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Marketing 3000 > Chapters 5, 6, 9 > Flashcards

Chapters 5, 6, 9 Flashcards

1
Q

Marketing environment

A

Uncontrollable environment outside of any organization affecting the immediate environment

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2
Q

Immediate environment

A

Company itself (capabilities, issues, performance, etc.) as well as consumers, competitors, physical environment, corporate partners

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3
Q

Macro-environment: Generational Cohorts

A

Gen Z
- “Digital natives”
- Have always had access to technology/information
- Socially connected

Millenials/Gen Y
- Huge cohort
- Wide range of lifestyles
- Diverse groups

Gen X
- “Latch key kids”/left to raise themselves
- Focus on children and value education
- Convenience in products/service is important

Baby Boomers
- Huge cohort
- Postponing retirement
- Involved in lives of adult children/grand children

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4
Q

Macro-environment: Income and Education

A

Educated is related to income, which determines spending power. Approximately 80% of economic growth in the next 20 years is expected to come from African Americans, Hispanic Americans, and Asian Americans

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5
Q

Macro-environment: Social Trends

A

Sustainability
Health and wellness concerns
Efficient utilization and distribution of food

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6
Q

Macro-environment: Technology

A

New products, forms of communication, retail channels
Growing importance of mobile devices
AI
Robotics

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7
Q

Macro-environment: Economic Situation

A

Economy
Employment rates
Strength of a dollar
Interest rates

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8
Q

Macro-environment: Political and Legal Factors

A

Laws and regulations protecting competition and consumers

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9
Q

High Involvement Purchase Decision

A

Greater attention
Deeper processing
Develops strong attitudes
Purchases are intentional

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10
Q

Low Involvement Purchase Decision

A

Less attention
Peripheral processing
Weak attitudes
Increased habitual purchasing

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11
Q

Marketing through linking a high involvement issue:

A

ex. Toothpaste advertising about gum disease

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12
Q

Internal Locus

A

You create your own destiny
Will spend more time seeking alternatives and information
Will take accountability for poor decisions

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13
Q

External Locus

A

Fate
Will not blame themselves for poor purchase decisions

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14
Q

Performance Risk

A

Actual issue with the product. Ex. buying a car that is always in the shop

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15
Q

Financial Risk

A

Product requires lots of money to maintain. Costs to maintain, replace, etc. Ex. again, buying a car that is always in the shop and those expenses

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16
Q

Social Risk

A

Ex. buying a Kia Soul

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17
Q

Physiological Risk

A

Worrying about YOU getting hurt. Ex. A phone catching on fire

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18
Q

Psycological Risk

A

How you feel about the decision which may be effected/influenced by the other risks

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19
Q

Consumer Purchase Process Step 1

A

Need Recognition
- we all have a “present sate” involving internal and external stimuli (ex. being hungry) VS preferred

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20
Q

Consumer Purchase Process Step 2

A

Info Search
- internal: thinking back on your own personal experience
- external: everything else

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21
Q

Consumer Purchase Process Step 3

A

Evaluation of Alternatives
Attribute sets
Evaluative criteria

22
Q

Universal Attribute Set

A

Everything that exists despite what you may or may not know

23
Q

Retrieval Set

A

What we remember

24
Q

Evoked Set

A

What we would actually choose

25
Q

Determinant Attributes

A

YOUR key factors

26
Q

Compensatory Attribute

A

Allowing one factor to outweigh others even at a higher cost. Ex. you really want a car that gets 30mi to the gallon BUT upon finding a car $4k less than what you planned to pay w/ other good attributes, you’re willing to give up that 30mi-gallon.

27
Q

Noncompensatory Attribute

A

A deal-breaking attribute

28
Q

Consumer Purchase Process Step 4

A

Purchase and Consumption
- Important to customer: negotiation, payment method, delivery
- Important to seller: conversion rate (window shopper to buyer)

29
Q

Consumer Purchase Process Step 5

A

Post Purchase Behavior
- Increase customer satisfaction
- Increase customer loyalty
- Decrease cognitive dissonance ( buyer’s remorse)

30
Q

Psychological Motives of Marketing Choices: Physiological Needs

A

Hunger, safety

31
Q

Psychological Motives of Marketing Choices: Esteem Needs

A

“I’m worth it”

32
Q

Psychological Motives of Marketing Choices: Self-Actualization

A

“Be all you can be”
Cognitive component
Affective component
Behavior component

33
Q

Psychological Motives of Marketing Choices: Attitudes

A

Cognitive component
Affective component
Behavioral component
*refer to slides

34
Q

Psychological Motives of Marketing Choices: Perceptions and Learning

A

Perceptions: how we select, organize, and interpret information
Learning: A change in a thought process/behavior; cognitive or experiential

35
Q

Psychological Motives of Marketing Choices: Lifestyle and Demographics

A

Lifestyle: how we choose to live our lives
Demographics: categories such as age, gender, race..

36
Q

Social Factors in Marketing Choices: Family

A

Kids learn to mimic brand loyalty, identification of parent’s chosen products/brands, and even the action/behavior of shopping

37
Q

Social Factors in Marketing Choices: Reference Groups

A
  • Memberships (ex. UGA)
  • Aspirational: groups you want to be apart of (ex. buying a suit to one day work on Wall St)
  • Dissociative: NOT wanting to be grouped in with a market/group
38
Q

Social Factors in Marketing Choices: Culture

A

Culture: shared meanings, beliefs, values
Individual vs group
Ex. It’s okay to be extravagant in XYZ city, but not in ABC city; buy now, pay later VS buying to own

39
Q

Situational Factors in Marketing Choices: Purchase Situation

A

Are you buying for yourself or others? For an event? Etc.

40
Q

Situational Factors in Marketing Choices: Temporal State

A

What mood are you in?

41
Q

Situational Factors in Marketing Choices: Shopping Situation

A

What is going on in the store? Busyness, sales, etc.

42
Q

Segmentation

A

Identifying and serving homogenous groups of consumers
Segments = naturally existing groups of consumers w/ similar wants/needs

43
Q

STP Process Step 1

A

Establishing strategy/objectives

44
Q

STP Process Step 2

A

Segmentation Methods
Geographic - easiest
Demographic - most used
Psychographic
- self-values: who do you want to be?
- self-concept: how do you see yourself? Think archetypes
- lifestyle

Benefit
Diff. customers seek different needs from the same product (ex. Universities, drinking a soda for taste vs caffeine)

Behavioral
Occasion segmentation - special? or everyday?
Loyalty/usage - ex. McDonalds Lovers
“80% of your business comes from your 20% of loyal customers”

Geodemographic/psychodemographic
“Birds of a feather flock together”
ex. Students in the Mark

45
Q

STP Process Step 3

A

Evaluate Segment Attractiveness
Is the target market…
Identifiable? (ex. Selling feminine products to women)
Substantial: is there enough of a market
Reachable: do they know the product exists, understand it, and recognize how to buy it?
Responsive: will consumers see value in the product?
Profitable

46
Q

STP Process Step 4

A

Selecting a target market:
How many
Which specific segments? Undifferentiated, differentiated, concentrated, cannibalization, micromarketing

47
Q

Undifferentiated

A

Firm assumes all consumers are the same (ex. sugar, butter)

48
Q

Differentiated

A

Common use products/services like shampoos/conditioners. Typically one chosen segment

49
Q

Cannibalization

A

New products cut into the sales of old products (ex. Coke Zero being targeted at men –> women begin drinking Coke Zero –> cuts into Diet Coke sales)

50
Q

Concentrated

A

Firm selects one niche target (single-egg frying pan)

51
Q

Micromarketing

A

Segment is an individual; custom-made products

52
Q

STP Process Step 5

A

Develop Positioning Strategy
- using 4Ps to develop value proposition. Target customers should have a clear understanding of competitive advantage
- value proposition can be displayed through a perceptual map*

Marketing 3000 (10 decks)

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