mgmt test 2
Terms
undefined, object
copy deck
- FAD
- product who's primary value is it's novelty
- MARKET
- combination of people who will potentially buy your product
- GENERIC SEGMENTATION STRATEGIES
- undifferentiated, concentrated, differentiated
- UNDIFFERENTIATED SEGMENTATION STRATEGY
- go after entire market
- CONCENTRATED SEGMENTATION STRATEGY
- go after one destinct target segment
- DIFFERENTIATED SEGMENTATION STRATEGY
- go after all segments- very expensive
- DEMOGRAPHIC VARIABLES
- factual, measurable- age, occupation, family
- DINK'S
- double income no kids- fast growing category
- GEOGRAPHIC VARIABLES
- factual, measurable, having to do with place- region, city size, climate
- PSYCHOGRAPHIC VARIABLES
- qualitative, subjective- personality, motives, lifestyles
- BEHAVIORISTIC VARIABLES
- bahavior in regard to specific product- usage, expectations, price sensitivity
- NEW BELGUIM BREWING
- great internal marketing, new technology, not by the book
- MARKET SEGMENTS
- must be mutuallly exclusive and exhaustive
- BREAKDOWN APPROACH
- start at the top (economy, industry...)
- BUILDUP APPROACH
- start with the little guy
- EXECUTIVE JUDGEMENT
- gut feeling, still valid
- JAMMING
- messing with a test market
- JET BLUE
- high quality/low price
- BUYING BEHAVIOR
- decision process and acts of people involved in buying and using products
- SITUATIONAL INVOLVEMENT
- something happens that makes people care about a product
- CONSUMER BUYING DECISION PROCESS
-
problem recognition
information search
evaluation of alternatives
purchase
postpurchase evaluation - EVOKED SET
- set of brands that can solve the problem
- FRAMING
- advertise the criteria they can win
- QUEING SCIENCE
- finding the optimal time to have people in line
- JD MBA
- law degree and business
- MD MBA
- medical and business
- WHEELWORKS
- don't pay on commission, make up their own title
- PRODUCER BUYERS
- purchase product to significantly change it, add value then sell it
- RESELLERS
- buy finished products, sell em
- INSTITUTIONAL BUYERS
- for nonprofit organizations,
- ANTICOMPETITIVE RECIPROCITY
- reduces competition
- DESCRIPTION
- high volume, standardized products
- INSPECTION
- expensive, small volume products
- SAMPLING
- large purchase, varied product
- NEGOTIATED EXCHANGE
- can't tell all the terms right now
- DERIVED DEMAND
- demand for one from sequential demand for another product
- JOINT DEMAND
- products demanded at same time
- INNELASTIC DEMAND
- amount you buy doesn't change based on price
- GILLETTE
- cutting edge products, always have new products in the works, employees test products
- PRODUCT
- everything the buyer recieves in the exchange
- TYPES OF CONSUMER PRODUCTS
-
convenience
shopping
specialty
unsought - STRAIGHT REBUY PURCHASE
- routine purchase of same products by a business buyer
- MODIFIED REBUY PURCHASE
- new task purchase that is changed on subsequent orders or when the requirements of the straight rebuy purchase are modified
- PRODUCT LIFECYCLE THEORY
- products go through introduction, growth, maturity, and decline
- PRICE SKIMMING
- set price high during into to recoup R and D costs
- PENETRATION PRICING
- set price low to get brand loyalty
- PRODUCT MIX
- entire assortment of products a company carries
- PRODUCT ADOPTION PROCESS
-
awareness
interest
evaluation
trial
adoption - BRAND EQUITY
- dollar value of brand by itself
- BRAND
- name, symbol, and design that identifies one seller's product as distinct from others
- BRAND NAME
- part that can be spoken
- BRAND MARK
- the part that cannot be spoken
- MANUFACTURER'S BRAND
- person who makes it puts it there
- PRIVATE/DISTRIBUTER'S BRAND
- retailer puts it there
- GENERIC BRAND
- no brand at all
- BRAND LICENSING
- rent brand out