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72 Cards in this Set
- Front
- Back
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Define Online Marketing.
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Marketers use internet to make their offerings more personalized and convient.
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What are the 2 supporting factors for online marketing?
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1- Increased internet access.
2- Consumer desire for connivence. |
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When doing Global Marketing you should consider a country's... (3)
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1- History
2- Values 3- Culture |
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Define Consumer Behavior.
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Study of individuals, groups and orgs.
And how they use, select, secure and dispose of products, services, experiences or ideas. |
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What are the 4 aspects of Consumer Behavior?
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1- Good marketing decisions require lots of information about consumer behavior.
2- Collect info about certain consumers involved. 3- Consumer behavior is a complex process. 4- Marketing that is designed to influence consumer behavior involves ethical issues. |
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All marketing decisions and regulations are based on ____ & _____ about consumer behavior.
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Assumptions and knowledge.
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What is the Marketing Strategy based on? And what does it get more for customers?
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Based on beliefs about consumer behavior.
Gives customers more value than the competition. |
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Define Regulatory Policy.
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Used to make, interpret and implement polices made to protect and help consumers.
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Define Social Marketing.
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Using marketing strategies to alter or create behaviors that have a good effect on the targeted individual or society.
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Define Customer Value.
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Difference between all the benefits from a product and the cost to get the product.
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How can a firm give superior customer value over the competition.
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By doing a better job of anticipating and reacting to customer needs than them.
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When analyzing the market, what are the 4 things must be considered?
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1- Org's capabilities.
2- Strengths/Weaknesses of competition. 3- Economic and technical forces affecting the marketing. 4- Current and potential customers in market. |
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Define Total Product.
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Figuring out what the:
-Product features -Price -Communications -Distributions -Service that will provide customers with better value. |
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What are the 4 Market Analysis Components?
The 4 Cs. |
1- Consumers
(must understand their behaviors that drives consumption) 2- Company (firm's ability to meet customer's needs) 3- Competitors (understand their capabilities and strategies) 4- Conditions (economy, environment, gov regs, technology) |
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Define Market Segment.
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Part of a larger market whose need are different from the larger.
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What are the 4 Steps of Market Segmentation?
I G D S |
1- ID the product-related needs sets
2- Grouping customers with similar needs sets 3- Describing each group 4- Selecting an attractive segment to serve. |
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Define Needs Set.
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One product satisfying more that one need.
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What are the 5 parts of the Marketing Mix?
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1- Product
2- Price 3- Communication 4- Distribution 5- Services all provided to the target market. |
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Define Marketing Communications.
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Ads, sales force, PR, packaging, etc.
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Define Service.
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Stuff performed to enhance the primary product or service.
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What are the 3 main Outcomes of Marketing?
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1- Firm
2- Individual 3- Society |
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Explain the Firm Outcomes of Marketing. 3
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1- Product position
2- Sales and profits 3- Customer Satisfaction |
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Define Product Position.
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An image of the product / brand in the customer's mind.
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What are the 2 Individual Outcomes of Marketing?
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1- Need satisfaction
2- Injurious consumption |
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Define Injurious Consumption.
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Consumption decisions that have negative consequences over time.
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What are the 3 Society Outcomes of Marketing?
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1- Economic
2- Physical environment 3- Social welfare |
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What does the Conceptual Model do?
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Organizes and shows the general process of consumer behavior.
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Define Customer Cost.
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What a customer gives up for a product.
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Define Self Concept.
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How a customer feels about himself or herself.
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What are the 4 factors of consumers lives that influence their behavior and in turn affect the marketing strategy?
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1- Language
2- Demographics 3- Values 4- Nonverbal communications |
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What 3 parts of culture contribute to Consumption Patterns?
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1- Norms
2- Cultural values 3- Sanctions (penalties) |
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Name the 3 Variations in Cultural Values.
O E S |
1- Other-oriented values
2- Environment-oriented values 3- Self-oriented values. |
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Define Other-oriented Values.
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Society's view on appropriate relationships between individuals and groups.
Is the society more focused on the group or individual? |
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Define Environment-oriented Values.
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Society's relationship with its environment.
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Define Self-oriented Values.
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Objectives and approaches in life that individual members find desirable.
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What are the 2 Types of Materialism?
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1- Instrumental
2- Terminal |
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Define Instrumental Materialism.
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Getting things to enable someone to do something.
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Define Terminal Materialism.
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Getting things for the sake of getting them.
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What are Verbal Communications Systems?
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Languages.
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What are Non-verbal Communications Systems?
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Time, personal space, symbols, relationships, etiquette.
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Explain Purchasing Power Parity.
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How far does $1 go? Based on standard market basket.
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What are 7 things you should consider when approaching a foreign market?
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1- Is the region Homogeneous or Heterogeneous?
2- What needs can this product fill in this culture? 3- Can the ppl needing the product afford it? 4- What values are relevant to the purchase? 5- What are the distribution, political and legal structures for this product? 6- In what ways can we communicate about this product? 7- What are the ethical implications of marketing this product in this country? |
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Explain the Monochronic Time Perspective.
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Strong orientation to the present and short-term future.
Based on the belief that a person can only do one thing at a time. |
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Explain the Polychronic Timer Perspective.
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Orientation to the present and past.
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Define Achievement Role.
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Role based on performance criteria which the individual has some control of.
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Define Ascribed Role.
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Role based on attribute which the individual has no control.
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Define Cause-Related Marketing.
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Marketing the ties a firm and its products to an issue/cause with the goal of improving sales or image while giving benefits to the cause/
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Define Enviropreneurial Marketing.
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Environmentally-friendly marketing that is meant to achieve competitive differentiation.
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Define Green Marketing.
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Developing products which do not further harm the environment or have a positive impact on the environment.
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What is an Age Cohort aka Generation?
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A group of people who have experienced the same social, historical and economic environment.
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Explain Class to Mass.
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Responding to people wanted to "trade up" from their social class by getting more luxurious brands.
Companies do class to mass by expanding opportunities for more consumers to afford luxury brands. |
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Define Cognitive Age.
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The age someone feels versus the age they actually are.
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Define Cohort Analysis.
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Process of describing and explaining attitudes, values and behaviors of an age group and predicting their future of those.
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Define Conspicuous Consumption.
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Purchase and use of cars, houses etc. to show you have lots of money.
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Define Gerontographics.
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One segment approach to the mature market.
Involves aging process and such related to physical health and mental outlook of older consumers. |
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Define Mature Market.
And the 3 generations of the Mature Market. |
Ages 55 and older.
Involves 3 generations: 1- Pre-Depression 2- Depression 3- Baby boom |
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Define Nouveaux Riches.
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Those who aggressively engage in conspicuous consumption. Someone who has multiple houses and cars.
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Explain the Social Class System.
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Dividing society into classes based on attitudes, values and lifestyles.
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Define Societal Rank.
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A person's position in society in relation to others.
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Define Subjective Discretionary Income.
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An estimate by a person on how much money they have to spend on nonessentials.
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Explain the characteristics of members of the Pre-Depression generation.
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- 80+
-Conservative -Spend less |
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Explain the characteristics of members of the Depression generation.
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- 65-80
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Explain the characteristics of members of the Baby Boom generation.
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- 45-65
-Largest group -Active and healthy |
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Explain the characteristics of members of the Gen x generation.
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- 34-45
- Highly educated -Self-employed |
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Explain the characteristics of members of the Gen y generation.
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-16-33
-Independent -Multi-Racial -Echo boomers |
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Explain the characteristics of members of the Millenials/Tweens.
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-8-14
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Define Acculturation.
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Degree to which an immigrant has adopted to their new culture.
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Define Ethnic Subcultures.
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Where members shared behaviors are based on a common race, language or national background.
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Define Event Marketing.
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Creating or sponsoring an event that appeals to a certain market segment.
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Define Secular Society.
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Education system, gov, and political processes are not controlled by a religious group.
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Define Subculture.
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A segment of a larger culture whose members share distinct values and behaviors.
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What are the 3 main Subcultures?
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1- Region
2- Ethnicity 3- Religion |
