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Mktg4666
Chapters 7-10
| Term | Definition |
|---|---|
| SEO | Search Engine Optimization. The process of improving a page's organic page rankings (rank in search results). |
| 4 Key Drives for SEO | 1. Site Structure 2. Content 3. Time 4. Links |
| Domain Authority | a numerical value that represents how important a domain (root of a url) is on the web (the higher a domain authority, the more important the weight of its back-link to other sites ) |
| What makes up domain authority | 1. Age-how long has the domain existed 2. Popularity- how many inbound links connected to domain 3. Size- The larger the size, the more links should be connected 4. Trust- Possessing SSL Certificate ( |
| Meta Description | Text that provides search engines a summary of what the page is about- should not be longer than 300 characters |
| Structured Data | standardized format for providing information about a page and classifying the page content. |
| Strategic Planning | an organization's plans for key functional areas, shaped by their mission |
| marketing Plan | An action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy. |
| The 5 common components of a marketing plan | 1. executive summary 2. situation analysis 3. marketing strategy 4. financials section 5. controls section |
| executive summary | a brief overview of the entire marketing plan |
| situation analysis | helps identify market trends, conditions, and competitive forces |
| Marketing strategy component | lists the actions the firm must take to accomplish the marketing objectives it established in its mission statement and strategic planning. |
| Integrated Marketing Communications Plan includes | 1. Executive summary 2. situational analysis 3. Marketing strategy 4. Financials 5. Controls |
| Market summary | sets the state for situation analysis, gives a persepective on marketplace trends. |
| BCG Matrix | is a strategic marketing model that helps businesses evaluate their product portfolios. It's also known as the Growth/Share Matrix |
| Swot Analysis Internal Considerations | Strengths/weaknesses |
| SWOT Analysis External environment | opportunities/threats |
| Competition analysis | direct and indirect competitors |
| Quality Marketing Objectives-SMART | Specific Measurable Achievable/Agreed Realistic Time Based |
| Strategic Direction | market penetration LEAST RISK , product development, market development, diversification MOST RISK |
| Marketing Strategy in a global context Five major strategic options | 1. exporting 2. licensing 3. franchising 4. Joint venture 5. Direct ownership |
| Goal of marketing analytics | to maximize marketing effectiveness and optimize return on investment |
| Return on Marketing Investment (ROMI) | Sales x gross margin% - marketing expenditures/ by marketing expenditures |
| The goal of revenue analysis | to pinpoint what is working and what is not |
| Market share | measures the firm's sales as a percentage of total market sales. Does not indicate the size of market sales |
| customer acquisition | measures how much the firm spent to gain new customers |
| Individual customer profitability | the profit a firm makes from a customer over a specified period of time. |
| As markets continue to become globalized | the life cycles of product grows shorter |
| Big data | describes the growth in information that inudates businesses each day and the complex tools used to analyze the data and derive meaningful insights. |
| Marketing Information systems (MIS) | consists of the people, technologies, and procedure aimed at supplying an organization's marketing information needs. (need for data analysis) |
| Decision support system (DSS) | a software that enables timely access and use of the information the company collects. |
| DSS enables marketers to | -manipulate and organize data in a useful way -look for trends in sales -identify problems with elements of the marketing mix -provide quick feedback to managers concerning proposed marketing plans |
| Marketing Research process | 1. Defining the problem and research objectives 2. Developing the research plan for collecting infoo 3. Implementing the research plan - collecting and analyzing t 4. Interpreting and reporting the findings 5. Present results and take action |
| Primary and Secondary Data | -info used for 1st time - data previously collected for any purpose other than the one at hand |
| Probability Sampling | ensures that every person in the target population has a chance of being selected and the probability of each person being selected is known. |
| Simple random sampling | everyone in the target population has an equal chance of being selected |
| Nonprobability sampling | does not attempt to ensure that every member of the target population has a chance of being selected |
| snowball sampling | the firm chooses a certain number of participants based on the selection criteria such as demographics. |
| Quota sampling | the firm chooses a certain number of participants based on the referral of other participants who know they have some knowledge of the subject in question |
| Qualitative Data | -results different to measure objectively -sample sizes can be small poor interpretation |
| Quantitative Data | -Can be done quickly -low cost -Uncertainty about how well sample represents population |
| What factors influence whether a company can successfully market products in a particular country? | Political, legal sociocultural, and technological |
| How should a company research Global marketing? | 1. Analyze global market to understand markets and trends. 2. Acquire specific information about products firms want to sell globally 3. Estimate the potential market share |
| Blog Mining | A research technique that uses automated tools to find and extract information on the web about a brand and then uses specialized software to analyze these large amounts of text-based data. |
| Mobile Marketing Research | 1. Participate in research via a mobile device 2. Effective for consumer shopping behaviors |
| Neuromarketing | 1. for "can't say" or "won't say" limitations 2. Brain-imaging techniques (fMRI and EEG) 3 Eye tracking (using heat mats and bee swarms) 4. Automated Facial Coding (reveals emotion while processing content, dr. Paul Ekman identified 7 basic emotions) |
| 21st century marketing research trends | 1. Social media for research 2. Mobile Marketing research 3. Neuromarketing |
| 4 categories of new products | 1. New-to-the-market products 2. New-category entries 3. Product-line extensions 4. Revamped products |
| New product | -smallest percentage of new products - can be disruptive due to new customers getting excited and forget existing products -time consuming and expensive to develop |
| New-category entris | - Less risky than new-to-market products - Risk arises when product fails to differentiate from competition |
| Product-line extensions | - customers already feel loyal to the product - manufacturing may be easier - far less risky than new-to-the-market products or new-category entries. |
| Revamped products | - reformulations of current products - advertise along with existing products to capitalize on existing network - less risky than new-to-the-market products or new-category entries |
| 7 stages of new-product development | 1. new product strategy 2. idea generation 3. idea screening 4. business analysis 5. Product development 6. market testing 7. product launch |
| Sequential new-product development | follows a sequence in which functional areas consecutively complete their development tasks - Effective in controlling complex and risky projects -time consuming |
| Risks in new product development | -highest risk occurs when products fail to generate sales or prove to be dangerous or defective -Significant risk when introducing internationally -reducing risks in the new product development |
| Diffusion | The process by which a product is adopted and spread across adopters |
| Consumer Adoption Process | 1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption |
| Consumer Adoption process | the process by which customers formally accept and purchase products |
| Types of Product adopters | 1. Innovators 2.Early Adopters 3.Early Majority 4.Late Majority 5.Laggards |
| Innovators | 2.5% of people who adopt a product immediately after the launch |
| Early Adopters | 13.5% of people who purchase a product soon after it has been introduced, but not as quickly as innovators |
| Early Majority | 34% gather more info and spend more time deciding to make a purchase than innovators and early adopters |
| Late Majority | 34% rely on others for information on the product |
| Laggards | 16% do not like change and may remain loyal to a product until it is no longer available for sale. |
| Products characteristics | 1. Competitive Advantage 2. Compatibility 3. Observability 4. Complexity 5. Trialability |
| Compatibility | refers to how well a new product fits into potential customers' needs, values, product knowledge, and past behaviors |
| Trialability | the extent to which a potential customer can examin the merits of a new product without have to spend a lot of money or time doing so |
| Product life cycle stages | 1. New-product development 2.Introduction 3. Growth 4. Maturity 5. Decline |
| Personal selling | consists of the two-way flow of communication between a buyer and a seller that is paid for by the seller and seeks to influence the buyer's purchase decision. |
| Lifetime value | The net present value of a customer's business over the span of their relationship with an organization. |
| Relationship selling | the core of all modern selling strategies. Salespeople are focused on establishing and maintaining customer trust, and just on meeting periodic sales quotas |
Created by:
Nadiarivers
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