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MKTG 301 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Marketing

A

Creating and Capturing Customer Value

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2
Q

What can be marketed?

A

Goods, Services/Experiences, Idea/Movement, People

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3
Q

Tactics

A

actions taken to support the strategy

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4
Q

Strategy

A

overarching plan to achieve an objective

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5
Q

What is a market?

A

the set of actual and potential buyers

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6
Q

Needs

A

States of felt deprivation

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7
Q

Wants

A

the felt need shaped by a person’s knowledge, culture, and personality

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8
Q

Demands

A

human wants that are backed by buying power

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9
Q

Market Offerings

A

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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10
Q

Marketing myopia

A

paying more attention to the specific products than to the benefits and experiences produced

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11
Q

Examples of marketing myopia

A

Kodak, Barneys New York, GAP, Blockbuster

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12
Q

Societal marketing

A

the company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

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13
Q

What are the 3 C’s?

A

Customer, Company, Competition

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14
Q

Customer Analysis

A

Who are the possible customers? What are customer needs and wants? How do they make decisions and shop?

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15
Q

Company Analysis

A

Company fit with customers, competitors
- strengths and weaknesses; resources
- culture, goals
Economic analysis
- costs, profitability, ROI

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16
Q

Competitor Analysis

A

Who are the competitors in the target markets we are considering? What are the capabilities of the competition we face?

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17
Q

Strategic Decisions

A

segmentation, targeting, positioning

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18
Q

Strategy: Segmentation

A

How can we divide the marketplace?
-demographic
-psychographic
-geographic
-behavioral

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19
Q

Strategy: Targeting

A

Who are the target customers?

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20
Q

Strategy: Differentiation and Positioning

A

How is our product unique and different from the competition? How should our product be perceived and remembered by customers?

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21
Q

A brand’s VALUE PROPOSITION

A

set of benefits or values it promises to deliver to customers to satisfy their needs
- examples: Sonos One with Amazon Alexa: “The smart speaker for music lovers”

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22
Q

The Marketing Mix

A

Product, Place, Price, Promotion

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23
Q

Integrated marketing program

A

a comprehensive plan that communicates and delivers intended value

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24
Q

Product

A

what attributes will be offered

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25
Q

Price

A

what will you charge

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26
Q

Place

A

where it will be available for purchase

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27
Q

Promotion

A

how you will make it known and attractive to consumers

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28
Q

SWOT Analysis

A

Strengths, Weaknesses, Opportunities, Threats

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29
Q

Internal to Company - Positive Strengths, Negative Weaknesses

A

Things that you have some control over and can change
example: your patents and IP, location, and who is on your team

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30
Q

External to Company - Positive Opportunities, Negative Threats

A

Things that are going outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them.
example: competitors, prices of raw materials, customer shopping trends

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31
Q

Consumer

A

user of the product

32
Q

Customer

A

purchaser of the product

33
Q

Maslow’s Hierarchy of Needs

A

Physiological Needs, Safety Needs, Belongingness and Love Needs, Esteem Needs, Self-actualization

34
Q

Basic Needs

A

Physiological Needs (food, water, warmth, rest) and Safety Needs (security, safety)

35
Q

Psychological Needs

A

Belongingness and Love Needs (intimate relationships, friends) and Esteem Need (prestige and feeling of accomplishment)

36
Q

Self-fulfillment needs

A

Self-actualization : achieving one’s full potential, including creative activities

37
Q

The Consumer Decision Process

A

Need recognition, Information Search, Evaluation of Alternatives, Purchase Decisions, Postpurchase Behavior

38
Q

Need recognition

A

1st stage of the buyer decision process; the customer recognised a problem or need triggered by:
- internal stimuli (ex. I am hungry)
- external stimuli (ex. Ad)

39
Q

Functional Needs

A

Product or service functionality and performance

40
Q

Psychological needs

A

Personal gratification

41
Q

Information Search

A

2nd stage of buyer decision process; involves gathering info about how to address the recognize need
- this step shapes which alternatives will be considered and what criteria will be used
- experiential, commercial, personal (social), nd public sources of information
-forming a consideration set and learning about attributes
- involvement increases with importance of consumer need, unfamiliarity and infrequency of purchase, Financial, personal, and social stakes (not only price),

Involvement varies across products, people, and situations.

42
Q

Evaluation of Alternatives

A

3rd stage of consumer buying process. Involves judging and comparing the items in the consideration set based on the available information and the consumer’s needs

To make a perfect decision, all options are judged across every relevant product attribute according to the importance of each attribute
- THE RATIONAL MODEL
- Standard version of this is Fishbein’s Multi-attribute model

43
Q

Purchase Decisions

A

4th steps of consumer buying process
- Purchase decision is the buyer’s decision to purchase your product.
- The chosen alternative should be both available and convenient to make sure a customer’s preference translates into an actual purchase.
- Marketers often encourage this step by creating urgency or by timing promotional messages when a purchase can be made immediately.

44
Q

Post-purchase behavior

A
  • Post-purchase behavior includes everything that happens after the purchase, from consumption and (dis)satisfaction to repurchase or word-of-mouth
  • Consumption and (Dis)Satisfaction
  • Product Returns and Service
  • Customer Loyalty and Repurchase
  • Word of Mouth (WOM)
45
Q

Post-purchase Behavior: Marketing Tactics

A
  • explain/demonstrate correct product use
  • build realistic expectations to increase satisfaction
    -reinforce the decision (thank you letters, welcome/congratulations letters, encouraging feedback
    -designed for shareability, encourage WOM; build and connect brand communities
46
Q

Heuristics and Biases: Rational Model

A

Compensatory evaluation is the rational ideal

To make a perfect decision, all options are judged across every relevant product attribute according to the importance of each attribute.

Standard version of this is Fishbein’s Multi-attribute model.

  • Being strong on one attribute can compensate for weakness on another
  • All attributes are considered together
  • Slow and effortful, but finds best option accurately
47
Q

Heuristics and Biases: Bounded rationality

A

People, because of limited time, limited brainpower, and other constraints, use simplified ways of making decisions

48
Q

Non-compensatory evaluation

A

Eliminates alternatives that do not meet a particular criterion
 2 common decision rules:
Conjunctive and Disjunctive

49
Q

Non-compensatory evaluation: Conjunctive Rule

A

consumers look at every attribute and eliminate options if any is unacceptable

50
Q

Non-compensatory evaluation: Disjunctive Rule

A

consumers choose the option that is best on one attribute they value most

51
Q

Heuristics

A

Heuristics are simple, efficient rules which people often use to form judgments and make decisions. They are mental shortcuts that usually involve focusing on one aspect of a complex problem and ignoring others
the process by which humans use mental shortcuts to arrive at decisions
* Usually give reasonably good results quickly
* Most heuristics fail in predictable ways; these
are the heuristics’ hidden traps or biases

52
Q

Biases: The Compromise Effect

A

People have a disproportionate tendency to choose a middle option

53
Q

Biases: The Endowment Effect

A

people often demand much more to give up an object than they would be willing to pay to acquire it

54
Q

Loss Aversion

A
  • People place more weight on losses than they do on equal-sized gains (usually 1.5-2.5x)
  • As a result, people will often reject opportunities that have a positive average/expected value
  • This also contributes to other important biases such
    as the Endowment Effect
55
Q

Endowment Effect: Applications

A
  • Easy returns, money-back guarantees
  • Test drives, free trials
56
Q

Biases: The Default Bias

A

When presented with pre-set courses of action or defaults, we tend to accept what is presented.

  • Opt-in vs. opt-out
  • Recommended donations
57
Q

Symbolic Consumption: Signaling Status and Identity

A
  • Many products and brands provide symbolic value to consumers
  • Consumers use products to signal information about themselves
    – Status signaling lets others know you are successful, rich, powerful, popular, etc.
    – Identity signaling lets others know about your personality, values, interests, etc.
  • Symbolic products can also serve as self-signals
58
Q

Symbolic Consumption: Which Products Become Symbols?

A
  • High visibility (cars, clothing, AirPods, laptops, water bottles)
  • Durable or long-lasting
  • Frequently used (clothing, food, personal care)
  • [Status signaling] Vertically differentiated
  • [Identity signaling] Horizontally differentiated
  • Costly (money, time, etc.)
59
Q

Costly Signals

A

Signals are more likely to be “true” if people are unable to get them falsely or accidentally.
Costly signals are impossible or painful to fake.
– Expensive (money, time, effort)
– Require long-term commitment
– Carry significant drawbacks

60
Q

Dogwhistle Signals

A

Consumers often like to signal in ways that only other “insiders” will notice, using dogwhistle signals
- ex. red bottoms heels/shoes
* Prove that the person has special insider knowledge.
* Reduce the risk of outsiders noticing and copying the signal.
- To achieve this, many luxury brands have shifted toward small or subtle brand logos on their products

61
Q

Marketing Environment

A

encompasses all the internal and external factors that drive and influence an organization’s marketing activities.

62
Q

Microenviroment

A

The Company: marketers must work in harmony with other company departments to create customer value and relationships
Suppliers: in creating value for customers, marketers must partner with other firms in the company’s value delivery network
Customers: most important actors in the company’s microenvironment. The aim of the entire value delivery system is to serve target customers and create strong relationships with them.

63
Q

Macroenviroment

A

Demographic: changing demographics mean changes in markets and marketing strategies
Natural: concern for the natural environment has spawned a so-called green movement
Cultural: marketers also want to be socially responsible citizens in their markets and communities

64
Q

Demography

A

the study of human populations—size, density, location, age, gender, race, occupation, and other statistics

65
Q

Demographic Environment

A

involves people, and people make up markets

66
Q

Demographic trends

A

Population size, average age, age groups, family size, median income, income groups, education, race, ethnicity, religion, lifestyle.

67
Q

Macroeconomics and Consumption

A
  • Branded vs store brand products
  • value of money vs. time/effort/attention
  • sensitivity to prices (and price promotions)
  • big ticket vs. small ticket purchases
68
Q

Natural environment

A

physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Trends in the Natural Environment
* Growing shortages of raw materials
* Increased pollution
* Increased government intervention
* Developing strategies that support environmental
sustainability

69
Q

Environmental sustainability

A

involves developing strategies and practices that create a world economy that the planet can support indefinitely

70
Q

Technological Environment

A
  • Most dramatic force in changing the marketplace
  • New products, opportunities
  • Concern for the safety of new products
    Technological changes can affect every aspect of marketing
  • New forms of communication and advertising (mobile video, SMS, social media)
  • New retail channels (online retailing, pop-up stores, iOS app store, Steam)
  • New product categories (apps, wearables, online-only banks)
71
Q

Political and Social Environment

A

Legislation regulating business is intended to protect:
* companies from each other
* consumers from unfair business practices
* the interests of society against unrestrained business behavior
* Increased emphasis on ethics and socially responsible actions
* Cause-related marketing

72
Q

Cultural Environment

A

the influence of religious, family, educational, and social systems in the marketing system.

73
Q

Cultural Environment: Core beliefs and values

A

persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government

74
Q

Secondary Beliefs and Values

A

more open to change and include people’s views of themselves, others, organizations, society, nature, and the universe

75
Q

Cultural and Social Trends

A
  • Family Structure
  • Political Polarization; Populism and Nationalism
  • Changing Attitudes & Values (e.g., LGBTQ rights, #metoo, religiosity, BLM)
  • New Social Trends (e.g., health & wellness, privacy
    concerns, mindfulness, social isolation)

MKTG 301 (2 decks)

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