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MKT 395 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Marketing and Promotions Process Model (4)

A

Marketing and Analysis (most important), Target Marketing Process, Marketing planning and program development, Target Market

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2
Q

Situational Analysis

A

a detailed assesment of the current marketing conditions, product lines, or individual brands

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3
Q

Competitive advantage

A

The “special” thing a firm brings to the table. What makes them worth buying (premium price/excellent customer service/lowest production costs/ lowest prices

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4
Q

Geographic segmentation

A

Location based Nations/state/city

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5
Q

Demographics segmentation

A

Description of the person (gender, age,marital status)

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6
Q

Socioeconomic segmentation

A

$/education/Occupation

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7
Q

Psychographic segmentation

A

Personlity/Values/Lifestyle

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8
Q

Behavioristic segmentation

A

Usage, loyalties, or buying response to a product. Actually usage of a product. How people behave on a regular basis (chatty/quiet/loud etc)

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9
Q

Benefit segmentation

A

Finding who needs a product to satisfy needs or wants

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10
Q

Undifferentiated Marketing

A

ignoring segment differences and offering one product of service to an entire market (selling Ferrari)

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11
Q

Differentiated Marketing

A

Separate marketing strategies for each segment

i.e Starwoods different hotel brands

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12
Q

Concentrated Marketing

A

Firms uses one segment and attempts to capture a large part of it

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13
Q

Positioning

A

How are products are positioned to you

ie. Gatorade (sports drink)

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14
Q

Product symbolism

A

What does a product image mean socially,physiologically

ie. Versace, Gucci, Prada

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15
Q

Brand Equity

A

Attachment to the brand name

Rolex is expensive because of quality an brand equity

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16
Q

Price Variable

A

What is a costumer willing to give up to obtain something

17
Q

Direct Channels

A

Direct Response, catalogs, websites

18
Q

Marketing Channels

A

How they get product to you

19
Q

Indirect Channels

A

Companies distribute to wholesalers

20
Q

Push Strategy

A

Aggressive sales and promotion

21
Q

Pull Strategy

A

Convincing them to come to you

22
Q

Market opportunities

A

Areas with favorable demand trends made of heterogeneous groups.

23
Q

Situational analysis

A

At detailed assessment of the current market conditions

24
Q

Strategic market plan

A

Overall corporate strategy serves as a guide

25
Q

Market segment

A

Group that has common needs and response to stimuli

26
Q

Salient Attributes

A

Attributes that are used to form the basis for purchasing decisions

MKT 395 (6 decks)

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