Marketing and Branding Strategies, Consumer Behavior, and Business Laws, Quizzes of Marketing Management

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repositioning product 280

changes the place a product holds in a consumers mind relative to competitors product. this can be done by changing one of the 4 morketin mix elements. trigger to do so: -Reacting to a competitor positions -Reaching new market -Catching rising trend -Changing value offered TERM 2

Multiproduct branding strategy

DEFINITION 2 company uses one name for all its products in a product class. Microsoft, Samsung, Sony -increases brand equity and consumers likely to pick same company different product. Subbranding is used to introduce a new product same family G2. allows easy entry to other product familys with high brand equity name. -too many uses for one name can dilute the meaning to its customers. Cobranding- hershey foods and general mills TERM 3

Multibranding strategy

DEFINITION 3 giving each product a distinct name. useful when each product has its own segment. Black & Decker for personal and Dewalt for professional. -cost are higher because the company must generate awareness of each name. -each brand is unique and no risk of one product hurting the others because of brand name. TERM 4

Private Branding Strategy

DEFINITION 4 Private lableing or reseller branding. manufactures products but sells under brand name of wholesaler or retailer. Costco kirkland. this provides high profits to manufactors and many consumers buy them. TERM 5

Mixed Branding Strategy

DEFINITION 5 firm markets products under its own name(s) and that of the reseller because the segment attatched to reseller is different from its own. hits 2 markets.

Disposable income

The money a consumer has left after taxes to use for necessities such as food, housing, clothing, and transportation TERM 7

Laws vs Ethics

DEFINITION 7 Ethics- deal with personal moral principles and values Laws- are society's values and standards that are enforcable by courts TERM 8

Competencies

DEFINITION 8 companies speciaal capabilities-the skills, technologies, and resources that distinguish it from other organizations and provide customer value. Should be distinctive enough to provide a competitive advantage. TERM 9

Profit

DEFINITION 9 Money left after a business firms total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing offerings TERM 10

Market Share

DEFINITION 10 The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

Gross Income

Total amount of money made in one year by a person, household, or family unit. TERM 12

Discretionary Income

DEFINITION 12 The money that remains after paying taxes and necessities. TERM 13

Disposable income

DEFINITION 13 The money a consumer has left after taxes to use for necessities such as food, housing, clothing, and transportation TERM 14

Laws vs Ethics

DEFINITION 14 Ethics- deal with personal moral principles and values Laws- are society's values and standards that are enforcable by courts TERM 15

Demographic Groups- Baby Boomers

DEFINITION 15 Baby Boomer-Generation between 1946 and1964. companies respond to their interest in fitness, retirement housing, financial planning, and appearance. Olay anti aging.

Demographic Groups- Generation X

followed boomers and includes 15% of population between 1965 and 1976. period known as baby bust because # of children declining each year. Self reliant, supportive of racial and ethnic diversity, and better educated than any previous generation. ther are prone to extravagance and are likely to pursure lifestyles of caution, pragmatism and traditionalism. -hotel accomadations for younger crowds with casual tech friendly hotels with 24/7 service and food TERM 17

Demographic groups- Generation Y

DEFINITION 17 After X is group from 1977-1994 a period of increasing births which resuly from baby boomers. exerts influence on music, sports, computers, videogames, and especially cell phones. Wireless communication with web phones to stream video. TERM 18

Demographics

DEFINITION 18 describing a poplulation according to selected characteristics such as age, gender, ethnicity, income, and occupation. Important to find out where marketing should focus future resources based on changes in any of the demographics. TERM 19

Sustainable Development

DEFINITION 19 Conducting business in a way the protects the natural enviornment while making economic progress. -Green marketing -Working conditions -companies are rewarded by customers who notice their responsibility TERM 20

Green marketing

DEFINITION 20 Marketing efforts to produce, promote and reclaim enviornmentally sensitive products. -pollution preventions pays program -discountinued sale of endangered products, (wood from endangered forests)

Cause Marketing

occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. -raising money off the sale of one product -Mastercard links usage of its card to donations TERM 22

Product Life cycle

DEFINITION 22 Describe the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline. -no time limit -Skimming and penetration -Maturity- Tide is forever -harvesting-just keeping it out for loyal customers TERM 23

Introduction Stage

DEFINITION 23 Product is introduced to its intended target Market. Sales slowly grow and profit is minimal. Lack of profit is due to initial high investments and cost. -Skimming Strategy- skim off top layer of market with high prices at begining. Also helps cover high costs of production -Penetration- selling more with low prices to penetrate market -Primary dem- spark desire for a product class than brand. (gillete) Selective dem- as product progresses you look to focus on specific brand. TERM 24

Growth Stage

DEFINITION 24 Rapid increases in sales. competitors appear. profits usually peak due to more aggressive price strategies due to more competition. growth occurs because of new users trying or using the product and a growing amount of repeat buyers. Changes also appear in the growth stage to differentiate the companys product from others TERM 25

Maturity Stage

DEFINITION 25 characterized by the slowing of total industry sales or product class revenue. marginal competitors begin to leave market. most consumers who tried or repeated have left. sales increase at a decreasing rate. profit declines due to fierce competitionand cost of gaining new buyers.marketing is direc to holding market share not gettin new customers

decline stage

TERM 27

repositioning product 280

DEFINITION 27 changes the place a product holds in a consumers mind relative to competitors product. this can be done by changing one of the 4 morketin mix elements. trigger to do so: -Reacting to a competitor positions -Reaching new market -Catching rising trend -Changing value offered TERM 28

Multiproduct branding strategy

DEFINITION 28 company uses one name for all its products in a product class. Microsoft, Samsung, Sony -increases brand equity and consumers likely to pick same company different product. Subbranding is used to introduce a new product same family G2. allows easy entry to other product familys with high brand equity name. -too many uses for one name can dilute the meaning to its customers. Cobranding- hershey foods and general mills TERM 29

Multibranding strategy

DEFINITION 29 giving each product a distinct name. useful when each product has its own segment. Black & Decker for personal and Dewalt for professional. -cost are higher because the company must generate awareness of each name. -each brand is unique and no risk of one product hurting the others because of brand name. TERM 30

Private Branding Strategy

DEFINITION 30 Private lableing or reseller branding. manufactures products but sells under brand name of wholesaler or retailer. Costco kirkland. this provides high profits to manufactors and many consumers buy them.

Mixed Branding Strategy

firm markets products under its own name(s) and that of the reseller because the segment attatched to reseller is different from its own. hits 2 markets. TERM 32

organizational buyers

DEFINITION 32 are manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. Industrial-reprocess product to make something Reseller-retail or wholesaler who buy and resells without doing anything to product Government-buying for constituents Also Golbal. TERM 33

organizational buyers differences 143

DEFINITION 33 differ from consumers because of derived demand- means that the demand for industrial products and services is driven by, or derived from demand for consumer products and services. its based on expectations of future consumer demand. -Size-larger -# of buyers -fewer -buying objectives- to increase profits by reducing costs or increasing revenues. TERM 34

5 steps of consumer purchase decision

DEFINITION 34 Problem recognition- perceiving a need Information search- Seeking value Alternative evaluation- assessing value Purchase decision- buying value Post purchaser behavior- value in consumption or use TERM 35

Evaluative criteria

DEFINITION 35 represent both the attributes of a brand( such as display) and the subjective ones (such as prestige) you use to compare different products and brands.

Consideration Set

the group of brands that a consumer would consider acceptable from amoung all the brands of which he or she is aware in a product class. TERM 37

Perception

DEFINITION 37 The process by which an individual selects, organizes, and interprets info to create a meaningful picture of the world. TERM 38

Subliminal perception

DEFINITION 38 means that you see or hear messages without being aware of them TERM 39

Selective retention

DEFINITION 39 remembering whats important to you TERM 40

selective comprehension

DEFINITION 40 only comprehend whats important to your

Consumer involvement

116 chart TERM 42

Sherman Antitrust Act

DEFINITION 42 Forbids -contracts, combinations, or conspiracies in restraint of trade. -actual monopolies or attempts to monopolize any part of trade or commerce TERM 43

Clayton Act

DEFINITION 43 Forbids certain actions that are likely to lessen competition TERM 44

Robinson Patman Act

DEFINITION 44 Makes it unlawful to discriminate in prices charged to different customers of the same product where the effect may lessen competition or help create a monopoly. TERM 45

Digital Millenium copyright act

DEFINITION 45 improved protection on copyright digital products

Lanham Act

provides for registration of a company's trademark TERM 47

Madrid Act

DEFINITION 47 treaty that facilitates the protection of the US trademark rights throughout the world TERM 48

Federal DIllution Act

DEFINITION 48 used to prevent someone from using a trademark on a noncompeting product TERM 49

FTC Act of

DEFINITION 49 conserned with deceptive or misleading advertising and unfair business practices and has power to -issue cease and desist orders and -order corrective advertising TERM 50

New Buy/straight re-buy/modify re-buy

DEFINITION 50 149

Market

People with both the desire and the ability t buy a specific offering TERM 52

Customer relationship management CRM

DEFINITION 52 the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the martketplace. TERM 53

Consumer Behavior

DEFINITION 53 the actions a person takes in purchasing and using product and services, including the mental and social processes tat come before and after these actions TERM 54

Mission Statement

DEFINITION 54 statement of the organizations function in society often identifying its customers, markets, products, and technologies. often used interchangeably with vision. TERM 55

Strategic business unit SBU

DEFINITION 55 subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers

Strategic Marketing process

The approachwhereby and organization allocates its marketing mix resources to reach its target markets. TERM 57

Brand name

DEFINITION 57 any word, device or combination of these used to distinguish a seller's goods or services. TERM 58

Brand loyalty

DEFINITION 58 favorable attitude toward and consistent purchase of a single brand over time TERM 59

Whistler blower

DEFINITION 59 employees who report unethical or illegal actions of their employers TERM 60

Industrial markets

DEFINITION 60 reprocessing a product or service they buy before selling it again to the next buyer.

Values

ratio of perceived benefits to price. value= perceived benefit/price TERM 62

Utility

DEFINITION 62 The benefits or customer recieved by users of the product TERM 63

Subculture

DEFINITION 63 subgroups within the larger or national culture with unique values, ideas, and attitudes TERM 64

Trademark

DEFINITION 64 identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it. TERM 65

Brand equity

DEFINITION 65 the added value a brand name gives to a product beyond the functional benefits provided

derived demand

the demand for the industrial products and services is driven by, or derived from, demand for consumer products and services TERM 67

reciprocity

DEFINITION 67 an industrial buying practice in which 2 organizations agree to purchase each others products and services TERM 68

Bidder's

list

DEFINITION 68 a list of firms believed to be qualified to supply a given item