Quiz 2 Flashcards by Ben Zammit

What is marketing strategy

Who is your target market
Marketing mix (4 p’s)
How will you be different from your competitors (SCA)

Always in this order

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4 main ways to build a SCA

Customer excellence
Operational excellence
Product excellence
Locational excellence

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How is customer excellence displayed

Very loyal customers and very good customer service

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How is operational excellence displayed

Efficient operations and excellent supply chain management

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How is product excellence displayed

The products actually satisfy needs/wants and values and the use of branding and positioning

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How is locational excellence displayed

Location, location, location

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SWOT

Strengths, weaknesses, opportunities, and threats

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What is the document that acts as a guidebook for marketing managers

Marketing plan

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Mission statement

Focuses on the benefits rather than the goods/services the organization provides

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Strengths (SWOT)

Internal - Consistent high quality performance

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Weaknesses (SWOT)

Internal - One man show/far distance from clients

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Opportunities (SWOT)

External - Can get new customers from GVSU

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Threats (SWOT)

External - Local economy/changing regulations

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Marketing objectives

A statement of what is to be accomplished

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SMART objectives

Specific Measurable Attainable Relevant Timeframe

Make sure it matches the mission statement (consistent)

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What is a market

A group of consumers/organizations that all have the same general need or want

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Segmentation

The process of breaking a market into segments

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Example of a segment

Women vs. men in the market for shampoo

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What is a segment

All have some general need/want that share some other characteristic that separates them from the rest of the market

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What is a target market

A segment(s) of the market that you try to satisfy with a valuable 4 p’s

Better term for a target market is a target segment

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What is positioning

Defining all 4 p’s in such a way that the customer gets clear, distinctive, and desirable understanding of what the product does/represents in comparison with the competition

The image in a customers mind

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Need recognition

What is your actual and desired state

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Actual state

What you would be doing if you didn’t buy a product/service

Desired state

What you would you be doing if you bought the product/service

Marketing controlled info search

Ads, websites, etc

Non-marketing controlled info search

Consumer reviews, friends, etc

What is the main goal for marketers

Make the consumer realize they have a need

Performance risk

Inherent danger in poorly performing product

Physiological risk

The risk of bodily harm if the product performs poorly

Financial risk

If the product isn't worth the risk

Social risk

If family and friends regard the product/service negatively

Psychological risk

What might happen if a product doesn't convey the right image

Evoked set/consideration set

Brands that you were considering for further consideration

If you are brand loyal, can you have an evoked set?

No, being brand loyal means that you cannot consider any other products

Compensatory decision rule

Tradeoffs were made

Non-compensatory decision rule

What performs best on most important characteristic

Cognitive dissonance

Doubt or tension that you made the wrong decision Actions don't match your beliefs

Macroenvironment

DSTEP – culture, demographics, social, technology, economic, political/legal.

These help companies track what a customer does on the web, allowing marketers to better meet needs/wants but increasing privacy concerns.

RFID

(Radio Frequency Identification) enables firms to track an item from the moment it was manufactured, through the distribution system, to the retail store, and into the hands of the consumer.

The mobile channel

makes customers more loyal and more likely to spend more with a particular retailer.

Baby Boomers

Born between 1946 and 1964, this large group of consumers has massive buying potential.

The group born after the Baby Boomers

called Generation X and is smaller in number. The group that follows is called Millennials or also called Generation Y.

Ethnicity is increasing in the U.S. due to

immigration and higher birth rates (compared to Caucasians) among African Americans, Hispanics and Asians.

Culture

the shared meanings, beliefs, morals, values, and customs of a group of people.

Which group aren't influenced by advertising very much

Hispanics

Fastest growing ethnic group

Asians

Three major factors that influence the state of the economy

inflation, interest rates, and exchange rates.

Stronger U.S. dollar makes

U.S. products more expensive overseas and foreign products less expensive for us (U.S.).

If interest rates rise

people borrow less and save more

The Consumer Product Safety Commission

sets safety standards for consumer products (products used in the home).

The Federal Trade Organization

regulates unfair competitive practices and practices that deceive or are unfair to consumers.

Advertisers of food targeting children must follow these guidelines:

The food must 1) have reasonably proportioned sizes 2) provide basic nutrients 3) less than 30% calories from fat 4) no added sweeteners 5) ads can’t be aired during children’s programing and the 6) the food cannot be linked to cartoon/celebrity figure if unhealthy?

Greenwashing

when firms exploit a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales?

Various social trends are shaping consumer values in the U.S

greener consumers, health & wellness & privacy issues.

Consumers use reference groups to make comparisons with

with how they think, feel & act. Specifically, reference groups affect buying decisions by doing 3 main things: offer information, provide punishments/rewards for behavior, & help enhance a consumer’s self-image.