MARK 101 Flashcards
(33 cards)
What is market penetration?
Increasing existing customers to buy existing products more or buy more often.
An example of penetration is increasing open hours so customers buy more.
What is market development?
Promoting existing products to new people.
This can include opening stores in new countries.
What is product development?
Developing new products for an existing fan base.
Examples include new flavors and seasonal drinks.
What is diversification in marketing?
New products to new people.
An example could be selling fruit juice and coffee.
What are line extensions?
Extending an existing brand name into new forms, colors, or sizes within an existing product category.
Examples include red peanut butter or Red Bull watermelon.
What are brand extensions?
Extending an existing brand’s name to new product categories.
An example is a company that makes peanut butter also producing almond butter.
What does segmentation and targeting involve?
Deciding which customers to serve and how to serve them.
What is a SWOT analysis?
Evaluating the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T).
Refer to Figure 2.6 for a visual representation.
What is a functional organization in marketing?
A structure where the marketing department is divided into specialized teams based on specific functions.
Functions can include advertising, market research, sales, digital marketing, and customer service.
What is a geographic organization in marketing?
Teams organized across certain geographic locations.
What is a project management organization?
Working through projects individually instead of overall.
This structure allows flexibility to manage multiple brands.
What is observational research?
Gathering primary data by observing relevant people, actions, and situations.
What is ethnographic research?
A form of observational research that involves sending trained observers to watch and interact with consumers in their ‘natural habitats’.
What is the role of an intermediary in marketing?
Resellers.
What does an executive summary provide?
A brief summary of the main goals and recommendations of the plan for management review.
What does the current marketing situation describe?
The target market and company’s position in it, including information about the market, product performance, competition, and distribution.
What are the 4 P’s of marketing?
- Product (value creation in the form of a product)
- Price (value capture from customers)
- Place (where you can buy it)
- Promotion (how to communicate the value of your product and convince customers to buy it)
How does strategic planning differ from long-term planning?
Strategic planning focuses on how to position ourselves to compete, while long-term planning focuses on how we want to end up in six years.
What is marketing myopia?
A business focus on the product rather than the value for customers, such as accessibility and experience.
What should a market mission focus on?
Customers or the union between the product and customers.
What is a mission statement?
A statement of the organization’s purpose – what it wants to accomplish in the larger environment.
What does macro environmental analysis examine?
Broad global forces that impact selling a product, including demographic, economic, natural, technology, political, and cultural factors.
What are some demographic factors that can impact marketing?
- Global/national population trends
- Changes in family structures
- Generational differences in buying habits.
