Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing > Exam #2 > Flashcards

Exam #2 Flashcards

1
Q

5 C’s of Marketing

A

Company
Context
Customers
Collaborators
Competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

SWOT Analysis

A

An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Primary Research

A

Your own research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Secondary Research

A

3rd Party research, already done

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Examples of Primary Research

A

Surveys, focus groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Examples of Secondary Research

A

News articles, the internet, scientific journals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Insight

A

A deep truth, relevant to your brand and audience, that if solved has the power to move the customer to a desired future state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Segmentation

A

Grouping customers based on similar needs

Profile each segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Targeting

A

Assess attractiveness of each segment

Select segments to target

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Positioning

A

The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Stage 2 of Strategic Marketing Process

A

Segmentation, Targeting, Positioning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Types of Segmentation

Which is most important?

A

Geographic, Demographic, Psychographic, Behavioral

Psychographic is most important

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Keys to a good segmentation:

A

ISASDA

Identifiable
Substantial
Accessible
Stable
Differentiable
Actionable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How to select your target segment:

A

Market Size
Expected Growth
Competitive Position
Cost of Reaching
Company Compatibility

(Size of prize, and right to win)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Position vs. Positioning

A

A position is how you are perceived in the minds of your prospects.

Positioning is how you wish to be percieved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Positioning Statement

A

A strategic document that communicates the unique value the brand offers to a particular target segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Four components of a Positioning Statement:

A
  1. For who, for when, for where?
  2. Relative to whom?
  3. What benefit?
  4. Why and how? (Reasons to believe)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

RTB’s vs. Benefit

A

Benefit is the outcome the consumer will experience, RTB’s are the services that deliver the benefit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What tools can aid in creating a differentiated positioning?

A

Perceptual Maps that visualize how consumers perceive brands across key attributes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

80/20 Rule

A

A concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Customer Lifetime Value

A

Represents the financial worth of a customer to a company over the course of their relationship.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Personas

A

Character descriptions of a typical customer in the form of fictional character narratives, complete with images that capture the personalities, values, attitudes, beliefs, demographics, and expected interactions with a brand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

“Job To Be Done”

A

A fundamental problem that your target customer needs to resolve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Types of New Products and Services:

A

New To The World Products
New Category Products
Product Line Extensions
Product Improvements
Product Repositioning
Cost Reduction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

How to Predict Success of New Products

A

Relative Advantage
Compatibility
Complexity
Trialability
Observability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Steps of the Stage Gate Process

A

Develop & Scope
Business Case
Develop
Test and Validate
Launch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Consumer Products

A

Products purchased by the ultimate consumer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Business Products

A

Products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Convenience Products

A

Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Shopping Products

A

Items for which the consumer compares several alternatives on criteria such as price, quality, or style.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Specialty Products

A

Items that the consumer makes a special effort to search out and buy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Unsought Products

A

Items that the consumer does not know about or knows about but does not initially want.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Product Item

A

A specific product that has a unique brand, size, or price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Product Line

A

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Product Mix

A

Consists of all product lines offered by an organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Failing Forward

A

The acceptance of failure as a stepping stone to future success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Three Layers of a product

A

Core, Augmented, Symbolic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Core Product Layer Definition and Examples

A

The physical anatomy of the solution that solves the basic benefit or problem that the customer is looking for. First thing that attracts a customer.

(Jeans, Apple Watch)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Augmented Product Layer Definition and Examples

A

Additional value that is added to the product. Creates loyalty

(Customer service, packaging, design, promotion)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Symbolic Product Layer Definition and Examples

A

Captures the psychological and emotional meaning of a product. Creates a relationship with the customer

(Exhilaration, pride, empowerment, safety, nostalgia)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Stages of the Product Life Cycle:

A

Introduction, Growth, Maturity, Decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Options in the decline stage:

A

Harvesting, Deletion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Brand Management

A

A function of marketing that focuses on driving perceived brand value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Brand Manager

A

Someone who oversees and is accountable for every aspect of the brand with a focus on driving incremental sales via brand building activities. THEY DRIVE BRAND EQUITY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Brand Equity

A

Customers’ subjective and intangible assessment of the brand, above and beyond its objectively perceived value

AKA How people feel about the brand

46
Q

Product Class

A

Refers to the entire product category or industry.

47
Q

Product Form

A

Pertains to variations of a product within the product class.

48
Q

Private Branding

A

A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding.

49
Q

Types of Brand Architecture:

A

Masterbrand, Endorsed, Individual

50
Q

Masterbrand Architecture (Description, Pros, Cons)

A

Everything is uniform and starts with the company name

Ex. Google Maps/Drive/Photos

Incredibly Efficient

51
Q

Endorsed Architecture (Description, Pros, Cons)

A

Slight diversity by having different titles but same main company mentioned

Ex. Different Marriott hotels

Need to add credibility, but more room to grow and can be evolutionary.

52
Q

Individual Architecture (Description, Pros, Cons)

A

Completely different stand alone brands.

Ex. Crest, old spice, tide

Very inefficient, need a lot of money
However, lots of room to grow.

53
Q

Brand Management vs. Brand Manager

A

Brand management is a function of marketing that focuses on driving perceived brand value

Brand manager is a mini general manager with accountability for the entire business, not just brand management.

54
Q

Role of Services in the economy

A

Services are the largest part of the U.S. Economy

Services make up more than 45% of U.S. GDP

55
Q

Products vs. Services on difficulty to evaluate

A

Products are easier to evaluate than services

Easy to evaluate: Clothing, Jewlery, Furniture, Houses

Difficult to evaluate: Medical diagnosis, auto repair, root canal, legal services

56
Q

4 I’s of Services

A

Intangible
Inconsistent
Inseparable
Inventory

57
Q

7 Ps of Services Marketing

A

Price
Product
Place
Promotion

People
Physical Environment
Process

58
Q

Product vs. Service comparison in

Product
Price
Promotion
Place

A

Higher product control for products

More stable prices for products

More difficult to promote services

Less intermediaries in services

59
Q

Price

A

The amount of money exchanged for products and services

60
Q

Different names for price:

A

Rent, tuition, fee, premium, wage, salary, dues, interest

61
Q

Difference between price and value

A

Price is what the consumer PAYS
Value is what the consumer RECEIVES

62
Q

Equation for value

A

Value = Perceived Benefits / Price

63
Q

Six Steps in Setting Price:

A
  1. Identify pricing Objectives and Constraints
  2. Estimate Demand & Revenue
  3. Determine Cost, Volume, and Profit
  4. Select an Approximate Price Level
  5. Set the price
  6. Make special adjustments
64
Q

Price Elasticity of Demand

A

The percentage change in quantity demanded relative to a percentage change in price.

65
Q

Pricing Objectives:

A

Profit
Sales Revenue
Market Share
Unit Volume
Survival
Social Responsibility

66
Q

Unit Market Share Equation

A

Unit Brand Sales / Unit Category Sales

67
Q

Dollar Market Share Equation

A

$ Brand Sales / $ Category Sales

68
Q

Cost

A

The total expense incurred by a firm in producing and marketing a product.

69
Q

Total Cost =

A

Fixed Cost + Variable Cost

70
Q

Contribution Margin =

A

Unit Price - Unit Variable Cost

71
Q

Break-Even Analysis

A

A technique that analyzes total revenue and total cost to determine profitability at various quantities

72
Q

Break-Even Point

A

Shows the quantity sold need to cover costs

73
Q

Break Even Point =

A

Fixed Cost / Contribution Margin

74
Q

Common Approaches for Selecting an Approximate Price

A

Competition-oriented approaches
Cost-oriented approaches
Profit-oriented approaches
Demand-oriented approaches

75
Q

Competition-oriented approaches for selecting approximate price:

A

Above, at, or below market

Customary

Loss Leader

76
Q

Cost-oriented approaches for selecting approximate price:

A

Standard markup, cost-pus, Experience curve

77
Q

Profit-oriented approaches for selecting approximate price:

A

Target profit, target return on sales, target return on investment

78
Q

Three Demand-Oriented Pricing Approaches

A

Skimming, Penetration, Prestige

79
Q

Skimming approach (and example companies)

A

High price to normal price

Ex. Apple, Tesla, pharmaceuticals

80
Q

Penetration approach (and example companies)

A

Low price to increased price

Ex. Amazon, Netflix, Spectrum

81
Q

Prestige approach (and example companies)

A

High price, stays high

Rolex, Louis Vuitton

82
Q

Price Customization

A

A pricing strategy that improves price realization by varying price by type of customer

83
Q

Main factors that affect value and price customization

A

Tastes
Nature of use
Intensity of use
Competition

84
Q

Dynamic Pricing Definition and pros and cons

A

Setting different prices for products and services in real time in response to supply and demand conditions.

Can maximize profit for the company

However, can lose the trust of customers and make them feel used.

85
Q

Standard Markup Pricing

A

Adding a fixed percentage to the cost of all items in a specific product class.

86
Q

Cost-Plus Pricing

A

Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.

87
Q

Experience Curve Pricing

A

A method of pricing based on the learning effect, which holds that the unit cost of many products and services declines by 10 percent to 30 percent each time a firm’s experience at producing and selling them doubles.

88
Q

Target Profit Pricing

A

Setting an annual target of a specific dollar volume of profit.

89
Q

Target return-on-sales pricing

A

Setting a price to achieve a profit that is a specified percentage of the sales volume.

90
Q

Target return-on-investment pricing

A

Setting a price to achieve an annual target return on investment (ROI).

91
Q

Customary Pricing

A

Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors.

92
Q

Above, at, or below market pricing

A

Setting a market price for a product or product class based on a subjective feel for the competitors’ price or market price as the benchmark.

93
Q

Loss-leader pricing

A

Deliberately selling a product below its customary price, not to increase sales, but to attract customers’ attention to it in hopes that they will buy other products with large markups as well.

94
Q

Who in the supply chain has the final say on price?

A

Retailers

95
Q

Types of special adjustments to price:

A

Quantity Discounts
Seasonal Discounts
Cash Discounts
Promotional Allowances

96
Q

Everyday low pricing

A

The practice of replacing promotional allowances with lower manufacturer list prices.

97
Q

Perceptual map

A

a means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers.

98
Q

Usage Rate

A

The quantity consumed or patronage (store visits) during a specific period

99
Q

Product Differentiation

A

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as

100
Q

Laggards

A

Category that is usually the last to adopt to a new product

101
Q

Open Innovation

A

Practices and processes that encourage the use of external as well as internal ideas and internal as well as external collaboration when conceiving, producing, and marketing new products and services.

102
Q

Brand Extension

A

Putting an established brand name on a new product in an unfamiliar market.

103
Q

Standard Test Market

A

A company develops a product and then attempts to sell it through normal distribution channels in a number of test-market cities.

104
Q

Controlled Test Market

A

Businesses create artificial test areas to conduct the product tests, generally in a lab environment

105
Q

Trial

A

The initial purchase by a customer

106
Q

Diffusion of Innovation

A

A product diffuses, or spreads, through the population.

107
Q

Shrinkflation

A

Reducing the package content without changing package size and maintaining or increasing the package price.

108
Q

Trading Down

A

Reducing a product’s number of features, quality, or price.

109
Q

Trading Up

A

Adding value to the product (or line) through additional features or higher-quality materials.

110
Q

Bundle Pricing

A

Marketing two or more products in a single package price.

Marketing (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions