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U1 Integrated Management INTG 202 > lecture 2 > Flashcards

lecture 2 Flashcards

(68 cards)

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1
Q

what is in the marketing mix

A

– Products&Services
– Pricing
– Promotions
– Place

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2
Q

what is in the marketing mix

A

– Products&Services
– Pricing
– Promotions
– Place

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3
Q

what does the marketing mix target

A

customers

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4
Q

what is A product

A

is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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5
Q

what are Services

A

are intangible activities or benefits that an organizationprovidestoconsumersin exchange for something of value.

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6
Q

A winning value proposition is more than just the Core product/service; what is ti

A

experience, community, packaging, brand, features, actual product/service, augmented product//service

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7
Q

what is the Product Life Cycle (4 stages)

A

introduction
growth
maturity
decline

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8
Q

what is A product

A

is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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9
Q

what are Services

A

are intangible activities or benefits that an organizationprovidestoconsumersin exchange for something of value.

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10
Q

what is the difference between customer, client and consumer

A

customer, buy
client, receive
and consumer, use

CAN be the same person

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11
Q

what do do Products require

A

different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage

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12
Q

do Products and services have a limited life

A

yes

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13
Q

do Product sales pass through distinct stages

A

yes

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14
Q

do products have just one level at all stages

A

no, Profits rise and fall at different stages

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15
Q

what do do Products require

A

different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage

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16
Q

what is the Product Life Cycle’s coordinating consumers

A 
innovators-- pre intro
early adaptors-- intro
early majority--growth
late majority-- growth
laggards-- decline
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17
Q

wha are laggards

A

fear of debt, neighbours and friends are informational sources

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18
Q

what are early adaptors

A

leaders in social setting, slightly above average education

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19
Q

what are early majority

A

deliberate, many informal social contacts

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20
Q

what re late majority

A

skeptical, below average social status

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21
Q

wha are laggards

A

fear of debt, neighbours and friends are informational sources

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22
Q

what are The Four I’s of Services

A

 Intangibility  Inconsistency

 Inseparability  Inventory

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23
Q

What is a Brand

A

A brand is a name, term, symbol, design, or combination thereof that identifies a seller’s products and
differentiates them from competitors’ products.
 The brand is an entity, a resource that has to be built and nurtured through time
 Brand is often over and above the actual offering

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24
Q

what are examples of customer awareness and associations

A

Awareness;
Logo
name
jingle

Associations;
personality
smell
sund
colour
shape/packaging
etc
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25
what is Brand Equity
Brand equity is the positive differential effect that knowing the brand name has on customer response totheproductor service
26
what is the BrandEquity equation
StrengthofBrandAwareness+ Brand Associations vis-à-vis the competition
27
explain Brand Equity: Strength of Brand Awareness+ Brand Associations vis-à-vis the competition
– Higher the level of brand awareness higher the equity | – More complex and hard to imitate/substitute positive brand associations higher the equity
28
Brand
``` Larger margins More inelastic consumer response Greater channel cooperation Increased marketing communications effectiveness Possible licensing opportunities ```  Improved perceptions of product performance  Greater consumer loyalty  Less vulnerability to competitive marketing actions  Less vulnerability to crises
29
what are Brand Elements
Brand elements serve to identify and differentiate the brand.
30
what is the Importance of Pricing
revenue
31
New Products do what to the PLC
extend the PLC and leveraging the power of brands instead of a decline stage, it can have more growth
32
Sources for New Product Ideas
``` Competitors customers suppliers retailers employees distributers etc ```
33
New Products Fail at a High Rate: what is the stat
80% fail within year 1 | 10% more fail within 5 years
34
is Pricing is both REAL or PERCEPTUAL
both
35
what are Pricing Constraints
```  Demand  Costs  Competition  Economic Regulation  Pricing Dynamics  Product lifecycle (newness)  Single product vs. product line  CUSTOMER VALUE PERCEPTIONS ```
36
what is are the 2 extremes for pricing (value pricing)
``` Price Ceiling (what is the most that we can charge for a burger?) ``` ``` Price Floor (what limits how little we can charge?) ```
37
how to determine Value Pricing
Customers buy if Value > Price | Firms sell if Price>Cost
38
what is the PLC stage associated with persuading
growth
39
what is the PLC stage associated with informing
introductiona nd early growth
40
what is the PLC stage associated with reminding
maturity
41
what is the PLC stage associated with persuading
growth
42
what are the different types of media (media proliferiation)
owned, earned, paid
43
can forms of media overlap
yes it is more of a continuum than anything
44
what is earned media
blogs forums, word of mouth
45
how to Integrated Marketing Communications
 Set Clear Objectives  Identify key Consumer Segments to Target  Decide on the key message based on positioning  Leverage multiple media to engage consumers at various points in their purchase journey. – Mixcommunicationvehicles – Offlinevs.Onlinevs.both – Type of message (emotional vs .rational vs.mix) – Potential synergies across media – Plans for leveraging Paid, Owned, and earned  Roll out the plan and have clear metrics to measure success – Reviseand refine if necessary
46
what are Channels
place
47
What Can Channels Do?
information, communication, inventory carrying, transportation, financing, risk taking, physical distribution, innovation, servicing
48
how to Integrated Marketing Communications
 Set Clear Objectives  Identify key Consumer Segments to Target  Decide on the key message based on positioning  Leverage multiple media to engage consumers at various points in their purchase journey. – Mixcommunicationvehicles – Offlinevs.Onlinevs.both – Typeofmessage(emotionalvs.rationalvs.mix) – Potentialsynergiesacrossmedia – PlansforleveragingPaid,Owned,andearned  Roll out the plan and have clear metrics to measure success – Reviseand refine if necessary
49
what are the Types of Channels
``` direct/online channel retail/broker channel wholesaler channel C2C channel B2B channel ```
50
What Can Channels Do?
information, communication, inventory carrying, transportation, financing, risk taking, physical distribution, innovation, servicing
51
Factors Affecting Channel Choice
Image & Quality Signals Economic Environment product factors consumer habit and preferences
52
what are the Types of Channels
``` direct/online channel retail/broker channel wholesaler channel C2C channel B2B channel ```
53
Channel Conflict comes with what
growth
54
Conflict can be lowered by understanding, explain
– Is the channel profitable as a whole? Ensuring that channel partners understand the flows across the value chain. – Ensure that every partner makes money. – Ensure that channel partners have sufficient economic incentives to participate. If possible, separate partners based on consumer segments served. – The “Soft” power of trust and commitment – The“Hard” power of contracts
55
Conflict management in multi-level channels starts with understanding what
What is the nature of conflict?Verticalvs.horizontalconflict(i.e., Conflict at different levels (vertical) and samelevel (horizontal)) what
56
Conflict can be lowered by what
understanding
57
Conflict can be lowered by understanding, explain
– Isthechannelprofitableasawhole?Ensuringthatchannelpartners understand the flows across the value chain. – Ensurethateverypartnermakesmoney. – Ensurethatchannelpartnershavesufficienteconomicincentivesto participate. If possible, separate partners based on consumer segments served. – The“Soft”poweroftrustandcommitment – The“Hard”powerofcontracts
58
give summary of  Understand Customer Segments and Target Customers
– Utilize the four bases
59
give summary of  Evaluate Positioning and positioning map –
Positioning including positioning map | – Points of Parity and Points of Difference
60
give a summary of  Product:
– In-depth product understanding (core benefit, augmented product, etc.) – PLC status and issues -Development and leverage o fbrand equity
61
Key Takeaways: Product/Services are morethan core offering and have life cycles, ecplain
Brands are valuable resources and are embodied in key brand elements. Brand equity is the strength of consumer brand awareness and associations
62
give summary of Selling
– Channel strategy | – Potential channel conflicts and conflict management – Where the product is available
63
give summary of promotion
Communication objectives &key message – Use of appropriate communication mix
64
Key Takeaways: Product/Services are morethan core offering and have life cycles, ecplain
Brands are valuable resources and are embodied in key brand elements. Brand equity is the strength of consumer brand awareness and associations
65
The key to pricing is what
understanding what gives customer value
66
Communications help inform, persuade, and remind target segments; explain
Therearepaid,owned,andearnedmediathatshouldbeleveraged synergistically usingan integrated marketing communicationsplans
67
Channels are an important element of marketing strategies, explain –
With growth channel conflict is to be expected and need to be effectively managed
68
 Marketing plans require what
a systematic thought

U1 Integrated Management INTG 202 (9 decks)

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