1 of 36
Term
What is the difference between functional and psychological needs?
Give this one a try later!
the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
- Operational excellence: involves a firms focus on efficient operations and
excellent supply chain management (performance is good enough)
- Customer intimacy: involves a focus on retaining loyal customers and excellent
customer service (performance is just right)
- Product leadership: involves a focus on achieving high-quality products
(performance is never good enough)
, - Transactional: each transaction is a separate event, prior knowledge is not
important (ex: McDonald's)
- Relational: buyers and sellers establish a long-term relationships (ex: 5-star
hotel)
- Functional: pertain to the performance of a product or service
- Psychological: pertain to the personal gratification consumers associate
with a product or service
Don't know?
2 of 36
Term
What is a strategic business unit (SBU)? An example of a company
that uses SBUs?
Give this one a try later!
- Transactional: each transaction is a separate event, prior knowledge is not
important (ex: McDonald's)
- Relational: buyers and sellers establish a long-term relationships (ex: 5-star
hotel)
- Strategic business unit: a division of the firm that can be managed and
operated somewhat independently from other divisions and may have a
different mission or objectives (ex: Procter and Gamble)
- Marketing strategy: a firm's target market, marketing mix, and the method of
obtaining a sustainable competitive advantage.
, - Sustainable competitive advantage: something that a company can persistently
do better than its competitors.
- Functional: pertain to the performance of a product or service
- Psychological: pertain to the personal gratification consumers associate with a
product or service
Don't know?
3 of 36
Definition
- Market penetration strategy: employs the existing marketing mix
and focuses the firm's efforts on existing customers.
- Market development strategy: employs the existing marketing
offering to reach new market segments.
- Product development strategy: offering a new product or service
to a firm's current target market.
- Diversification strategy: a firm introduces a new product or service
to a market segment that it does not currently serve.
Give this one a try later!
Define and be able to provide Define and provide examples of
an example of each of the four qualitative and quantitative
growth strategies. research.
Define and be able to provide an
Define and provide examples of
example of compensatory and non-
primary and secondary data
compensatory consumer decision
collection
rules
, Don't know?
4 of 36
Definition
- Universal sets: include all possible choices for a product category
- Retrieval sets: those brands that can be readily brought forth from
memory (a subset of the universal set)
- Evoked set: comprises the alternative brands that the consumer
states they would actually consider when making a purchase
decision.
- Example: universal set-too many to list, retrieval set- Macy's, Ann
Taylor, The Gap, Banana Republic, (MOM SHOPS AT ANN TAYLOR,
YOUNGER SISTER AT THE GAP) evoked set- Banana Republic,
Macy's
Give this one a try later!
What are some of the goals that a
What are characteristics and
firm at each of the three levels
examples of internal and external
might implement to sustain their
searches for information?
competitive advantage?
What are three levels of the
What are the four generation
evaluation of alternatives that
cohorts we focus on in class? What
we discussed in class? What is
are some characteristics of
an example of an 'evaluation
members of each generation?
of alternatives' process?
Don't know?
Term
What is the difference between functional and psychological needs?
Give this one a try later!
the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
- Operational excellence: involves a firms focus on efficient operations and
excellent supply chain management (performance is good enough)
- Customer intimacy: involves a focus on retaining loyal customers and excellent
customer service (performance is just right)
- Product leadership: involves a focus on achieving high-quality products
(performance is never good enough)
, - Transactional: each transaction is a separate event, prior knowledge is not
important (ex: McDonald's)
- Relational: buyers and sellers establish a long-term relationships (ex: 5-star
hotel)
- Functional: pertain to the performance of a product or service
- Psychological: pertain to the personal gratification consumers associate
with a product or service
Don't know?
2 of 36
Term
What is a strategic business unit (SBU)? An example of a company
that uses SBUs?
Give this one a try later!
- Transactional: each transaction is a separate event, prior knowledge is not
important (ex: McDonald's)
- Relational: buyers and sellers establish a long-term relationships (ex: 5-star
hotel)
- Strategic business unit: a division of the firm that can be managed and
operated somewhat independently from other divisions and may have a
different mission or objectives (ex: Procter and Gamble)
- Marketing strategy: a firm's target market, marketing mix, and the method of
obtaining a sustainable competitive advantage.
, - Sustainable competitive advantage: something that a company can persistently
do better than its competitors.
- Functional: pertain to the performance of a product or service
- Psychological: pertain to the personal gratification consumers associate with a
product or service
Don't know?
3 of 36
Definition
- Market penetration strategy: employs the existing marketing mix
and focuses the firm's efforts on existing customers.
- Market development strategy: employs the existing marketing
offering to reach new market segments.
- Product development strategy: offering a new product or service
to a firm's current target market.
- Diversification strategy: a firm introduces a new product or service
to a market segment that it does not currently serve.
Give this one a try later!
Define and be able to provide Define and provide examples of
an example of each of the four qualitative and quantitative
growth strategies. research.
Define and be able to provide an
Define and provide examples of
example of compensatory and non-
primary and secondary data
compensatory consumer decision
collection
rules
, Don't know?
4 of 36
Definition
- Universal sets: include all possible choices for a product category
- Retrieval sets: those brands that can be readily brought forth from
memory (a subset of the universal set)
- Evoked set: comprises the alternative brands that the consumer
states they would actually consider when making a purchase
decision.
- Example: universal set-too many to list, retrieval set- Macy's, Ann
Taylor, The Gap, Banana Republic, (MOM SHOPS AT ANN TAYLOR,
YOUNGER SISTER AT THE GAP) evoked set- Banana Republic,
Macy's
Give this one a try later!
What are some of the goals that a
What are characteristics and
firm at each of the three levels
examples of internal and external
might implement to sustain their
searches for information?
competitive advantage?
What are three levels of the
What are the four generation
evaluation of alternatives that
cohorts we focus on in class? What
we discussed in class? What is
are some characteristics of
an example of an 'evaluation
members of each generation?
of alternatives' process?
Don't know?
