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MKTG 3104
| Question | Answer |
|---|---|
| Almost 9 out of 10 retail companies employ fewer than __ employees | 20 |
| Consumer utilities | place, possession, form, time |
| Buy merchandise and supplies in greater quantities at much lower prices | corporate chains |
| Ace Hardware, NAPA autoparts | retailer cooperatives |
| Wholesaler-sponsored retailers | voluntary chains |
| Business formal franchise | McDonald's, Subway |
| Product distribution franchise | Coca-Cola bottlers, Exxon gas stations |
| Levels of service (low to high) | self service, limited service, full service |
| Breadth of merchandise | The number of different product lines |
| Depth of merchandise | The number of items within each product line |
| Offer products at low prices | discount stores |
| Target, Walmart | supercenters |
| Dick's Sporting Goods | specialty discount stores |
| Best Buy, Home Depot | category killers |
| Emphasize simplicity, sustainability, and frugality (Costco, Sam's Club, BJ's) | warehouse clubs |
| Consumers pay premium prices in exchange for an easy, in-and-out shopping experience (gas stations) | convenience stores |
| Specialty retailers that sell over-the-counter prescriptions pharmaceuticals (CVS, Walgreens) | drugstores |
| Shrinking sales in last two decades (Nordstrom, Macy's, Kohl's) | department stores |
| Sephora inside JCPenney | leased department partnerships |
| Carry a narrow but deep merchandise assortment and tailors its strategy to a specific market segment (Tiffany & Co., Joseph A. Banks) | specialty stores |
| Broad and inconsistent array of merchandise, opportunistic buying (TJ Maxx) | off-price retail stores |
| Dollar discount stores, closeout chains (Family Dollar, Big Lots) | extreme-value retailers |
| Movie theaters, quick serve restaurants, airlines, premium hotel chains | service retailers |
| Future changes in retailing | multichannel retailers, data analytics |
| Impact of social media on individuals and society | Smartphones and social media make people less social in face-to face settings |
| Fear of missing out (FOMO) | Research has shown that when people shut off their attention to social media, many begin to feel isolated and grow concerned over missing out on what is occurring in the world around them |
| First moment of truth (FMOT) | 3 to 5 seconds |
| Second moment of truth (SMOT) | actual experience after purchase |
| Zero moment of truth (ZMOT) | Coined by google to describe today's shopper's journey - online, real time, customer is in charge, emotional |
| Search engine optimization (SEO) | Is the site structured in a way that search engines understand? Is it continuously updated with new and interesting content? |
| 35% of spending for online advertisements (Google AdWords) | paid listings |
| Roughly 2/3 of organic online search activity is derived from a ______ device | mobile |
| Content marketing must be ____ | valuable, relevant, and consistent |
| User-generated content | branded and expert content |
| Types of branded content | blog, white paper, email marketing |
| Trends in branded content marketing | infographics, live streaming, ephemeral content, emoji marketing |
| Search performance | search engine rankings, organic traffic, cost per click, traffic sources |
| Content marketing advantages | personalization, efficiency, accuracy, predictive analytics |
| Content marketing disadvantages | lack of human touch, data privacy concerns, dependence on technology, limited understanding |
| Digital marketing metrics | site speed, bounce rate, lead conversion rate, returning visitors, open rate, click through rate, unsubscribe rate, downloads |
| Social media marketing metrics | brand reach, brand mentions, share of voice, brand engagement, brand sentiment |
| 5 pillars of a personal brand | voice and values, content, creativity, authenticity, personality |
| 4 dimensions of brand asset valuator | differentiation, relevance, esteem, knowledge |
| Qualitative methods (measuring brand equity) | free association, projective techniques |
| Quantitative methods (measuring brand equity) | brand recognition, brand recall |
| How to calculate CLV | average value of a sale x number of repeat transactions x number of repeat transactions or years for a typical customer |
| Involves all of the activities a firm engages in to satisfy the needs and wants of its customers; ultimate goal is to increase brand loyalty | customer service |
| Concerns the ability of a company to deliver a good or service by the time a customer expects to have it available for sale or consumption | timeliness |
| In B2B markets, only about __% of orders from large suppliers arrive on time and complete | 75 |
| The total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer | order cycle |
| Trends that drive the desire for shortened order cycles | inventory reduction due to lean manufacturing principles and good inventory management practices |
| Ensuring the customer can depend on receiving a good or service within a stated lead time and that there will be no problems with the order | reliability |
| Two-way information flow between the firm and its customer (completeness of order, when it will ship, when it will arrive) | customer communication |
| The amount of effort required on the part of a customer when dealing with a firm (customer help line, website) | ease of doing business |
| Customer service metrics | fill rate, perfect order rate, on-time delivery, order cycle time, responsiveness |
| % of total number of items on the order that the firm shipped on time | fill rate |
| Actual delivery date vs the requested delivery date | on-time delivery |
| Length of order cycle, or the ability or the order system to react to customer orders | order cycle time |
| Firm's flexibility (ability and willingness to provide fast service, answer customer inquiries, and resolve problems) | responsiveness |
| Methods for determining the effectiveness of customer service | post-incident surveys, customer service website experience, relationship surveys, customer loyalty, hold time and abandonment rate |
| GAP 1 | between what customers expect and what a company thinks they expect |
| GAP 2 | between management perception of customer needs and the actual specification of how those needs are to be met |
| GAP 3 | between the specification of customer service and how well it is actually delivered |
| GAP 4 | between the delivery of the customer service and what is told it will be to customers |
| GAP 5 | between a customer's actual experience with customer service and the customer's expectations |
| Apologize and ask customers to forgive, review complaint with customer, fix problem and check with customer on satisfaction level, document problem and find root cause | service recovery |
| Companies achieve _______ when they meet the needs and expectations their customers have for their goods or services | customer satisfaction |
| The process by which companies get new companies, keep the customers they already have, and grow the business by increasing their share of customers' purchases | customer relationship management (CRM) |
| 5 CRM steps | identify current customers, understand how customers interact with the firm, gather specific customer information, store and analyze information |
| Creating customer profiles based on demographic characteristics, purchase patterns and other criteria and placing them into various categories | customer segmentation analysis |
| Ranks customers by how profitable they are, how recently customers purchased something, how often they purchase, how much many they spend on products | recency-frequency-monetary analysis |
| Measures the lifetime value; the tidal profit a customer brings to a company during the time the individual or a firm is a customer | lifetime value analysis (LTV) |
| Identifies patterns in past behavior to help firms anticipate the future actions of customers and adapt their marketing activities accordingly (Norwegian Cruise Lines) | predictive modeling |
| Measure the quantity of purchase dollars each customer spends on the company's products, rather than the number of customers | share of customer |
| Ratio that compares the financial investments a company puts into gaining and keeping customers to the financial return on those investments | company equity |
| Measures the extent to which a company puts effort into servicing its customer's needs, based on an understanding of each customer's profitability | customer focus |
| Total profit a customer brings to a company. Can reduce or eliminate services to customers | lifetime value |
| Order cycle | placing order, processing order, filling order, delivering order, process returns |
| An organization's obligation to maximize its positive impact and minimize its negative impact on society | corporate social responsibility (CSR) |
| Dimensions of CSR | economic, legal, ethical, philanthropic |
| The process of creating, communicating and delivering value to customers in a way that recognizes and incorporates the concept of sustainability; cut costs using sustainable practices | sustainable marketing |
| Anti-consumption campaigns and avoiding purchasing items inconsistent with sustainability | consumerism |
| 5 barriers to encouraging sustainable consumer behavior | lack of awareness and knowledge, negative perceptions, distrust, high prices, low availability, a critical component of overcoming barriers is communication |
| A group of sustainability-oriented customers and the businesses that serve them | green market |
| Implementing limited change within a single area of the organization, such as purchasing or advertising | tactical greening |
| Involves more substantial changes in marketing actions as well as broad-based coordination among non-marketing activities (redesigning a logo or packaging) | quasi-strategic greening |
| A holistic approach that integrates and coordinates all of the firm's activities on environmental issues across every functional area; represents a fundamental shift in the way the firm markets its products | strategic greening |
| 5 types of environmental strategies | eco-efficiency, beyond-compliance leadership, eco-branding, environmental cost leadership, sustainable value innovation |
| IBM's Smarter Planet, GE's Ecomagination Challenge, Target's Turn Summer Play into Summer Learning | social media-based corporate social responsibility initiatives |
Created by:
bigbrain268
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