Ch7 Flashcards
Marketing strategy
4ps
Methods, tools, and processes used by a marketer to develop new products or market existing products
Product
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
Price
Something given in exchange for a product. May be monetary or non monetary price has many names: fees, rent, salaries, charges
Place
Some method of getting the product from the creator to its customer.
Promotions
Methods for informing and influencing a customer to buy the product
Environmental scanning
Collecting and evaluating environmental information
Environmental data that effects marketing decisions
- cultural/ social forces
- demographic forces
- economic forces
- technological forces
- political and legal forces
- competitive forces
Cultural/ social forces
Buying behaviours of certain cultures and societal trends
Demographic forces
Uncontrollable factors: changes in age, birth and death rates, and location
Economic forces
Changes in income, unemployment levels, recession, and inflation
Technological forces
Advances in technology and recognizing whether it would give company an advantage
Political and legal forces
Changes in laws and political movements
Competitive forces
New and shifting competition. Domestic or foreign based firms
Target market
Specific group of customers whom a firm directs its marketing towards
Marketing mix
Product, price, place, and promotion
Product strategy
Choosing brand name, accessories, packaging, service program and warranties
Pricing strategy
Price is based on the demand of a product and the cost of product it. Bundling, list prices, discounts, credit terms
Promotion strategy
Personal selling, traditional advertising, public relations, e commerce, sales promotions, and social media
Place strategies
Location, inventory, control system, transportation, supply chain, web presence
Buying behaviour
Action people take with regard to buying and using a product
Consumer decision making process
- Need recognition
- Information search
- Evaluation of alternatives
- Purchase
- Post purchase behaviour
What effects a consumers decision
Cultural factors
Social factors
Individual factors
Psychological factors
Reference groups
Formal and informal groups that influence the buying behaviour of an individual.
Market segmentation
Process of separating, identifying, and evaluating the layers of a market to identify target market.
Consumer market segmentation
Demographic, geographic, psychographic, benefit and volume
Demographic segmentation
Age, education, social class, income, gender, and household size
Geographic segmentation
Regional location, population density, city and size and climate
Psychographic segmentation
Lifestyle, personality, values, attitudes, and interests
Benefit segmentation
Benefits provided by the good or service
Volume segmentation
Amount of use of the product or service (light or heavy)
Business market segmentation
Geography, volume and benefits, use of product, characteristic of purchasing, size of client or industry
Market research
Process of collecting, planning, and analyzing data relevant to a marketing decision
Types of marketing research
Survey, observations, experiment
Key elements of promotion strategy
- Creating awareness
- Getting customers to use products
- Providing info
- Keeping loyal customer
- Increase the use of products
- Identify potential customers
- Teach the customer
Promotional mix
Combinations of traditional advertising, personal selling, sales promotion, e commerce, social media, public relations to promote a product
Integrated marketing communications (IMC)
Carefully integrating and coordinating the company’s many communication channels to deliver a clear, consistent, compelling message about the organization and its products
Reach
Number of target consumers who ate exposed to a commercial at least once during a specific time
Frequency
Number of times the individual is exposed to a message
Audience selectivity
A mediums ability to reach a precisely defined market
Types of public relations
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
