Final Exam 2 Flashcards
(35 cards)
What is SWOT?
Strengths, weaknesses, opportunities, and threats
What are the 5 C’s of Marketing Strategy?
Customers, Company, Collaborators, Competitors, Context
What is a Target Market?
Group of customers a company wishes to reach
What is the Marketing mix?
Controllable variables the company uses to satisfy the target group
What is a PESTAL analysis?
Political, Economic, Social, Technological, Environment, and Legal factors analysis
What are the 5 parts of a customer’s profile/persona?
Demographic profile - age, gender, education
Geographic variables - state, population, climate
Psychographic profiling - lifestyle, values, personality
Behavioral variables - usage rate, brand loyalty, benefits sought
RFM - Recency, frequency, monetary
What are the 4 P’s of marketing?
Product - physical characteristics, warranties, application benefits
Place - right product to the right place at the right time, in the right amount and in the right condition
Price - combination of science and art to set
Promotion - personal selling, mass selling, sales promotion
What are 4 market situations?
Monopoly -> one company for an entire customer base
Monopolistic Competition -> number of different firms offer marketing mixes that at least some customers see as different
Oligopoly -> small number of firms control the market
Pure Competition -> large number of firms compete with essentially similar of commodity-like products
What are some external marketing environments?
Economic - global economy, rapid change, interest rates are the key economic forces
Political - political stability, trade policy, labor laws
Legal - FDA, Consumer Product Safety Commission (CPSC) (health and safety, advertising standards, product safety, product labeling, consumer rights)
Cultural/Social - Health consciousness, demographic data
What is market segmentation?
An aggregating process that clusters people with similar wants and needs into a market segment.
What is the difference between segmenting and combining markets?
Segmenting develops a different marketing mix for each segment (single target market approach and multiple target market approach)
Combining aims at two or more submarkets with the same marketing mix (could stem from company resources)
What are some criteria for determining segments?
- People in the segment are roughly alike, along some important customer dimensions
- People in the segment are different from people in other segments
- The segment is large enough to be profitable
- the segmenting dimensions should be useful for identifying customers and designing the marketing mix
- If chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment
What are some behavioral dimensions of a consumer?
- Needs
- Benefits sought
- Thoughts/attitude
- Rate of use
- Purchase relationship
- Brand familiarity
- Kind of shopping
- Type of problem-solving
- Information required
What is Positioning?
An approach that refers to how customer think about proposed or present brands in a market; the image your product/service has in the minds of your target customers.
What is dissonance?
uncertainty about the rightness of a decision (second guessing)
What are the steps in a consumer adoption process?
Awareness, Interest, Evaluation, Trial, Decision, Confirmation
Consumer Problem Solving
Drive - unsatisfied need exists leads to Cues - stimuli that trigger a drive or response leads to Response - an effort to satisfy a drive
Reinforcement (response back to cues)
What is the PSSP Heirarchy?
Personal Needs
Social Needs
Safety Needs
Physiological Needs
Perception Types
Selective Exposure - We notice messages that interest us
Selective Retention - We remember messages that are consistent with beliefs and attitudes but do not remember those that conflict
Selective Perception - We let in messages that are consistent with beliefs and attitudes and filter out those that conflict
What is branding?
the use of a name, term, symbol, design (or combination) to identify a product and create an emotional repsonse.
What are some Product Classes?
Convenience products - staples, impulse, emergency buys
Shopping products - homogenous (same), hetero
Specialty products - few or no substitutes”
Unsought Products - new unsought, regularly unsought
What are the four parts of a typical product life cycle?
Market Introduction - gain awareness
Market Growth - stress differentiation
Market Maturity - maintain brand loyalty
Sales Decline - milk, or phase-out or sell
Note: R&D is prior to introduction
What is a direct channel system and why would you choose it?
Direct sales to consumer (no in between channels)
Why:
-greater control
-lower cost
-internet makes direct distribution easier
-direct contact with customers
-suitable intermediaries not available
When are indirect channels best?
- Consumers may shop at specific places or specific brands
- convenience
- established buying behaviors
