quiz 3 (ch 2 stuff) Flashcards
(27 cards)
strategic marketing plan?
evolves from an organizations overall corporate strategy and serves as a guide for specific marketing programs and policies
what is marketing strategy based on?
situational analysis
what are market opportunities?
areas where there are favorable demand trends, where the company believes customer needs and opportunities aren’t being satisfied and where it can compete effectively
what about consumers are marketers generally competing for?
their discretionary income!! so must understand the ways potential customers choose to spend their money
how can companies achieve a competitive advantage? (5)
having quality products that command premium price.
provide superior customer service
have lowest production costs and lower prices.
dominating channels of distribution.
advertising that creates & maintains product differentiation and brand equity.
target marketing?
companies develop different marketing strategies to satisfy different consumer needs
4 steps of target marketing?
identify markets with unfulfilled needs.
segmenting the market.
targeting specific segments.
positioning one’s product or service through marketing strategies.
what does market segmentation consist of?
dividing a market into groups that 1. have common needs and 2. will respond similarly to marketing action
geographic segmentation?
markets divided into diff geographic units
demographic segmentation?
dividing market on basis of age, sex, family size, etc.
psychographic segmentation?
dividing market on basis of personality, lifecycles, and/or lifestyles
behavioristic segmentation?
dividing consumers according to their usage, loyalties, or buying responses to a product
benefit segmentation?
grouping consumers on basis of attributes sought in a product
what does selecting a target market consist of? (2)
determining how many segments to enter and which segments offer the most potential
what are the 3 market coverage alternatives available?
undifferentiated marketing, differentiated marketing, and concentrated marketing
undifferentiated marketing?
ignoring segment differences and offering just one product or service to entire market
differentiated marketing?
marketing in a number of segments, developing separate marketing strategies for each
concentrated marketing?
used when the firm selects one segment and attempts to capture a large share of this market
factors involved in determining attractiveness of markets? (4)
sales potential of the segment.
opportunities for growth.
competition.
firms own ability to compete.
what forms can an organizations offering come in to consumers? (4)
physical product, service, cause, or person
product symbolism?
what a product or brand means to consumers and what they experience in purchasing and using it
what are the goals of branding? (3)
build and maintain brand awareness and interest.
develop and enhance attitudes toward the company, product, or service.
build and foster relationships between the consumer and the brand.
what is brand identity?
the combination of the name, logo, symbols, design, packaging, and image of associations held by consumers
brand equity?
intangible asset of added value or goodwill that results from the favorable image, impressions of differentiation, and/or the strength of consumer attachment to a company name, brand name, or trademark
