Ch7 Flashcards

1
Q

Marketing strategy

A

4ps

Methods, tools, and processes used by a marketer to develop new products or market existing products

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2
Q

Product

A

Something offered in exchange and for which marketing actions are taken and for which marketing decisions are made. Goods can be products or services and can be either tangible or intangible

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3
Q

Price

A

Something given in exchange for a product. May be monetary or non monetary price has many names: fees, rent, salaries, charges

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4
Q

Place

A

Some method of getting the product from the creator to its customer.

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5
Q

Promotions

A

Methods for informing and influencing a customer to buy the product

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6
Q

Environmental scanning

A

Collecting and evaluating environmental information

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7
Q

Environmental data that effects marketing decisions

A
  • cultural/ social forces
  • demographic forces
  • economic forces
  • technological forces
  • political and legal forces
  • competitive forces
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8
Q

Cultural/ social forces

A

Buying behaviours of certain cultures and societal trends

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9
Q

Demographic forces

A

Uncontrollable factors: changes in age, birth and death rates, and location

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10
Q

Economic forces

A

Changes in income, unemployment levels, recession, and inflation

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11
Q

Technological forces

A

Advances in technology and recognizing whether it would give company an advantage

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12
Q

Political and legal forces

A

Changes in laws and political movements

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13
Q

Competitive forces

A

New and shifting competition. Domestic or foreign based firms

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14
Q

Target market

A

Specific group of customers whom a firm directs its marketing towards

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15
Q

Marketing mix

A

Product, price, place, and promotion

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16
Q

Product strategy

A

Choosing brand name, accessories, packaging, service program and warranties

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17
Q

Pricing strategy

A

Price is based on the demand of a product and the cost of product it. Bundling, list prices, discounts, credit terms

18
Q

Promotion strategy

A

Personal selling, traditional advertising, public relations, e commerce, sales promotions, and social media

19
Q

Place strategies

A

Location, inventory, control system, transportation, supply chain, web presence

20
Q

Buying behaviour

A

Action people take with regard to buying and using a product

21
Q

Consumer decision making process

A
  1. Need recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase
  5. Post purchase behaviour
22
Q

What effects a consumers decision

A

Cultural factors
Social factors
Individual factors
Psychological factors

23
Q

Reference groups

A

Formal and informal groups that influence the buying behaviour of an individual.

24
Q

Market segmentation

A

Process of separating, identifying, and evaluating the layers of a market to identify target market.

25
Q

Consumer market segmentation

A

Demographic, geographic, psychographic, benefit and volume

26
Q

Demographic segmentation

A

Age, education, social class, income, gender, and household size

27
Q

Geographic segmentation

A

Regional location, population density, city and size and climate

28
Q

Psychographic segmentation

A

Lifestyle, personality, values, attitudes, and interests

29
Q

Benefit segmentation

A

Benefits provided by the good or service

30
Q

Volume segmentation

A

Amount of use of the product or service (light or heavy)

31
Q

Business market segmentation

A

Geography, volume and benefits, use of product, characteristic of purchasing, size of client or industry

32
Q

Market research

A

Process of collecting, planning, and analyzing data relevant to a marketing decision

33
Q

Types of marketing research

A

Survey, observations, experiment

34
Q

Key elements of promotion strategy

A
  1. Creating awareness
  2. Getting customers to use products
  3. Providing info
  4. Keeping loyal customer
  5. Increase the use of products
  6. Identify potential customers
  7. Teach the customer
35
Q

Promotional mix

A

Combinations of traditional advertising, personal selling, sales promotion, e commerce, social media, public relations to promote a product

36
Q

Integrated marketing communications (IMC)

A

Carefully integrating and coordinating the company’s many communication channels to deliver a clear, consistent, compelling message about the organization and its products

37
Q

Reach

A

Number of target consumers who ate exposed to a commercial at least once during a specific time

38
Q

Frequency

A

Number of times the individual is exposed to a message

39
Q

Audience selectivity

A

A mediums ability to reach a precisely defined market

40
Q

Types of public relations

A

Press relations: newsworthy info in the news too attract customers
New product publicity: capture media attention
Corporate communications: creating internal and external messages to promise positive image
Public affairs: building and maintaining local community relations
Lobbying: influencing legislation and government officials to promote
Employee and investor relations: good relationships with them
Crisis management: responding to unfavourable publicity or negative event