, - screening, - concept testing, - business analysis, - product development, - test-marketing, - and commercialization

language

A system of communication through the use of speech, a collection of sounds understood by a group of people to have the same meaning.

Tariff

A tax on imported goods

Reciprocity

An industrial practice in which two organizations agree to purchase each other products and services

Product adaption

Changing the product for different countrie

Economic Considerations

Economic infrastructure Consumer income and purchasing power Currency exchange rates

Direct investment

Going to start a company in another country

GDP

Gross Domestic Product- the total market value of all final goods and services produced annually in an economy

Industrial buyer

Manufacturing

Invention

New product for different countries

Buying committee

People involved in the buying center - management - someone rom purchasing - people who are involved in whatever the sale is

Reseller buyer

Retailers and wholesalers who buy finished goods and resell them for a profit.

Extension

Same product, Different countries

service

The intangible result of the application of human and mechanical efforts to people or objects

role in a buying center

Users Influencers buyers deciders gatekeepers

Multi-domestic Firm

a firm tailors its products and services to the needs of each country or region in which it operates and gives a great deal of power to the managers and associates in those countries or regions

Product

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

Product line

a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range

Product Differentiation

a positioning strategy that some firms use to distinguish their products from those of competitors

Unsought

a product unknown to the potential buyer or a known product that the buyer does not want

Straight buy

a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

Modified buy

a situation in which the purchaser wants some change in the original good or service

New buy

a situation requiring the purchase of a product for the first time

Gray market

a situation where products are sold through unauthorized channels of distribution.

joint venture

an agreement between two or more companies to share a business project

product mix

consists of all of the product lines offered by an organization

buying center

consists of the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision.

Secondary date

data previously collected for any purpose other than the one at hand

Dynamically continuous innovation

disrupts consumer's normal routine but does not require totally new learning example: smart phones

International firm

engages in trade and marketing in different countries as an extension of the marketing strategy in its home country

Government markets

government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them

primary data

information that is collected for the first time; used for solving the particular problem under investigation

Cross Cultural analysis

involves the study of similarities and differences among consumers in two or more nations or societies

Shopping

items for which the consumer compared several alternatives on criteria such as price, quality or style

Specialty

items that the consumer makes a special effort to search out and buy

convenience

items that the consumer purchases frequently, conveniently and with minimum effort

durable good

long-lasting good like a car or a refrigerator

customs

norms and expectations about the way people do things in a specific country

discontinuous innovation

requires new learning and consumption patterns by consumer example self-driving cars

continuous innovation

requires no new learning by consumers

Dumping

selling products in a foreign country at lower prices than those charged in the producing country

Exporting

selling products to another country

nondurable good

short-lived good like food and clothing, not long lasting

supplier development

the deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers

Derived demand

the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services

Values

the ideas, beliefs, and attitudes about what is important that help guide the way you live

licensing

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

Product positioning

the place a product occupies in consumers' minds based on important attributes relative to competitive products

Protectionism

the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas

Segmentation

the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. for example common needs and responding similar to a marketing action

Commercialization

the stage of the new-product process that portions and launches a new product in full-scale production and sales

economic espionage

theft of information, trade secrets, and intellectual property

Transnational Firm

tries to operate globally without having a strong national identity

The Pepsi Challenge

• campaign running from 1975 that does blind taste-test to see if people prefer pepsi or coke