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Marketing Final, roach n dans marketing mix
Terms in this set (120)
what is marketing?
is a process by which companies create value for customers and build strong customer relationships in order to capture value
from customers in return.
what is retailing?
includes all the activities in selling goods or services directly to ﬁnal consumers for
their personal, nonbusiness use
what is a retail store?
is an example of a "marketing
channel" that makes products available to customers.
what are three ways retailers can be classified?
- Amount of service they oﬀer (self, limited, full)
- Number of product lines
- Relative prices charged
what are three major in-store decisions that retailers have to make?
- Product assortment
- Store atmosphere/service level
- Price levels
what is a specialty store?
it Carries a narrow product line with a deep
what is a department store?
it Carries several product lines and Each line is operated as a separate department
what is a supermarket?
it is a Large, low-cost, low-margin, high-volume, self-service operation
what is a convenience store?
it Carries a limited line of high-turnover convenience products at slightly higher prices
what is a Discount store
it Sells goods at lower prices with lower margins
and higher volumes
what are self service retailers?
they Serve customers who are willing to perform their own locate-compare-select process
what are limited-service retailers?
they Carry more shopping goods about which customers need information and they Provide more sales assistance
what are full service retailers?
they Carry more specialty goods and Assist customers in every phase of the shopping process
how does pricing affect retail decisions?
it must ﬁt the target market and positioning, product and service assortment, competition, and economic factors.
- High markup on lower volume
- Low markup on higher volume
what are multichannel distribution systems?
they are systems in which a single ﬁrm sets up two or more marketing channels to reach one or more customer segments.
what are Omnichannel buyers?
Consumers for whom the path to purchase runs across multiple channels
what are examples of non-store retail channels?
- Social Media
what is showrooming?
When shoppers check out
merchandise at physical-store showrooms but then buy it online using a computer or mobile device.
what is the promotion mix?
is the speciﬁc blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.
what is advertising?
is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
what is a sales promotion?
is a short-term incentive to encourage the purchase or sale of a product or service.
what is personal selling?
is the personal interaction by the ﬁrm's sales force for the purpose of engaging customers, making sales, and building customer relationships.
what is public relations?
it involves building good relations with the company's various customers by obtaining favorable publicity, building up a good
corporate image, and handling or heading oﬀ unfavorable rumors, stories, and events.
what is direct and digital marketing?
it involves engaging directly with carefully targeted individual consumers and customer communities
what is integrated marketing communications?
it involves carefully integrating and coordinating the company's many communications channels
to deliver a clear, consistent, and compelling message about the organization and its products.
why integrate marketing communications?
Fragmentation of mass media
- Move to mobile -> 2 billion people w/smartphones in 2015 - on path to 6B by 2020
• Need for measurable results
• Consumers see thousands of ad messages every day. This allows ﬁrms to cut through clutter.
• Shift in marketing budgets to digital
- TV is still most prevalent - Digital is fastest growing segment
what is an advertising objective?
is a speciﬁc communication task to be accomplished with a speciﬁc target audience during a speciﬁc time. The objective may be to inform, persuade, or remind.
what is to inform?
To convey factual information about a product, service, or idea.
what is to persuade?
To inﬂuence the receiver of a message to believe or do something.
what is the creative concept?
is the compelling "big idea" that will bring an advertising message strategy to life in a distinctive and memorable way.
what is message execution?
is when the advertiser turns the big idea into an actual ad that will capture the target market's attention and interest.
what are the four steps in advertising media selection?
- Determining reach, frequency, impact, and
- Choosing among major media types
- Selecting speciﬁc media vehicles
- Choosing media timing
what is reach?
is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.
what is frequency?
is a measure of how many times the average person in the target market is exposed to the message.
what is the fastest growing form of marketing?
what accounts for the largest portion of a firm's digital marketing budget?
display and search-related ads
what allows retailers to differentiate and position themselves?
segmentation and targeting
what is digital and social media marketing?
Using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, anytime via their digital devices.
what is multichannel marketing?
Marketing both through stores and other traditional offline channels and through digital, online, social media, and mobile channels.
what is online marketing?
Marketing via the Internet using company Web sites, online ads and promotions, e-mail, online video, and blogs.
what is a marketing web site?
A Web site that engages consumers to move them closer to a direct purchase or other marketing outcome.
what is a branded community web site?
A Web site that presents brand content that engages consumers and creates customer community around a brand.
what is online advertising?
Advertising that appears while consumers are browsing online, including display ads, search-related ads, online classifieds, and other forms.
what is email marketing?
Sending highly targeted, highly personalized, relationship-building marketing messages via e-mail.
what is spam?
Unsolicited, unwanted commercial e-mail messages.
what is viral marketing?
The digital version of word-of-mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends.
what are blogs?
Online journals where people and companies post their thoughts and other content, usually related to narrowly defined topics.
what is social media?
Independent and commercial online communities where people congregate, socialize, and exchange views and information.
what is mobile marketing?
Marketing messages, promotions, and other content delivered to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices.
what is direct-mail marketing?
Marketing that occurs by sending an offer, announcement, reminder, or other item directly to a person at a particular address.
what is catalog marketing?
Direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online.
what is telemarketing?
Using the telephone to sell directly to customers.
what is Direct-response television (DRTV) marketing?
Direct marketing via television, including direct-response television advertising (or infomercials) and interactive television (iTV) advertising.
what is psychological pricing?
it considers the psychology of prices and not simply the "rational" economic response we would expect
what is mental accounting?
-Economically, the scenarios are identical
-Expense of the ticket is entered into a speciﬁc psychological account
-Signiﬁcance of the loss depends on the mental account to which it is posted
-We all have individual accounting systems
-These systems can lead to the violaDon of economic principles
what is pricing relativity?
- We look at our decisions in a relative way and compare them locally
- The signiﬁcance of small amounts are reduced in the context of a large expenditure
what is anchoring and adjustment?
-individual forms an initial judgment by anchoring on a particular value
-Then, they then adjust that initial judgment to reﬂect other remaining attributes
what is price fairness?
Perceptions of it are governed by the 'dual entitlement principle'
1. Consumer feel entitled to an existing 'reference' price
2. Consumer believe ﬁrms are entitled to an existing 'reference' proﬁt
3. It is perceived as unfair for ﬁrms to impose additional losses on its customers to proﬁt more.
what are some deceptive marketing practices?
-pricing (Phony high retail prices)
- promotion (Luring people to a store for an OOS product)
- packaging (Misleading labeling or size)
what is a sustainable company?
goes beyond caring for the
needs of today's customers and has concern for tomorrow's customers and the broader world.
what are some criticisms of marketing?
high prices, deceptive prices, shoddy and harmful or unsafe products
Product Place Price Promotion
1st Step of 5 Step Marketing Process
2nd Step of 5 Step Marketing Process
Customer-value driven strategy
3rd Step of 5 Step Marketing
Create marketing program
4th Step of 5 Step Marketing Process
Build Profitable Relationships (CRM)
5th Step of 5 Step Marketing Process
Customer Lifetime Value (CLV)
Process of creating values for customers to create clientele for sustained value
Strengths Weaknesses Opportunities Threats
Formal Summary of Aims+Values for a company
Market Oriented Mission Statement
Focuses on customer needs
Product Oriented Mission Statement
Focuses on product specs/benefits
Product Expansion Grid (PEG)
Table to determine how new products should be introduced
Existing Market with Existing Product (PEG)
Existing Market with New Product (PEG)
New Market with Existing Product (PEG)
New Market with New Product (PEG)
Fresh marketing information derived from customers
New Data gathered for the sole project at hand
Data already gathered for other projects reused for current project
Observational Data Gathering
Survey Data Gathering
Experiment Data Gathering
New ways of collecting data
Customer Relationship Management (CRM)
Maintaining profitable relationships with customers
What influences consumers?
Culture, Social, Personal, Psychological
1st Step in Maslow's Hierarchy of Needs
2nd Step in Maslow's Hierarchy of Needs
3rd Step in Maslow's Hierarchy of Needs
4th Step in Maslow's Hierarchy of Needs
5th Step in Maslow's Hierarchy of Needs
1st Step Buyer Decision Process
2nd Step Buyer Decision Process
3rd Step Buyer Decision Process
Evaluation of Alternatives
4th Step Buyer Decision Process
5th Step Buyer Decision Process
the quantity needed to recoup costs
fixed costs/ (price per unit - variable costs per unit)
Value based pricinig
uses buyers perception of value rather than the seller's cost
prices based on the costs producing, distributing, and selling the product plus a fair rate of return for effort and risk
are the costs that do not vary with production or sales level
vary directly with the level of production(Raw materials, packaging)
Total costs are
the sum of the fixed and variable costs for any given level of production.
Cost-plus pricing (aka markup pricing)
adds a standard markup to the cost of the product.
Break-even pricing is
setting price to break even on costs
Competition based pricing is
setting prices based on competitors' strategies, costs, prices, and market offerings.
Market segmentation requires
dividing a market into smaller segments with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
divides the market into different geographical units such as nations,regions, states, counties, cities, or even neighborhoods.
divides the market into segments based on variables such as age,life-cycle stage, gender, income, occupation,education, religion, ethnicity, and generation.
divides a marketinto different segments based on social class,lifestyle, or personality characteristics.
divides a market into segments based on consumer knowledge,attitudes, uses of a product, or responses to a product.
Multiple segmentation is
used to identify smaller, better-defined target groups.
A target market is a
set of buyers who share common needs or characteristics that the company decides to serve.
targets the whole market with one offer.
targets several different market segments and designs separate offers for each
targets a large share of a smaller market.
the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations
Local marketing involves
tailoring brands and promotion to the needs and wants of local customer segments.
involves tailoring products and marketing programs to the preferences of individual customers.
is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
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