BUSM 241

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Author:
ktunks
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148299
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BUSM 241
Updated:
2012-04-18 01:33:26
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BUSM 241
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Busm 241
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  1. Attributes of a good business name
    • Suggestive of Benefits
    • Simple - Easy to Remember
    • Distinct
    • Extendable
    • Translates easily into other languages
    • Legally Defensible
  2. Brand design schematic
    visual, verbal, vesceral
  3. visual elements
    • picturing
    • symbolizing
    • animating
  4. verbal elements
    • naming
    • wording describing
  5. visceral elements
    sound, texture, scent
  6. elements of services
    inseparability, perishability, intangible, varibality
  7. New product development process
    idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization
  8. brainstorming techniques
    • Defer Judgement (No “Buts”)
    • Encourage Wild Ideas
    • Build on Ideas (Only “Ands”)
    • Be Visual
    • Stay Focused on the Topic
    • One conversation at a time
  9. Product life cycle strategies
    • market mdoifying
    • product modifying
    • marketing mix modifying
  10. Gross margin
    net sales - VC/COGS
  11. Unit gross margin
    price/unit-VC/unit
  12. margin
    Gross margin as a percent of net sales
  13. mark up
    gross margin as a percent of VC(COGS)
  14. pricing process
    • Determine your pricing objective
    • Estimate Demand
    • Estimate Costs
    • Analyze Competitors Price and Offering
    • Select a Final Price
  15. Pricing strategies
    • Product Line Pricing (Basketball Shoes)
    • Optional Product Pricing (Computers)
    • Captive Product Pricing (Movie Theaters)
    • By-Product Pricing
    • Product Bundle Pricing (Value Meals)
  16. Purpose of channels
    right locations, right quantities, when customers want them
  17. benefits of channels
    • Break Bulk
    • Provide Assortment
    • Hold Inventory
    • Offer Services
    • Market Efficiency
  18. Intermediaries
    • Intensive Distribution
    • Selective Distribution
    • Exclusive Distribution
  19. The feel of the channel
    • employee type and density
    • merchandise type and density
    • fixture type and density
    • sound
    • odors
    • visual factors
  20. communication tools
    • Advertising
    • Promotion
    • Personal Selling
    • Public Relations
    • Direct Marketing
  21. Advertising Objectives
    • Cognitive-build awareness
    • Affect- gain interest,liking
    • behavioral-stimulate action (AIDA)
  22. AIDA model
    • attention
    • interest
    • desire
    • action
  23. promotion tools
    rebats, specialty advertising, samples, price packs, premiums, coupons, event marketing, point of purchase
  24. CRM Process
    form database, select customers, relationship strategies, monitor results
  25. Customer lifetime value
    (m-c)/(1-r+i)-AC
  26. company wide strategic planning
    corporate: define company mission, objectives/goals, busines portfolio

    business unit, product and market level: planning marketing and other funtional strategies
  27. busiess unit, product and market level
    how do we compete in that business?
  28. corporate
    what business should we be in?
  29. market research problem
    • Define the Problem
    • Design the Research Project
    • Collect Data
    • Analyze Data
    • Prepare Results
  30. secondary research
    • internal
    • external
  31. primary
    • informal
    • qualitative
    • observation
    • surveys
    • panels
    • experiments
    • models and simulations
  32. Factors affecting buyer
    cultural, social, personal, psychological
  33. cultural
    • culture
    • subculture
    • social class
  34. social
    • reference group
    • family
    • roles and status
  35. personal
    • age/life cycle
    • economic situation
    • lifestyle
    • personality and self concept
  36. psychological
    • motivation
    • perception
    • learning
    • beliefs and attitudes
  37. maslow
    • self actualization needs
    • esteem needs
    • social needs
    • physiological needs
  38. self actualization
    self development and realization
  39. esteem needs
    self esteem, recognition, status
  40. social needs
    security, protection
  41. physiological needs
    hunger, thirst
  42. consumer behavior process
    • problem recognition-perceiving a need
    • information search-seeking value
    • evaluation of alternative-assesing value
    • purchase-buying value
    • post purchase evaluation-consuming, experiencing, or using value
  43. competitve analysis
    • identifying competitors,
    • Assesing competitors objectives, strategies, strenghts, weaknesses and reaction patterns
    • selecting which competitors to attack or avoid
  44. competitors sweet spot
    spot that meets customers needs with companys abilities that is outside competitors offerings.
  45. Customer-drive marketing process
    • Basis for Segmentation
    • Develop Profiles
    • Measure Attractiveness
    • Choose Target
    • Differentiate Offering
    • Choose Position
  46. ways to segment
    • geographic
    • demographic
    • psychographic
    • behavioral
  47. psychographic
    lifestyle, personality, attitudes, values
  48. segmentation criteria
    • differnentiable
    • substantial
    • identifiable and measurable
    • accessible
    • responsive
  49. targeting
    • Depends on the 4C’s
    • Profitability Potential
    • Market Size
    • Anticipated Market Growth
    • Current and Anticipated Competition
    • Consumer Behavior and Expectations
  50. position
    How the product is viewed by consumers on important attributes relative to the competition ... not how it’s viewed by you
  51. positioning
    The actions a marketer takes to influence a product’s position
  52. positioning tactics
    • how you are as good as the competition-most used
    • how you beat the competition
    • how you are like by popular people
    • how you fit consumers lifestyle
    • how you deliver what is most valued-most useful
  53. position 101 marketing cheer
    • Stand for something
    • Stand for something that’s different
    • Stand for something that’s different that’s important
  54. USP
    For target market the name of the product is single most important claim among all competitive frame because reason to believe
  55. augmented product
    • after sale service
    • warranty
    • delivery and credit
    • product support
  56. actual product
    • brand name
    • features
    • design
    • packaging
    • quality level
  57. steps in product decisions
    • Product Attributes
    • Branding
    • Packaging
    • Labeling
    • Product Support & Services
  58. Roles of packaging
    • Functional
    • Protect & Inform
    • Strategic
    • influence choice
    • Reinforce Brand
    • Differentiate
    • Advertise
  59. Brand
    A brand is not your brand symbols. Your brand is a perception that exists in the minds of your consumers about your relevance and promise of value. Your brand is the sum total impressions formed through exposure to your touchpoints.

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