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Fall 23 > mktg 301 exam 2 > Flashcards

mktg 301 exam 2 Flashcards

1
Q

marketing strategy is…

A

a middle ground between external and internal planning

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2
Q

What is a company’s mission statement?

A

a statement of an organization’s purpose (why do they exist)

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3
Q

What is an example of a good mission statement?

A

We deliver low prices every day and give ordinary folks the chance to buy the same things as rich people

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4
Q

What does a mission statement mean for other parts of a compay?

A

Leads to more detailed objectives in various departments

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5
Q

What does relative market share mean?

A

company strength

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6
Q

market growth rate

A

market attractiveness

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7
Q

Explain Cash Cows

A

An industry or product that we have a high market share of but a low growth rate (stable, just not expanding)

Predictable revenue

Coke

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8
Q

Explain Question Marks

A

Something that is happening where it is suddenly attractive, low market share but a high growth rate

Use money from cash cows, need funding to invest in the business in question

Goal to grow it into a star

Coke Zero (Pepsi has larger market share)

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9
Q

Explain Stars

A

Trying to expand the market share of our question mark, high growth and high market share

Want it to become a cash cow and settle down overtime

Cherry Coke, new flavors introduced

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10
Q

Explain Dogs

A

An industry or product that is not attractive, low growth rate and low market share

Something that has been tried, but is not successful

Exit when you have a dog

“New coke”, came from a new formula, people rejected it

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11
Q

What are some criticisms of the BCG Matrix?

A

Limited number of variables used

Ignores interrelationships between businesses (Disney movies are dogs, but support Disney as a whole)

Placement of a business in the matrix is highly dependent on definition of a matrix (beverages as a whole vs. Coke sodas)

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12
Q

What is Market Penetration?

A

Increase sales to current customers without changing the products being sold

Can be achieved by…

Price, place, promotion

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13
Q

What is Market Development?

A

Identify and develop new markets (geographic or demographic) for current products

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14
Q

What is Product Development?

A

Offering modified or new products to current markets

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15
Q

What is Diversification?

A

Trying to grow, start up or buy businesses outside of current products and markets

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16
Q

Explain a SWOT analysis

A

Strengths: Internal capabilities that may help a company reach its objectives

Weaknesses: Internal limitations that may interfere with a company’s ability to achieve its objectives

Opportunities: External factors that the company may be able to exploit it to its advantage

Threats: Current and emerging external factors that may challenge the company’s performance

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17
Q

4 P’s of the marketing mix

A

Product, Price, Promotion, Place

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18
Q

What factors go towards a successful implementation?

A

Company culture

Employees shared beliefs and values

Organization structure

Reward systems

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19
Q

What is marketing implementation usually about?

A

positive social relationships

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20
Q

How do you evaluate marketing plans?

A

Set marketing goals

Measure actual vs. Expected performance on goals

Take corrective action to close gaps between goals and performance, Marketing audit (bring in a third party)

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21
Q

What are the parts of segmentation?

A

Divide the total market into smaller segments

Geographic Segmentation

Demographic Segmentation

Psychographic Segmentation

Behavioral Segmentation

Intermarket Segmentation

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22
Q

Why would you divide the total market into smaller segments?

A

Have distinct needs, characteristics, behaviors

Respond similarly to marketing efforts, and therefore…

Might require their own products and marketing (4 Ps)

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23
Q

Geographic Segmentation

A

Dividing a market into different geographic units (country, country region, city size)

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24
Q

Demographic Segmentation

A

Dividing a market based on demographic variables (gender, family size, family life cycle, race, generation)

Easier to measure than most other types of variables

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25
Psychographic Segmentation
Dividing a market based on social class, lifestyle, personality
26
Behavioral Segmentation
Benefits sought Usage occasion User status Usage rate Loyalty status
27
Intermarket Segmentation
Segments of consumer who have similar needs and buying behavior even though they are in different regions Luxury cars, google, Ikea
28
Requirements for effective segmentation
Measurable, Accessible, Substantial, Differentiable, Actionable
29
What is targeting in STP?
Select the segment or segments to enter that are most attractive to our organization Decide on a value proposition Differentiation
30
What is positioning in STP?
Develop positioning for target segments Develop a marketing mix for each segment
31
Explain Differentiated Marketing
Targets several market segments and designing separate offers for each
32
Explain Concentrated Marketing
Targets a large share of one or a few small segments or niches Etsy, tetramin
33
Explain Micro Marketing
Tailoring products and marketing programs to suit the tastes of specific locales and individuals Local marketing, individual marketing
34
Explain Individual Marketing
One to one marketing Main tool: mass customization
35
Explain Positioning
Key concept that is to be communicated to the target consumer Place the product occupies in the consumers mind relative to competing products Products are created in a factory, brands are created in the mind
36
How do you differentiate to create a better competitive advantage?
Product Services Channels People Image
37
Explain Vertical Differentiation
One product is clearly better
38
Explain Horizontal Differentiation
“better” is a matter of opinion
39
What is a good example of a positioning statement
To (target segment) who (need), (brand) is (concept) that (point-of-difference)
40
What is the first level of products?
Core Customer Value Decisions driven by customer behavior, marketing information, microenvironment, macroenvironment, strategy
41
What is the second level of products?
Actual Product Brand name, features, design, quality level, packaging
42
What is the third level of products?
Augmented Product Delivery and credit, after sale service, warranty, product support
43
Convenience, a type of consumer product...
Frequent purchase Low price Wide distribution Sales promotion (ads) gum, toothpaste
44
Shopping, a type of consumer product
Less frequent, some comparison Mid-priced Selective distribution Word of mouth (reviews, publicity, salesperson, traditional advertising) beats, northface jacket
45
Specialty, a type of consumer product
High price Infrequent purchase, low price sensitivity, low comparison across brands Exclusive One to one, carefully targeted bentley
46
Unsought, a type of consumer product
Consumers most likely to compare a $100 jacket Little product awareness Price varies Distribution varies Aggressive sales promotion blood giving
47
Other Products, a type of consumer product
Industrial Products (b2b) Organizations: For profit and non-profit People: politicians, entertainers, pro athletes, doctors, lawyers Places: tourism, country of origin immigration Ideas (social marketing): public health campaigns, environmental campaigns, family planning, human rights
48
Does a brand name need to be inspiring?
no
49
Product attributes, an individual product decision
Quality (Features, style, design) Performance (product performs better), Conformance (something meets an expected standard) Know vertical differentiation
50
Packaging, an individual product decision
selling” Rely on packing to sell product (Campbells soup) Identifies product or brand Supports brands positioning Adds personality to the brand Logo
51
Branding, an individual product decision
Marker of identification for a product A promise to the customer Brand identity and brand consistency lead to feelings of trust
52
What is product line length?
The number of items in a product line
53
How do you adjust the length of a product line?
Stretching: Downward (lower quality), Upward (higher quality), Both directions Filling (more versions of same product)
54
Width, in a product mix
number of different product lines carried
55
Length, in a product mix
number of items in a line
56
Depth, in a product mix
number of versions offered of a product in a line
57
Consistency, in a product mix
how closely related various lines are
58
Explain Brand Equity
the positive effect that knowing the brand name has on customer response to the product
59
What does good brand equity provide
Greater awareness and loyalty Basis for strong, profitable customer relationships Willingness to buy over competitors and/or willingness to pay a premium for the brand
60
What is brand positioning based on
Product attributes Benefits Beliefs and values
61
What are desirable qualities for a brand name
Suggests product benefit and qualities Easy to pronounce, recognize and remember Distinctive Extendable, not limited to one product Translates easily into foreign languages Capable of being registered and legally protected
62
What is some more bullshit about brands?
Genericization voids trademarks legal protection Must include the registered trademark symbol Some include the word “brand” for added protection
63
Brand Extension
Using a successful (existing) brand name to launch a product in a new category Leveraging a brand name and going into a new category
64
Line Extension
Introduction of additional items within the current product category under the same brand name (Avoid cannibalization)
65
Multiband
Multiple brands by the same company in the same product category
66
New Brands
Used when existing brand names are either unsuitable for brand extension or the company doesn’t want to dilute them
67
What are the 4 service characteristics?
Intangibility, Inseparability, Variability, Perishability
68
What is the correct order of the stages of new product development?
1. Idea generation 2. Idea screening 3. Concept development and testing 4. Marketing Strategy Development 5. Business Analysis 6. Product Development 7. Test Marketing 8. New Product Failures 9. Commercialization (launch product)
69
Idea generation
The systematic search for new product ideas Internal sources: Company employees at all levels External sources: Customers, competitors, distributors, suppliers, outsourcing partners
70
Idea screening
Screening process to reduce # of ideas by spotting good ones and dropping poor ones
71
Concept development and testing
Translate your product idea into a detailed concept stated in meaningful consumer terms (What will the consumer get out of this product) Test concepts with a group of target consumers to find out level of appeal
72
Marketing Strategy Development
n initial marketing strategy is designed for the new product, consisting of Target market and initial objectives Launch Tactics Long Term Objectives
73
Business Analysis
Does this idea make business sense Involves a review of the sales, costs, and profit projections to assess fit with company objectives Assess risk under various scenarios IF results are positive, project moves to the product development phase
74
Product Development
Develop from concept into actual product (prototype) Investment increases considerably, moving from idea into realm of reality
75
Test Marketing
Product and marketing program introduced in a limited setting Can be expensive and time consuming and shows your plans to competitors
76
New Product Failures
Only 10% of new consumer products are still on the market and profitable after 2 years Less than 2% are considered truly successful Failures is due to problems at any stage of the marketing process
77
Commercialization (launch product)
Must decide when and where to initially introduce the product Must develop a market rollout plan

Fall 23 (18 decks)

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