95 terms

Marketing Management 3

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When a customer invovlvement is high
When do consumers want to learn more about a product
Long term memory
With repetition and elaboration, associations can get into
high
Customer involvement is __________ on B2C specialty purchases
Identifying their product with a certain level of needs
Marketers use Maslows hierarchy of need by
Classical conditioning
Ivan Pavlov with his salivating dogs is an example of what type of learning process?
Low-Involvement products
Which products need to be widely available so the customer can pick them up without much thought?
Perceptual fluency
__________ is a subtle phenomenon that uses colors and fonts to affect how the message feels.
Purity
Brides wear white becuase
To appeal to your sense of smell and to get you to remember the product
Spraying you with perfume
Pre-purchase
During the __________ phase of the purchase process, the customer identifies that something is lacking
Consideration set
During the purchase phase for new skis, Larry creates a __________ based on his skiing ability and price.
Long term memory
Learning is the process by which associations get past the sensory and perception stages into
The sound of a Harley
Spend more on a harley than a honda
Consistent
Whether the buyer is a consumer or a business, the buying process is
Altruism
The baby boomers generation is societal minded, so we might expect to see large scale
Non-Compensatory
John is considering buying a new car. It's important to him that the car has Bluetooth. If the car he looks at doesn't have Bluetooth, then he will not consider it for purchase. This is an example of a __________ mechanism.
B2B
A straight rebuy, like when the office needs more paper, is common for what kind of customers
Energetic, with a quick tempo
Music playing in a retail store
A lap-top
A customer would be more price sensitive when buying gum than when buying
Of differences in the mindset of the customer
The different types of purchases are different because
The door blue is well associated to the Dell's brand
Why is Dell's darker, deep blue color trademarked
Brand communities
A customer loyalty program for high-involvement products would take the form of
Convenience
a _____________ item is something that is purchased without much thought before the purchase
Ignore
IF you are not in the market for a new house, you will most likely _______ ads for new houses
Brand associatons
Sensory and perceptual impressions can becme
Post-Purchase
Which phase of the purchase process generates word of mouth
Blind taste Test
Classic marking exercise used to declare that ones own food or drink is superior
Subliminal
When an ad is shown for such a short time that it doesn't meet the threshold of consciousness, it is called
Information
The promotion for a high-involvement purchase will have a lot more __________ associated with it.
So they can remove the negative association with the name
Philip Morris changed its name to Altria
How much they care about
Marketers typically classify customers by __________ a given purchase.
Attitudes
What are a mix of beliefs and importance weights?
Luxury Goods
China's rising economy is creating a large demand for
One to One marketing
_________ means that each customer serves as his or her own segment
Segment the market
Company ABC is interested in better understanding how different groups of customers feel about its product. In order to do this, Company ABC will need to
Music Technologies
Young adults are most likely to be interested in which of the following?
Heterogeneous
The contrast between mass marketing and one-to-one marketing illustrates that segments become more __________ as they increase in size.
Playing soccer
Which of the following examples is based on a psychological factor
Managerial, customer
Marketers identify segments best when iterating between two approaches, which are?
Travel and hobbies
Empty nesters tend to start dreaming
In the middle
Considering a continuum from mass marketing to one-to-one marketing, marketing segmentation is
Demographic
Company ABC segments customers by gender, age, education, and income. Company ABC's segmentation is based on __________ factors.
Furniture
Newlyweds
Which customers might like their products, and how to get the products in their hands
Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out
6
There is a rule of thumb that says it costs _____ times more to acquire a new customer compared to maintaining a loyal one.
Geographic and demographic
A service called Prizm posits that MBAs who live in New York have a lot more in common with their counterparts in London, Saö Paulo, and Tokyo, than they do with their neighbors in New York who are relatively less educated or wealthy. What types of information are combined in this example?
Mavens
Some customers are known for their expertise and involvement in a category and are willing to share information and give advice, making them likely to generate word of mouth. These people are knows as market
Demographic
Gender, age and income are all qualities of what segmentation base?
Attitude
Which of the following is a psychological factor
Climate
Snowbolwers
Early adopters
Some customers are __________, caring about new developments in their category and seeking out new products.
Untapped
The ideal goal for marketers is to find an ____________ group of customers whose needs it can easily and profitably meet
VALS
A popular tool for segmenting that uses psychographic data, and that is based on the belief that one's attitudes and value system determine one's orientation to certain products and/or brands is called
Mass marketing
____________ means that all customers are treated the same
Challenging
Some customers are currently using a competitor's brand or don't purchase a certain type of product. It is __________ for marketers to identify, obtain information on, and woo these people.
Culture
Some customers are currently using a competitor's brand or don't purchase a certain type of product. It is __________ for marketers to identify, obtain information on, and woo these people.
More profitable
Businesses plan for and interact differently with their larger clients than with their smaller ones. They assign more client service personnel and extend more relationship management efforts because these customers tend to be
Niche Market
__________ is a type of segmentation in which the company strategically focuses on targeting a smaller market with particular needs that the company can serve well.
Market segment
The managerial perspective is important with respect to assessing whether serving a specific __________ is consistent with overall corporate goals.
More difficult
As segments increase in size, it becomes ___________ to satisfy them with the same product
Maslow
Who created the hierarchy of needs
Current Users
One behavioral segment of great importance to the marketer is the __________ of the focal brand because it is relatively easy to communicate to this group.
80% of your sales comes from 20 percent of your customers
What does the 80:20 rule say?
Market Size
Which of the following is a geographic factor
Upscale
A(n) __________ segment is always a tempting one for marketers to target because marketers assume that those customers can afford to purchase their goods or services.
Perception
Differences in __________ and preferences require that different products be provided to satisfy the different segments' needs.
How often the market purchases
Which of the following questions best helps a marketer determine the profitability of a market segment?
Firms Resources
Potential strategic fit is a function of
The markets anticipated growth
Potential profitability is a function of
Threat
Company ABC is developing a marketing strategy for a new cell phone product and just discovered that ABC's biggest competitor is launching a very similar product at almost exactly the same time. In a SWOT analysis, the competitor's product would be a(n)
Price and quality
Most strictures and benefits in many product categories can be whittled down to
Defined
A market is easier to estimate if the target market
5C's
Opportunities and threats are usually driven by changes in one of the
Most
SWOTs are useful in clarifying __________ marketing questions.
Growth
Company XYZ is considering launching a new MP3 player product. It has sized the market and it looks attractive; however, the company would also be wise to predict the __________ of the market to better assess its attractiveness.
Qualitative and strategic
Determining which segments to target depends on an interplay between __________ issues.
Market Reserach
Which of the following is needed to develop a market
[population × %aware × %trial × %repeat ] × Per annum purchase
Most accurate way to estimate size of a market
Go for it
1If a market segment looks attractive, and serving that segment fits our corporate abilities, then we should
Awareness trail and repeat
Company ABC is in the process of sizing the market for its new web-based service that allows consumers to be matched with local attorneys specializing in the area of law pertaining to the consumer's need. The marketing team is trying to estimate the purchase decision-making process with respect to how likely it is that visitors to the site will hire an attorney identified by Company ABC. In estimating the purchase decision-making process, the marketing team should consider the elements of
Selection
The idea of targeting is merely one of
Not advisable
Marketers target certain segments because it's __________ to try to be all things to all people.
Quality
Company ABC makes kitchen appliances that have many features in great demand by professional chefs whose only interest is in the foods they can produce. Based on its customers, ABC should try to dominate the market in
SWOT
What is the method for trying to objectively assess one's own corporate strengths?
Perceptual map
A form of comparative analysis where customers show their opinions of a firm's strengths vis-à-vis their competitors is a
1
Based on this chart, which segment can we pass up with the fewest regrets?
Capabilities
If a market looks attractive, but a firm is not particularly skilled in the market, a key question is whether the firm can develop sufficient
We dominate competitor 3 on quality
Which of the following is true about our company based on this perceptual map?
Segments
Company ABC operates a nail salon that specializes in artificial nails. It has two primary __________, women who get their nails done infrequently (i.e., once or twice per year), and women who continuously wear fake nails.
Purchase choices
Corporate strengths should be assessed relative to a firm's competitors in order to understand customers and their
Which segments do we want to target?
Which of the following questions characterizes targeting?
Profitability and strategic fit
What are two perspectives in assessing each segment's attractiveness in terms of its potential for targeting?
Ability to deliver/delight
Marketers try to serve the segments whose needs match their __________, and in doing so hope to make very happy and loyal customers who will be very profitable.
Competitive advantage
Company ABC's brands and products have perceived strengths, and its marketing department needs to consider what it can do to assure that these will be sustainable
Develop a market
If a market doesn't look so great, but a firm is awesome at creating products for it, the key question is whether the firm can