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Principles of Marketing > Final Exam > Flashcards

Final Exam Flashcards

1
Q

The 4Ps are also known as

A

The marketing mix

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2
Q

What are the 4 Ps?

A

Product, Price, Place, Promotion

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3
Q

Product…

A

creates value

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4
Q

Price…

A

captures value

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5
Q

Place…

A

delivers value

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6
Q

Promotion…

A

communicates value

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7
Q

Three phases of marketing plan

A

planning , implementation, control

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8
Q

Five steps of marketing plan

A

mission, SWOT, ID opportunities, implement marketing mix, evaluate performance with marketing mix

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9
Q

How do you identify marketing opps?

A

segmentation, targeting, positioning

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10
Q

Four growth strategies

A

market penetration, market development, product development, diversification

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11
Q

Market penetration

A

current market, current product, I just want to convince you to buy more with things like promotions

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12
Q

Product development

A

current market, new product, like a Coke Cherry maybe

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13
Q

Market development

A

new market, current product, like expanding NHL to European games

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14
Q

Diversification

A

new market, new product, like Tesla from high end cars to homeowner solar panels

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15
Q

Heart of marketing environment

A

consumer

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16
Q

Factors in immediate marketing environment

A

company, competitors, physical environment, corporate partners

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17
Q

Factors in macroenvironment

A

culture, demographics, social, technology, economic, political/legal

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18
Q

Principles of Conscious Marketing

A
  1. Recognition of marketing’s greater purpose beyond profit
  2. Consideration of stakeholders and interdependence
  3. The presence of conscious leadership, creating a corporate culture
  4. The understanding that decisions are ethically based
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19
Q

How to create a target market

A

STP: segment the market, target, position

20
Q

Segmentation tools

A

geographic, demographics, psychographics, behavioral, benefits

21
Q

Segment evaluation: should it be your target market?

A

identifiable, reachable, receptive, substantial, profitable

22
Q

Position strategy

A

value proposition - what can I offer that others can’t?

23
Q

The 4 E’s of digital marketing

A

Excitement, Education, Experience, Engagement

24
Q

The consumer decision process

A

Need recognition, Information search, Alternative search, Purchase and consumption, Post-purchase

25
Q

What kind of information/factors are consumer considering in their information search?

A

Price, performance, safety, psychological, social

26
Q

Types of alternative search and decision making

A

universal search vs. evoked search, compensatory vs. noncompensatory choice

27
Q

Qualitative research

A

observation, in-depth interviews, focus groups

28
Q

Quantitative research

A

survey, panel, scanner, experiments

29
Q

Brand Equity

A

Awareness, Associations, Perceived Value, Brand Loyalty

30
Q

Six Ps of retailing

A

Product price place promotion presentation personnel

31
Q

AIDA Model

A

Awareness, Interest, Desire, Action. Move from think to feel to do. For a campaign.

32
Q

Push vs pull campaign

A

Push, have retailers push it out for you, pull, go straight to consumer and get them to demand and pull into market

33
Q

Advertising objectives

A

Informative for new, persuasive for rebrand, reminder for established

34
Q

Product or institution

A

Is your campaign about the thing or about a message about your brand

35
Q

Types of appeals in ad campaign

A

Informational or emotional

36
Q

Brand Community Theory

A

In crowd knowledge, exclusivity, rituals, feel like you’re part of a special community (supreme)

37
Q

Authenticity/Legitimacy theory

A

Does the next step continue to match what the brand stands for? Supreme or Nike with meta verse

38
Q

Cool Lifecycle

A

Niche, Mass, Uncool

39
Q

value proposition

A

communicates the customer benefits to be received from a product or service

40
Q

VP statement

A

target market, offering name, product concept, unique benefits

41
Q

Diffusion of Innovation

A

innovators, early adopters, early majority, late majority, laggards

42
Q

Characteristics of channel structure:

A

degree of vertical integration, degree of strength of manufacturer brand, relative power of manufacturer and retailer

43
Q

Types of distribution

A

intensive, exclusive, selective

44
Q

Five Cs of Pricing

A

Company objectives, customers, costs, competition, channel members

45
Q

Break Even Point

A

Fixed Costs/CPU rounded up

46
Q

CPU

A

contribution per unit = price - variable cost

Principles of Marketing (1 decks)

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