Let’s Goo

Question 1

Consumer behavior

4 major factors influencing

Answer 1

Cultural

• sub culture
• social class

Social

• reference groups
• family
• roles and status

Personal

• age, life cycle
• occupation
• economic status
• personality

Psychological

• motivation
• perception
• learning
• beliefs

Question 2

4 major brand strategy decisions

Answer 2

1>2>3>4

1. Brand positioning
   - attributes
   - benefits
   - beliefs and values
2. Brand name selection
   - selection
   - protection
3. Brand sponsorship
   - manufacturers brand
   - private brand
   - licensing
   - co-branding
4. Brand development
   - line extension
   - brand extensions
   - multi brands
   - new brands

Question 3

4 major price adjustment strategies

Answer 3

1. Discount and allowance pricing
2. Segment pricing
   - adjusting prices to allow for differences in customers, products or locations
3. Promotional pricing
4. International pricing

Question 4

Consumer marketing channels

Answer 4

Manufacturing > consumer ( direct )
Manufacturing > retailer > consumer
Manufacturing > wholesalers > retailer > consumer
Manufacturing > wholesalers > jobber > retailer > consumer

Question 5

Marketing information system

Answer 5

People and procedures for assessing informational needs developing the needed information and helping decision-makers to use the information to generate and validate actionable customer and marketing insights

Question 6

Influencing the marketing of service

Answer 6

1. Intangibility - Service cannot be seen, tasted, felt, smellt, heard before purchase
2. Inseparability- Services cannot be separated from their providers
3. Variability- Quality of services depends on who provides them and when, where and how
4. Perishability - Services cannot be stored for later

Question 7

Product life cycle stages

Answer 7

1. Product development
2. Introduction - a period of slow sales growth as the product is introduced to the market
3. Growth - the period of rapid market acceptance and increaseing profits
4. Maturity - a phase of slowdown in sales growth
5. Decline - the last stage when sales fall off and profits drop

Question 8

Sweet spot

Answer 8

You want for competitive advance

Like oatly against milk. With the sweet spot being coffee

Question 9

BCG Matrix

Answer 9

Ex Apple

Star (mac) > ?? (Air pods)
^ ^
Cash cow (iPhone) Dog (iPod)

Question 10

Marketing information, why

Answer 10

To gain customer insight and improve marketing decision

Competitors can copy process and products, but they can’t replicate the company’s information

Marketing information system - people and procedures

Question 11

Purpose of marketing research

Answer 11

To support the marketing manager by providing information and insights that can be used in making marketing decisions