Marketing 301 Final Exam Part 1

35 cards

Covers the marketing 301 of umass amherst.


 
  
Created Dec 10, 2011
by
sbdx09

 

 
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1
Why is marketing important?
 
It stresses the importance of delivering genuine benefits in the offerings of goods, services,...
2
Marketing Concept
 
The idea that an organization should 1) strive to satisfy the needs of consumers 2) while also...
3
Marketing Orientation
 
Focuses its efforts on 1) continuously collecting information about consumer's needs 2) sharing...
4
Marketing's first task
 
Discovering and satisfying needs
5
Product Orientation
 
1920's; Mass production

ford cars = make more with more options.
6
Sales Orientation
 
1960's; more sales people = higher profit. using telemarketers, etc.
7
Rolling Rock ( Production)
 
Assumed they had the best beer
8
Rolling Rock (Sales)
 
No "marketing" to speak of; sales force that operated mainly by buying rounds in taverns
9
Marketing's second task
 
Spread message about product/service as cost-effectively as possible
10
Target Market
 
one or more specific group of potential consumers toward which an organization directs its...
11
Car Buying
 
high involvement purchase. engage in extensive info search, consider many product attributes...
12
Elaboration likelihood model
 
most widely used.
Central route - (people highly involved, high elaboration) when making...
13
High vs Low + Marketing Mix
 
high - builds image, exclusive distribution, ads + personal selling
low - build habits,...
14
Trigger Features
 
 a filtering of exposure, comprehension, and retention.

ex: color crystals are...
15
Perceived Risk
 
obtain seals of approval, secure endorsements, provide free trails/samples, give extensive...
16
Psychographics
 
putting flesh on the bare bones of demographics.
PRIZM > VALS. putting people into 8...
17
Popcorn Example
 
people are what was in front of them. eat more if in bigger container
18
Marketing's 3rd task
 
getting your brand into the consumer's evoked set (one of the brands that they consider)
19
Focus groups + interview guide
 
focus groups are informal sessions of 6 to 10 past, present, or prospective customers in which...
20
observational research + contrived observation
 
ex: mystery shopper, videotaping, ethnographic research

contrived observation - went...
21
projective tests (vampires)
 
a certain image produces different images/feelings

cockroaches and men
22
good v. bad experiment. milliman, fisher price
 
music changing buying habits (milliman). good. effects of color "sit where you want" bad
23
secondary data
 
Secondary data -> facts + figures that have already been recorded before the project at...
24
Questionaires + rules
 
pretest as much as possible, use close ended questions, figure out purpose before hand. do...
25
small vs. big sample
 
higher response rate is more important than a large sample
26
single source data, advantages how it works
 
allows you to quantify the impact of new creative + alternative media plans including new copy...
27
price puzzles
 
price = list price - incentives and allowances + extra fees. umass marketing t shirts, book...
28
lift time value
 
once you buy one and like it, you are likely to buy again, even if price increases slightly....
29
ways to set prices
 
high demand, higher prices. early in the market, higher price. expensive to produce, set higher....
30
perfume + jewelry
 
upward sloping demand curve = jewelry. downward sloping =  perfume
31
wash burn guitars
 
professional vs entry level. better guitars are more expensive. cheaper ones are made in factories....
32
your product price
 
reference prices help. sometimes you can cut price without being perceived as cheap. books...
33
decoy effect
 
product used to get people into store but not actual selling point
34
cause vs. mission
 
cause is more helping a cause where as mission is actually taking action
35
ethics of exchange + AMA
 
both parties being better off after a transaction AMA promotes highest standard of professional...

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