Exam Term 3 Flashcards
(210 cards)
1
Q
What is marketing?
A
Marketing is the prosess by which companies:
- Engage customers
- Build customer relationships
- Create customer value (gain value in return)
2
Q
What is the quote about marketing based from Peter Drucker (Management Guru)?
A
“The aim of marketing is to make selling unnecessary”
3
Q
What is marketing mix?
A
A set of marketing tools that work together to engage customers, satisfy customer needs, and build customer relationships.
4
Q
There are 5 steps of Marketing Process. What are they?
A
- Understand the marketplace & customer needs and wants
- Design marketing strategy that’s customer value-driven
- Create an integrated marketing strategy that delivers Superior value
- Engage customers, build profitable relationship, create customer satisfaction
- Create costumer values in return (profits & equity)
5
Q
“Some combination of products services, information, or experiences offered to a market to satisfy a need or want.” is a definition of?
A
Market Offerings
6
Q
“The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.” is an explanation of the term?
A
Marketing Myopia
7
Q
What are 3 things that are considered in market offerings?
A
Product, Services, Experiences
8
Q
What does market mean?
A
Actual & potential buyers of a product or service
9
Q
Which of these options are the core activities of marketing?
A. Creating new experiences for customers B. Doing customer research C. Product Development D. Looking for influencers to promote products E. Communication F. Distribution G. Develop internal communication system H. Pricing & Service
A
B, C, E, F, H
10
Q
Which of these options are the core concepts of marketing?
- Customer Communication
- Business Entity
- Marketing Philosophies
- Public Relation
- Need/Want/Demand
- Product Offering
- Value
- Customer Satisfaction
- Exchange/Transaction
- Selling Operation
- Relationship/Network
- Customers
- Market
- Marketers/Prospects
A
2, 3, 5, 6, 7, 9, 11, 12, 13, 14
11
Q
What does business entity mean in the first core concept of marketing?
A
Business Entity is how company is structured & how it operates
12
Q
There are 4 different types of business entities, what are they?
A
- Corporate level
- Division Level
- Business Unit
- Product Level
13
Q
Oreo, Milka, Toblerone, Chips Ahoys, Cadbury, Tuc are all examples of which business entity?
A
Product Level from Mondelez company
14
Q
Knorr, Ben & Jerry’s, Magnum, Marmite, Hellmann’s, Bovril are examples of which business entity?
A
Product Level of Unilever Company
15
Q
Unilever is an example of which business entity?
A
Corporate Level
16
Q
Beauty & Personal Care: Dove
Home Care: Persil detergent
Foods & Refresment: Magnum
Above are the examples of which business entity?
A
Division Level
17
Q
BUSINESS UNIT LEVEL IS STILL CONFUSING!!
A
NEED MORE EXPLANATIONS
18
Q
PepsiCo owns lays, doritos, mirinda, quaker oats, chitos, lipton.
Therefore, PepsiCo is what and the examples are what in business entities?
A
PepsiCo is the corporate level, the examples are the product levels
19
Q
In the second core concept of marketing, there are 5 marketing philosophies. What are they?
A
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Societal Marketing Concept
20
Q
What does PRODUCTION CONCEPT mean in marketing philosophy?
A
Consumers prefer products that are widely AVAILABLE and CHEAP
21
Q
What does PRODUCT CONCEPT mean in marketing philosophy?
A
Consumers favour products that offer HIGH QUALITY, PERFORMANCE, and INNOVATIVE FEATURES
22
Q
What does SELLING CONCEPT mean in marketing philosophy?
A
Consumers will buy products that are PROMOTED/ADVERTISED to them
23
Q
What does MARKETING CONCEPT mean in marketing philosophy?
A
Marketing Concept focuses on creating products that serve the NEEDS & WANTS of and delivering SATISFACTION to the customers
24
Q
What does SOCIETAL MARKETING CONCEPT mean in marketing philosophy?
A
It focuses on serving the NEEDS & WANTS of the consumers while also caring about SOCIETY & ENVIRONMENT
25
What's the difference between customer need, want, and demand?
1. Need: Basic NECESSITY
2. Wants: Need that's shaped by CULTURE and individual PREFERENCES
3. Demands: WANT + CAPACITY to buy
26
Match the term & the definition correctly!
1. Negative Demand
2. Non-Existent Demand
3. Latent Demand
4. Declining Demand
5. Irregular Demand
6. Unwholesome Demand
7. Full Demand
8. Overfull Demand
A. Products/services that the supply meets its demand
B. Products/services that people dislike and merely don't want
C. Demands that people realize later
D. Products/services that have bad effect
E. Products/services that people don't know/uninterested in
F. Demands that people have less interested than before
G. Products/services which usage are based on time
H. Products/services that the demand is more than the supply
```
1 - B
2 - E
3 - C
4 - F
5 - G
6 - D
7 - A
8 - H
```
27
There are 7 aspects in Product Offering. What are they?
P E E P P S I
1. Products
2. Events
3. Experience
4. People
5. Places
6. Services
7. Ideas
28
Do you remember the image in Value for the core concept of marketing? Explain the drawing!
Aspects: A +/- B = ? ........
? + C = .....
--- = --- = -----
- Perceived benefits + Perceived sacrifice = Perceived customer value
- Perceived customer value + competitive advantage = customer satisfaction
- Customer satisfaction = customer loyalty = profits
29
Emotional, Financial, and Functional are aspects of perceived sacrifice/benefit?
Perceived Benefit
30
There are 4 differentiation of Marketing Relationship/Network. What are they?
1. Internal Marketing
2. Integrated Marketing
3. Socially Responsible Marketing
4. Relationship Marketing
31
What is marketing environment?
Internal & external factors that surrounds the business & influence its marketing operations
32
Technological, Cultural, Political, Natural, Economic, Demographic are all actors of micro/macro environment?
Macro Environment
33
Analysis of the internal & external factors of a business is called?
Situation Analysis
34
What is SWOT analysis used?
It's used to determine Strengths, Weaknesses, Opportunities, Threats based on the Situation Analysis
35
Company, Publics, Customers, Competitors, Suppliers, Intermediaries are all actors of macro environment. Is the statement CORRECT?
No, it's all examples of MICRO Environment
36
In Strengths, Weaknesses, Opportunities, Threats, DEFINE which one goes to internal analysis and external analysis?
Internal analysis: Strengths & Weaknesses
| External analysis: Opportunities & Threats
37
Firms that help the company to promote, sell, and distribute its goods to final buyers is defined as?
Marketing Intermediaries
38
What analysis we use in Macroenvironment?
PESTEL Analysis
39
What does PESTEL Analysis stand for?
Political, Environmental, Social, Technological, Economic, Legal
40
Copyright & patent laws goes into which part of PESTEL?
Legal
41
Tax Policy goes into which part of PESTEL?
Political
42
Labor Law goes into which part of PESTEL?
Political
43
Which of these options are correct regarding the POLITICAL aspect of PESTEL Analysis?
1. Government Policy
2. Labor Law
3. R&D Activity
4. Tax Policy
5. Corruption
6. Pressures from NGO
7. Foreign Trade Policy
8. Unemployment Rates
1, 2, 4, 5, 7
44
Another analysis used in Macroenvironment is Analysis Framework In Text, mention what are the aspects included in it?
Technological, Economic, Cultural, Natural, Demographic, Political
45
What are 3 aspects that are included in Analysis Framework In Text but not in PESTEL Analysis?
Demographic, Natural, Cultural
46
What are 3 aspects that are included in Analysis Framework In Text as well as in PESTEL Analysis?
Technological, Economic, Political
47
There are 5 aspects in Situation anaylsis for MESOENVIRONMENT. What are they?
1. Stakeholder Analysis
2. Comptetitor Analysis
3. Competitor Positions
4. Industry Analysis
5. Consumer Analysis
48
Does consumer included in internal stakeholders?
NO, it's external stakeholders
49
There are 3 types of Competitors, what are they?
Direct Competitors, Indirect Competitors, and Replacement Competitors
50
Competition among companies that sell different types of goods that target the same customer group and satisfy the same needs is which type of Competitors?
Indirect Competitors
51
A product or service that’s both different in category and type than you, but one which your customers could choose to spend their money instead, is which kind of Competitor?
Replacement Competitors
52
McDonald’s and Subway is the example of which type of Competitors?
Indirect Competitors
53
Domino's Pizza & Burger King considered as which type of Competitors?
Indirect Competitors
54
Competitors that sell a similar product or service in the same category as you is regarded as which type of competitor?
Direct Competitors
55
Explain what is Indirect Competitors!
Competitors that have the same Niche or Product Category but they sell different types of goods
56
KFC and Albert Heijn considered as which type of Competitors?
Replacement Competitors
57
There are 4 Competitor Positions, mention each of them!
1. Market Leaders
2. Market Challengers
3. Market Followers
4. Marcket Niches
58
Firm with the largest market share and leads the market price changes, product innovations, distribution coverage, and promotion spending is in which competitor position?
Market Leaders
59
This competitior position wants to aggressively steal market share from the market leader, and invests time and money into finding differentiators and creating marketing programs that enable the brand to exploit opportunities whenever they arise. What's the name of this competitor position?
Market Challengers
60
Firms that want to hold onto their market share is what in competitor position?
Market Followers
61
What does Market Niches mean?
Firms that serve small market segments that's not being pursued by other firms
62
- Sluggish, Rigid, and often Expensive
- Can't respond to competition
- Poor product selection, no originality
Those are the characteristics of which competitor position?
Market Followers
63
- Distinctive & individual course of action
- Concentrates on quality and service
- Good selection of products
- Precise customer segments
Those are the characteristics of which competitor position?
Market Niches
64
- Visible and powerful marketing
- Aggressive, creates competition
- Novelty products, good offers
Those are the characteristics of which competitor position?
Market Challengers
65
The state of competition in an industry depends on five basic forces in which we can analyse competition within a certain industry called "Five Foster Analysis." What are five of the forces?
1. Threat of new entrants
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitute products or services
5. Existing industry rivalry
66
What can we do to analyse MICROENVIRONMENT?
We use pyramid Micro Analysis
67
There are 2 parts in microenvironment pyramid analysis, what are they?
Corporate (upper side)
| Marketing (down side)
68
Objectives, Action Plans, and Performance Measures are all included in which Microenvironment analysis pyramid?
Marketing
69
Mission, Vission, Values, and Goals are all indicated in which part of Microenvironment analysis pyramid?
Corporate
70
What do we use to analyse the determinants of competitive advantage?
We use VRIO Analysis
71
VRIO Stands for?
Valuable
Rare
Imitation
Organizational
72
In the macroenvironment, there is demographic aspect. Inside of demographic, there are certain names to refer people within their age groups. Select these demographic age groups in order from the oldest-now!
1. Millennials (Gen Y)
2. Baby Boomers
3. Generation X
4. Generation Z
2, 3, 1, 4
73
- Born between 1977-2000
- Technology is a way of life
- The first generation to grow up with computers, internet etc
- A very individualistic generation
Based on the characteristic above, which demographic age group refers to that?
Millennials or Gen Y
74
- Born between 1965-1976
- They have no particular characteristics
- Their profile is based on life experiences
- Low materialism, most educated, most difficult to target group.
Based on the characteristic above, which demographic age group refers to that?
Generation X
75
- Born after world war 2 and lasting until 1964
- The largest spenders
- They possess the most wealth and are the largest population
Based on the characteristic above, which demographic age group refers to that?
Baby Boomers
76
All the individuals and households that buy or acquire goods and services for personal consumption is called?
Consumer Market
77
There are 3 aspects that lead to another in the model of buyer behaviour. Mention three of them in order!
Environment -> Buyer's Black Box -> Buyer Responses
78
Buying attitudes and preferences, purchase behaviour, brand engagements and relationships are all examples of which model of buyer behaviour?
Buyer Responses
79
In the environment part of the model of buyer behaviour, there are 2 factors inside. What are they?
1. Marketing Stimuli
| 2. Other (ex: macroenvironment)
80
There are 2 aspects inside of the buyer's black box. What are they?
Buyer's Characteristic & Buyer's Decision Process
81
Product, Place, Price, Promotion, are all included in other (macroenvironment) or marketing stimuli in the model of buyer behaviour?
Marketing Stimuli
82
When consumer make decision process, it is greatly influenced by their buyer's black box. What are the factors that affect consumer behaviour?
Cultural, Social, Personal, Psychological
83
Motivation, Perception, Learning, Beliefs, and Attitudes are all aspects inside of which buyer's black box?
Psychological
84
Which of these options are NOT included in Personal aspect of buyer's black box?
1. Roles and status
2. Occupation
3. Personality and self-concept
4. Lifestyle
5. Learning
6. Economic situation
7. Age and lifecycle stage
1 and 5
- Roles & status: Social
- Learning: Psychological
85
What are 3 factors in Cultural aspect that influence consumer behaviour (buyer's black box)?
Cultural, Subculture, social class
86
Roles and status, Family, Groups and social networks are all part of which aspect that influence consumer behaviour?
Social
87
The set of basic values, perceptions, wants, and behaviour learned by a member of society from family and other important institutions is called?
Culture
88
What is the meaning of Subculture?
A group of people with shared value systems based on common life experiences and situations
89
Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. This group of people are not determined by a single factor, such as income, but is measured a combination of occupation, income, wealth and other variables.
Based on the description above, what is the name of that meaning and goes into which aspect of buyer's black box?
Social Class in Cultural aspect
90
LIFESTYLE ORIENTATION:
> Fun-oriented parochial (restricted in scope)
> Unsophisticated taste
> Focus on possession, not ideas
PURCHASING TENDENCIES:
> Newest appliances
> Sporting events
> Newest & biggest items
Based on the description above, which Social Class is it going into?
Working Class
91
```
LIFESTYLE ORIENTATION:
> Respectability
> Conformity
> Properity
> Social-Esteem
```
PURCHASING TENDENCIES:
> Items in fashion & related to self presentation
> Good clothing
> Neighbourhood & household for children
Based on the description above, which Social Class is it going into?
Middle Class
92
Hispanic, African American, Asian American and mature consumers are all examples of which cultural aspect in buyer's black box?
Subculture
93
Groups that have a direct influence and to which a person belongs are called?
Membership Groups
94
A group that serves as direct or indirect POINT OF COMPARISON or REFERENCE in forming a person’s attitudes or behaviour is called?
Reference Group
95
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others is called?
Opinion Leaders
96
This technique in social (groups & social networks) aspect can have a powerful impact on consumer buying behaviour. The personal words and recommendations of trusted friends, family, associates, and other consumers tend to be more credible than those coming from commercial sources, such as advertisements or salespeople.
Based on the explanation above, what is the name of this influence technique?
Word-of-mouth influence
97
What does Influencer marketing do in social (groups & social networks) aspect?
Recruiting established influencers OR creating new influencers to spread the word about a company’s brands.
98
Online communities where people socialize or exchange information and opinions - ranging from blogs (Mashable, Engadget, Gizmodo) and message boards (Craigslist) to social media sites (Facebook, Twitter, YouTube, Instagram, Snapchat, LinkedIn) and even communal shopping sites (Amazon.com and Etsy) is called?
Online Social Networks
99
The practice of integrating ETHNIC themes and cross-cultural perspectives within the mainstream marketing is well-known as?
Total Marketing Strategy
100
There are 4 types of Reference Group, mention each of them!
Avoidance, Aspirational, Contactual, Disclaimant
101
In the 4 types of Reference group, there is a quadrant that indicates 2 things, first either seek/refuse belonging (vertical) and second is belong/don't belong (horizontal). Explain each of the four reference group using this quadrant.
Avoidance - Aspirational
Disclaimant - Contactual
Avoidance: negative (because rejects belonging) & don't belong
Aspirational: positive (because seeks belonging) & don't belong
Contactual: positive (because seeks belonging) & belong
Disclaimant: negative (because rejects belonging) & belong
102
Which of these options are included in the PERSONAL aspect of buyer's black box?
1. Age & Life-cycle stage
2. Public economy
3. Personality
4. Mission
5. Occupation
6. Wealth
7. Values
8. Beliefs & attitudes
9. Lifestyle & self-concept
1, 3, 5, 6, 7, 9
103
A person’s pattern of living as expressed in his or her activities, interest, and opinions is called what and it's in which aspect of buyer's black box?
Lifestyle, in Personal buyer's black box
104
The unique psychological characteristics that distinguish a person or group, for example: CNN associates competence, Apple with excitement and Dove with sincerity. What's the term of this and it's in which aspect of buyer's black box?
Personality, in Personal aspect of buyer's black box
105
An internal state that drives people to buy products/services that fulfil conscious/unconscious needs or desires is called what and it's in which aspect of buyer's black box?
Motivation, in Psychological aspect of buyer's black box
106
According to Maslow, human needs are arranged in a hierarchy. Mention each of them from the upper side of the pyramid!
1. Self-Actualisation Needs
2. Esteem Needs
3. Social Needs
4. Safety Needs
5. Psychological Needs
107
Recognition and social status go into which part in Maslow's Hierarchy of Human Needs and in which stage?
Esteem Needs, in the second upper stage
108
A Sense of belonging and love go into which part in Maslow's Hierarchy of Human Needs and in which stage?
Social Needs, third upper stage
109
Wearing branded bag like Gucci is actually a representation of which Maslow's Hierarchy of Human Needs?
Esteem Needs (social status & need recognition)
110
Buying a car is a reflection of which part in Maslow's Hierarchy of Human Needs and in which stage?
Safety Needs, fourth upper stage
111
There are 4 things mentioned in PERCEPTION aspect inside of the psychological factor that influence consumer behaviour (buyer's black box). What are they?
1. Selective Attention
2. Selective Distortion
3. Selective Retention
4. Subliminal Perception
112
We are likely to remember good points about a product we like and forget good points about competing product is considered which perception in buyer's black box?
Selective Retention
113
This aspect of Perception in Psychological Buyer's Black Box can work to the advantage of marketers with strong brands when consumers distort neutral or ambiguous brand information to make it more positive. In other words, beer may seem to taste better, a car may seem to drive more smoothly, the wait in a bank line may seem shorter. What does it refer to?
Selective Distortion
114
Marketers have to work hard to attract consumers notice. The real challenge is to explain which stimuli people will notice.
Above statement is align with the definition of which part of Perception in Psychology Buyer's Black Box?
Selective Attention (we only hear what we want to hear)
115
What does Selective Distortion mean?
The tendency to interpret information in a way that will fit our assumption
116
Consumers are not consciously aware of these messages, but yet it affect their behaviour. It usually appears in ads or packages. What type of perception factor is it in buyer's black box?
Subliminal Perception
117
In the learning part, there are 4 factors in it. What are they?
Motivation -> Cues -> Response -> Reinforcement
118
In the very last step of the consumer analysis (things that influence buyer behaviour) is the buyer decision process. Inside of that, there are some important steps in which buyer decide the purchasing process. Mention each of the stage!
N I E P P U
1. Need Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase Decision
5. Post Purchase Decision
119
When we evaluate all the alternatives of products that we want to buy, we tend to act as one of these three heuristics when making decisions. What are they?
1. Conjunctive Heuristic
2. Lexicographic Heuristic
3. Elimination
120
Consumers take away the decision of buying products that don't meet min standard is called what heuristic in the evaluation of alternatives?
Elimination
121
What does Lexicography Heuristic mean in evaluation of alternatives?
When consumer chooses a brand on the basis of it's perceived MOST IMPORTANT attribute
122
The consumer chooses the 1st alternative that meets the minimum standard is called what HEURISTIC in elimination of alternatives?
Conjunctive Heuristic
123
A name, term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors is called?
A Brand
124
What does Brand Equity mean?
A brand's value
125
A brand’s success is driven by a company-wide utilisation of the 6 elements as illustrated in Brand's Framework. What are they? Explain the PRISM!
1. Physique: External, picture of Sender
2. Personality: Internal, picture of Sender
3. Culture: Internal, picture of Sender
4. Relationship: External, picture of Sender
5. Reflection: External, picture of Recipient
6. Self-Image: Internal, picture of Recipient
126
The stereotypical user of the brand. A brand is likely to have several buyer personas but they will have a go-to subset of their target market that they use in their messaging.
Above is the description of which aspect of Brand's Framework Prism?
Reflection
127
How the customer sees their ideal self. By understanding a customer’s ‘ideal identity’ and how they want to look and behave. These are characteristics of which aspect in Brand's Framework Prism?
Self-Image
128
The knowledge a consumer has based on primary and secondary brand elements (knowledge, feelings, experiences) is called?
Brand Expectation
129
There are 2 aspects inside of Brand Image (External). What are they?
1. Brand Expectations
| 2. Brand Experience
130
```
Brand Image -> Brand Expectation: Knowledge
Which of these options are included in Knowledge part?
1. Feelings
2. Past Memories
3. Thoughts & Images
4. Experiences
5. Future plans
6. Beliefs
```
1, 3, 4, 6
131
```
Brand Image -> Brand Expectation: Primary Brand Elements
Which of these options are INCLUDED in Knowledge part?
A. Brand names
B. Marketing Strategy
C. Logos
D. Slogans
E. Font
F. Characters
G. Web/URLs
```
A, C, D, F, G
132
Brand Image -> Brand Experience: ....
| Fill in the blank!
Customer Journey
133
There are 5 stages in Customer Journey for the Brand Image part. What are they?
1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase decision
5. Post purchase decision
134
Does touch-points also included in brand experience?
HELL YESS!!
135
Is Brand Image a balancing act of brand expectation + brand experience that creates brand identity??
YES AND NO
Yes: Brand Image a balancing act of brand expectation + brand experience
No: It's not create brand identity, but BRAND PERCEPTION
136
Select which statements are FALSE regarding brand Perception!
A. Brand perception captures consumer satisfaction to the brand
B. Brand perception is the reality of how consumers view your brand
C. Brand perception is the current image that exists in
consumers minds
D. Brand perception is what leads market trends
E. Brand perception is shaped by how consumers
view your competitor’s brands
A and D
137
There are 2 aspects in Brand Identity (Internal Perspective). What are they?
1. Brand Promise (positioning)
| 2. Brand Behaviour
138
The marketer’s vision of what the brand must be and do for consumers is called?
Brand Promise (Positioning)
139
What does brand positioning mean?
It's how the marketer's want the brand to represent & do for the consumers
140
- The way a product is defined by consumers on important attributes
- The place it occupies in consumers’ minds relative to competing products
Above are the statements related to??
Product Positioning
141
Which of these statements are true TRUE regarding brand name selection?
A. Marketers should establish brand expectation & experience first
B. Brand names should based on the product’s benefits and qualities
C. Brand names have to be hard to pronounce
D. Marketers should establish a mission and vision for the
brand when positioning it
E. Brand names should be distinctive and extendable
B, D, and E
142
```
Ebay is an example of which type of logo in Primary Brand Elements?
A. Wordmark
B. Letterform
C. Pictorial mark
D. Emblem
E. Abstract mark
```
A. Wordmark
143
```
McDonald's is an example of which type of logo in Primary Brand Elements?
A. Wordmark
B. Letterform
C. Pictorial mark
D. Emblem
E. Abstract mark
```
B. Letterform
144
```
Starbucks is an example of which type of logo in Primary Brand Elements?
A. Wordmark
B. Letterform
C. Pictorial mark
D. Emblem
E. Abstract mark
```
D. Emblem
145
```
Samsung is an example of which type of logo in Primary Brand Elements?
A. Wordmark
B. Letterform
C. Pictorial mark
D. Emblem
E. Abstract mark
```
A. Wordmark
146
```
Apple is an example of which type of logo in Primary Brand Elements?
A. Wordmark
B. Letterform
C. Pictorial mark
D. Emblem
E. Abstract mark
```
C. Pictorial Mark
147
Please match these products based on the type of brand names!
```
Picture:
1. Tide detergent from P&G
2. Different products of NIKE
3, Kellogg's Corn Flakes
4. Product Level (ex: pampers, bounty, downy, etc)
```
```
Type of Brand Name:
A. Blanket Family Names
B. Individual Names
C. Separate Family Names
D. Corporate Name - individual name combo
```
- 1 B
- 2 A
- 3 D
- 4 C
148
Samsung camera, samsung hp, samsung washing machine are all examples of Line extension OR Brand extension? and WHY?
Brand extension, because they're all from the same brand but different product category
149
What's the difference between line extension and brand extension?
Line Extension: Same brand name and product category but different variety
Brand Extension: Same brand name, but very different product category
150
Canon DSLR, Canon Mirrorless, Canon Jadul are all examples of Line extension OR Brand extension? and WHY?
Line extension, because they're all from the same brand & product category but different in variety
151
An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices is called?
Competitive advantage
152
In the last step of "Factors that Influence Consumer Behaviour", there is the buyer decision process, as commonly called the ADOPTION Process. What does adoption process mean?
Adoption process is the decision by an individual to become A REGULAR USER of the product
153
Consumers go through five stages in the process of adopting a new product, what are they?
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
154
The characteristics of the new product affect its rate of adoption. What are the 5 influence of Product Characteristics on Rate of Adoption?
(The considerations to adopt a new product)
1. Relative advantage: is it SUPERIOR to existing one?
2. Compatibility: is it SUITABLE with the situation?
3. Complexity: is it HARD to understand?
4. Divisibility
5. Communicably
155
An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices is called?
Competitive Advantage
156
There are 4 important steps in marketing strategy, what are they?
Segmentation - Targeting - Differentiation - Positioning
157
What does market segmentation mean?
a. Implementing chosen image and appeal to chosen target market
b. selecting which group of people to serve for the brand/company
c. splitting a market into smaller groups with similar product needs/identifiable characteristics
d. create more segment for a specific product to make it bigger
C. Splitting a market into smaller groups with similar product needs/identifiable characteristics
158
The marketeer uses segmentation variables like: single adult, new couple, couple with children, and later life is called what segmentation variable?
Life Stage
159
In business, there are two different segmentations which are B2B and B2C. What are the 4 aspects of B2C?
Geographic, demographic, Psychographic, Behavioural
160
Customer, location, region, urban/rural, ACORN, classification are all included in which aspect in B2C segmentation?
Geographic
161
Rate of usage, benefits sought, loyalty status, and readiness to purchase are all included in which aspect in B2C segmentation?
Behavioural
162
Lifestyles, attitudes, class, personality are all included in which aspect in B2C segmentation?
Psychographic
163
```
RAINS target segment live in
Europe, specifically those
countries that experience high
rainfall.
As they are a new brand, they
target first the cities with more than
500,000 residents and show a 1%
growth in residents per year.
And they must live within 30
minutes drive from a RAINS store.
```
Above is the case example of which B2C Segment?
Geographic
164
```
Victoria Secret target segment is
women. Aged 16 to 45. Who earn
above $1000 per month and as such
are considered middle class. They
have achieved a university degree.
Don’t associate with any particular
religion. They are either
independent or in a relationship or
married
```
Above is the case example of which B2C Segment?
Demographic
165
Which of these points are NOT the factors inside the geographic aspect of B2C segmentation?
a. By region
b. By socio-economic status
c. By family-life cycle
d. By climate
e. By density & size of the population
f. By income
g. By growth in population
B, C, and F
166
Which of these points are NOT the factors inside the demographic aspect of B2C segmentation?
a. Religion
b. Education
c. Family-life cycle
d. Occupation
e. Socio-economic status
f. Age & gender
THEY ARE ALL CORRECT!
167
Please match the name of the behavioural segments: purchasing behaviour in B2C with their definitions below!
Behavioural Segments:
1. Price-conscious buyer
2. Smart buyer
3. Risk-averse buyer
4. Needs-proof buyer
5. I'll get it later buyer
6. Persuadable buyer
Definition:
a. A shopper who needs confirmation that the product is popular and backed up by claims of her peers.
b. An impulse shopper that is highly susceptible to cross-sell offers
c. A shopper who lacks urgency
d. a bargain hunter looking for the lowest possible price.
e. A thorough, meticulous researcher who wants to understand every intricate factor, before committing to any single one.
f. A cautious, economically-careful shopper, who struggles to pull the trigger on a purchase without the proper insurance, such as a good, hassle-free return policy.
1d, 2e, 3f, 4a, 5c, 6b
168
Another way to behaviorally classify different customers by their relationship to your business in B2C behaviour segment is called?
user status
169
There are 4 aspects in targeting strategy, what are they?
undifferentiated marketing, differentiated marketing, concentrated (niche) marketing, and micromarketing
170
"It's targeting several different segments and make separate offers for each" is called which aspect in targeting?
Differentiated marketing
171
In micromarketing inside targeting strategy, there are 2 more aspects. what are they?
local marketing and individual marketing
172
"the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market." is called?
positioning
173
What are the 7 elements in forming a brand positioning statement?
1. To the target consumers
2. Buying my product
3. My brand name
4. Offers this benefit
5. Over the competitor
6. The reason is because of this
7. My brand personality can be described as this
174
Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries are called what market segmentation?
Intermarket (cross-market) segmentation
175
Clearly, there are many ways to segment a market, but not all segmentations are effective. So, to be useful, market segmentation must be..? (5 points)
1. Measurable
2. Accessible
3. Substantial
4. Differentiation
5. Actionable
176
In evaluating different market segments, a firm must look at three factors. What are they?
1. Segment size and growth
2. Segment attractiveness
3. The company's objectives & resources
177
Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information and ideas is called?
Product
178
There are 5 product offer levels that look like an onion (layers). What are they? (mention from the smallest!)
1. Core benefit
2. Basic product
3. Expected product
4. Augmented product
5. Potential product
179
"This includes all the augmentations and transformations a product might undergo in the future"
Above is the definition of which product offer level?
Potential product
180
Select the correct definition of augmented product!
a. A version of the product containing only those attributes or
characteristics absolutely necessary for it to function.
b. The fundamental need or want that consumers satisfy by
consuming the product or service.
c. The inclusion of additional features, benefits, attributes or
related services that serve to differentiate the product from
its competitors.
d. The set of attributes or characteristics that buyers
normally expect and agree to when they purchase a
product.
C
181
Based on these options, which one is defined as core benefit?
a. a hotel room with a bed that is clean, and the room has at least a small bathroom with fresh towels.
b. a hotel room with a huge double bed with water mattress, LCD television, a big bathroom with a hydromassage shower cabin, Netflix, reward systems, or other extras innovations.
c. the inner urge to sleep, have privacy & rest.
d. a room with a bed in a popular hotel; the room has a nice bathroom with a hairdryer, is air-conditioned and has a TV and a minibar, wifi and maybe free breakfast.
e. a hotel room with a bed might have a bathroom and towels.
C
182
Based on these options, which one is defined as basic product?
a. a hotel room with a bed that is clean, and the room has at least a small bathroom with fresh towels.
b. a hotel room with a huge double bed with water mattress, LCD television, a big bathroom with a hydromassage shower cabin, Netflix, reward systems, or other extras innovations.
c. the inner urge to sleep, have privacy & rest.
d. a room with a bed in a popular hotel; the room has a nice bathroom with a hairdryer, is air-conditioned and has a TV and a minibar, wifi and maybe free breakfast.
e. a hotel room with a bed might have a bathroom and towels.
E
183
Based on these options, which one is defined as expected product?
a. a hotel room with a bed that is clean, and the room has at least a small bathroom with fresh towels.
b. a hotel room with a huge double bed with water mattress, LCD television, a big bathroom with a hydromassage shower cabin, Netflix, reward systems, or other extras innovations.
c. the inner urge to sleep, have privacy & rest.
d. a room with a bed in a popular hotel; the room has a nice bathroom with a hairdryer, is air-conditioned and has a TV and a minibar, wifi and maybe free breakfast.
e. a hotel room with a bed might have a bathroom and towels.
A
184
Based on these options, which one is defined as augmented product?
a. a hotel room with a bed that is clean, and the room has at least a small bathroom with fresh towels.
b. a hotel room with a huge double bed with water mattress, LCD television, a big bathroom with a hydromassage shower cabin, Netflix, reward systems, or other extras innovations.
c. the inner urge to sleep, have privacy & rest.
d. a room with a bed in a popular hotel; the room has a nice bathroom with a hairdryer, is air-conditioned and has a TV and a minibar, wifi and maybe free breakfast.
e. a hotel room with a bed might have a bathroom and towels.
D
185
Based on these options, which one is defined as potential product?
a. a hotel room with a bed that is clean, and the room has at least a small bathroom with fresh towels.
b. a hotel room with a huge double bed with water mattress, LCD television, a big bathroom with a hydromassage shower cabin, Netflix, reward systems, or other extras innovations.
c. the inner urge to sleep, have privacy & rest.
d. a room with a bed in a popular hotel; the room has a nice bathroom with a hairdryer, is air-conditioned and has a TV and a minibar, wifi and maybe free breakfast.
e. a hotel room with a bed might have a bathroom and towels.
B
186
product offer level that defines as some characteristics or features that are absolutely necessary for a product to function is?
Basic product
187
washing machine, iron, television, microwave, oven, refrigerator are all examples of?
a. nondurable goods - intangible
b. durable goods - tangible
c. nondurable goods - tangible
d. durable goods - intangible
B
188
Food and drinks are all examples of?
a. nondurable goods - intangible
b. durable goods - tangible
c. nondurable goods - tangible
d. durable goods - intangible
C
189
services are examples of?
a. nondurable goods - intangible
b. durable goods - tangible
c. nondurable goods - tangible
d. durable goods - intangible
A
190
In product classifications, there are 4 consumer goods types. What are they?
1. Convenience
2. Shopping
3. Specialty
4. Unsought
191
sport equipment, computer software , cars, house, jewelry, wedding dress, are all examples of which consumer goods types?
specialty
192
newspapers, household chemicals, flowers, medication, are all examples of which consumer goods types?
convenience
193
select the correct examples of unsought consumer goods type!
a. smartphones
b. fundraising events
c. sporting equipment
d. charity donation
e. raffle ticket
f. life and funeral insurance
g. doctor visits
h. getting a pet
b, d, e, f
194
− Special purchase effort
− Unique characteristics
− Brand identification
− Few purchase location
Above are the points of which consumer goods type?
Specialty
195
what does line stretching mean?
When a company lengthens its product beyond its current range, either down-market, up-market, both ways, and line filling.
196
putting new line in the middle of current brand range is called?
line filling in line stretching
197
there are 6 steps in how we set prices. What are they?
1. Select the price objectives
2. Determine demand
3. Estimate costs
4. Analyze competitor price mix
5. Select pricing method
6. Select final price
198
Charging a high price for the product and services offered by the firms which are innovative and uses modern technology is called?
Market skimming
199
in determining the brand when setting the price, there are 2 curves. Inelastic and elastic curves. what are they?
Inelastic: A price increase make SMALL change in demand
Elastic: A small change in price has a BIG effect on demand
200
what does value pricing mean in pricing method?
re-engineering the company's operations to become a low-cost producer without sacrificing quality to attract many value-conscious customer
201
firms base prices on competitors’ prices, charging the same, more or less than major competitors. Smaller firms ‘follow the leader’ is called what in pricing method?
going-rate pricing
202
what is the pricing method that says: "firms base price on achieving a set Return on Investment (ROI)"
target return pricing
203
another business led approach – cost + % of cost and that is the price.
that's the explanation of which pricing method?
mark-up pricing
204
what does auction method mean in setting pricing method?
where consumers give thought of the value, and we use that value as our initial starting point of our pricing and let them follow the price.
205
```
sets of
intermediaries that are usually
independent organisations involved in the
process of making a product or service
available for use or consumption
```
is called?
distribution channels
206
which of these options are included in title holders of distribution channels?
a. agents
b. wholesalers
c. distributors
d. brokers
e. retailers
f. transport companies
g. manufacturers' reps
B, C, E, F
207
Makro, Sligro, Hanos, are examples of which type of distribution channels?
a. Retailing
b. Transport copanies
c. Wholesale/distributing
C. wholesaling/distributing
208
hema, AH, etos, are all examples of which type of distribution channels?
a. Retailing
b. Transport copanies
c. Wholesale/distributing
A. Retailing
209
What does retailing mean in distribution channel?
Selling products/services directly to the consumers
210
What does wholesaling/distributing mean in distribution channel?
Selling products/services to resallers/business use
