Marketing Concepts Midterm 1 Flashcards
(62 cards)
1
Q
Marketing Strategy (CSPEP)
A
consumer behavior (how to influence behavior) + segmentation (groups of consumers the company targets) + positioning + economic valu eof customers + profit
2
Q
Market Research
A
customers, competitors, trends in the marketplace + being proactive
3
Q
Marketing MIX (4P)
A
Product
Pricing
Partnership (people the firm relies on)
Promotion( communication w/ consumers)
4
Q
Definition of Effective Marketing
A
satisfies consumer needs & creates consumer value while obtaining objectives
5
Q
Consumer Decision making process
4 types of consumer information source (personal-word of mouth etc; commercial (ads); neutral (data); experiential (trying headphones in store) ]
- market try to mix commercial into personal & public
A
need recognition –> information research (attrubute perception) –> compare alternatives (which atrribute is the most valuable) –> purchase (purchase intentions lead to purchase behavior) –> post-purchase evaluation (satisfaction perceptions = perceived performance - expectations; reduce cognitive dissonance (did i buy the right car) )
6
Q
satisfaction perceptions
A
perceived performance - expectations)
7
Q
why consumers skip steps
A
low involvement reduces steps + heuristic (greedy)
8
Q
Perceived risk (worry before purchase) perceptions of risk matter
A
risk reduction is a source of consumer value
- psychological (is this the right product); can be reduced by free trials
- financial (expensive vacation)
9
Q
framing =
A
the context of which purchasing decisions are made
i.e fat of milk
10
Q
segmentation strategies
A
- identify (target segments )
- create product that satisfies target needs
- communicate w/ target segment
(find the best target segment for existing product)
11
Q
examples of segmentation strategies
A
- variants of the same product to different segments (kinds of bikes )
- different products to different segments
12
Q
3 characteristics of a good target segment
A
- differential response (preferences differ from other segments)
- diff. accessibility (can focus communications on this segment w/out need to reach other segments)
- high segment potential
- must be compared to others
13
Q
3 kinds of segmentation
demographic segmentation
A
- easy, cheap & fast
strong on efficiency but weak on effectiveness - age, gender, education level, geography etc.
- ex: electric car buyers, lego movies for adults etc.
14
Q
Benefit Segmentation
A
- focus on how product benefits satisfy consumer needs
- find a segment whose common needs make them value particular product attributes
- addresses consumer needs!
ex. toothpaste for sensitive teeth - weak on efficiency / effectiveness +
15
Q
psychographic segmentation
A
- personality, lifestyle , attitudes, interests, opinions
- wants a product that expresses the person who they are
- ex, HD motorcycles, clear tones, romance novels
- efficiency varies & middle level of effectiveness
16
Q
2 kinds of advantages that firms must have
A
= consumer advantage + operating advantage
17
Q
consumer adv.
A
- consumers think that the firm satisfies their demands better than others
- nike, uber etc.
18
Q
opearting adv.
A
- things that the firm does better than its competitors
2. lower production cost , relationship management
19
Q
ideal combination of the 2 advantages?
if you lose one, then build/buy/hire a new one
A
operating advantage that creates consumer advantage
20
Q
environmental analysis
A
- identify geographic trends (who likes what more?)
- changes in consumer tastes (healthier products)
- find emerging trends (live gaming operation)
- economic factors (Brazilian recession)
- regulatory trends (new regulations?)
21
Q
positioning strategy 3 (ACC)
A
- on important attributes
- compared to competitors
- consumer needs
22
Q
( ) is used to position a company
A
market map
23
Q
product locations
A
- dimensions on the market map
- locations represent consumers’ perceptions of products
- measure perceptions with market research
- i.e NYC
24
Q
consumer needs
A
ideal product + liking of the product
- identify potential segments
- find prducts that do not meet the needs of many consumers –> reposition
- unoccupied segments to avoid competition
25
2 common positioning strategy (BP)
beneficial + psychographic segmentations
26
4 ways to reposition
1. move segment's ideal point closer to WSH
2. move perceptions of the product to the ideal segment
3. move perceptions of a competitor away from a segment's ideal point
4. add a new attribute
27
1. move segment's ideal point closer to WSH
* communication, pricing, product, partnership
| Ex: strong advertisement on benefits + before and after surveys
28
2. move perceptions of the product to the ideal segment
* product change + advertise new product
| ex: embellish the existing hotel to a more luxurious level
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3.move perceptions of a competitor away from a segment's ideal point
*emphasis on communication + negative advertising
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3.move perceptions of a competitor away from a segment's ideal point
*emphasis on communication + negative advertising
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4. add a new attribute that competition lacks
add a vertice that diagnostically cross the market graph named (adult and child friendly)
32
the purpose of market research
gather information that improves the quality of marketing decisions
33
2 keys to good market research
1. decision
| 2. information
34
1. decision
(what decision do we make, normally concerning marketing mix and strategy? decrease P? Reposition? )
35
2. information
defines the information the firm wants to obtain to reach a better marketing decision
36
2. information
defines the information the firm wants to obtain to reach a better marketing decision
1. forecast impacts , examine consumer reactions, identify best methods
37
3 types of data (PTS)
primary + secondary + transaction
38
primary data
1. collected for a specific research project
2. + more accurate
3. - expensive & time-consuming
39
secondary data
1. existed data
2. + less expensive & faster
3. - verify accuracy
40
transactional data
1. actual transactions with consumers, but collected w/out a particular research question in mind
2. includes detailed description of transactions and consumers
41
3 types of market research methods (CDE)
Causal (marketing experiments) + descriptive + exploratory
42
exploratory research
1. initial insights + develop hypothesis + discover practical issues in carrying out research +clarify key concepts and definitions
2. small samples of consumers + qualitative data collection + quick
43
types of exploratory research 4
focus group, depth interviews , projective techniques + observations
44
focus groups
1. moderated group discussion (involves elaborating views of others)
2. most popular
3. + rich information ; -high cost
45
depth interviews
1. interviews conducted face to face w/ consumers
| 2. matter explored in depth w/ unstructured and indirect form of questioning
46
projective techniques
1. describe each shopper + sentence completion + picture drawing + narratives
2. + elicit response that subjects are unwilling to gibe + underlying motivations, beliefs and attitudes; -trained interviewers + interpretation
47
observation
1. record behavior of people + obtain information that people don't wanna tell in natural setting/ disguised settings
48
descriptive research (measures market environment)
1. collects information to describe a phenomenon that interests marketer (i.e consumer satisfaction)
49
characteristics in descriptive research
1. information is often quantifative
2. can be used to test hypothesis ( stats)
3. measures marketing environment
50
surveys
1. question wording should be clear and precise (no double negative, double barrels (2 questions in one sentence), leading & loaded questions ( unneutral, subjective statements)
51
challenges to obtain accurate information
1. promotion of social desirable behaviors (refuse to tell the truth to conform w/ the society )
52
causal research (manipulates the environment)
1. manipulates the environment using experiments
| 2. always include control group to reflect general trends
53
2 kinds of experiments in causal research
1. field (manipulate actual marketing environment)
| 2. laboratory experiments (more controlled and confidential; try to replicate marketing setting in a laboratory)
54
consideration set
buying out of the set of brands in a product class of which the consumer is aware are collectively
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cognitive dissonance
post-purchase anxiety
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selective comprehension
consumers perceived the name to mean that Snow Pup was a toy that was too light to do any serious snow removal
57
3 attitude change approaches
(1) Change beliefs about the extent to which a brand has certain attributes.
(2) Change the perceived importance of these attributes. (3) Add new attributes to the product.
58
3 types of reference groups
(1) associative groups—ones to which a person actually belongs, such as a brand community that consists of a specialized group of consumers with a structured set of relationships involving a particular brand;
(2) aspiration groups—ones that people wish to be a member of or identified with; and
(3) dissociative groups—ones that people wish to maintain a distance from because of differences in values or behaviors.
59
5 major members of buying center
use, influencer, decider, agent, gatekeeper
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3 types of organizational buyers
industrial firms, resellers , manufactureres
61
5 steps of marketing research
define a problem --> develop a research plan -- > collect information --> develop findings --> take actions
62
cross tribulation
the method of presenting and analyzing data involving two or more variables to discover relationships in the data. As the most widely used technique for organizing and presenting marketing data, the simple format and flexibility of cross tabulations permit the direct interpretation of and an easy means to communicate the data.
