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Intro to Fashion Marketing > Midterm > Flashcards

Midterm Flashcards

1
Q

consumer marketing

A

the behavior that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs

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2
Q

personal consumer

A

the individual who buys goods and services for his or her own use, for household use, for the use of a family member, or for a friend

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3
Q

organizational consumer

A

a business, government agency, or other institution (profit or nonprofit) that buys the goods, services, and/or equipment necessary for the organization to function

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4
Q

development of the marketing concept

A
  • production concept
  • product concept
  • selling concept
  • marketing concept
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5
Q

production concept

A 
assumption:
-that consumers are interested primarily in product availability at low prices
marketing objectives:
-cheap, efficient production
-intensive distribution
-market expansion
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6
Q

product concept

A

assumption:
-that consumers will buy the product that offers them the highest quality, the best performance, and the most features
marketing objectives:
-quality improvement
-addition of features

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7
Q

selling concept

A

assumption:
-that consumers are unlikely to buy a product unless they are aggressively persuaded to do so
marketing objectives:
-sell, sell, sell

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8
Q

marketing concept

A 
assumption:
-that to be successful, a company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition 
marketing objectives:
-make what you can sell
-focus on buyers needs
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9
Q

implementing the marketing concept

A
  • consumer research
  • segmentation
  • targeting
  • positioning
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10
Q

consumer research

A
  • the process and tools used to study consumer behavior
  • two perspectives:
    • positivist approach
    • interpretivist approach
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11
Q

segmentation

A

process of dividing the market into subsets of consumers with common needs or characteristics

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12
Q

targeting

A

the selection of one or more of the segments to pursue

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13
Q

positioning

A
  • developing a distinct image for the product in the mind of the consumer
  • successful positioning includes:
    • communicating the benefits of the product
    • communicating a unique selling proposition
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14
Q

the marketing mix

A

the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market

  • product
  • price
  • place
  • promotion
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15
Q

successful relationships

A
  • customer value
  • customer satisfaction
  • customer retention
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16
Q

customer value

A
  • defined as the ratio between the customer’s perceived benefits and the resources used to obtain those benefits
  • perceived value is relative and subjective
  • developing a value proposition is critical
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17
Q

customer satisfaction

A
  • the individual’s perception of the performance of the product or service in relation to his or her expectations
  • customers identified based on loyalty include loyalists apostles, defectors, terrorists, hostages, and mercenaries
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18
Q

customer retention

A
  • the objective of providing value is to retain highly satisfied customers
  • loyal customers are key
    1. they buy more products
    2. less price sensitive
    3. servicing them is cheaper
    4. they spread positive word of mouth
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19
Q

societal marketing concept

A

marketers adhere to principles of social responsibility in the marketing of their goods and services; that is, they must endeavor to satisfy the needs and wants of their target markets in ways that preserve and enhance the well-being of consumers and society as a whole

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20
Q

what is marketing

A

marketing is managing profitable customer relationships

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21
Q

marketing goals

A
  • attract new customers by promising superior value

- keep and grow current customers by delivering satisfaction

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22
Q

marketing defined

A

marketing is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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23
Q

the marketing process

A
  • understand the marketplace and customer needs and wants
  • design a customer-driven marketing strategy
  • construct an integrated marketing program that delivers superior value
  • build profitable relationships and create customer delight
  • capture value from customers to create profits and customer quality
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24
Q

need

A
  • state of felt deprivation including physical, social, and individual needs
  • physical needs
  • social needs
  • individual needs
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25
Q

want

A
  • form that a human need takes, as shaped by culture and individual personality
  • wants + buying power = demand
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26
Q

need/want fulfillment

A

needs and wants are fulfilled through a marketing offer:

-some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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27
Q

market offerings

A
  • products
  • services
  • brand experiences
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28
Q

marketing myopia

A
  • occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products
  • they focus on the “wants” and lose sight of the “needs”
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29
Q

modern marketing systems

A
  • suppliers
  • company
  • competitors
  • marketing intermediaries
  • final users (consumers)
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30
Q

marketing management

A

the art and science of choosing target markets and building profitable relationships with them

  • requires that consumers and the marketplace be fully understood
  • aim is to find, attract, keep, and grow customers by creating, delivering, and communicating superior value
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31
Q

marketing management cont

A

designing a winning marketing strategy requires answers to the following questions:

  • what customers will we serve?
  • what is our target market?
  • how can we best serve these customers?
  • what is our value proposition?
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32
Q

selecting customers to serve

A
  • market segmentation

- target marketing

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33
Q

demand management

A

finding and increasing demand, also changing or reducing demand, as in demarketing

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34
Q

demarketing

A

temporarily or permanently reducing the number of customers or shifting their demand

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35
Q

value proposition

A
  • set of beliefs or values a company promises to deliver to consumers to satisfy their needs
  • dictate how firms will differentiate and position their brands in the marketplace
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36
Q

customer relationship management

A

-overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

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37
Q

strategic planning

A

process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

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38
Q

strategic business unit (SBU)

A

-a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses

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39
Q

BCG growth-share matrix

A
  • stars
  • cash cows
  • question marks
  • dogs
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40
Q

stars

A

high-share of high-growth market

-strategy: build into cash cow via investment

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41
Q

cash cows

A

High-share of low-growth market.

-Strategy: Maintain or harvest for cash to build STARS.

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42
Q

question marks

A

Low-share of high-growth market

-Strategies: Build into STAR via investment if warranted, or reallocate financing and let slip into DOG status

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43
Q

dogs

A

low-share of low-growth market

-strategies: maintain or divest

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44
Q

problems with matrix approaches

A
  • can be difficult, time consuming, and costly to implement
  • difficult to define SBUs and measure market share and growth rate
  • focus is on current businesses; gives little help with future planning
  • —these problems have led to changes in the strategic planning approach used by firms
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45
Q

market penetration

A

existing markets, existing products

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46
Q

market development

A

new markets, existing products

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47
Q

product development

A

existing markets, new products

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48
Q

diversification

A

new products, new markets

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49
Q

marketing plays a key role in what

A

strategic planning:

  • provides a guiding philosophy
  • provides inputs to strategic planners
  • designs strategies to reach objectives
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50
Q

creating customer value

A

marketers must practice partner relationship management

  • working with partners internally within the company can create an effective value chain
  • working with external partners in the marketing system helps to form a superior value delivery network
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51
Q

value delivery network

A
  • distributors
  • suppliers
  • customers
  • improved performance in delivery value to customers is the goal
52
Q

customer-driven marketing strategy

A
  • requires careful customer analysis
  • to be successful must engage in:
  • market segmentation
  • market targeting
  • differentiation
  • positioning
53
Q

market segmentation

A

the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing programs

54
Q

targeting

A

involves evaluating each market segment’s attractiveness and selecting one or more segments to enter

55
Q

differentiation

A

creating superior customer value by actually differentiating the market offering

56
Q

positioning

A

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

57
Q

4 c’s buyers view

A
  • customer solution
  • customer cost
  • convenience
  • communication
58
Q

four marketing management functions

A
  • marketing analysis
  • marketing planning
  • marketing implementation
  • marketing control
59
Q

SWOT analysis

A

strengths: internal capabilities that may help a company reach its objectives
weaknesses: internal limitations that may interfere with a company’s ability to achieve its objectives
opportunities: external factors that the company may be able to exploit to its advantage
threats: current and emerging external factors that may challenge the company’s performance

60
Q

brand/product marketing plan

A
  1. executive summary
  2. current marketing situation
  3. analysis of threats and opportunities
  4. objectives for the brand
  5. marketing strategy
  6. action programs
  7. marketing budget
  8. controls
61
Q

marketing implementation

A

turns marketing plans into marketing actions by addressing:

  • who
  • where
  • when
  • how
62
Q

marketing department organization

A
  • functional organization: each marketing activity is headed by a functional specialist
  • geographic organization: sales and marketing people are assigned to specific countries, regions, and districts
  • product management organization: one person given responsibility for complete strategy and marketing program for a single for a single product
  • market or customer organization: manager responsible for particular market or customer
  • combination organization: uses some combination of the previous four approaches
63
Q

marketing control process

A
  • sets goals
  • measure performance
  • evaluate performance
  • take corrective action
  • operating control: evaluates performance against the plan and takes corrective action
  • strategic control: evaluates whether strategies match opportunities
64
Q

return on marketing (ROM)

A

ROM investments is assessed using one or more method:

  • standard marketing performance measures (brans awareness)
  • customer centered measures
65
Q

consumer buying behavior

A

refers to the buying behavior of people who buy goods and services for personal use
-these people make up the consumer market

66
Q

factors influencing consumer behavior

A
  • cultural factors: culture, subculture, social class
  • social factors: reference groups, family, roles, and status
  • personal factors: occupation, economic situation, lifestyle
  • psychological factors: motivation, perception, learning, beliefs, attitudes
67
Q

culture

A

-most basic cause of a persons wants and behavior

68
Q

buying decision process

A
  • need recognition: can be triggered by internal or external stimuli
  • information search
  • evaluation of alternatives: dependent upon the specific buying situation
  • purchase decision
  • post purchase behavior
69
Q

cognitive dissonance

A

a buyers doubts shortly after a purchase about whether it was the right decision

70
Q

stages of adoption process

A
  1. awareness: consumer becomes aware of the new product, but lacks info
  2. interest: consumer seeks information about new product
  3. evaluation: consumer considers whether trying the new product makes sense
  4. trial: consumer tries new product on a small scale to improve his or her estimate of its value
  5. adoption: consumer decides to make full and regular use of the new product
71
Q

adopter categorization

A
  • innovators
  • early adopters
  • early majority
  • late majority
  • laggards
72
Q

product characteristics that influence the rate of adoption

A
  • relative advantage
  • compatibility
  • complexity
  • divisibility
  • communicability
73
Q

business buyer behavior

A

refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling, or renting them to others for a profit

74
Q

business markets

A
  1. market structure and demand:
    - contains far fewer but larger buyers
    - buyers are more geographically concentrated
    - business demand is derived from consumer demand
  2. nature of the buying unit:
    - business purchases involve more decision participants
    - business buying involves a more professional purchasing effort
75
Q

key differences exist between business and consumer buying situations

A
  • business buyers usually face more complex buying decisions
  • the business buying process tends to be more formalized
  • buyers and sellers are much more dependent on each other in business markets
76
Q

types of buying situations

A
  • straight rebuy: buyer routinely reorders something without any modifications
  • modified rebuy: buyer wants to modify product specifications, prices, terms, or suppliers
  • new task: buyer purchases a product or service for the first time
77
Q

major influences on business buyers

A
  • environmental factors
  • organizational factors
  • interpersonal factors
  • individual factors
78
Q

business buying process

A
  1. problem recognition
  2. general need description
  3. product specification
  4. supplier search
  5. proposal solicitation
  6. supplier selection
  7. order-routine specification
  8. performance review
79
Q

quantitative research

A
  • findings are objective
  • descriptive in nature
  • enables marketers to “predict” consumer behavior
  • research methods (experiments, survey observation)
  • findings are descriptive, empirical, can be generalized to larger populations
80
Q

qualitative research

A
  • findings tend to be subjective
  • consists of: depth interviews, focus groups, metaphor analysis, collage research, projective techniques
  • administered by highly trained interviewer analysts
  • small sample sizes
81
Q

consumer research process: developing research objectives

A
  • defining purposes and objectives helps ensure an appropriate research design
  • a statement of objectives helps to define the type and level of information needed
82
Q

secondary data

A
  • data that has been collected for reasons other than the specific research project at hand
  • includes internal and external data
83
Q

designing primary research

A
  • quantitative: data collection methods

- qualitative: depth interviews, focus groups

84
Q

data collection methods: observational research

A
  • helps marketers gain in-depth understanding of the relationship between people and products by watching them buying and using products
  • helps researchers gain a better understanding of what the product symbolizes
85
Q

data collection methods: mechanical observational research

A
  • uses mechanical or electronic device to record consumer behavior or response
  • consumers increased use of highly convenient technologies will create more records for marketers
  • product audits which monitor sales are heavily used by companies
86
Q

data collection methods: experimentation

A
  • can be used to test the relatives sales appeal of many types of variables
  • usually controlled with only some variables manipulated at a time while others are constant
87
Q

validity and reliability

A
  • if a study has validity it collects the appropriate data for the study
  • reliability if the same questions, asked of a similar sample, produce the same findings
88
Q

customer satisfaction measurement

A
  • customer satisfaction surveys
  • gay analysis of expectations versus experience
  • mystery shoppers
  • customer complaint analysis
  • analysis of customer defections
89
Q

sampling

A

-samples are a subset of the population used to estimate characteristics of the entire population

90
Q

three phases of marketing strategy

A

phase 1: market segmentation
phase 2: target market and marketing mix selection
phase 3: product/brand positioning

91
Q

bases for segmentation

A
  • geographic
  • demographic: age, sex, income, education
  • psychological: needs, personality, perception, attitudes
  • psychographic: lifestyle
  • sociocultural: cultures, religion, subcultures, social class
  • use related: rate of usage, awareness status, brand loyalty
  • usage situation: on the basis of special occasions or situations
  • benefit sought
  • hybrid
92
Q

criteria for effective targeting of market segments

A
  • identification
  • sufficiency
  • stability
  • accessibility
93
Q

upstream supply chain

A

firms that supply the raw materials, components, parts, and other elements necessary to create a good

94
Q

downstream supply chain

A

marketing channel partners that link the firm to the customer

95
Q

value delivery network

A

the network made up of the company, suppliers, distributors, and ultimately customers who “partner” with each other to improve the performance of the entire system in delivering customer value

96
Q

marketing channel

A

a set of interdependent organizations that help make a product or service available for use or consumptions by the consumer or business users

97
Q

key functions performed by channel memebers

A
  • transaction completing

- transaction fulfilling

98
Q

channel is most effective when

A

-each member is assigned tasks it can do best

99
Q

channel conflict

A
  • horizontal: occurs among firms at the same level of the channel
  • vertical: occurs between different levels of the same channel
100
Q

horizontal marketing systems

A

two or more companies at one level join together to follow a new marketing opportunity

101
Q

multichannel (hybrid) distribution system

A

occurs when a single firm sets up two or more marketing channels to reach one or more customer segments

102
Q

types of intermediaries

A

company sales force, manufacturer’s agency, or industrial distributors

103
Q

number of marketing intermediaries

A

intensive, selective, or exclusive distribution

104
Q

environmental sustainability

A

a management approach that involves developing strategies that both sustain the environment and produce profits for the company

105
Q

enlightened marketing

A
  • customer oriented: consumer point of view
  • customer value: value building investments
  • innovative: seek real product and marketing improvements
  • sense of mission: define mission in broad social terms
  • societal: considering consumers want and interests, company’s requirements, consumers long run interests
106
Q

ethic policies should cover

A
  • distributor relations
  • advertising standards
  • customer service
  • pricing
  • product development
  • general ethic standards
107
Q

opinion leadership

A

the process by which one person informally influences the consumption actions or attitudes of other who may be opinion seekers or opinion recipients

108
Q

dynamics of the opinion leadership

A
  • credibility
  • positive and negative product information
  • information and advice
  • category specific
  • two way street
109
Q

the needs of opinion leaders

A
  • self involvement
  • social involvement
  • product involvement
  • message involvement
110
Q

the needs of opinion receiver

A
  • new product or new usage information
  • reduction of perceived risk
  • reduction of search time
  • receiving the approval of the opinion leader
111
Q

market maven

A

individuals whose influence stems from a general knowledge or market expertise that leads to an early awareness of new products and services

112
Q

two step flow

A

a communication model that portrays opinion leaders as direct receivers of information from mass media sources who, in turn, interpret and transmit this information

113
Q

multistep flow

A

a revision of the traditional two-step theory that shows multiple communication flows

114
Q

diffusion process

A

the process by which the acceptance of an innovation is spread by communication to members of social system over a period of time

115
Q

adoption process

A

the stages through which an individual consumer passes in arriving at a decision to try (or not to try), to continue using (or discontinue using) a new product

116
Q

elements of diffusion process

A
  • innovation
  • channels of communication
  • social system
  • time
117
Q

product characteristics that influence diffusion

A
  • relative advantage
  • compatibility
  • complexity
  • trialability
  • observability
118
Q

new product development

A

development of original products, product improvements, product modifications, new brands
-risky and expensive

119
Q

why do new products fail

A
  • overestimation of market size
  • design problems
  • incorrectly positioned, priced, or advertised
  • pushed despite poor marketing research findings
  • excessive development costs
  • competitive reaction
120
Q

3 diciplines

A
  1. finance
  2. marketing
  3. merchandising
121
Q

product life cycle

A
  • product development
  • introduction
  • growth
  • maturity
  • decline
122
Q

problems of PLC

A

difficult to:

  • identify which stage of the PLC the product is in
  • pinpoint when the product moves to the next stage
  • identify factors that affect product’s movement through stages
  • forecast sales level, length of each stage, and shape of PLC
123
Q

introduction stage

A 
Sales: Low
Costs: High cost per customer
Profits: Negative or low
Marketing objective: Create product awareness and trial
Product: Offer a basic product
Price: Use cost-plus formula
Distribution: Build selective distribution
Promotion: Heavy to entice product trial
124
Q

growth stage

A

Sales: Rapidly rising
Costs: Average cost per customer
Profits: Rising
Marketing objective: Maximize market share
Product: Offer extension, service, warranty
Price: Penetration strategy
Distribution: Build intensive distribution
Promotion: Reduce to take advantage of demand

125
Q

maturity stage

A

Sales: Peak
Costs: Low cost per customer
Profits: High
Marketing objective: Maximize profits while defending market share
Product: Diversify brand and models
Price: Match or best competitors
Distribution: Build more intensive distribution
Promotion: Increase to encourage brand switching

126
Q

decline stage

A 
Sales: Declining
Costs: Low cost per customer
Profits: Declining
Marketing objective: Reduce expenditures and milk the brand
Product: Phase out weak items.
Price: Cut price
Distribution: selective—phase out unprofitable outlets
Promotion: Reduce to minimal level

Intro to Fashion Marketing (1 decks)

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