``` Framework for Making $ Outlines activities (How & When) ```

Marketing Midterm 1 Flashcards by Brillian Qi-Bell

How do people learn

Least: Audio, visual, kinesthetic: Most

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How are people persuaded

Logic, emotions, trust

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3x3 rule

3 words/line

3 lines/ visual

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3 kinds of oppurtunitues *

Recognized: Supply & demand exist but need to be matched (Uber)
Discovered: Either supply or demand exist but not both (cure for diseases)
Created: Both Supply & Demand Created (Beanie Babies)

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5 Characteristics of a good opportunity

1) Significant value for customer
2) Profit Potential
3) Good fit for team
4) Sustainable
5) Can obtain financing

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PEST*

Political/Regulatory (Lisences)
Economic (Economy)
Social (Cultural/Trends)
Technological (Are we utilizing)

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Veiled vs Niche opportunity

Veiled: Have to uncover
Niche: Good for a smaller business that may not have been good for a large one

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Evaluating opportunities *

Customer felt need
Customer Access
Premium Pricing

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Competition (Red vs Blue Ocean)

Number
Strength
Barriers to entry

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Voice of Customer

IMPORTANT
Find out what they think & if they’ll buy
Research: Qualitative & Quant

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Revenue Projection (Market Estimate) *

Aggregate size (Total size of market) x % we can capture

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Venture Concept Statement

What Biz is
Value Provided
Price
Scale 1-10

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Business Model

Framework for Making $
Outlines activities (How &amp; When)

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Value Proposition*

Recognize Customer Problem

Create solution

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3 positions in value chain

Manufactor, Wholesaler, Retailer

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3 Marketing Research*

1) What problem are we trying to solve
2) Colleect & Interpret Info
3) Act on info to enhance successs

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What helps uncover viable marketing opportunities & shapes your marketing plan

Mktg research

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Secondary Research ex

commercial services
govt sources
internet searches
trade associations
journals
reports

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Why interviews work well

1) Easy to reach target
2) Better cost benefit
3) w/o group influences
4) probing necessary
5) testing for viability

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Focus Groups

Consensus /Debate required
Point/ counterpoint
broad topics
BAd
Interaction can draw dormant issues 
group dynamics help discovery

(Primary Reseach) Ethnography

Observe customers (Grocery store milk in back, what things work well together)

Survveys pros & cons

Technology

Personal interview are more truthful

Conjoint study

Trade off of one feature for another (ex, price is low but quality is too)

what do you do with research*

Proceed
Adjust/adapt
move on

5 Consumer buying Process*

1) Problem recognition 2) Info Search (Internal-previous experiences External-Friends) 3) Evaluate Alternatives 4) Purchase decision (Intervening factors) 5) Post Purchase Evaluation

Brand awareness

Are they aware of your product

brand consideration

Assess important needs

Attributes

Why customers purchase your product, what features make it better

Evaluation of Alternatives*

1. Brand Attributes 2. Product Features 3. Aesthetic Attributes 4. Price

4 possible outcomes post purchase*

1) Delight 2) Satisfaction 3) Dissatisfaction 4) Cognitive Dissonance

Psychological Influences*

``` Personality/ lifestyle -Consistent behaviors Motivation -Physical, psychological, physiological Learning -Behavior learning Perception Attitiudes Involvement ```

Sociocultural Influences*

``` CULTURE Formal & informal relationships with other Social class Demographics Reference groups ```

Situational Influences

Purchase task social surroundings Time of day/ amount of time available Mood/ cash on hand

Business to business

Includes everyone except final customer - Manufacturers - retailers - gov agencies

Reciprocity

Doing business with those who do business with you

4 types of competition*

1) Brand (Coke vs Pepsi) Similar product different brand 2) Product: Different product used for same thing (Tea) 3) Generic: Cheaper alternative (Tap water) 4) Total budget competitors: What you could have spent $ on (gum)

Segmentation

Separating customers with common needs

Ultimate test of segregations*

Did it lead to effective marketing

Good segmentation answers

``` What is purchased Who Where How being purchase How much when WHY!!!!* ```

Effective segmentation requirements*

1) similar needs 2) measurable - Size, location, profit 3) Big enough to serve economically 4) Way to reach - Communicating/ delivering

Consumer Segmentation categories

-Behavior -Buying habits SHU-Super heavy user -Demographics (what they are) -Psychographics (who they are) (much easier to get demographics) -Geography -Feature (what something is) -Benefits (What something does)

Composite approach

Combines geographic, demographic, psychographic & behavioral segmentation

Target market*

Main consuming group | where to focus market efforts

Target market criteria

1) Size of segment 2) Expected Growth 3) Competitive position 4) Cost of reaching group 5) Compatible with objectives/resources

Target Market Factors

Purchasers vs Users | Competitive, demographic, lifestyle, and taste changes

Postioning*

making ur brand unique, differentiate

Positioning strategy

Product advantages target market benefits competitor weaknesses

Product based positioning strategies

Product difference Key feature/benefit Problem User/purchaser

Perceptual maps

You know