Marketing Principles Final

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Can you name the Marketing Principles Terms?

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DefinitionTermExtra
Consumer reliance on previous experiences with a product to choose the item againSteve Madden shoes, Juicy Couture clothes
Used to attract the consumers attentionWalk fine line between what is acceptable and what is not
Concentrates on finding new markets for existing productsBOFA targets asian residents
Focuses on developing entirely new products for new marketsCisco into electronics market
Separate, formally organized departments to generate and refine new product ideasResponsible for every phase of development, innovation is full time activity
Includes asvertising, product plpacement, sales promotion, direct marketing, PR and guerilla marketing1/3 of funds allocated to Media advertising
Promotion of a concept, an idea, a philosophy or the goodwill of an industry, company, organization, person, geo. location or govt. agencyClosely related to the PR function
First objective of a packagePrescription bottles
Using celebrity spokesperson to market product. 1 out of every 5 ads has a celeb---dont want consumers to remember celeb and not brand
Strategy of attaching a popular brand name to a new product in an unrelated product categoryHope to gain access to new customers by building on the equity already established in their existing brands---Nintendo Wii to Wii Fit
Assumes that the difference between market characteristics and competitive situations in certain nations require firms to customize their marketing decisions to reach ind. marketplFlexibility for cultural, geographic and language differences
Stages consumers go through in learning about a new product, trying it and deciding whether to purchase aganAwareness, Interest, Evaluation, Trial, Adoption/Recognition
Marketing domestically produced goods and services in foreign countriesInt. Marketing
First consideration for Promotional MixPersonal selling effective if limited number of buyers
National brands sold exclusively by a retail chainTypically provide better profit margins than private labels--employed by Target/Walmart
Series of different but related ads that use a single theme and appear in different media within a specified time periodMust balance characteristics with conclusions
Promotional effort by the seller directed to members of the marketing channel rather than final usersEmploy coop-advertising allowances to channel members, trade discounts, personal selling effeort and other dealer support
Agreement that grants foreign marketers the right to distribute a firm's merchandise or use its trademark, patent or process in a specified areContractual Agreement
Tax levied against imported goodsEliminated by GATT, WTO--Two types, could be per pound, gallon, unit
Removes trade barriers between Canada, USA and MexicoFocus on economic cooperation rather than political integration---some disadvantages for each country
Designed to raise funds for importing governmentMajor source of U.S. (Term)
Consists of marketing activities other than personal selling, advertising, guerilla marketing and PR that stimulate consumer purchasing and dealer effectivenessIncludes displays, trade shows, coupons, contests, samples, product demonstrations
Purchasing foreign goods and servicesInt. Marketing
Involves two way promotional messages transmitted through communication channels that induce message recipients to participate in actively in the promo effectOnline, kiosks, text messages
International trade accord that has helped reduce world tariffsSponsored several tariff negotiations, reduced worldwide tariff level by a third--existed for six decades
Subset of the marketing mix which marketers attempt to achieve the optimal blend of personal/nonpersonal selling to achieve promo. objectivesBulk made up of personal selling, ads and sales promotion
Relative difficulty of understanding the innovationDeterminant of Adoption Rate--Slow rate for confusing products
Authorizing other companies to use a firm's brand nameBrand's owner receives royalties(4-8%), can hurt a brand if licensed product is poor quality or ethically incompaitble, could overextend the brand
Uniquely identifies a single item rather than promoting it under the name of the company or an umbrella nameEach needs an individual marketing campaign--more expensive than family--Mountain Dew, Sobe, Sierra Mist---all owned by Pepsi
Added value that a respected, well-known brand name gives to a product in the marketplaceIncludes product recognition, perceived quality, customer loyalty and facilitates expansion into new markets, linked to high profits and stock returns
Third consideration for Promo MixMore personal selling in intro stages
Distinguishes puffery from specific, quantifiable statements that constitute an express warrantyObligates company to stand behind its claim
Tests consumers reactions to ads messagePretesting and Posttesting
Government financial support of a private industryChina does it for gas so drivers could pay less
Second objective of a packageMust capture shoppers attention, enhance convenience, address consumers concerns, reusability
Introducing a new product that adversely affects sales of existing productsHannibal
Gathers a group of specialists from different areas to work together to develop new productsMust meet criteria for ROI, uniqueness, serving a need, compatibility and strengh of patent
Supports marketing strategies of an individual product or product lineSet prices, develop ads and sales promos, work with sales reps. in the field
Three added benefits of global marketingInt. Marketing
DefinitionTermExtra
Communication link between buyers and sellers; the function of informing, persuading and influencing a consumer's purchase decisionIMC
Third objective of a packageYikes
Steps through which an individual reaches a purchase decisionAttention, Interest, Desire, Action
Paid, nonpersonal communications intended to inform or persuadePrimarily involves mass media, TV, radio, magazines, movie screens and billboards
Relationship in which an organization provides funds or in-kind resources to an event or activity in exchange for a direct association with that event or activityPurchases access to activities audience and image associated with the activity
Firm's communications and relationships with its various prublicsInclude customers, suppliers, stockholders, employees, the govt and the general public
Nonpersonal selling of a particular good or serviceWhat the average person thinks of when talking about Ads.
Organization that replaces GATT, overseeing GATT agreement, making bidding decisions in mediating disputes, reducing trade barriers152 member org, has binding decisions--new member have to go through negotiations for up to ten years
Second consideration for Promo. MixStandardized products rely less on personal selling
People who purchase new products almost as soon as the products reach the marketFunction as test market, tend to be young, high social status and have high income
Strategy to enter a foreign market with high risk and high controlIncludes acquisitions, joint ventures and overseas divisions
Consumer refusal of alternatives and extensive search for desired merchandiseUltimate stage of loyalty, achieved a monopoly, more likely for luxury items--Rolex
Direct communications other than personal sales contact, between buyer and seller, designed to generate sales, information requests or store web site visitsINcludes direct maril, telemarketing, direct response advertising, informercials
Trade restriction limiting the number of units of certain goods that can enter a country for resaleProtects domestic industry and employment and preserve foreign exchange, doesnt always work
Reach x FrequencyBlank
Refers to narrowly focused PR activities that directly support marketing goalsinvolves an organizations relationships with consumers , can be proactive or reactive
Where the production of goods or services is assigned to local companiesContractual Agreement
Promotional technique in which marketing partners share the costs of a promo campaign that meets their mutual needsMovies on Candy Bars
Selling a product in a foreign market at a price lower than it commands in the producer's domestic marketTarget nations respond with tariffs and restriction--
Brands offered by wholesalers and retailers Good way to reach additional market segments---nearly 1 in 5 items sold in grocery stores are private
Seeks to increase sales of existing products in existing marketsModify products, improve product quality, promote new way to use product
Assess advertising copy after it has appeared in the approriate mediumMessage Research
Customs union, moving towards economic union by adopting a common currency, removing trade restrictions, and permitting free flow of goods and workers throughout the member nations27 countries-goal is to remove all barriers to free trade between members and to strenthen its position as an economic/politcal power
Form of exporting whereby goods and servies are bartered rather than sold for cashUsed by less developed nations when they lack sufficient foreign currency---allows sellers to exchange their products only for domestic products to control balance of trade problems
Assess an ads likely effectiveness before it actually appears in the chosen mediumMessage Research
Group that typically brings together experts in areas such as mkt, acc., etc.Most common organizational arrangement, mostly approve of other new plans rather than make their own
Includes all advertising by retail stores that sell goods or services directly to the consuming publicVaries widely in affectiveness
Part of a brand, consisting of letters, numbers or words than can be spoken and identifies and distinguishes one firms offerings over anotherEasy to pronounce, recognize, remember, should give consumers correct connotation of products image, must qualify for legal protection and loses protection when becomes general(Nylon, Zipper)
Firm whose marketing specialists help advertisers plan and prepare advertisementsShould provide creativity and objectivity--not easily obtainable in house
Initial free/discounted trial of good or service reduces risk of financial lossDeterminant of Adoption Rate--Coupon for free night at hotel
Unfinished agreement that would extend NAFTA to the entire Western hemishpere34 countries, 800 million people and more than $11 trillion in GDP---would offer low tariffs, streamlined customes, no quotas or subsidies.
Process by which new goods or services are accepted in the marketplaceFocuses on speed at which innovative product is accepted/rejected
Single brand name that identifies several related productsJohnson and Johnson, Pepperidge Farms
Exagerrated claims of a products superiority or the use of subjective or vague statements that may not be literally true'Most advanced system' 'Most effective'
Coordination of all promotion activities to produce a unifies, customer-focused promotional messageUses database tech to refine the marketers understanding of the target audience, segment the audience and select the best type of media
Strategy to enter foreign market with low risk and low controlInt. Marketing
Brand for which the owner claims exclusive legal protectionNot to be confused with trade name--Coca Cola is a trade name, Coke is a (Term)
Strategy in which a retailer shares advertising costs with a manufacturer or wholesalerStrengthens vertical links.
The opportunity to view an innovations superiority in a tangible formDeterminant of Adoption Rate--In store demonstration
DefinitionTermExtra
Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements or a manufacturer or other franchiserContractual Agreement
Unconventional, innovative and low-cost marketing techniques designed to get consumer's attention in unusual waysIncludes buzz marketing, viral marketing
# of people exposed to adADPR
In place agreement, impact expected to be smaller on USA than NAFTASupporters claim it will help American workers, farmers and small businesses thrive--critics worry that agricultural jobs will be lost
Defines a standard marketing mix and implements it with minimal modifications in all foreign marketsLow cost--Brings advantage of economies of scale--works well for luxury and other products with universal appeal
Innovation that appears far superior to previous ideas offers a greater relative advantage--reflected in terms of lower price, physical improvement, ease of useDeterminant of Adoption Rate
Promotional effort by the seller to stimulate final-user demand, which then exerts pressure on the distribution channelNeeded when marketing intermediaries stock a large number of competing products and exhibit little interest in them
Unpaid placement of news or favorable presentation on radio or televisionMarketing oriented aspect of PR-more believable
Form of selling where marketer pays a movie/TV owner a feww to display a product in their showE.T Reese's Pieces
Gains the receivers attention, achieves understanding by both sender and receiver, stimulates receivers needs and suggests means to satisfy themIMC
Fourth consideration for promo mixAds dominant for low unit value products
Seek to create a positive mood realted to firms goods or servicesSome argue people remember the funny and not the product, may lose effectiveness sooner than others
Symbol or pictorial design that distinguished a productNike swoosh, jolly green giant
# of times individuals are exposed to adDennis Quaid
Name, term, sign, symbol, or some combo that identifies the products of one firm while differentiating them from that of the competitionAchieve consumer familiarity and acceptance
Relates the cost of an ad to the number of people who click itIMC
Establishes free trade area plus a uniform tariff for trade with nonmember nationsInt. Marketing
Extends customs union by reconciling all government trade regulationInt. Marketing
Introduction of new products into identifiable or established marketsEntering the HD TV market
Brand name owned by a manufacturer or other producerInclued Hewlett-Packard, Sony, Pepsi-Cola
Underlying foundation for modern life and efficient marketing that includes transportation, communications, banking, utilities, public serv. Economic Factor when planning entering a foreign market
Achieved with differentiation, relevance, Esteem and KnowledgeDREK
Complete ban on the import of a productUltimate quota, US has one against Cuba
Measurement technique that relates the cost of an ad to every thousand people who view itAnyone who sees it creates one impression
Strategy to enter foreign market with moderate risk and controlInclude franchising, foreign licensing and subcontracting
Innovation Consistent with the vaules and experiences of potential adoptersDeterminatnt of Adoption Rate---Tech savy attracted to iPhone
Percentage of web site visitors who actually make a purchaseIMC
Refers to a companys messages about general management issuesUsed when making a decision that affects the public
Consumer awareness and indentification of a brandFirst objective for newly introduced products, tactics include free samples or discounts
Fifth consideration for Promo mixSelf explanatory
Carries an item's brand name or symbol, the name and address of the manufacture/distributor, and info about the products composition, size and recommend usesImportant in attracting customers
Designed to raise the retail price of an imported product to match or exceed that of a similar domestic productHigher than Rev. Tariff, Used to reduce consumption practices
Imply that incorrect buying decisions could lead to illness, injury or other bad consequencesEx. Insurance, autos, health care, foods
Sellers promotional presentation conducted on a person to person basis with the buyerMore than 16 mill--Oldest form of promotion--can be face to face, over the phone, through video conference or computer links
Products characterized by plain labels, no advertising and the absence of brand namesMarket share increases during economic downturn--food and household staples
Visual cues in branding that create an overall lookMay be related to color, size, package and label shapes--Mcdonald's Golden arches, Shell's seashell
Advertising strategy that emphasizes messages with direct or indirect promotional comparisons between competing brandsDominant brands pretend competitors dont exist, used to be frowned on.
When participating nations agree to the free trade of goods among themselves, abolishing tariffs and trade restrictionsFacilitates multinational economic integration---critics worry about U.S. jobs being outsourced abroad
Asseses how well medium delivers message, where and when to place message, and size of audienceNielsan Ratings for TV, circulation for magazines

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