MKTG 310 Exam 2 Flashcards

procedures that develop and analyze new information about a market

an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions

the quantity of data generated and stored

the numerous different formats of data

the speed at which data are generated and can be processed

the quality of the data

a place where databases are stored so that they are available when needed

a computer program that makes it easy for a marketing manager to obtain and use information as they make decisions

displays up-to-the-minute marketing information in an easy-to-read format (e.g., a car's dashboard that shows the speedometer and fuel gauge)

a statement of relationships among marketing variables

information that can be used by itself or in combination with other information to identify someone

anything that limits others' access to personal data that people consider sensitive or confidential

a set of laws on data protection and privacy for all individuals within the European Union

a decision-making approach that focuses on being objective and orderly in testing ideas before accepting them

educated guesses about the relationships between things or about what will happen in the future

1. defining the problem

2. analyzing the situation

3. getting problem-specific data

4. interpreting the data

5. solving the problem

an informal study of what information is already available in the problem area

information that has been collected or published already

information specifically collected to solve a current problem

an automated process of analyzing and categorizing social media to determine the amount of positive, negative, and neutral online comments a brand receives

a groups of consumers who provide information on a continuing basis

a plan that specifies what information will be obtained and how

seeks in-depth, open-ended responses, not yes or no answers

seeks structured responses that can be summarized in numbers--such as percentages, averages, or other statistics

a researcher asks detailed, open-ended questions to get people to share their thoughts on a topic, without giving them many directions or guidelines about what to say

the story and graphic diagram of a customer's experience in the buying process from need awareness through the purchase process and post-purchase relationship

involves simultaneously interviewing 6 to 10 people in an informal group setting

seeks structured responses that can be summarized in numbers, such as percentages, averages, or other statistics

the percentage of people contacted who complete the questionnaire

researchers try to see or record what the subject does naturally

researchers compare the responses of two or more groups that are similar except on the characteristic being tested

easy-to-use computer programs that analyze data

the range on either side of an estimate that is likely to contain the true value for the whole population

the extent to which data measure what they are intended to measure

the need-satisfying offering of a firm

a product's ability to satisfy a cusomter's needs or requirements

what the seller promises about its product

a particular product within a product line

a set of individual products that are closely related

the set of all product lines and individual products that a firm sells

the number of individual products in a product line

an intangible offering involving a deed, performance, or effort

overlays a computer-generated image, sound, text, or video on a user's view of the physical world

the use of a name, term, symbol, or design to identify a product

a word, eltter, or a group of words or letters

words, symbols, or marks that are legally registered for use by a single company

words, symbols, or marks that are legally registered for use by a single company to refer to a service offering

how well customers recognize and accept a company's brand

potential customer won't buy a brand unless its image is changed or if the customers have no other choice

final consumers don't recognize a brand at all

customers remember the brand

target customers usually choose the brand over other brands

customers insist on a firm's branded producted and are willing to search for it

customers are so enthusiastic about a brand that they actively spread positive word-of-mouth

the same brand name for several products or individual brands for each product

a well-known brand that sellers pay a fee to use

separate brand names for each product

products that have no brand at all other than identification of their contents and the manufacturer or intermediary

brands created by producers

brands created by intermediaries

the competition between dealer brands and manufacturer brands

promoting, protecting, and enhancing the product

requires that consumer goods be clearly labeled in easy-to-understand terms to give consumers more information

products meant for the final consumer

products meant for use in producing other products

products a consumer needs but isn't willing to spend much time or effort shopping

products that are bought often, routinely, and without much thought

products that are bought quickly, unplanned, because of a strongly felt need

products that are purchased immediately when the need is great

products that a customer feels are worth the time and effort to compare with competing products

items the customer sees as basically the same and wants at the lowest price

items the customer sees as different and wants to inspect for quality and suitability

consumer products that the customer really wants and makes a special effort to find

products that potential customers don't yet want or know they can buy, so they don't search for them at all

products offering really new ideas that potential customers don't know about yet

products that stay unsought but not unbought forever (life insurance, gravestones, etc)

the demand for business products derives from the demand for final consumer products

a product whose total cost is treated as a business expense in the year it's purchased

a long-lasting product that can be used and depreciated for many years

important capital items such as buildings, land rights, and major equipment

short-lived capital items--tools and equipment used in production or office activities

unprocessed expense items that are moved to the next production process with little handling (logs, iron ore, wheat)

processed expense items that become part of a finished product

expense items that do not become part of a finished product (maintenance, repair, and operating supplies)

specialized services that support a firm's operations

describe industry sales and profites for a product idea

1. market introduction

2. market growth

3. market maturity

4. sales decline

a stage of the product life cycle when sales are low as a new idea is first introducted to a market

a stage of the product life cycle when industry sales grow fast but industry profits rise and then start falling

a stage of the product life cycle when industry sales level off and competition gets tougher

a stage of the product life cycle when new products replace the old

a product that is new in any way for the company concerned

new products that don't require customers to learn new behaviors

new products that require minor changes in customer behavior

new products that require that customers adopting the innovation significantly change their behavior

the federal government agency that polices antimonopoly laws

grants the inventor the ability to exclude others from making, using, offering for sale, or selling the invention

1. idea generation

2. screening

3. idea evaluation

4. development

5. commercialization

a law that set up the Consumer Product Safety Commission to encourage more awareness of safety in product design and better quality control

the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products

the ratio of net profit (after taxes) to the investment used to make the profit, mulitplied by 100

getting reactions from customers about how well a new-product idea fits their needs

an early sample or model built to test a concept

customers react to prototypes and suggest improvements

customer input is received and quickly designed into a revision of the product and then fed back to customers for further input

get customer reactions under real market conditions or to test variations in the marketing mix

manage specific products, often taking over the jobs formerly handled by an advertising manager

the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's, activities, to better serve customer needs

a commitment to constantly make things better one step at a time

giving employees the authority to correct a problem without first checking with management

any series of firms or individuals who participate in the flow of products from producer to final user or consumer

direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling

the difference between the quantity of products it is economical for a producer to make and the quantity final users or consumers normally want

the difference between the lines a typcial producer makes and the assortment final consumers or users want

adjust the quantities or assortment of products handled at each level in a channel of distribution

collecting products from many small producers

dividing larger quantities into smaller quantities as products get closer to the final market

separating products into grades and qualities desired by different target markets

putting together a variety of products to give a target market what it wants

the various channel members make little or no effort to cooperate with one another

conflict that occurs between firms at different levels in the channel of distribution

conflict that occurs between firms at the same level in a distribution channel

a manager who helps direct the activities of a whole channel and tries to avoid or solve channel conflicts

channel systems in which the whole channel focuses on the same target market at the end of the channel

corporate ownerships all along the channel

acquiring firms at different levels of channel activity

various channel members informally agree to cooperate with one another

the channel members agree by contract to cooperate with one another

makes a product available widely enough to satisfy target customers' needs but not exceed them

selling a product through all responsible and suitable wholesalers or retailers who will stock or sell the product

selling through only those intermediaries who will give the product special attention

selling through only one intermediary in a particular geographic area

when a producer uses several competing channels to reach the same target market, using several intermediaries in addition to selling directly

shoppers who use differnt channels as they move through the purchase process

a multichannel selling approach in which a retailer provides a seamless customer shopping experience from a computer, mobile device, or brick-and-mortar store

channels used to retrieve products that customers no longer want

selling some of what the firm produces to foreign markets

selling the right to use some process, trademark, patent, or other right for a fee or royalty

the seller provides only management and marketing skills while others own the production and distribution facilities

a domestic firm enters into a partnership with a foreign firm

a parent firm has a division in a foreign market

the transporting, storing, and handling of goods in ways that match target customers' needs with a firm's marketing mix where both are within individual firms and along a channel of distribution

how rapidly and dependably a firm can deliver what the customers want

all transporting, storing, and product-handling activities of a business and a whole channel system should be coordinated as one system that seeks to minimize the cost of distribution for a given customer service level

evaluating each possible PD system and identifying all of the costs of each alternative

the complete set of firms and facilities and logistics activities that are involved in procuring materials, transforming them into intermediate or finished products, and distributing them to customers

an approach that puts information in a standardized format easily shared between different computer systems

the marketing function of moving goods

grouping individual items into an economical shipping quantity and sealing them in protective containers for transit to the final destination

the marketing function of holding goods so they are available when they are needed

the amount of goods being stored

storing facilities owned or leased by companies for their own use

independent storing facilities

a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs

all of the activities involved in the sale of products to final consumers

the activites of those persons or establishments that sell to retailers and other merchants, or to industrial, institutional, and commercial users

a firm that owns and manages more than one store (often many stores)

a franchisor develops a good marketing strategy, and the retail franchise holders carry out the strategy in their own units

• width and depth of assormtnet, brands, quality
• after-sale service
• special services (special orders, entertainment, gift wrap)
• packaging/packaging free options

• physical stores and/or sales over the internet
• number and location of stores
• atmosphere (comfort and safety)
• size, layout, and design
• home delivery options

• credit cards (store card)
• discount policies
• frequency and level of sales prices
• delivery and other service fees

• advertising
• publicity (social media)
• salespeople (number, training)
• in-store/online (displays, videos, reviews)
• buy one donate one

early retailers that carried anything they could sell in reasonable volume

stores that specialize in certain lines of related products rather than a wide assortment

a type of conventional limited-line store, usually small with a distinct personality

larger stores that are organized into many separate departments and offer many product lines

a convenience-oriented variation of the conventional limited-line food stores

selling and delivering products through vending machines

a salesperson going directly to the consumer's home

retailers should offer low prices to get faster turnover and greater sales volumes by appealing to larger markets

large stores specializing in groceries with self-service and wide assortments

large self-service stores with many departments that emphasize "soft goods" (housewards, clothing, and fabrics) and staples at lower prices to get faster turnover

very large stores that try to carrry not only food and drug items but all goods and service that the consumer purchases routinely

stores with limited assortment, little service, and low prices that usually require a membership and annual fee

the number of times the average inventory is sold in a year

stores that sell exclusively or almost exclusively online

an entire shopping experience occurring within a social media platform

new types of retailers enter the market as low-status, low-margin, low price operators and then, if successful, evolve into more conventional retailers offering more services with higher operating costs and higher prices

carrying any product lines they think they can sell profitably

involves sorting products according to size and quality

involves bearing the uncertainties that are part of the marketing process

collect, analysis and distribution of all the information needed to plan, carry out, and control marketing activities

warehouses that producers set up at separate locations away from their factories

wholesalers that own the products they sell

merchant wholesalers that provide all the wholesaling functions

service wholesalers that carry a wide variety of nonperishable items

service wholesalers that carry a narrower line of merchandise than general merchandise wholesalers

service wholesalers that carry a very narrow range of products and offer more information and service than other service wholesalers

provide on some of the wholesaling functions

like service wholesalers, but the customer must pay cash

own the products they sell, but do not actually handle, stock, or deliver them

specialize in delivering products that they stock in their own trucks

specialize in hard-to-handle assortments of products that a retailer doesn't want to manage and display the products on their own wire racks

sell through catalogs that may be distributed widely to smaller industrial customers or to retailers that might not be called on by other wholesalers

wholesalers that do not own the products they sell

sells similar products for several noncompeting producers for a commission

manufacturers' agents who specialize in export trade

manufacturers' agents who specialize in import trade

agent wholesalers who specialize in bringing buyers and sellers together

brokers who specialize in bringing together buyers and sellers from different countries

agent wholesalers who take over the whole marketing job of producers, not just the selling function

a blend of manufacturers' agent and selling agent--handlying the entire export function for several producers of similar but noncompeting lines

provide a place where buyers and sellers can come together and bid to complete a transaction