Koofers

MidTerm - Flashcards

Flashcard Deck Information

Class:MAR 3023 - Marketing Management
Subject:Marketing
University:Florida International University
Term:Spring 2010
- of -
INCORRECT CORRECT
- INCORRECT     - CORRECT     - SKIPPED
Shuffle Remaining Cards Show Definitions First Take Quiz (NEW)
Hide Keyboard shortcuts
Next card
Previous card
Mark correct
Mark incorrect
Flip card
Start Over
Shuffle
      Mode:   CARDS LIST       ? pages   PRINT EXIT
Marketing a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Needs are states of deprivation
Wants are the form that needs take as they are shaped by culture and individual personality
Demands are wants backed by buying power
Generated by Koofers.com
Marketing Offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want (i.e. – Physical objects; persons; places; organizations; ideas).
Relationship Marketing consist of actions to build and maintain desirable relationships. Ex. Financial (frequent flyer); Social (hotel personalized services); Structural ties (FedEx free supplies)
Markets are the set of actual and potential buyers of a product.
Marketing Management is the art ad science of choosing target markets building profitable relationships with them
Generated by Koofers.com
Marketing Management Philosophies (5) Production concept Product concept Selling concept Marketing concept Social marketing concept
Customer Perceived Value is the difference between total customer value and total customer cost (I.e. – FedEx)
Customer Satisfaction is the extent to which a product’s perceived performance matches a buyer’s expectations (I.e. – your car)
Total Quality Management designed to constantly improve the quality of products, services, and marketing processes
Generated by Koofers.com
Strategic Planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
Strategic Planning Process (4) 1. Defining a clear company mission 2. Setting supporting company objectives and goals 3. Designing a sound business portfolio 4. Planning and coordinating marketing and other functional strategies
Mission statement the organization’s purpose, what it wants to accomplish in the larger environment
Business Portfolio is the collection of businesses and products that make up the company (i.e. Calvin Klein, Disney).
Generated by Koofers.com
BCG Matrix Strategies Build – invest more money to build share Hold – invest just enough to hold share Harvest – take out cash regardless of the effect Divest – sell off or close down
Product/market expansion grid is a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
Marketing segmentation is the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes
Target marketing is the process of evaluating each market segments attractiveness and selecting one or more segments to enter (i.e. Tampax, Cigarettes, Ferrari).
Generated by Koofers.com
Marketing positioning is the arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of the target consumer (i.e. M&M’s, American Airlines, Mercedes-Benz)
Marketing mix is the set of controllable tactical marketing tools—Product, Price, Place and Promotion—that the firm blends to produce the response it wants in the target market—known as the 4 P’s
Marketing Analysis is the complete analysis of the company’s situation in a SWOT analysis that evaluates the company’s: Strength Weaknesses Opportunities Threats
Marketing Planning is the development of strategic and marketing plans to achieve company objectives
Generated by Koofers.com
Marketing Implementation is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives • Deals with the WHO, WHERE, WHEN and HOW
Marketing Control is measuring and evaluating results and taking corrective action as needed • Operating control • Strategic control
Marketing Environment includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customer (i.e. Green movement, organic foods)
Microenvironment (6 components) consists of the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Generated by Koofers.com
Macroenvironment (6 components) consists of the larger societal forces that affect the microenvironment • Demographic • Economical • Natural • Technological • Political • Cultural
Core Beliefs & Values have a high degree of persistence, are passed on from parents to children, and are reinforced by schools, churches, businesses and government (i.e. very difficult to change; racial, sexual, political beliefs)  Marriage
Secondary Beliefs & Values are more open to change • Much easier to change—marketers try to find and capitalize on changing them.  When to marry
Marketing Information System (MIS) consists of people and procedures to gather (assess), sort (develop), analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers o Assess the information needs o Develop needed information o Analyze information o Distribute information
Generated by Koofers.com
Marketing Research is the systematic design, collection, analysis, and the reporting of data relevant to a specific marketing situation facing an organization
Marketing Research Process 1. Defining the problem and research objectives 2. Developing the research plan 3. Implementing the plan 4. Interpreting and reporting the findings
Secondary Data consists of information that already exists somewhere, having been collected for another purpose
Primary Data consists of information gathered for the special research plan o Research approaches o Contact methods o Sampling plan o Research instruments
Generated by Koofers.com
Observation research involves gathering primary data by observing relevant people, actions, and situations
Survey research is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior • Flexible • People can be unable or unwilling to answer • Gives misleading or pleasing answers • Privacy concerns
Experimental research is best for gathering casual information—cause-and-effect relationships (i.e. New drugs)
Closed-end questions (Questionnaire) include all possible answers, and subjects make choices among them • Provide answers that are easier to interpret and tabulate
Generated by Koofers.com
Open-end questions (Questionnaire) allow respondents to answer in their own words • Useful in exploratory research
Cultural Factors (3) Culture is the learned values, perceptions, wants, and behavior from family and other important institutions (i.e. American culture) Subcultures are groups of people within a culture with shared value systems based on common life experiences and situations Social classes are society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
Social Factors (3) Membership groups have a direct influence and to which a person belongs (i.e. AMA) Aspirational groups are groups to which an individual wishes to belong (i.e. Frat) Reference groups are groups that for a comparison or reference in forming attitudes or behavior (i.e. Oprah or Howard Stern)
Personal Factors (6) Age and life-cycle stage Occupation Economic situation Lifestyle Personality Self-concept
Generated by Koofers.com
Psychological Factors (5) Motivation Perception Learning Beliefs Attitudes
Consumer Buying Roles (5) Initiator is the person who first suggests or thinks the idea of buying a particular product or service (i.e. Child wants computer for HW) Influencer is the person whose views or advice carries some weight in the final decision (i.e. Salesperson) Decider is the person who authorizes the purchase Buyer is the person who actually makes the purchase User is the person who consumers/uses the product
Types of Buying Decision Behavior (4) • Complex buying behavior • Dissonance-reducing buying behavior • Habitual buying behavior • Variety-seeking buying behavior
Five stages in the buyer decision process 1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior
Generated by Koofers.com
Business Market Structure and Demand o Fewer and larger buyers o Geographic concentration o Derived demand from final consumer
Generated by Koofers.com

List View: Terms & Definitions

  Hide All 49 Print
 
Front
Back
 Marketinga social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
 Needsare states of deprivation
 Wantsare the form that needs take as they are shaped by culture and individual personality
 Demandsare wants backed by buying power
 Marketing Offeringsare some combination of products, services, information, or experiences offered to a market to satisfy a need or want (i.e. – Physical objects; persons; places; organizations; ideas).
 Relationship Marketingconsist of actions to build and maintain desirable relationships. Ex. Financial (frequent flyer); Social (hotel personalized services); Structural ties (FedEx free supplies)
 Marketsare the set of actual and potential buyers of a product.
 Marketing Managementis the art ad science of choosing target markets building profitable relationships with them
 Marketing Management Philosophies (5)Production concept
Product concept
Selling concept
Marketing concept
Social marketing concept
 Customer Perceived Valueis the difference between total customer value and total customer cost (I.e. – FedEx)
 Customer Satisfactionis the extent to which a product’s perceived performance matches a buyer’s expectations (I.e. – your car)
 Total Quality Managementdesigned to constantly improve the quality of products, services, and marketing processes
 Strategic Planningis the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
 Strategic Planning Process (4)1. Defining a clear company mission
2. Setting supporting company objectives and goals
3. Designing a sound business portfolio
4. Planning and coordinating marketing and other functional strategies
 Mission statementthe organization’s purpose, what it wants to accomplish in the larger environment
 Business Portfoliois the collection of businesses and products that make up the company (i.e. Calvin Klein, Disney).
 BCG Matrix StrategiesBuild – invest more money to build share
Hold – invest just enough to hold share
Harvest – take out cash regardless of the effect
Divest – sell off or close down
 Product/market expansion gridis a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
 Marketing segmentation is the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes
 Target marketing is the process of evaluating each market segments attractiveness and selecting one or more segments to enter (i.e. Tampax, Cigarettes, Ferrari).
 Marketing positioning is the arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of the target consumer (i.e. M&M’s, American Airlines, Mercedes-Benz)
 Marketing mix is the set of controllable tactical marketing tools—Product, Price, Place and Promotion—that the firm blends to produce the response it wants in the target market—known as the 4 P’s
 Marketing Analysisis the complete analysis of the company’s situation in a SWOT analysis that evaluates the company’s:
Strength
Weaknesses
Opportunities
Threats
 Marketing Planningis the development of strategic and marketing plans to achieve company objectives
 Marketing Implementationis the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
• Deals with the WHO, WHERE, WHEN and HOW
 Marketing Controlis measuring and evaluating results and taking corrective action as needed
• Operating control
• Strategic control
 Marketing Environmentincludes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customer (i.e. Green movement, organic foods)
 Microenvironment (6 components)consists of the actors close to the company that affect its ability to serve its customers,
the company,
suppliers,
marketing intermediaries,
customer markets,
competitors,
and publics
 Macroenvironment (6 components)consists of the larger societal forces that affect the microenvironment
• Demographic
• Economical
• Natural
• Technological
• Political
• Cultural
 Core Beliefs & Valueshave a high degree of persistence, are passed on from parents to children, and are reinforced by schools, churches, businesses and government (i.e. very difficult to change; racial, sexual, political beliefs)
 Marriage
 Secondary Beliefs & Valuesare more open to change
• Much easier to change—marketers try to find and capitalize on changing them.
 When to marry
 Marketing Information System (MIS) consists of people and procedures to gather (assess), sort (develop), analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers
o Assess the information needs
o Develop needed information
o Analyze information
o Distribute information
 Marketing Research is the systematic design, collection, analysis, and the reporting of data relevant to a specific marketing situation facing an organization
 Marketing Research Process1. Defining the problem and research objectives
2. Developing the research plan
3. Implementing the plan
4. Interpreting and reporting the findings
 Secondary Data consists of information that already exists somewhere, having been collected for another purpose
 Primary Data consists of information gathered for the special research plan
o Research approaches
o Contact methods
o Sampling plan
o Research instruments
 Observation researchinvolves gathering primary data by observing relevant people, actions, and situations
 Survey research is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior
• Flexible
• People can be unable or unwilling to answer
• Gives misleading or pleasing answers
• Privacy concerns
 Experimental research is best for gathering casual information—cause-and-effect relationships (i.e. New drugs)
 Closed-end questions (Questionnaire)include all possible answers, and subjects make choices among them
• Provide answers that are easier to interpret and tabulate
 Open-end questions (Questionnaire)allow respondents to answer in their own words
• Useful in exploratory research
 Cultural Factors (3)
Culture is the learned values, perceptions, wants, and behavior from family and other important institutions (i.e. American culture)

Subcultures are groups of people within a culture with shared value systems based on common life experiences and situations

Social classes are society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
 Social Factors (3)Membership groups have a direct influence and to which a person belongs (i.e. AMA)

Aspirational groups are groups to which an individual wishes to belong (i.e. Frat)

Reference groups are groups that for a comparison or reference in forming attitudes or behavior (i.e. Oprah or Howard Stern)
 Personal Factors (6)Age and life-cycle stage
Occupation
Economic situation
Lifestyle
Personality
Self-concept
 Psychological Factors (5)Motivation
Perception
Learning
Beliefs
Attitudes
 Consumer Buying Roles (5)Initiator is the person who first suggests or thinks the idea of buying a particular product or service (i.e. Child wants computer for HW)

Influencer is the person whose views or advice carries some weight in the final decision (i.e. Salesperson)

Decider is the person who authorizes the purchase

Buyer is the person who actually makes the purchase

User is the person who consumers/uses the product
 Types of Buying Decision Behavior (4)• Complex buying behavior
• Dissonance-reducing buying behavior
• Habitual buying behavior
• Variety-seeking buying behavior
 Five stages in the buyer decision process1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase decision
5. Post-purchase behavior
 Business MarketStructure and Demand
o Fewer and larger buyers
o Geographic concentration
o Derived demand from final consumer
36, "/var/app/current/tmp/"