Ch7

Question 1

Marketing strategy

Answer 1

4ps

Methods, tools, and processes used by a marketer to develop new products or market existing products

Question 2

Product

Answer 2

Something offered in exchange and for which marketing actions are taken and for which marketing decisions are made. Goods can be products or services and can be either tangible or intangible

Question 3

Price

Answer 3

Something given in exchange for a product. May be monetary or non monetary price has many names: fees, rent, salaries, charges

Question 4

Place

Answer 4

Some method of getting the product from the creator to its customer.

Question 5

Promotions

Answer 5

Methods for informing and influencing a customer to buy the product

Question 6

Environmental scanning

Answer 6

Collecting and evaluating environmental information

Question 7

Environmental data that effects marketing decisions

Answer 7

• cultural/ social forces
• demographic forces
• economic forces
• technological forces
• political and legal forces
• competitive forces

Question 8

Cultural/ social forces

Answer 8

Buying behaviours of certain cultures and societal trends

Question 9

Demographic forces

Answer 9

Uncontrollable factors: changes in age, birth and death rates, and location

Question 10

Economic forces

Answer 10

Changes in income, unemployment levels, recession, and inflation

Question 11

Technological forces

Answer 11

Advances in technology and recognizing whether it would give company an advantage

Question 12

Political and legal forces

Answer 12

Changes in laws and political movements

Question 13

Competitive forces

Answer 13

New and shifting competition. Domestic or foreign based firms

Question 14

Target market

Answer 14

Specific group of customers whom a firm directs its marketing towards

Question 15

Marketing mix

Answer 15

Product, price, place, and promotion

Question 16

Product strategy

Answer 16

Choosing brand name, accessories, packaging, service program and warranties

Question 17

Pricing strategy

Answer 17

Price is based on the demand of a product and the cost of product it. Bundling, list prices, discounts, credit terms

Question 18

Promotion strategy

Answer 18

Personal selling, traditional advertising, public relations, e commerce, sales promotions, and social media

Question 19

Place strategies

Answer 19

Location, inventory, control system, transportation, supply chain, web presence

Question 20

Buying behaviour

Answer 20

Action people take with regard to buying and using a product

Question 21

Consumer decision making process

Answer 21

1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase
5. Post purchase behaviour

Question 22

What effects a consumers decision

Answer 22

Cultural factors
Social factors
Individual factors
Psychological factors

Question 23

Reference groups

Answer 23

Formal and informal groups that influence the buying behaviour of an individual.

Question 24

Market segmentation

Answer 24

Process of separating, identifying, and evaluating the layers of a market to identify target market.

Question 25

Consumer market segmentation

Answer 25

Demographic, geographic, psychographic, benefit and volume

Question 26

Demographic segmentation

Answer 26

Age, education, social class, income, gender, and household size

Question 27

Geographic segmentation

Answer 27

Regional location, population density, city and size and climate

Question 28

Psychographic segmentation

Answer 28

Lifestyle, personality, values, attitudes, and interests

Question 29

Benefit segmentation

Answer 29

Benefits provided by the good or service

Question 30

Volume segmentation

Answer 30

Amount of use of the product or service (light or heavy)

Question 31

Business market segmentation

Answer 31

Geography, volume and benefits, use of product, characteristic of purchasing, size of client or industry

Question 32

Market research

Answer 32

Process of collecting, planning, and analyzing data relevant to a marketing decision

Question 33

Types of marketing research

Answer 33

Survey, observations, experiment

Question 34

Key elements of promotion strategy

Answer 34

1. Creating awareness 2. Getting customers to use products 3. Providing info 4. Keeping loyal customer 5. Increase the use of products 6. Identify potential customers 7. Teach the customer

Question 35

Promotional mix

Answer 35

Combinations of traditional advertising, personal selling, sales promotion, e commerce, social media, public relations to promote a product

Question 36

Integrated marketing communications (IMC)

Answer 36

Carefully integrating and coordinating the company’s many communication channels to deliver a clear, consistent, compelling message about the organization and its products

Question 37

Reach

Answer 37

Number of target consumers who ate exposed to a commercial at least once during a specific time

Question 38

Frequency

Answer 38

Number of times the individual is exposed to a message

Question 39

Audience selectivity

Answer 39

A mediums ability to reach a precisely defined market

Question 40

Types of public relations

Answer 40

Press relations: newsworthy info in the news too attract customers New product publicity: capture media attention Corporate communications: creating internal and external messages to promise positive image Public affairs: building and maintaining local community relations Lobbying: influencing legislation and government officials to promote Employee and investor relations: good relationships with them Crisis management: responding to unfavourable publicity or negative event