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Flashcards

MKTG TEST 2

Jonah Thoreson English 85 cards

Cards in this deck (85)

  1. 1Dividing the total market into smaller _____segments
  2. 2When you select the segment(s) to enter you aretargeting
  3. 3When you diversify the market offering to create superior customer value you aredifferentiating
  4. 4When you segment/select you are _____ and when you differentiate/position you areselecting the customers to serve
    deciding on a value proposition
  5. 5Segmenting based on locations, urban/rural, climate is allgeographic
  6. 6Age, life cycle, gender, job, religion,demographic
  7. 7The two segments about customers are ____ which is by social class/lifestyle and ___ which is by occasions, benefits, loyalty statuspsychographic, behavioral
  8. 8What are the 3 steps of occasion segmentationget the idea
    make the purchase
    use the item
  9. 95 requirements for effective segmentationmeasurable
    accesible
    substantial
    differentiable
    actionable
  10. 10What are the 4 marketing target strategies (broad to narrow)Undifferentiated
    Differentiated
    COncentrated
    Micromarketing
  11. 11the way a product is defined by consumers on important attributes.product position
  12. 12On a positioning map, the x axis is the _ and y axis is theorientation (luxury/performance)
    Price
  13. 13An advantage over competitors gained by offering greater customer value either by Having lower prices, or Providing more benefits that justify higher pricescompetitive advantage
  14. 14anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.product
  15. 15an activity, benefit, or satisfaction offered for sale; it is intangible and does not result in ownership of anything.service
  16. 16What are the 3 levels of productCOre customer value
    Actual product (, physical attributes)
    Augmented product (delivery/warranty)
  17. 17Market offerings includetangible goods, services, and experiences
  18. 18bought by final consumers for personal consumption. Convenience, shopping, specialty, and unsoughtconsumer products
  19. 19bought by individuals and organizations for further processing or for use in conducting a business. Materials and parts, capital items, and supplies and servicesindustrial products
  20. 20Frequent purchase; little planning, little comparison or shopping effort; low customer involvementconvenience
  21. 21Less frequent purchase; much planning and shopping effort; comparison of brands on price, quality, and styleshopping
  22. 22Strong brand preference and loyalty; special purchase effort; little comparison of brands; low price sensitivity(luxury goods)specialty
  23. 23Little product awareness or knowledge (or, if aware, little or even negative interest)unsought
  24. 24closely related products that: Have similar functions and customer groups Are sold through similar outlets or fall within given price rangesproduct line
  25. 25Product line length is thenumber of items in the product line.
  26. 26he addition of further items to the current line of products that a company is dealing in.product line filling
  27. 27new products are launched in the same product line but beyond the current product range with some additional or different featuresproduct line stretching
  28. 284 product mix decisionsWdith
    Length
    Depth
    Consistency
  29. 29Number of different product lines the company carrieswidth
  30. 30• Total number of items a company carries within its product lineslength
  31. 31Number of versions offered for each product in the lineDepth
  32. 32Relativity of the various product lines in end use, production requirements, distribution channels, or some other aspectCOnsistency
  33. 334 service characteristics- Intangibility- cant hold it
    - Inseparability- can't distinguish form provider (once show is off at concert, value is gone)
    - Perishability- can't be stored/used later
    - Variability- quality differs
  34. 34What are the 3 types of service marketing? COmpany-customer employee-company employee-customerexternal
    internal
    interactive
  35. 35The differential effect that knowing the brand name has on customer response to the product or its marketingbrand equity
  36. 36what are the 4 branding strategy decisionsBrand positioning
    Bran name selection
    brand sponsorship
    brand development
  37. 37National/Licensing/Private/cobranding branding decisionsponsorship
  38. 38Brand development strategies new name new category new name existing category existing name existing category existing name new categorynew brand
    multibrand
    line extension
    brand extension
  39. 39What is considered ins etting price between product cost and consumer perceived value (3)Competitiors
    Marketing strategy/mix
    Nature of market/demand
  40. 40WHat are 3 major pricing strategiesCustomer value-based pricing 2. Cost-based pricing 3. Competition-based pricin
  41. 41Based on buyers’ perceptions of value rather than on the seller’s cost • Price is considered before the marketing program is set.Value based pricing
  42. 422 types of value based pricing -  Right combination of quality and good service at a fair price - Adding features and services to differentiate the offers, then charging a higher priceGood value
    value-added
  43. 43• Based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and riskcost based
  44. 44Setting prices based on competitors’ strategies, costs, prices, and market offeringscompetition based
  45. 45 Overall marketing strategy, objectives, and mix  Organizational considerationsintenral factors
  46. 46Market and demand  Economy  Impact on other parties in its environmentexternal factors
  47. 47starts with an ideal selling price, then targets costs that ensure the price is mettarget costing
  48. 48can be created to differentiate the marketing offer.nonprice positions
  49. 49many buyers/sellers same product, low and same pricepure/perfect comp
  50. 50many sellers, easy entry , difference is differentiation in markets that allows different prices (Most markets)monopolistic
  51. 512/3 big companies (tech stocks), control over priceoligopolistic
  52. 52The measure of the sensitivity of demand to changes in price =?? ____ hardly changes demand if price changes _____ greatly changes with change in priceelasticity
    inelastic
    elastic
  53. 53what factors impact pricing strategeis (4)Boom or recession • Inflation • Interest rates - response to post recession frugality
  54. 54Setting a high price to skim maximum revenues from the segments willing to pay the high price • Company makes fewer but more profitable salemarket/price skimming
  55. 55Setting a low price to attract a large number of buyers and a large market sharemarket penetration pricing
  56. 56a straight reduction in price on purchases during a stated period of time or of larger quantitiesdiscount pricing
  57. 57promotional money paid to retailers for an agreement to feature the manufacturer’s products in some way (Trade ins)allowance
  58. 58Selling a product or service at two or more prices, where the difference in prices is not based on differences in costssegmented pricing
  59. 59Prices that buyers carry in their minds and refer to when looking at a given productreference prices
  60. 60Temporarily pricing products below the list price to increase short-run salespormotional pricing
  61. 61Adjusting prices continually to meet the characteristics and needs of individual customers and situationsdynamic priicng
  62. 62Reasons for price cutsExcess capacity Falling demand Attempt to dominate the market
  63. 63reasons for price increasesCost inflation Over-demand
  64. 64In supply chains ______ partners supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service and ____- partners serve as distribution channels that link the firm and its customersupstream, downstream
  65. 65A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer valuevalue delivery network
  66. 66Interdependent organizations that help make a product or service available for use or consumptionmarketing/distribution channels
  67. 67How do channel members add valuegreater efficiency
    material to product
    fill gaps
  68. 68What functions by channel members help complete trasactionsInformation • Promotion • Contact • Matching • Negotiation
  69. 69What functions by channel members help to fulfill the already completed trasactionsPhysical distribution • Financing • Risk taking
  70. 70A layer of intermediaries that performs work in bringing the product and its ownership closer to the final buyerchannel level
  71. 71A ____ marketing channel as no intermediaries, a ____ marketing channel has one or more intermediariesdirect/indirect
  72. 72adding channel members makes itmore complex
  73. 73Disagreements among marketing channel members on goals, roles, and rewards _____ is at the same level of channel, ____ is different levels of same channelchannel conflict
    horizantal
    vertical
  74. 74consists of producers, wholesalers, and retailers acting as a unified systemvertical marketing system (VMS)
  75. 753 Types of vertical marketing systemsCorporate Contractual Administere
  76. 76Two or more companies at one level join together to follow a new marketing opportunity.(mcdonalds in walmarts)Horizontal Marketing System
  77. 77A single firm sets up two or more marketing channels to reach customer segments.Multichannel Distribution Systems
  78. 78Occurs when product or service producers cut out marketing channel intermediaries or when radically new types of channel intermediaries displace traditional onesDisintermediation
  79. 79involves designing effective marketing channels by: Analyzing customer needs Setting channel objectives Identifying major channel alternatives Evaluating the alternativesMarketing channel design
  80. 80- Best alternatives in marketing channel design□ Using best intermediaries to carry out work
    □ Responsibilities and trade offs of each channel
  81. 81Strategy in which they stock their products in as many outlets as possibleIntensive distribution
  82. 82The producer gives only a limited number of dealers the exclusive right to distribute its products in their territories. Often found in the distribution of luxury brands.Exclusive distribution
  83. 83The use of more than one but fewer than all of the intermediaries who are willing to carry a company’s products.Selective distribution
  84. 84WHat 3 things go into marketing channel managementSelecting channel members •Managing and motivating channel members •Evaluating channel members
  85. 85—

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Flashcards on MKTG TEST 2, created by Jonah Thoreson on 22/10/2018.
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Jonah Thoreson
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