Final Exam Flashcards
The 4Ps are also known as
The marketing mix
What are the 4 Ps?
Product, Price, Place, Promotion
Product…
creates value
Price…
captures value
Place…
delivers value
Promotion…
communicates value
Three phases of marketing plan
planning , implementation, control
Five steps of marketing plan
mission, SWOT, ID opportunities, implement marketing mix, evaluate performance with marketing mix
How do you identify marketing opps?
segmentation, targeting, positioning
Four growth strategies
market penetration, market development, product development, diversification
Market penetration
current market, current product, I just want to convince you to buy more with things like promotions
Product development
current market, new product, like a Coke Cherry maybe
Market development
new market, current product, like expanding NHL to European games
Diversification
new market, new product, like Tesla from high end cars to homeowner solar panels
Heart of marketing environment
consumer
Factors in immediate marketing environment
company, competitors, physical environment, corporate partners
Factors in macroenvironment
culture, demographics, social, technology, economic, political/legal
Principles of Conscious Marketing
- Recognition of marketing’s greater purpose beyond profit
- Consideration of stakeholders and interdependence
- The presence of conscious leadership, creating a corporate culture
- The understanding that decisions are ethically based
How to create a target market
STP: segment the market, target, position
Segmentation tools
geographic, demographics, psychographics, behavioral, benefits
Segment evaluation: should it be your target market?
identifiable, reachable, receptive, substantial, profitable
Position strategy
value proposition - what can I offer that others can’t?
The 4 E’s of digital marketing
Excitement, Education, Experience, Engagement
The consumer decision process
Need recognition, Information search, Alternative search, Purchase and consumption, Post-purchase
What kind of information/factors are consumer considering in their information search?
Price, performance, safety, psychological, social
Types of alternative search and decision making
universal search vs. evoked search, compensatory vs. noncompensatory choice
Qualitative research
observation, in-depth interviews, focus groups
Quantitative research
survey, panel, scanner, experiments
Brand Equity
Awareness, Associations, Perceived Value, Brand Loyalty
Six Ps of retailing
Product price place promotion presentation personnel
AIDA Model
Awareness, Interest, Desire, Action. Move from think to feel to do. For a campaign.
Push vs pull campaign
Push, have retailers push it out for you, pull, go straight to consumer and get them to demand and pull into market
Advertising objectives
Informative for new, persuasive for rebrand, reminder for established
Product or institution
Is your campaign about the thing or about a message about your brand
Types of appeals in ad campaign
Informational or emotional
Brand Community Theory
In crowd knowledge, exclusivity, rituals, feel like you’re part of a special community (supreme)
Authenticity/Legitimacy theory
Does the next step continue to match what the brand stands for? Supreme or Nike with meta verse
Cool Lifecycle
Niche, Mass, Uncool
value proposition
communicates the customer benefits to be received from a product or service
VP statement
target market, offering name, product concept, unique benefits
Diffusion of Innovation
innovators, early adopters, early majority, late majority, laggards
Characteristics of channel structure:
degree of vertical integration, degree of strength of manufacturer brand, relative power of manufacturer and retailer
Types of distribution
intensive, exclusive, selective
Five Cs of Pricing
Company objectives, customers, costs, competition, channel members
Break Even Point
Fixed Costs/CPU rounded up
CPU
contribution per unit = price - variable cost
