Marketing

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Author:
Anonymous
ID:
178745
Filename:
Marketing
Updated:
2012-10-21 21:11:31
Tags:
ACC 550
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Description:
ACC 550 midterm
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  1. HBS Marketing Framework
    • Analysis
    • Marketing Strategy
    • Marketing Mix
    • Customer Relationship Management
  2. HBS Marketing Framework - Analysis
    • Understand Value - 5 C's
    • Customers
    • Company
    • Competitors
    • Collaborators
    • Context
  3. HBS Marketing Framework
    Marketing Strategy
    • Create Value - Segmenting
    • Targeting
    • Positioning
  4. HBS Marketing Framework - marketing Mix
    • Capture Value - 4 P's
    • Product
    • Place
    • Promotion
    • Price
  5. HBS marketing Framework - Customer Relationship Management
    • Sustain Value
    • Customer Acquisition
    • Customer Retention
  6. Historical marketing approaches - era
    • Production Orientation
    • Sales Orientation
    • Marketing Orientation (Consumer: find customer needs/marketing: satisfy needs)
    • Relationship Orientation
    • Sustainable Orientation
  7. Maslow's Hierarchy
    • Physiological
    • Safety
    • Love/belonging
    • Esteem
    • Self-actualization
  8. Loyalty
    • Performance > expectations = delight
    • performance < expecations = disatisfaction
    • expectation = performance = satisfaction
    • Behavior (what people do, repeat purchase vs. attitude (what people dream about, how do you feel?)
  9. Loyalty ladder
    • new customer
    • regular purchaser
    • loyal supporter
    • advocate
  10. BCG Loyalty Chart
  11. Product/Market Expansion Grid
  12. New usage situation
    using an existing product for something new (e.g. Breathe right strips, athletes to snoring)
  13. Cannibalization
    New product destroys current customers
  14. BCG Matrix
  15. Purchase Decision Process
    • Problem
    • search
    • Evaluation of Alternatives
    • Purchase Decision
    • Purchase Act
    • Postpurchase Evaluation
  16. Purchase Decision Process: search
    • External Search
    • internal Seach
  17. Purchase Decision Process: Evaluation of alternatives
    • Consideration Set (max seven products to consider, eliminate alternatives)
    • Heuristics: stereotyping, using mental shortcuts
    • Fishbein's Multi-Attribute Model
  18. Things that Affect consumer behavior
    • Culture: subculture, Acculturation
    • Social influences: asch Phenomenon, reference groups, opinion leaders
    • Family influences: household roles (autonomic role-independent, husband or wife dominant role, syncratic role-joint)
  19. Processing Types
    • Subliminal
    • Supraliminal
    • conscious (system 2-first time vs system 1 processing-practiced)
  20. Perceptual Filters
    • Selective Exposure
    • Selective attention
    • Comprehension
    • Elaboration
    • Retention
  21. Heuristics and Bias
    • Projection Bias
    • Hindsight Bias
    • Overweight probability of low frequency events
    • Hot/cold empathy bias
    • overconfidence
  22. Context effects
    • middle option
    • balance
  23. Choice Overload
    Too many options will result in no purchase
  24. Influence Book
    • Reciprocation
    • Commitment and Consistency
    • Social Proof
    • Liking
    • Authority
    • Scarcity
  25. Market Research Process
    • Define the Problem
    • Exploratory research
    • Formulate a hypothesis
    • create a research design
    • Collect data
    • Interpret and present research data
  26. Types of data
    • secondary data (government, private, online sources)
    • Primary Data (observation, interpretative research, experimental method, survey)
  27. Why not do market research
    • cost
    • time
    • what would I do without this information? does it matter, use an assumption?
    • what if my assumption is wrong?
  28. Causality vs correlation
    A causes B, A and B occur simultaneously
  29. Survey Questionnaire Design
    • What questions to ask
    • Ordering (don't prime the questions, demographic information at the end)
    • wording
  30. Types of survey scales
    • Symantec scale (1-7 good to bad)
    • Likert Scale: strongly disagree, disagree, neutral, agree, strongly agree
  31. Between/within subjects design
    Between subjects design- one group sees one stimuli and another group sees anotherWithin Subjects design- receive all treatments. Disadvantage: May be alerted to the hypothesis and that may change their response. You may want to use Within subject design when: learning studies over time- as they learn over time you want them to have the same stimuli over time
  32. Marketing Cheer
    • Stand for something
    • stand for something different
    • stand for something different that's important
  33. Unique selling position
    • EXAMPLE: To (target segment and need) our (brand) is (concept) that (point-of-difference)
    • Positioning must be constantly monitored and adapted
    • You must deliver on your positioning statement
  34. Perceptual Maps
    • A key to positioning a product effectively is the perceptions of consumers.  In determining a brand’s position and the preferences of consumers, companies obtain three types of data from consumers:
    • Evaluations of the important attributes for a product class.
    • Judgments of how similar the products are to one another.
    • Ratings of  how much each person knows about the products
    • From these data, it is possible to develop a perceptual map, a means of displaying via two dimensions the location products or brands occupy in the minds of consumers.
  35. Types of Segmenting
    • 1. Geographic - cut up market based on where people are (easiest to get, least helpful)
    • 2. Demographic - cut up market based on age, gender, religion, etc. (easy to get, not helpful)
    • 3. Psychographic - based on values of people
    • 4. Behavioral/Product related - based on benefits people seek when they buy a product, or usage rates, or brand loyalty. (most helpful, toughest to do)
  36. Effective Brand Names
    • Suggestive (of benefits)
    • Simple (easy to say and remember)
    • Distinct
    • Extendable
    • Translatable (into other languages)
    • Defensible (legal protection)
  37. Aaker's Model of Brand Equity

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