Marketing 3343

What is selective retention?

what you remember

What is corrective advertising?

when a company gas advertised something that isn't true and is forced to air something for a specific period of time that corrects those mistakes

What is pure monopoly?

when only one firm sells the product

What is a dissociative reference group?

A group you don't want to be part of

What is an aspiration reference group?

A group you want to be a part of

What is diversification analysis?

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

General Cohorts

Baby boomers: 1946-1964 Generation X: 1965-1980 Generation Y (Millennials): 1986-1995 Generation Z: 1996-now

What is intertype competition?

Competition between retailers that sell similar merchandise using different formats like discount and department stores (Nordstroms and Nordstorms Rack or Nordstorms and JC Penny)

What is intratype competition?

Competition between the same type of retailer (Dillards & Macys)

What is market product focus and goal setting?

Determining which products will be directed towards which customers. Decision is often based on MARKET SEGMENTATION which involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action

BCG Matrix: STARS

High market share and high market growth. A good place to be at but it still takes money to keep up

BCG Matrix: CASH COWS

High market share and low market growth. Company has to keep doing what they're doing to keep the market share high.

What is a marketing program in the strategic marketing process?

Involves developing the programs marketing mix and its budget. (4 p's strategy)

BCG Matrix: QUESTION MARKS

Low market share and high market growth. Company shouldn't drop this product because there is potential

BCG Matrix: DOGS

Low market share and low market growth. Typically indicates a company should drop this product

What is an ultimate consumer? *Look at who you're buying for

People who buy things for their households

Porter's Generic Business Strategy

Sometimes businesses can take 1 of 4 of these -cost leadership: companies focus more on keeping costs low -differentiation: companies make their products so different that consumers would rather have their product. Ex. CAT -cost focus: companies now have a more narrow target -differentiation focus: a smaller company selling something nobody else does. Ex. Chibani used to be the only company to sell Greek yogurt

How to you make a SMART decision?

Specific Measurable Achievable Realistic/Reasonable/Results Timebased

What is SWOT?

Strengths. Weaknesses. Opportunities. Threats. Strengths and weaknesses involve an internal analysis of the company Opportunities and threats are derived from an external analysis

What is subculture?

Subgroups within the larger, or national culture with unique values, ideas and attitudes

What is customer experience?

The foundation of customer relationship management. It is the internal response that all customers have to all aspects of an organization and its offerings. Also incases direct and indirect contact of the customer with the company

What is the strategic business unit level in organization?

The level in an organization were business unit managers set a more specific direction for their products and markets to export value-creating opportunities

What is the fictional level in organization?

The level in an organization where groups of specialists actually create value for the organization

What is the corporate level in organization?

The level in organization where top management directs overall strategy for the entire organization

What is customer relationship management?

The process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the marketplace

**What is market share?

Your companies revenue divided by the total selves of all firms in the industry, including your own. Ex. Papa Johns divided by all other pizza companies (Pizza Hut, Dominoes, Little Caesars, and smaller stores). Most of the time, companies want to be the leader of their market share. A number of people pay attention and care about the market share

What is the marketing dashboard?

a brief, detailed compilation of all the pertinent data about a companies market efforts

What is an organizational buyer? *Look at who you're buying for

a buyer who buys for a company

What is an associative reference group?

a group you're part of. Sometimes markets create brand communities

What is the Sherman Anti-Trust Act?

a landmark federal statute in the history of United States antitrust law passed by Congress in 1890. Passed under the presidency of Benjamin Harrison, it prohibits certain business activities that federal government regulators deem to be anti-competitive, and requires the federal government to investigate and pursue trusts.

What is attitude?

a learned predisposition to respond to an object or class of objects in a constantly favorable or unfavorable way. Hard to change

What is personality?

a person's consistent behavior or responses to recurring situations. Marketers take advantage of that

What is a marketing program?

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

What is a marketing plan?

a road map for the marketing actions of an organization for a specified future time period. -target audience and purpose: who the audience is and what the purpose is -the kind of complexity of an organization -the industry

What is a mission statement?

aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action

Kinds of organizations

for profit (business firm), nonprofit and government agencies

What is selective comprehension?

how do you interpret the information? Depends upon your perception and how you think of things

What is situation (SWOT) analysis?

taking stock of where the firm or product has been recently, where it is now and where it is headed Strengths. Weaknesses. Opportunities. Threats.

What is marketing?

the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large

What is the strategic marketing process?

the approach whereby an organization allocates its marketing mic resources to reach its target market

What is value consciousness?

the concern for obtaining the best quality, features, and performance of a product of service for a given price

What is motivation?

the energizing force that stimulates behavior to satisfy a need

What is life style?

the mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them

What is a multicultural marketing/programs?

programs which are combinations of the marking mix that reflect the unique attitudes, ancestry, communication, preferences and life styles of different races

What are goals?

qualitative

What or objectives?

quantitate

What is a perceived risk?

represents the anxieties felt because the consumer can't anticipate the outcomes of a purchase

What is an opinion leader?

some companies believe that celebrities are opinion leaders because of their influence on todays society

What is self regulation?

some companies take it upon themselves to decide what they can and cannot do instead of the government setting those standards for them

what is cease and desist order?

stop the advertisement completely

What is environmental scanning

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential threats

What is behavioral learning?

the process of developing automatic responses to a situation built up through repeated exposure to it

What is culture?

the set of values, ideas, and attitudes that are learned and shared among the members of a group

What is cognitive dissonance?

the state of having inconsistent thoughts, beliefs, or attitudes, especially relating to behavioral decisions and attitude change

What is customer value?

the unique combination of benefits received by target buyers which includes quality, convenience, on-time delivery, and both before-sale and after-sale service all at a specific price

What is pure competition?

there are many sellers and they each have a similar product

How does marketing discover and satisfy consumer needs?

through research and marketing programs

Different types of utility

-Form: product design, packaging -Place: distribution, store location -Time: inventory management, warehouse, deliveries -Possession: transactions, transfer of ownership

Is the marketing mix?

-Product -Price -Promotion -Place

Competitive forces

-basis of comparison: number of sellers, product differences, and importance of marking mix -pure competition -monopolist competition -oligopoly competition -monopoly competition

3 common value strategies

-best price -best product -best service

Types of income?

-gross -disposable: money you pay bills with -discretionary: the money you have left over after you pay your bills -willingness to spend

High V. Low level of involvement

-high: more inclined to be involved in this because the thing you're purchasing is of high value. -low: less inclined to be invloed because the item you're purchasing doesn't have as high of a value

What are the family decision making roles?

-information gatherer -influencer -decision maker -purchaser -user

Purchase decision process

-problem recognition: recognize the problem at hand -information search: - internal: go into your brains and ask "what did I do last time -externa: ask family or sales person. Could also be an online source -alternative evaluation: what is important to me? The criteria depends on the person. Ex. A cars MPG could be important to me -purchase decision: what is the buying value -post-purchase behavior: either satisfied or dissatisfied -why would marketers want that? =Would want them t be satisfied because they could potentially be repeat customers or they might refer other people -"did I buy the right one"? or "did i need that"? =How can marketers fix this worrisome? Could have a return policy or warranty. Ads can help too depending upon who bought it. Can help with buyer dissonance

Situational influences

-purchase task: why you're buying and who you're buying it for. Price not be as important -social surroundings: who is around you? who are you with? Other people can influence your purchases -physical surroundings: atmosphere when you walk into a store (lighting, music, layout, crowd) -temporal effects: time of day, time of the year (holidays), limited amount of time, more convenient -Antecedent states: temporary things like mood monetary condition (if you have cash or not), sick

Sources of information

-sales person: personal and commercial -friends and family: person and non commercial -ads and packaging: commercial and non personal -public sources: non commercial and non personal

What are the five environmental forces?

-social -economic -technological -competitive -regulatory

What are the 4 requirements for marketing to occur?

-two or more parties with unsatisfied needs -a desire to be satisfied -a way for parties to communicate -something to exchange

When and what was the sales era?

1920s-1960s. Manufacturers found they could produce more goods than buyers could consume

When and what was the customer relationship era?

1980s-now. Occurs as firms continuously try to satisfy the high expectations of customers

Environmental forces: competitive

alternative forms of competition, small businesses

Environmental forces: technological

changing technology, technology's impact on consumer value, electronic business technologies

Environmental forces: social

demographic shifts, cultural changes

What is a marketing tactic?

detailed day-to-day decisions

**What is social class?

determined by occupation, source of income and education

When and what was the production era?

early years of the US up until the 1920s. Goods were scarce and buyers were willing to make due and accept virtually any goods that were available

When and what was the market concept era?

late 1950s to late 1990s. Was the idea that an organization should try to satisfy the needs of consumers while also trying to achieve the organizations goals.

Environmental forces: regulatory

laws protecting competition, laws affecting marking mix actions, self-regulation

What is cognitive learning?

learning through thinking, reasoning and mental problem solving without direct experience

What is relationship marketing?

liking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefits

What is limited problem solving?

looks at a few options but doesn't do extensive research

What is extended problem solving?

looks at a lot of different options. pends more time deciding and looks at a lot more resources

What is routine problem solving?

low effort. Wont evaluate many options. This is how we make a lot of purchase decisions

Environmental forces: economic

macroeconomic conditions, consumer income

What is word-of-mouth?

make opinions based of what we read and what other people tell us

What is monopolistic competion?

many sellers compete with substitutable products within a price range

What is a market strategy?

means by which a marketing goal is to be achieved; usually characterized by a specific target market and a marketing program

What is a marketing metric?

numeric date that allows marketers to evaluate their performance against organizational goals

What is oligopoly competition?

occurs when few companies control the majority of the industry sales

What is a target market?

one or more specific groups of potential consumers towards which an organization directs its marketing program