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AFM 207 > AFM 207 > Flashcards

AFM 207 Flashcards

1
Q

What is marketed

A

Persons, goods, experiences, event, information, idea, services

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2
Q

who markets?

A

marketers do so to get attention, purchases, donations, or votes

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3
Q

Key customer market

A

Global, business, consumer, government

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4
Q

marketing requires an exchange

A

communication and delivery for money and informaiton

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5
Q

Marketing requires decisions relating to….

A

4 Ps

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6
Q

Product includes:

A

brand, quality, features, packaging, warranty

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7
Q

Price includes:

A

list price, discount, allowances, cost, payment period, credit term

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8
Q

Promotion includes:

A

advertising, sales promotion, personal selling, public relations, direct marketing, and digital media

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9
Q

Place includes:

A

marketing channel, distrubution intensity, location (online or retail), supply chain, logistics

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10
Q

what is a model?

A

stylized representation of reality that structure our thinking about how the world works

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11
Q

Issues using a model

A
  1. hard to retreieve relevent mental models in a given situtation
  2. limitions - overpresent, underpresent, malrepresent
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12
Q

types of models:

A

verbal, box and arrow, mathimatical, graph

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13
Q

ATAR Model:

A

awarness, trial, availability, repeat
=potential buyers x awarness (%) x aware and try (%) x availability x repeat (1+r) x profit

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14
Q

Model benefits:

A
  1. offers in sights
  2. align management belief with marketing policy
  3. don’t need hard data
  4. enables large model ROI
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15
Q

What is marketing?

A

acitivity and process for creating, communicating, and delivering offers that have value for customers and society at large

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16
Q

Need vs. want

A

need: when a person feels deprived of the basic neccessities of life
want: particular way in which a person chooses to fulfill their need (based on culture, personality, and knowledge)

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17
Q

STP Approach:

A

Segmentation, targeting, and positioning

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18
Q

what is STP used for

A

decision process used to identify and select groups of potential customers

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19
Q

what is segmentation in STP:

A

whose needs are the same and whose are different

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20
Q

what is targeting in STP

A

who can be reached profitably

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21
Q

what are the 2 steps to segmentation:

A
  1. segment the market
  2. describe the market segment that helps us determine how to serve them
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22
Q

what are the 3 steps in targeting

A
  1. evaluate the attractiveness of each segment and opportunities
  2. select 1 or more segments to serve
  3. find and reach target customers
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23
Q

what are the segment bases:

A

geographic, demographic, psychographic (how customers describe themselves), behavioural

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24
Q

what are examples of psychographic segments and behavioural segments?

A

P: lifestyle, value, self-concept, personality
B: loyalty, usage rate, benefits sought, user status

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25
Q

Criterion for effective segmentation (3):

A
  1. size and growth
  2. structural characteristics
  3. product and market fit
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25
Q

effective segment: product-fit examples

A

fit, relation with other segments, profitability

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26
Q

Effective segment: structural characteristic examples

A

competition, segment saturation, protectability, environmental risk

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27
Q

what is a target market:

A

group of people for which an organization designs, and implements a marketing mix intended to meet the needs of that group

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28
Q

Targeting strategies (4)

A
  1. mass (everyone)
  2. multisegment
  3. concentrated (niche/1 segment)
  4. micro (individual)
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29
Q

what is a position?

A

the place the product occupies in consumer mind relative to competing products.

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30
Q

positioning methods:

A
  1. value
  2. product attribute
  3. benefit/symbolism
  4. competition
31
Q

How does a positioning map work?

A

place competitors on a map and position yourself along the same dimensions. the closer you are, the fiercer the competition

32
Q

Mapping methods in marketing (3):

A

Perceptual, preference, joint-space

33
Q

what are attribute-based perceptual maps:

A

from customer evaluations of competing products along with pre-specified attributes

34
Q

4 steps for attribute-base perceptual maps:

A
  1. identify an attribute
  2. obtain perception data from the target segment
  3. select a perceptual mapping method
  4. plot
35
Q

Mapping brands:

A

brands that are close on the map are close competitors

36
Q

what are preferences:

A

they allow customer to choose among alternatives but they do not indicate which attributes should be changed to better a product

37
Q

what does an ideal point preference map look like?

A

Negative quadratic

38
Q

what does a vector preference model look like:

A

linear graph

39
Q

Joint-space mapping:

A

it incorporates both perception and preference

40
Q

What is differentiation?

A

Creating tangible/non-tangible differences in 1 or more attributes between your product and a competitor’s

41
Q

what is positioning?

A

set of strategies a firm develops to differentiate its offerings in the minds of its customers

42
Q

What are the different eras of marketing:

A
  1. production era (products will sell themselves)
  2. sale-oriented era
  3. market-oriented era: focus on what the customer wanted
  4. value-based era: focus on creating greater value than competitors
43
Q

what is are customer values?

A

they mean different things to different people and are measured by what a customer exchanges for various options

44
Q

Types of benefits

A

economic, functional, psychological

45
Q

types of prices:

A

monetary, perceived risk, inconvenience

46
Q

List Maslow’s hierarchy, bottom-up:

A

Physiological, safety, social, esteem, self-actualization

47
Q

Customer value measurements (3):

A

Objective, perceptual, and behavioural

48
Q

What tests are done for objective measures:

A
  1. Internal engineering: done by managers based on lab test
  2. indirect survey: query customers about the value they place on a need/want
  3. field-value in use: customer + supplier conduct value assessment
49
Q

Perceptual measures (unconstraint) tests:

A
  1. focus group: 5-10 customer convene to talk about their thoughts on a product
  2. direct survey: customer do a survey with a description of potential offering
  3. importance rating: respondents receive a set of attributes and rate according to importance
50
Q

what tests are done for constraint, and perceptual measures:

A
  1. conjoint analysis: respondents provide an overall rating for each set of potential offering
  2. benchmarking: The best available competitive product will serve as the benchmark
51
Q

what are behavioural measure tests:

A
  1. Choice modelling: using past behaviour to infer or estimate the value of product characteristics
  2. Data mining: using existing customer data to cross-match with other data pertaining to customer characteristics
52
Q

what is the customer lifetime value (CLV):

A

total profit to expect from a client during the time that a firm remains in a relationship with them

53
Q

Total CLV components (2):

A

economic value and relationship value

54
Q

Segmentation by CLV and relationship duration:

A

High CLV and duration: true friends
High CLV and short duration: butterfly
Low CLV and higher duration: Barnacles
Low CLV and duration: strangers

55
Q

Objectives for CLV:

A
  1. retention
  2. improved customer selectivity
  3. meet competitive imperatives
  4. boost cost efficiency
56
Q

How to improve CLV:

A
  1. reduce defects
  2. increase longevity
  3. attempt to alter low-profit customers
  4. focus on high-profit customers
57
Q

What is a product for marketers:

A

anything that can be offered to a market to satisfy a need or want

58
Q

What makes up the complexity of a product (3):

A
  1. actual product
  2. core customer values
  3. related services
59
Q

What is the Boston Consulting Group’s portfolio relating to markets:

A

high growth and market share = stars
high growth, low market share = ?
low growth and market share = dogs
low growth and high market share = cash cows

60
Q

Growth strategies relating to market vs product:

A

Existing product and market: market penetration
Existing product and new market: market development
New product and market: Diversification
New product and existing market: product development

61
Q

What can price signal?

A

Its a complex issue that requires complex thinking

  1. too low signals bad quality
  2. too high means lower value
62
Q

what is cost-oriented pricing?

A

firms determine price based on cost + markup or fixed amount

this only makes sens if avg cost per unit is consistent and cost elasticity is constant over time

63
Q

what is competition-oriented pricing?

A

based on what competitors are pricing their products.

this is used when it’s a homogenous commodity (ex. water or oil)

64
Q

What kind of market does competition-oriented pricing cause?

A

Price-stagnent market:

Increasing price = loss of market share
decreasing price = everyone else follows
No one wins a price war

65
Q

what is demand-oriented pricing?

A

price is a function of demand, if demand goes up then so does price - and vice versa

66
Q

What is the Gabor Granger model?

A

customers indicate buying intention for a product at different prices (using a scale). answers are then transformed into probabilities

67
Q

list the pros and cons of the Gabor Granger model

A

Pros: simple, one measurement, proven method
Cons: no margin or error, assumes data accuracy, assumes optimal price is listed

68
Q

what is revenue management?

A

art/science of selling the right product to the right person at the right price and time

69
Q

How do you price discriminate (4)?

A
  1. estimate demand for level or service
  2. demand arrive over time
  3. allocate remaining space to maximize revenue and meet our criteria
  4. subject to situation-based constraints
70
Q

What is advertising?

A

It’s 1-way communication with a large amount of people and it’s impersonal

71
Q

what are the types of advertising budgets?

A

Affordable method: set budget based on what you can afford
Precent of sale method:
competitive method: set budget to match competition
Objective method: defined the objective and estimate its cost
Model-based approach

72
Q

Describe sales promotions between manufacturers, retailers and consumers

A

Manufacturer -> retailer: case allowance, contests, display allowance
Manufacturer -> consumer: coupon, price pack, value pack, refunds, samples
Retailer -> consumer: price cut, display, ads, retailer coupons, free goods

73
Q

Describe the distribution components starting from a supply chain.

A

The supply chain will give goods to a supplier or producer (a supplier can then give the goods to a producer).

Producer can give the goods to a distribution channel or consumers (distribution channel would then give the goods to the consumer).

74
Q

Name some pricing strategies:

A

Cost-oriented, competition-oriented, demand-oriented, value-based, price discrimination

75
Q
A

AFM 207 (1 decks)

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