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basic marketing concepts > basic concept exam > Flashcards

basic concept exam Flashcards

1
Q

what is marketing?

A

To identify unmet consumer needs & then develop products that fill those needs & then develop products that fill those needs.

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2
Q

Pure Marketing

A

Business function that develops the products that people want to buy because they know they need them and because they can afford them and because they can find them. (Don’t have to advertise)

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3
Q

Example of Pure Marketing

A

Coca Cola - It tastes good & delivers caffeine. Don’t have to go to far to buy one and it is low cost.

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4
Q

Product Development

A

Core marketing function. If the product is good the firm has to do little advertising.

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5
Q

Example of Good Product Development

A

Apple, Bedsox, Munchy Mart & Four Rivers

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6
Q

Impure Marketing

A

Firms fail to objectively distinguish their products from competitors. (Having to advertise because of competitors) Very powerful

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7
Q

Examples of Impure Marketing

A

Dasani, Zephrahuills, Fiji, Walgreens water.

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8
Q

Power of Marketing

A

Branding & Marketing are powerful. Marketers have power to change perception of customers with 4 P’s

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9
Q

Marketing’s core strategies

A

Creating value and relationships
Segmenting Markets
Identifying opportunities

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10
Q

Creating Value

A

Small Banks: Serve starbucks, offer babysitting , extended hours & free toasters
Sheraton Hotel in L.A.: Offers 24 hour check in, room available any time, guaranteed 24 hour block room stay & occupancy went from 66%-90%

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11
Q

Creating Relationship

A

Establishing long term mutually satisfying, buyer seller relationship.

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12
Q

Examples of Creating Relationship

A

Ex. Disney: Theme parks, movies/tv/radio, cruises & Disney on ice.
Chick-fil-a: Go extra mile, “my pleasure” bring umbrellas, pull out chairs for ladies, bus tables, refill drinks.

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13
Q

Segmenting Markets

A

Targets different wants & needs. Separates devils from angels, store clerks are given training to identify desirable/angel customers. High income men “Barry’s” Suburban moms “Jills” Male early adopters “Buzzes”

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14
Q

Examples of Segmenting Markets

A

Coke Zero - For Men
Diet Coke - For women
Marriott- Hotels for just suites and inns. Resorts

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15
Q

Identifying Opportunties

A

Circumstance & timing meet to create strategic windows

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16
Q

History of Marketing

A

Production Era - firms produced what they could make
Sales Era - firms pushed products using aggressive sales tactics
Marketing Era- focus on customer orientation
Societal Era - firms now serve three entities

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17
Q

Simple Trade Era

A

Products were made by hand, grown or traded in small quantities. Lasted up until the industrial revolution.

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18
Q

Product Era

A

Firms produced what they could make. “As long as its black: inward focus, technical development.

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19
Q

Sales Era

A

Firms pushed products using aggressive sales tactics. “Changing their minds” Focus on: Selling what we make, aggressive promotion - vacuum cleaners, short term profit maximization.

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20
Q

Marketing Era

A

Focus on customer orientation. “Great awakening” where customers became the central focus of the organization. Began with the development of marketing departments (1940-1960) & then transferred to the rest of the firm (1960-1990) Focus on customer is the key “delight” and make what we sell.

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21
Q

Relationship Makerting Era

A

Focus is on long-term relationships & customer retention.

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22
Q

Societal Marketing Era

A

“Green Marketing” Focus on: Adds society’s best interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben & Jerrys, Disney & Target

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23
Q

4 P’s

A

Products, Place, Price & Promotion

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24
Q

Products

A

Goods, Services & Ideas. Ex. Ford’s My Key - Parents control speed, volume, gas noise, seat belt reminder.

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25
Q

Place (Distribution)

A

Makes products available in quantities desired. Minimize costs: Inventory, transportation & storage. Ex. Fed ex

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26
Q

Promotion

A

Inform individuals or groups about the organization & its products/services. Advertising, public relations, personal selling, promotion, street teams/guerilla marketing & viral marketing. Ex. Street teams/guerilla marketing was started by proctor & gamble.

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27
Q

Pricing

A

Decisions & actions associated with establishing pricing objectives & policies, determining product prices and determines the value of the exchange.

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28
Q

Core Competencies

A

Things a firm does well. Competitive advantage – Opportunity + competency Ex. Starbucks & FSU

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29
Q

Market Opportunties

A

Where circumstances & timing meet to create strategic windows not addressed by competitors. Ex. Ebay first mover in C-to-C marketing, recession & walmart , starbucks was an opportunity for mcdonalds

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30
Q

Warren Buffet

A

“The Oracle of Omaha” 3rd wealthiest person in the worlds. Pledged 99% of wealth to charity. 20 years to build a reputation & 5 minutes to ruin it.

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31
Q

Berkshire Hathaway

A

Conglomerate holding company with a diverse portfolio of businesses. (Based in Omaha, known for insurance, started out as a textile company in Massachusetts that buffet took over.

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32
Q

Pepsi

A

Created by Caleb Bradham. Originally called Brad’s Drink. Named after digestive enzyme pepsin. Coca cola offered the opportunity to buy Pepsi 3 different times. Also owns Mountain Dew, 7up, Lipton, Aquafina, Ocean Spray, Frito Lay, Tropicana, Quaker & Gatorade.

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33
Q

Levels of Strategic Planning

A

Analysis of strengths & weaknesses, Identification of organizations opportunities & threats, Organizational mission & goals, corporate & business-unit strategies, marketing objectives, marketing strategy & a marketing plan.

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34
Q

SWOT Analysis

A

Strengths, weaknesses, opportunities, threats
Matching strengths to opportunities
Converting weaknesses to strengths
Converting threats to opportunities

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35
Q

Strategic Business Unit

A

Division or unity within larger parent company. Ex. Fsu Colleges - Business, Lay, Medicine, Etc. COB - Marketing, Accounting, Finance, Etc.

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36
Q

Internal Marketing

A

Company - Employee. Gives empowerment to employees the power to act immediately, decisively & without fear in order to attain satisfaction & delight. Ex. Nordstrom - “Use your good judgement, that’s the only rule”

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37
Q

External Marketing

A

Company - Customer. The external environment is made up of factors outside of the organization

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38
Q

BCG’s matrix

A

Product Market Growth – Relative Market Share

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39
Q

what is environmental forces and some examples

A

the factors in the business’ environment that influence its operations. Competitive, Sociocultural
Technological, Economic, Legal/regulatory, Political

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40
Q

types of competitive brands

A

Brand, Generic, Product, Total Budget

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41
Q

Sociocultural

A

demographic/diversity, cultural values, consumerism

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42
Q

Economic

A

Business cycle

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43
Q

Legal/regulatory

A

Regulatory agencies (FTC)

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44
Q

Political

A

Corporate donations

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45
Q

High-High –>

A

Star Ex. FSU COB

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46
Q

Low-High –>

A

Cash Cow Ex. Coca Cola

47
Q

High-Low –>

A

Question Mark

48
Q

Low-Low –>

A

Dog Ex. VCR

49
Q

types of competitors

A

Brand competitors, Product competitors, Generic competitors, Total budget competitors

50
Q

brand competitors

A

similar features and benefits to the same customers at similar prices (Coca Cola vs. Pepsi)

51
Q

Product competitors

A

same product class, but with products that are different in features, price, and benefits (Coca Cola vs. Snapple)

52
Q

Generic competitor

A

very different products that solve the same problem (Coca Cola vs. Publix brand)

53
Q

Total budget competitors

A

products that compete for the limited financial resources of the same customers (Coca Cola vs. Candy Bar)

53
Q

Sociocultural Forces

A

social classes, religious beliefs, wealth distribution, language, business practices, social values, customer preferences, social organization, and attitude towards work

54
Q

Simple trade era (pre-1860s)

A

Products were made by hand, grown, or traded in small quantities

Lasted up until the industrial revolution

55
Q

Production era (pre-1920s)

A

As long as its black (efficiency to make everything same color)

Inward focus

Technical development allowed for improvements in efficiency

Condition: sellers’ market; demand exceeded supply

56
Q

Sales era (1920s)

A

Sell what we make , “changing their minds”, Aggressive promotion – vacuum cleaners , Short- term profit maximization

57
Q

The marketing era (1940s-1990s):

A

The great awakening where customers became the central focus of the organization

Introduced the concept of marketing orientation. Marketing orientation is an approach to business that prioritizes identifying the needs and desires of consumers

58
Q

Societal marketing era (1960s-present):

A

“Green Marketing” Focus on: Adds society’s best interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben & Jerrys, Disney & Target

58
Q

Relationship marketing era (1990s-2010)

A

The focus is on long term relationships and customer retention

Engaged customers generate 1.7 times more revenue than normal customers

59
Q

Technological

A

8 track - cassette player - cd player - ipod

60
Q

Economic

A

Business Cycle - Prosperity (2006) Recession & Depression (2007-2010) Recovery Unemployment rate currently 8.1%

61
Q

Legal/Regulatory

A

Ex. Bottled vs. Tap water
Federal Trade Commission forces laws like false advertising
FDA, CPSC, FCC, EPA, FPC

62
Q

Political

A

Top corporate donors : UPS, ATT & Pfizer.

63
Q

Ralph Nader

A

Well known consumer advocate – “Father of consumerism

64
Q

Market Research

A

Process of designing, gathering, analyzing, and reporting information that may be used to solve a marketing problem

65
Q

Cluster Analysis

A

The multivariate statistical analysis technique that identifies customer segments. Firms can then plot the segments against their core competencies and target the groups with the most sales potential.

66
Q

Types of Research

A

Applied Research & Basic

67
Q

Applied Research

A

research designed to solve a specific problem - usually for a specific company (e.g., consulting).

68
Q

Basic Research

A

research designed to extend knowledge of marketing phenomena.
Ex. McDonald receives complainants

69
Q

Two Types of Data

A

Primary & Secondary

70
Q

Primary Data

A

Information that has been gathered specifically for the research objectives at hand
Ex. Surveymonkey

71
Q

Secondary Data

A

Information that has been collected for a purpose other than the research at hand
Ex. Best brands, ACSI

72
Q

types of Market Research Study

A

Conclusive, Exploratory, Descriptive
Experimental

73
Q

Conclusive

A

Conducted to clarify the characteristics of certain phenomena to solve a particular problem

74
Q

Exploratory

A

Describes less structured data collection methods & used in design to clarify the problem (example: focus groups)

75
Q

Descriptive

A

Describes the characteristics of a population (example: regression, who buys, what they buy, when, where & how much)

76
Q

Experimental (Casual)

A

identifies cause and effect between variables Ex. experiments

77
Q

Market Segmentation

A

the process of dividing up a market into smaller groups (called segments)

78
Q

Targeting

A

Firms then develop new products - or reposition old ones - to target lucrative groups of consumers.
Ex. Olive Garden is not targeted at italians, wealthy or kids

79
Q

types of Targeting Strategies

A

Undifferentiated
Differentiated
Concentrated

80
Q

Undifferentiated

A

One approach for all. entire market is target market; 1 marketing mix (theoretical)
Homogeneous market - similar needs

81
Q

Differentiated

A

two or more segments; more than 1 marketing mix
Ex: Gap - Gap Kids, Old Navy , Banana Republic

82
Q

Concentrated

A

single market segment; 1 marketing mix (Singles Sites)
Ex. Tattoosingles.com Singles who have tattoos

83
Q

what is segmentation based on and what are some examples

A

Segmentation is based on lifestyle.
demographics, geographic, psychographics, behavioristic

84
Q

Demographics

A

Describe characteristics of a population. Gender, Age, Ethnicity, Education, Religion
Ex. Iphones

85
Q

Geographic

A

Region, City Size, Urban/Rural, Region
Ex. McDonald’s

86
Q

Psychographics

A

Personality, Motives, Lifestyles Ex. Mountain Dew snowboard

87
Q

Behavioristic

A

Usage/Volume, Benefits, Loyalty, Price Sensitivity Ex. Sky Miles

88
Q

Perceptual Mapping

A

Idea is to position objects (e.g., firms, products) in a multidimensional space according to their relative similarities or customer preferences
Products can be positioned according to ratings on both objective and perceived measures.
Ex. M&Ms, Snickers, Hershey,

89
Q

Repositioning

A

Changing price, logo, design, different add campaign and putting remodeled model out again

90
Q

types of Consumer Behavior Level of Involvement

A

High & Low

91
Q

High-Involvement Products

A

Purchased only after careful consideration. Tend to be visible to others, risky, and/or expensive.
Ex. Halloween makes people buy orange chocolate, orange soda etc.

92
Q

Low-Involvement Products

A

Products that tend to be less expensive and have less associated risk. Ex. The type of toothpaste people buy.

93
Q

examples of Problem Solving Strategies

A

Routinized, Limited problem solving, Extended problem solving, and Impulse buying

94
Q

Routinized/Habitual Solving

A

Choices made with little to no conscious effort Ex. People become invested in brand.

95
Q

Limited Problem Solving

A

Requires a moderate amount of time for information gathering (Decision Making Tools) Ex. Rate my professor

96
Q

extended Problem Solving

A

Consumer tries to gain as much information as possible from both internal (memory) & external (Advertising) sources. Decision is made after heavy research after considering all attributes & considering each brand rates on each attribute, Ex. Choosing best college to go to

97
Q

Impulsive Problem Solving

A

Brand preference

98
Q

steps of Consumer Decision Making Process

A

Problem recognition, Information Search, Evaluation of alternatives, Purchases, and Post-purchase evaluation

99
Q

Problem Recognition

A

Occurs when a buyer becomes aware of a difference between a desired state an actual condition. Ex. I’m hungry

100
Q

types of Information Search

A

internal and external

101
Q

Internal search

A

Scanning our own memory banks for information about product alternatives (Requires prior experience, repeat purchase)

102
Q

External search

A

Obtaining product information from advertisements, friends or observing others (WOM, opinion leaders, Rate my professor)

103
Q

Evaluation of Alternatives

A

Products already in memory plus those prominent in the retail environment Ex. Candy bars, end caps. Evoked set changes by product & consumer - Norwegians considered two cars in their evoked sets. Americans had eight.

104
Q

Product Selection

A

Most consumers are cognitive misers “Dont like to think” Mental shortcuts Ex. Higher price = higher quality –> BMW, Mercedes

105
Q

what happens post purchase

A

dissatisfaction and cognitive dissonance

106
Q

Dissatisfaction

A

Emotional reaction to the purchase decision –> States consumer satisfaction reports (J.D. Power)

107
Q

Cognitive Dissonance

A

Buyer’s doubts shortly after a purchase about whether the decision was the right one

108
Q

Three Factors that Influence the Consumer Decision Making Process

A

Situational, Psychological, and Social

109
Q

Situational

A

Physical surrounding, social, time, reason , MOOD

110
Q

Psychological

A

Perception, Selective exposure, learning, attitude, MOTIVES

111
Q

Social Influences

A

Roles, family, Reference groups, OPINION LEADERS
Ex. Advisor knows more about something than you do.

basic marketing concepts (1 decks)

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