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MGT8803 > Marketing > Flashcards

Marketing Flashcards

(84 cards)

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1
Q

What is positioning?

A

How customers think about proposed or present brands; the target customer’s brand image

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2
Q

What does positioning statement do?

A

Provide direction for marketing strategy

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3
Q

What is differentiation?

A

Utilizing the marketing mix in a distinct way so customers see the product as different

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4
Q

What are some examples of differentiation?

A

Lowest price
Owning a product attribute
Maxing user experience

First to market
Perceived as innovator

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5
Q

What are the steps of consumer adoption process?

A

Awareness
Interest
Evaluation
Trial
Decision
Confirmation

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6
Q

What elements decide likely responses for consumer buying behavior?

A

Drive
Cue
Response

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7
Q

What are the influences on consumer buy/no buy behavior?

A

Marketing mix =
Economic needs

Other stimuli=
Psychological variables
Social influence
Purchase situation

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8
Q

What are psychological needs within an individual?

A

Needs (innate)
Wants (learned)
Drives (unsatisfied needs)

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9
Q

Describe the hierarchy of needs

A

<base></base>

Physiological needs
Safety needs
Social needs
Personal needs

<Top>
</Top>

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10
Q

How does perception determine what consumers see and feel?

A

Selective exposure
Selective retention
Selective perception

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11
Q

What are the main lifestyle dimensions of consumers?

A

Activities
Interests
Opinions
Demographics

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12
Q

What are indicators of social class in US?

A

Occupation
Education
Type of housing
Location of housing

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13
Q

What are some social influences?

A

Culture
Reference group
Opinion leaders

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14
Q

Types of organizational consumers

A

Producers (Manufacturers)
Intermediaries (Wholesaler/retailer)
Government units
Non-profit

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15
Q

What are the key differences of b2b consumers?

A

Purchase criteria and specs
Multiple buying influences
Problem-solving process
Buyer-seller relationships
B2b e-commerce

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16
Q

Where do the multiple influences of b2b customers come from, and what are its elements?

A

Buying center

Buyers
Influencers
Gatekeepers
Deciders
Users

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17
Q

What are some organizational buying influences?

A

Vendor analysis
Behavioral needs
Ethical conflicts
Centralized purchasing

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18
Q

What are the main organizational buying processes?

A

New task buying
Modified rebuy
Straight rebuy

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19
Q

What are some business relationship dimensions?

A

Legal bonds
Info sharing
Cooperation
Operational linkages
Relationship specific adaptations

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20
Q

What are the elements of product planning for goods and services?

A

Packaging (protect promote enhance)
Idea (features, exp, quant)
Classes (b2b or b2c)

Branding
Warranty (extent)

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21
Q

What are the levels of brand familiarity?

A

Insistence
Preference
Recognition
Non-recognition
Rejection

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22
Q

What are the key issues on favorable conditions for branding?

A

Price/demand
Economies of scale
Easy to label/identify
Product quality and value
Availability
Shelf/display space

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23
Q

What kinds of brands are there?

A

Generic brand
Licensed brand
Individual brand
Family brand

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24
Q

What does packaging do?

A

Protects
Promotes
Enhances

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25
Elements of warranty policies
Writing, promises in Magnuson-Moss act (clear text) Service guarantee May improve marketing mix
26
What are business product classes?
MRO supplies Installations Components Raw materials Accessories Professional services
27
What are consumer product classes and sub classes?
Convenience -staples -impulse -emergency Shopping -Homogeneous/heterogeneous Specialty Unsought -new/regularly unsought
28
What are the stages of product life cycle?
Market Introduction -gain awareness Market Growth -stress differentiation Market Maturity -maintain brand loyalty Sales decline -milk, phase-out, or sell
29
What are some common investments in market growth?
Sales promo Market research Heavy ads High unit costs
30
What are the characteristics of market growth?
Innovation attracts competition Monopolistic competition Profits peak then begin to decline
31
What are the characteristics of market maturity?
Persuasive, costly promos Brands similar Greater price competition/sensitivity Mature stage may last a long time
32
What elements does the product life cycle length depend on?
Ease of use Ease of communication Can be tried Compatible Competitive advantage
33
How long is a product new according to FTC?
6 months
34
What are the steps in new product development?
Idea generation Screening Idea evaluation Development Commercialization
35
What is marketing?
Creation or satisfaction of demand for a good/service
36
What is strategy?
How a brand will achieve its objectives
37
What is tactic?
Specific action or method that’s contributes to achieving a goal
38
What does a firm do in marketing?
Needs, analyze Wants, predict Demand, estimate Where, determine Price, estimate Promotion, decide Competition, estimate Service, provide
39
What are the five Cs?
Customers Company Collaborators Competitors Context
40
What are the elements of customer marketing model?
Awareness Interest & engagement Acquisition Segmentation Retention Support & advocacy
41
What are the main ways in which customers are profiled?
Demographic profiling Geographic variables Psychographic profiling Behavioral variables RFM (recency, frequency, monetary)
42
Describe the buyers journey
Discovery -loosen status quo -committing to change Consideration -exploring solutions -committing to solution Decision -justifying -making selection
43
Describe the elements of a firm’s marketing program
Target market + mix = strategy Strategy + time details = plan Marketing plan + others = program
44
What are the elements of marketing planning?
Set objectives Evaluate opps Create strategies Prepare plans and program
45
What is the flow of the management job in marketing?
Marketing planning Implement plans/program Control plans/program
46
What are the 4 Ps?
Product Place Promotion Packaging
47
Describe the attractive opportunities cycle
Breakthrough opportunities Competitive advantage Avoid hit or miss marketing
48
What are the attributes of managers?
Marketing-oriented manager -differentiates for targeted marketing Production-oriented manager -sees everyone as same and mass markets
49
What is market penetration?
Drive increased sales of current product in existing markets
50
What is product development?
New/unique benefits in products to create new markets
51
What does LTV stand for and what is it?
Lifetime customer value Relationship that develop satisfied customers + Time = Return business
52
What are the product elements of the marketing mix?
Physical characteristics Application benefits Warranties
53
What are the elements of the place element of the marketing mix?
Right -product -consumer -place -time -quantity -condition
54
Types in the promo element of marketing mix
Personal selling -direct2c, customer service Mass selling -ads, publicity Sales promotion -stimulate interest -encourage trial
55
What are the price elements of the marketing mix?
Price -geographic price -competition -flexibility -objectives -over the lifecycle -discounts and allowances
56
What is segmentation?
Clustering people with similar wants and needs
57
What does segmentation do?
Defines possible target markets Develops a different marketing mix for each segment
58
What are some analytical techniques for segmentation?
Clustering CRMs
59
What is the best practice approach for segmenting product markets?
Select broad market Identify customer needs Firm initial homogenous market Identify determining dimensions Name possible product-markets Evaluate segment behaviors Estimate size of segment
60
Describe the two activities of channel specialists and their sub activities
Adjusting discrepancies -accumulating (collecting from many small producers) -bulk-breaking (dividing into smaller quantities) Adjusting assortment -assorting (assembling varieties) -sorting (separating grades)
61
What are marketing strat planning decisions for place?
Place objectives Direct vs indirect channels (type) Channel specialists Channel relationships Market exposure
62
What are key issues in place objectives?
Product classes suggest place objectives Place decisions have long-run effects Place systems may be complex
63
Reasons for choosing direct channels
Greater control Lower cost Internet eases direct distribution Direct contact with customers Suitable intermediaries not available
64
What is the problem with too much marketing exposure?
Increases marketing costs unnecessarily
65
What are the three market exposure strategies and their meaning?
-Intensive (sell it where they buy it; convenience) -Selective (sell it where it sells best; shopping products; moves to intensive as demand grows) -Exclusive (sell it thru one intermediary)
66
What is multi-channel distribution?
Using multiple channels to reach the same customers
67
Name the five modes of physical transportation and their best feature(s)
Truck (locations served, frequency of shipments, dependability) Rail Water (low cost, variety of goods) Air (very fast, frequency, dependability) Pipeline (dependability)
68
Features that retailers offer
Product selection Place decisions Promotion Prices Emotional needs Shopping atmosphere
69
What are the types of retailer offerings?
Single and limited line stores Specialty and department stores (Macy’s, gap) Supermarket, club, (Kroger, Sam’s, ikea, HD) Convenience, vending, door2door (7-11) Internet (Amazon)
70
What are the three types of wholesaler?
Service merchant WS -general merch, specialty WS (All functions, owns products) Limited-function WS -cash n carry, drop ship, catalog (Some functions, owns products) Agent WS -auction cos, brokers, (Doesn’t own products)
71
Key pricing policies
Price flexibility Price levels over product cycle Discounts and allowances Transport costs
72
Pricing objectives
Profit oriented -target return -maximize profits Sales oriented -sales growth -market share growth Status quo oriented -nonprice competition (other p’s) -meeting competition
73
Two pricing policies
Skimming -gradually lower Penetration -start low to discourage competition
74
Types of discounts
Quantity Seasonal Cash Trade Sale
75
What does 2/10 net 30 mean?
2% off if invoice is paid in 10 days, with net due in 30 days, and additional interest after 30 days
76
Primary criteria in deciding selling channel (place)
Cost Capital Coverage Control Content Congruency
77
Six types of costs
Total fixed cost Total variable cost = total cost Avg unit cost Avg fixed cost Avg variable cost
78
What are types of price analysis?
Average cost analysis Break even analysis (costs oriented) Marginal analysis (accounts for downward demand curve)
79
What are elements that make a consumer price sensitive?
Substitutes Ease of comparison Who pays Total expenditure End benefits Switching costs
80
What is bid pricing?
New prices for every job -cost estimations are tough
81
What are types of promotion?
Personal selling (direct verbal comm) Mass selling (ads, publicity) Sales promotion
82
What are ways to decide on promotion budgeting?
Percentage of sales Task method
83
Ad goals
Position brands Introduce new products Obtain outlets Ongoing contact Support sales force Get immediate action Maintaining relationships
84
Types of advertising
Institutional advertising Product advertising -pioneering advertising -competitive advertising -reminder advertising

MGT8803 (8 decks)

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