Business marketing final exam study guide

need
states of felt deprivation
want
the form human needs to take as shaped by culture and individual
marketing myopia
the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
market
the set of all actual and potential buyers of a product or service
marketing
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
target market
a set of buyers sharing common needs or characteristics that the company decides to serve
market segmentation
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
demographic segmentation
dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
local marketing
tailoring brands and promotions to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores
marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
primary data
information collected for the specific purpose at hand
secondary data
information that already exists somewhere, having been collected for another purpose
focus group
a demographically diverse group of people assembled to participate in a guided discussion about a particular product before it is launched, or to provide ongoing feedback on a political campaign
product development
a strategy for company growth by offering modified or new products to current market segments
buying groups
innovators, early majority, late majority, laggards
customer service
is another element of product strategy
consumer generated marketing(who used during super bowl)
brand exchanges created by consumers- themselves- both invited and uninvited- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. Frito-lays Doritos brand launched a crash the super bowl contest in which it invited 30 second ads from consumers and ran the two bet during the game.
opinion leader
person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
position statement
a statement that summarizes company or brand positioning- it takes this form: to ( target segment and need) our (brand) is (concept) that (point of difference)
positioning
the way the product is defined by consumers on important attributes- the place the product occupies in consumers’ minds relative to competing products.
mission statement
a statement of the organizations purpose- what it wants to accomplish in the larger environment.
baby boomer generation
the 78 million people born during the baby boom following World War II and lasting until 1964.
millennial
the 83 million children of the baby boomers, born between 1977-2000.
generation x
the 45 million people born between 1965 and 1976 in the ” birth dearth” following the baby boom.
Sherman Anti-trust act made what illegal?
Made it illegal for companies to seek a monopoly on a product or service, or form cartels.
cultural environment
institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.
product mix
the set of all product lines and items that a particular seller offers for sale.
public
Any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives.
convenience product
a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
product
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
service
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
product quaility
the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
brand equity
the differential effect that knowing the brand name has on customer response to the product or its marketing.
co-branding
the practice of using the established brand names of two different companies on the same product.
List the 3 forms of research we discussed and give information concerning accuracy and cost of each.
observational research means gathering primary data by observing relevant people, actions, and situations. Survey research means gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. Experimental research means gathering data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
What are the 4 Ps of the marketing mix?
Product means the goods and services combination the company offers to the target market. Price is the amount of money customers must pay to obtain the product. Place includes company activities that make the product available to target consumers. Promotion means activities that communicate the merits of the product and persuade target customers to buy it.
Why is Social Media an important part of marketing?
-you get to see your target market, up close and personal. -you can respond to problem immediately. – your competition is tweeting and face booking like crazy. – people are receptive to your messages. – it will get you more sales – you will find customers you didn’t know existed. – customers you didn’t know existed will find you. – its free. – the social media marketing arena is a fairly level playing field.
What percentage of the U.S. economy makes up the upper uppers in social class division?
1%
The original name for Nike was?
blue ribbon sports
Who founded Nike?
phil knights
explain why marketing how to pay for the product is as important as marketing the product itself?
if the consumer is in to the product but not really sure how to pay for it, they will want options that are reasonable to work with
list and explain the 5 differences to promote?
– advertising
-coupons
– media
-special deals
– point of sales display
give 3 examples of customer service?
Walking groceries to an elderly persons car
Having a smile on your face
When they ask where something is, you walk them to the aisle and put the item in their hand.