SOM 122 Chapter 11- Marketing

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1. 4 Business- Services/ Industrial/ Reseller/ Institutional 14. Brand Loyalty Pattern of repeated consumer purchasing
to-Business (Government) based on satisfaction with a product's
Markets (B2B) performance
2. 4 Different Observation/ Survey/ Focus Group/ 15. Competitive The competitive system in which businesses
Research Experimentation Environment compete (Substitute Products/ Brand
Methods (List 3 Types) Competition/ International Competition)
3. 4 Influences Psychological/ Personal/ Social/ Cultural 16. Consumer Study of the decision process by which
on Consumer Behavior people buy and consume products
Behavior
17. Consumer Physical products purchased by consumer
4. 4 Main Price/ Product/ Place/ Promotion Goods for personal use
Components
18. Corporate Comments and opinions published on the
of the
Blogs Web by or for an organization to promote
Marketing Mix
its activities
5. 4 Types of Form Utility/ Time Utility/ Place Utility/
19. Cultural Include culture, subculture, and social class
Utility Possession
Influences influences that marketers use to study
6. 5 Forces of Political-Legal/ Sociocultural/ buying behavior
the Marketing Technological/ Economic/ Competitive
20. Customer Organized methods that a firm uses to build
Environment
Relationship better information connections with clients,
7. 5 Market Geographic/ Demographic/ Geo- Management so that stronger company-client
Segments Demographic/ Psychographic/ Behavioral (CRM) relationships are developed (Social
networking)
8. 5 Steps in 1. Study the current situation
Performing 2. Select a research method 21. Data Mining The application of electronic technologies
Market 3. Collect data for searching, sifting, and reorganizing pools
Research 4. Analyze the data of data to uncover useful information
5. Prepare a report
22. Data The collection, storage, and retrieval of data
9. 5 Steps in the 1. Problem/Need Recognition Warehousing in electronic files
Consumer 2. Information Seeking
23. Demographic A segmentation strategy that uses
Buying 3. Evaluation of Alternatives
Segmentation demographic characteristics to identify
Process 4. Purchase Decision
different market segments (Hot Topic
5. Postpurchase Evaluation
specializes in apparel designed to appeal to
10. Advertising Any form of paid non-personal Generation Y/Millennials)
communication used by an identified
24. Demographic Characteristics of populations that may be
sponsor to persuade or inform potential
Variables considered in developing a segmentation
buyers about a product (Magazine/TV ads)
strategy (Age, education, marital status,
11. Behavioral A segmentation strategy that uses behavioral income, nationality, race, religion, gender)
Segmentation variables to identify different market
25. Economic Relevant conditions that exist in the
segments (Costco markets to heavy users by
Environment economic system in which a company
offering products in bulk)
operates (Economic variables like
12. Behavioral Behavioral patterns displayed by groups of inflation/interest rates/recession)
Variables consumers that are used in developing a
26. Emotional Reasons for purchasing a product that are
segmentation strategy (Toothpaste market
Motives based on nonobjective factors
targets consumers looking for flavor/product
(sociability/imitation of others/aesthetics)
appearance/brightness of teeth/decay
prevention/price) 27. Evaluation of Analyzing product attributes (price, prestige,
Alternatives quality)- Which are comfortable/affordable?
13. Brand Competitive marketing that appeals to
Competition consumer perceptions of benefits of 28. Evoked Set Group of products consumers will consider
products offered by particular companies (Consideration buying as a result of information search
(Internet search engines- Set )
Google/Yahoo/Bing)
29. Experimentation Research method using a sample of 40. Integrated Strategy that blends together the 4 Ps of
potential consumers to obtain reactions to Marketing marketing to ensure their compatibility with
test versions of new products or variation Strategy one another and with the company's non-
of existing products (Ask some people to marketing activities
try bars with nuts and some without)
41. International Competitive marketing of domestic products
30. Focus Group Research method using a group of people Competition against foreign products (Boeing (USA) vs
from a larger population who are asked Airbus (Europe))
their attitudes, opinions, and beliefs about
42. Marketing Activities, a set of institutions, and processes
a product in an open discussion (Minimal
for
structure- explore issues too complex for
creating/communicating/delivering/exchanging
questionnaires)
offerings that have a value for
31. Form Utility Providing products with FEATURES that customers/clients/partners/society at large
customers want (Xbox One has
43. Marketing Manager who plans and implements the
voice/motion-detecting software)
Manager marketing activities that result in the transfer of
32. Geo- Using a combination of geographic and products from producer to consumer
Demographic demographic traits for identifying different
44. Marketing The things marketing intends to accomplish in
Segmentation market segments in a segmentation
Objectives its marking plan (Starbucks aims for a 5%
strategy (Female Young Urban
increase in worldwide market share by 2018)
Professionals: targets 25-54 year olds
living in major cities) 45. Marketing Detailed strategy for focusing marketing
Plan efforts on consumers' needs and wants
33. Geo- Combination of geographic and
(Activities and resources that will be used to
Demographic demographic traits used in developing a
meet needs/desires of customers)
Variables segmentation strategy
46. Marketing The study of what consumers need and want
34. Geographic Geographic units, from countries to
Research and how best to meet those needs and wants
Segmentation neighborhoods, that may be considered in
identifying different market segments in a 47. Marketing All the marketing programs and activities that
segmentation strategy (McDonald's Strategy will be used to achieve the marketing goals
restaurants in Germany offer beer on the 48. Market Process of dividing a market into categories of
menu) Segmentation customer types, or "segments" having similar
35. Geographic Geographic units that may be considered wants/needs and who can be expected to
Variables in developing a segmentation strategy show interest in the same products
(Country, State, Neighborhood) 49. Observation Research method that obtains data by
36. Industrial Goods Physical products purchased by watching and recording consumer behavior
companies to produce other products (Camera feeds/computer recordings help
(Raw materials like steel, coffee beans, marketers observe consumer preferences)
plastic) 50. Personal Include lifestyle, personality, and economic
37. Industrial Organizational market consisting of firms Influences status that marketers use to study buying
Market that buy goods that are either converted behavior
into products or used during production 51. Personal Person-to-person sales (Industrial
(Seth Thomas buys electronics, metal Selling goods/services are bought from other
components, plastic, an glass to make companies)
clocks)
52. Place Part of the marketing mix concerned with
38. Information Use personal sources, public sources, and (Distribution) getting products from producers to consumers
Seeking experiences to search for stores, styles, (Location- retail store, internet, direct delivery)
prices, and opinions (Using yelp.com to
53. Place Utility Providing products WHERE customers will
search for gyms in your area or visiting
want them (Xbox One available on
gyms nearby)
Amazon.com and at Best Buy/Target)
39. Institutional Organizational market consisting of such
(Government ) nongovernmental buyers of goods and
Market services as hospitals, churches, museums,
and charitable organizations
54. Political-Legal The relationship between business and 66. Psychological Include an individuals motivations,
Environment government, usually in the form of Influences perceptions, ability to learn, and attitudes
government regulation of business that marketers use to study buying behavior
(Companies contribute to political
67. Public Communication efforts directed at building
candidates and support action of political
Relations goodwill and favorable attitudes in the minds
action committees or PAC)
of the public toward the organization and its
55. Possession Transferring product ownership to products (Ronald McDonald House
Utility customers by setting selling prices/ setting Charities)
terms for customer credit payments/
68. Purchase "Buy" decisions using rational/emotional
providing ownership documents (Xbox One
Decision motives
sells for around $350)
69. Rational Reasons for purchasing a product that are
56. Postpurchase After the sale of a product- customer
Motives based on a logical evaluation of product
Evaluation satisfaction/repurchase
attributes (cost/quality/usefulness)
57. Pricing Process of determining the best price at
70. Relationship Marketing strategy that emphasizes building
which to sell a product (Supporting
Marketing lasting relationships with customers and
production costs while keeping
suppliers (Strong relationships result in
goods/services affordable)
customer loyalty/retention)
58. Primary Data New data that are collected from newly
71. Reseller Organizational market consisting of
performed research (200k tasters compared
Market intermediaries that buy and resell finished
the taste of new Coke vs old Coke & Pepsi)
goods (Coast Distribution System buys
59. Problem/Need Changing financial conditions enable you to lights, steering wheels and propellers and
Recognition join markets you couldn't afford before- resells them to marinas and boat-repair
identify a need/want (need to replace old shops)
shoes)
72. Sales Direct inducements such as premiums,
60. Product Good, service, or idea that is marketed to Promotions coupons, and package insets to tempt
fill consumers' needs and wants consumers to buy products (Free gifts,
internet deals from Groupon)
61. Product Creation of a product feature or product
Differentiation image that differs enough from existing 73. Secondary Data that are already available from previous
products to attract customers (Apple offers Data research (the Statistical Abstract of the US
new features- improved camera or faster offers data on geographic and demographic
operating system- with every new iPhone variables)
model to attract customer following)
74. Services Products having non-physical features, such
62. Product Process of fixing, adapting, and as information, expertise, or an activity that
Positioning communicating the nature of a product can be purchased (Insurance companies,
airlines, accountants, health clinics)
63. Promotion (4 Aspect of the marketing mix concerned with
Types of the most effective techniques for 75. Services Firms engaged in the business of providing
Promotion) communicating information about products Companies services to the purchasing public
(Advertising, personal selling, sales Market (Materials/supplies bought by Disney World
promotions, publicity, public relations) to provide services)
64. Psychographic A segmentation strategy that uses 76. Social Include family, opinion leaders (people
Segmentation psychographic characteristics to identify Influences whose opinions are sought by others), and
different market segments (Luxury brands such reference groups as friends/
like Gucci and Louis Vuitton target top-of- coworkers/ and professional associates that
the-line, fashion-conscious individuals who marketers use to study buying behavior
enjoy prestigious shopping)
77. Social Network of communications that flow among
65. Psychographic Consumer characteristics such as lifestyles, Networking people and organizations interacting through
Variables opinions, interests, and attitudes, that may an online platform
be considered in developing a
segmentation strategy (Thinkers, believers,
experiencers, makers, achievers, strivers)
78. Social Website or access channels, such as Facebook, Twitter, LinkedIn, and Youtube, to which consumers go for
Networking information and discussions
Media
79. Sociocultural The customs, morals, values, and demographic characteristics of the society in which an organization functions
Environment (Growing demand for healthy food= more stores offer organic/natural products)
80. Substitute Product that is dissimilar from those of competitors, but that can fulfill the same need (Cholesterol level can be
Product controlled with physical fitness programs or drug regimens)
81. Survey Research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
(Online questionnaires are given to customers to find out how to improve service)
82. Target Market The particular group of people or organizations on which a firm's marketing efforts are focused
83. Technological All the ways by which firms create value for their constituents (Apps/social media on mobile devices facilitate
Environment business communcation, prepackaged meals provide convenience for consumers with busy schedules)
84. Time Utility Providing products WHEN customers will want them (Hinting upcoming release dates)
85. Utility Ability of a product to satisfy a human want or need
86. Value Relative comparison of a product's benefits versus its costs
87. Viral Type of marketing that relies on the Internet to spread information like a "virus" from person to person about
Marketing products about products and ideas