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Marketing Test 2 (Chapter 5 (Stages in the New Product Adoption Process…

- - - - Social Factors
        
        Family
        
        Roles and Status
        
        Groups and Social Networks
      - Personal Factors
        
        Economic Situation
        
        Lifestyle
        
        AIO
        
        Interests
        
        Opinions
        
        Activities
        
        Personality and Self-Concept
        
        Age and Life-Cycle Stage
        
        Occupation
      - Psychological Factors
        
        Perception
        
        Maslow's Hierarchy of Needs (Chart on pg. 147)
        
        Esteem Needs
        
        Social Needs
        
        Self-Actualization
        
        Safety Needs
        
        Physiological/Basic Needs
        
        Learning
        
        Motivation
        
        Beliefs and Attitudes
      - Cultural Factors
        
        Subculture
        
        Social Class
        
        Culture
    - - Environment
        
        Marketing Stimuli
        
        Price
        
        Place
        
        Product
        
        Promotion
        
        Other Stimuli
        
        Technological
        
        Social
        
        Cultural
        
        Economic
      - Buyer's Black Box
        
        Hard to "see" in the minds of the consumer
        
        Buyer's Characteristics
        
        Buyer's Decision Process
        
        The Consumer Buyer Decision Process (Chart on pg. 149)
        
        Evaluation of Alternatives
        
        Purchase Decision
        
        Information Search
        
        Post-Purchase Behavior
        
        Need Recognition
      - Buyer Responses
        
        Buying attitudes and preferences
        
        Purchase behavior: what the buyer buys, when, where, and how much
        
        Brand Engagements and Relationships
  - - - Environment
        
        Marketing Stimuli
        
        Price
        
        Place
        
        Product
        
        Promotion
        
        Other Stimuli
        
        Economic
        
        Technological
        
        Political
        
        Cultural
        
        Competitive
      - The Buying Organization (Organizational Influences)
        
        The Buying Center (Interpersonal and Individual Influences
        
        Buying Decision Process
        
        The Business Buyer Decision Process (Chart on pg. 160)
        
        Supplier Search
        
        Proposal Solicitation
        
        Product Specification
        
        Supplier Selection
        
        General Need Description
        
        Order-Routine Specification
        
        Problem Recognition
        
        Performance Review
      - Buyer Responses
        
        Product or Service Choice
        
        Supplier Choice
        
        Order Quantities
        
        Delivery Terms and Times
        
        Service Terms
        
        Payment
      - Major Influences on Business Buyer Behavior (Chart on pg. 159)
        
        Organizational
        
        Objectives
        
        Strategies
        
        Structure
        
        Systems
        
        Procedures
        
        Interpersonal
        
        Influence
        
        Expertise
        
        Authority
        
        Dynamics
        
        Environmental
        
        Technology
        
        Politics/Regulations
        
        Supply Conditions
        
        Competition
        
        The Economy
        
        Culture and Customs
        
        Individual
        
        Age/Education
        
        Job Position
        
        Motives
        
        Personality
        
        Preferences
        
        Buying Style
- - - - Augmented Product
        
        Warranty
        
        After-Sale Service
        
        Product Support
        
        Delivery and Credit
      - Actual Product
        
        Packaging
        
        Design
        
        Quality Level
        
        Features
        
        Brand Name
      - Core Customer Value
  - - - Services
        
        Inseparability
        
        Services cannot be separated from their providers
        
        Variability
        
        Quality of services depends on who provides them and when, where, and how
        
        Intangibility
        
        Services cannot be seen, tasted felt, heard, or smelled before purchase
        
        Perishability
        
        Services cannot be stored for later sale or use
    - - The chain that links service firm profits with employee and customer satisfaction
      - Internal Service Quality
        
        Superior employee selection and training, a quality work environment, and strong support for those dealing with customers
      - Satisfied and Productive Service Employees
        
        More satisfied, loyal, and hardworking employees
      - Greater Service Value
        
        More effective and efficient customer value creation, engagement, and service delivery
      - Satisfied and Loyal Customers
        
        Satisfied customers who remain loyal, make repeat purchases, and refer other customers
      - Healthy Service Profits and Growth
        
        Superior Service firm performance
      - Model of Three Types of Services Marketing (Chart on pg. 217)
        
        External Marketing
        
        Company ←→ Customers
        
        Interactive Marketing
        
        Employees ←→ Customers
        
        Internal Marketing
        
        Employees ←→ Company
    - - Brand Name Selection
        
        Selection
        
        Protection
      - Brand Sponsorship
        
        Private Brand
        
        Licensing
        
        Manufacturer's Brand
        
        Co-Branding
      - Brand Positioning
        
        Benefits
        
        Beliefs and Values
        
        Attributes
      - Brand Development (Chart on pg. 228)
        
        Line Extensions
        
        Existing Product Category, Existing Brand Name
        
        Brand Extensions
        
        New Product Category, Existing Brand Name
        
        Multibrands
        
        Existing Product Category, New Brand Name
        
        New Brands
        
        New Product Category, New Brand Name
  - - - Societal Marketing
        
        Using traditional business marketing concepts and tools to create behaviors that will create individual and societal well-being
    - - A product bought by individuals and organizations for further processing or for use in conducting a business
    - - Shopping Products
        
        A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style
      - Specialty Products
        
        A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
      - Convenience Products
        
        A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort
      - Unsought Products
        
        A consumer product that the consumer either does not know about or knows about but does not normally consider buying
      - Consumer Products
        
        A product bought by final consumers for personal consumption
  - - - A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
    - - The set of all product lines and items that a particular seller offers for sale
    - - Packaging
        
        The activities of designing and producing the container or wrapper for a product
      - Labeling
        
        Identifies the product or brand and may also describe several things about the product
      - Branding
        
        A name, term, sign, symbol, or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
      - Product Support Services
        
        Customer service: includes support services
      - Product Attributes
        
        Product Features
        
        Companies create higher level models of products and services by adding on features
        
        Product Style and Design
        
        The style is the appearance of the product that the user sees. The design is how the product is made which makes the product perform better
        
        Product Quality
        
        The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
- - - - Designing an initial marketing strategy for a new product based on the product concept
    - - A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
    - - A detailed version of the new product idea stated in meaningful consumer terms
    - - Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
    - - Screening new product ideas to spot good ones and drop one as soon as possible
    - - The stage of new product development at which the product and its proposed marketing program are tested in realistic market settings
    - - The systematic search for new product ideas
    - - Introducing a new product into the market
    - - Team-Based New Product Development
        
        New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
      - Systematic New Product Development
        
        Companies use an innovation management system to collect, review, evaluate, and manage new product ideas
      - Customer-Centered New Product Development
        
        New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
  - - - Period of rapid market acceptance and increasing profits
    - - Period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend the product against competition
    - - Period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction
    - - Period when sales fall off and profits drop
    - - When the company finds and develops a new product idea. Product sales are zero
- - - - Customer Value-Based Pricing
        
        Set target price to match customer perceived value
        
        Determine costs that can be incurred
        
        Assess customer needs and value perceptions
        
        Design product to deliver desired value at target price
      - Cost-Based Pricing
        
        Set price based on costs
        
        Design a good product
        
        Convince buyers of product's value
        
        Determine product costs
      - Competition Based Pricing
    - - <-- Cont.
        
        Overall Marketing Strategy, Objectives, And Mix
        
        Other External Factors
        
        Organizational Considerations
        
        The Economy
        
        The Market and Demand
        
        Price Elasticity
        
        Demand Curve
    - - Market-Skimming Pricing
        
        Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price
        The company makes fewer but more profitable sales
      - Market-Penetration Pricing
        
        Setting a low price for a new product in order to attract a large number of buyers and a large market share
    - - Captive-Product Pricing
        
        Pricing products that must be used with the main product
      - By-Product Pricing
        
        Pricing low-value by-products to get rid of or make money on them
      - Optional-Product Pricing
        
        Pricing optional or accessory products sold with the main product
      - Product Bundle Pricing
        
        Pricing bundles of products together
      - Product Line Pricing
        
        Setting prices across an entire product line
    - - Promotional Pricing
        
        Temporarily reducing prices to spur short-run sales
      - Geographical Pricing
        
        Adjusting prices to account for geographic location of customers
      - Psychological Pricing
        
        Adjusting prices for psychological effect
      - Dynamic Pricing
        
        Adjusting prices continually to meet the characteristics and needs of individual customers and situations
      - Segmented Pricing
        
        Adjusting prices to allow for differences in customers, products, or locations
      - International Pricing
        
        Adjusting prices for international markets
      - Discount and Allowance
        
        Reducing prices to reward customer responses such as volume purchases, paying early, or promoting the product
    - - Initiating Price Changes
        
        Initiating Price Increases
        
        Buyer Reactions to Price Changes
        
        Initiating Price Cuts
        
        Competitor Reactions to Price Changes
      - Responding to Price Changes (Chart on pg. 290)
- - - - Building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
    - - Engaging directly with carefully targeted individual consumers and customer communities in person to both obtain an immediate response and build lasting customer relationships
    - - Personal customer interactions by the firm’s sales force for the purpose of engaging customers, making sales, and building customer relationships
    - - Interact and engage the customer directly, usually via digital media
    - - Short-term incentives to encourage the purchase or sale of a product or service
    - - a company develops sponsorship relations with a particular event such as a concert, sporting event or other activity. Increase brand awareness through different
    - - Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
    - - Innovative, unconventional, and low-cost marketing techniques aimed at obtaining max exposure of a product
  - - - Carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its brands
    - - The new digital and social media have given birth to a more targeted, social, and engaging marketing communications model
  - - - Budget Decisions
        
        Percent of Sales
        
        Competitive Parity
        
        Affordable Approach
        
        Objective and Task
      - Message/Media Decisions
        
        Message Decisions
        
        Message Strategy
        
        Message Execution
        
        Media Decisions
        
        Impact and Engagement
        
        Major Media Types
        
        Specific Media Vehicles
        
        Media Timing
      - Objectives Setting
        
        Communication Objectives
        
        Sales Objectives
      - Advertising Evaluation
        
        Sales and Profit Impact
        
        Return on Advertising
        
        Communication Impact
  - - - Building and maintaining national or local community relationships
    - - Building and maintaining relationships with legislators and government officials to influence legislation and regulation
    - - Publicizing specific products
    - - Maintaining relationships with shareholders and others in the financial community
    - - Creating and placing newsworthy information in the news media to attract attention to a person, product, or service
    - - Working with donors or members of nonprofit organizations to gain financial or volunteer support
- - - - Amount of money to break even with costs
      - Break-Even Volume * Price
    - - The amount that each unit contributes to covering fixed costs
      - (Price - Variable Cost) / Price
    - - Amount of units sold to break even with costs
      - Fixed Costs / (Price - Unit Variable Cost)
  - - - To earn a profit of X, a company must get enough dollar sales
      - Unit Volume * Price
    - - To earn a profit of X, a company must sell the unit volume
      - (Fixed Cost + Profit Goal) / (Price - Variable Cost)
  - - - Return on Investment pricing (or target-return pricing)
      - Unit Cost + (ROI * Investment / Unit Sales)
    - - Difference between a company's selling price for a product and its cost to manufacture or purchase it
      - Selling Price - Cost
    - - A standard markup to the cost of the product
      - Unit Cost / (1 - Desired Return on Sales)
    - - Percentage of cost
      - Dollar Markup / Cost
    - - Variable Cost + (Fixed Costs / Unit Sales)
      - The cost of each unit produced
    - - Percentage of selling price
      - Dollar Markup / Selling Price
    - - The sequence of markups used by firms at each level in a channel
      - Suggested Retail Price
        minus (-) retail margin (%)
        = Retailer's cost/Wholesaler'sPrice
        minus (-) wholesaler's margin (%)
        = Wholesaler's Cost/Manufacturer's Price