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MKT 350 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Answer: A philosophy and set of activities focused on satisfying customers’ needs and wants and the exchange of value.

A

Question: What is marketing?

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2
Q

Answer: We all have the same general need/want and the willingness and ability to buy.

A

Question: What is a market?

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3
Q

Answer: Satisfaction is a comparison of what two things.

A

Question: What is 1) expectations and 2) perceived performance/outcomes?

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4
Q

Answer: Name the two components of marketing strategy.

A

Question: What is target market, SCA, and 4P’s?

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5
Q

Answer: A rule used by consumers in which they choose a product or service on the basis of one characteristic, regardless of the values of its other attributes.

A

Question: What is noncompensatory decision rule?

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6
Q

Answer: Related to product mix definitions, if Nike added a new shoe, it would be increasing its:

A

Question: What is a product line depth?

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7
Q

Answer: I bought a new pair of shoes, but they are not comfortable, and I’m not sure they are worth the money. I’m experiencing ….(technical psychological term, not laymen’s term)

A

Question: What is cognitive dissonance?

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8
Q

Answer: If a manufacturer advertised in a trade magazine targeted at businesses or sent sales reps to a business, this would be an example of _____ promotion.

A

Question: What is push?

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9
Q

Answer: A lot of newspapers define their business as “newspapers” instead of “sharing news” and therefore suffer from:

A

Question: What is marketing myopia?

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10
Q

Answer: Rob defined his business, performed an internal & external analysis and made objectives. He even identified how his product & company was unique and thought about communicating that. He decided where to distribute his product and how much it would cost consumers to engage in exchange. What part of marketing strategy is Rob missing?

A

Question: What is a target market?

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11
Q

Answer: The stages of the product life cycle (PLC), in order.

A

Question: What is introductory, growth, maturity, and decline?

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12
Q

Answer: The sub-goals of the promotion “p” (not sequential steps of promotion).

A

Question: What is inform, persuade, & remind.

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13
Q

Answer: The stages of the consumer decision-making process, in order

A

Question: What is:

1) need recognition
2) information search
3) evaluate alternatives
4) purchase/not purchase
5) post-purchase evaluation

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14
Q

Answer: Four main ways to build an advantage over the competition that can’t easily be copied

A

Question: What is locational, customer, product, and operational excellence?

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15
Q

Answer: The different strategies for picking a target market.

A

Question: What are 1) undifferentiated 2) concentrated 3) differentiated/multi-segment and 4) mass customization/micromarketing/1-to-1?

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16
Q

Answer: Most effective sales promotion tool at creating long-term results.

A

Question: What is sampling?

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17
Q

Answer: I’m well connected to the community and therefore, an opinion leader.

A

Question: Who is an early adopter?

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18
Q

Answer: I’m a brand that other companies get to use with permission.

A

Question: What is a licensed brand?

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19
Q

Answer: I am in charge of handling anti-trust issues and deceptive advertising.

A

Question: What is the FTC (Federal Trade Commission)?

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20
Q

Answer: I’m a combination of three variables (mostly demographic) and very useful in segmentation. Name me and my variables (there are two options for answers).

A

Question: What is the family life cycle (marital status, age, presence/absence/age of children) OR geodemographic (geography, demographics, & psychographics)

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21
Q

Answer: Defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

A

Question: What is positioning?

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22
Q

Answer: During this stage of the product life-cycle, you start to focus on brand benefits. During this stage, you focus on product category benefits. Name the two stages.

A

Question: What is growth & introductory.

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23
Q

Answer: Sarah doesn’t care how much it costs, she will still buy her one coffee a day. She wishes she could have more, but because of her health condition, she can only have one. This characterizes:

A

Question: What is inelastic demand?

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24
Q

Answer: _________ are used to receive, store, and sort goods to ship to stores whereas ________ are used to ship goods to customers.

A

Question: What is distribution center & fulfillment centers?

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25
Q

Answer: In an advertisement, Kids’ Food Basket and Family Fare communicated a way for consumers to help raise funds for after-school meals. What 3 specific things is this an example of?

A

Question: What is a issue sponsorship, advocacy advertising, and cause-related marketing?

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26
Q

Answer: You use me to help determine how you want to position your product.

A

Question: What is a perceptual map/product space diagram?

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27
Q

Answer: Since marketers understand the effects of learning, often trade characters are used instead of real people to represent companies or brands to avoid the negative effects of _________. (technical term)

A

Question: What is stimulus generalization?

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28
Q

Answer: Components of attitudes

A

Question: What is ABC = affect (feelings), behavior, & cognition (beliefs) ?

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29
Q

4 P’s of Marketing

A
  • Product P: creates value
  • Promotion P: communicates value (inform, persuade, remind)
  • Place P: delivers value
  • Price P: captures values
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30
Q

Marketing

A

a philosophy and set of activities focused on satisfying customer’s needs and wants and the exchange of value

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31
Q

What is customer value?

A

Comparison of benefits and costs

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32
Q

What is customer satisfaction?

A

The feeling that a product or service has met a customers expectations. Performance vs. expectations

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33
Q

Corporate Social Responsibility (CSR)

A

Voluntary ACTIONS taken by a company to ADDRESS the ethical, social, and environmental IMPACTS OF ITS BUSINESS OPERATIONS and the concerns of its stakeholders

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34
Q

CSR Elements

A

Economic (be profitable)

Legal (obey the law)

Ethical (do what is right)

Philanthropic (be a good citizen)

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35
Q

What is the primary ethical dilemma companies face?

A

Trying to balance short term profit with societies needs

Ex. Micro-Macro dilemma

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36
Q

What is the document that acts as a guidebook for marketing managers

A

Marketing plan

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37
Q

What is marketing strategy and its three components

A
  1. Who is your target market
  2. Marketing mix (4 p’s)
  3. How will you be different from your competitors (SCA)

Always in this order

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38
Q

SWOT

A

Strengths (internal), weaknesses (internal), opportunities (external), and threats (external)

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39
Q

What is a segment

A

All have some general need/want that share some other characteristic that separates them from the rest of the market

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40
Q

Example of a segment

A

Women vs. men in the market for shampoo

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41
Q

What is a target market

A

A segment(s) of the market that you try to satisfy with a valuable 4 p’s

Better term for a target market is a target segment

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42
Q

What is positioning

A

Defining all 4 p’s in such a way that the customer gets clear, distinctive, and desirable understanding of what the product does/represents in comparison with the competition

The image in a customers mind

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43
Q

Mission statement

A

Focuses on the benefits rather than the goods/services the organization provides

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44
Q

RFID

A

(Radio Frequency Identification) enables firms to track an item from the moment it was manufactured, through the distribution system, to the retail store, and into the hands of the consumer.

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45
Q

Cookies

A

These help companies track what a customer does on the web, allowing marketers to better meet needs/wants but increasing privacy concerns.

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46
Q

Baby Boomers

A

Born between 1946 and 1964, this large group of consumers has massive buying potential.

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47
Q

Generation X

A

The group born after the Baby Boomers

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48
Q

Generation Y

A

The group that follows is called Millennials

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49
Q

Three major factors that influence the state of the economy

A

inflation, interest rates, and exchange rates.

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50
Q

Ethnicity is increasing in the U.S. due to

A

immigration and higher birth rates (compared to Caucasians) among African Americans, Hispanics and Asians.

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51
Q

Which group aren’t influenced by advertising very much

A

Hispanics

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52
Q

Fastest growing ethnic group

A

Asians

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53
Q

The Consumer Product Safety Commission

A

sets safety standards for consumer products (products used in the home).

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54
Q

The Federal Trade Organization

A

regulates unfair competitive practices and practices that deceive or are unfair to consumers.

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55
Q

What are the main factors that affect the customer decision-making (CDM) process

A

Marketing mix
Situational factors
Social factors
Psychological factors

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56
Q

Consumer Decision Making Process

A
  1. need recognition
  2. information search
  3. evaluation of alternatives
  4. purchase
  5. post purchase behavior
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57
Q

Evoked set/consideration set

A

Brands that you were considering for further consideration

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58
Q

Need recognition

A

What is your actual and desired state

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59
Q

What is the main goal for marketers regarding need recognition

A

To make the consumer realize they have a need

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60
Q

Marketing controlled info search

A

Ads, websites, etc

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61
Q

Non-marketing controlled info search

A

Consumer reviews, friends, etc

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62
Q

Cognitive dissonance

A

Doubt or tension that you made the wrong decision

Actions don’t match your beliefs

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63
Q

DSTEP

A

culture, demographics, social, technology, economic, political/legal.

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64
Q

Stimulus generalization

A

A form of learning that occurs when ones response is extended to a second stimulus similar to the first

Ex. Off-brand products

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65
Q

Perception

A

Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture. (Understanding your environment)

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66
Q

Five barriers to perception

A 
Selective exposure
Selective attention
Selective comprehension 
Selective distortion
Selective retention
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67
Q

Selective exposure

A

Consumer notice certain stimuli and ignores others

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68
Q

Selective attention

A

Just noticeable difference - just the amount a stimulus has to change to get you to notice it

Subliminal perception - When you notice the ad, but do not perceive it

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69
Q

Selective comprehension

A

Don’t interpret the stimuli correctly

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70
Q

Selective distortion

A

Consumer changes or distorts information that conflicts with feelings or beliefs

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71
Q

Selective retention

A

Consumer remembers only that information that supports personal beliefs

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72
Q

Learning

A

A process that creates changes in behavior or in a persons thought process through experience/practice and cognition

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73
Q

The two ways that you can boost your learning

A

Repetition and Reinforcement/punishment

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74
Q

The two primary ways that you can learn

A

Experience - by doing

Cognition - by gaining conceptual knowledge

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75
Q

Shaping

A

A technique using all 4 aspects of learning to create repetitive buying behavior

Usually used for consumables

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76
Q

Shaping examples

A

Coupons
Tampax box given to Justice customers
Gillette razors given on your 18th birthday

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77
Q

Maslow’s hierarchy of needs

A

A method of classifying human needs and motivations into five categories in ascending order of importance

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78
Q

What is the hierarchy (the pyramid) in order of importance

A
  1. self-actualization
  2. Esteem needs
  3. Belongingness/love needs
  4. Safety needs
  5. Physiological needs
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79
Q

Safety need factors

A

Physical well-being

80
Q

Social need (belongingness/love) factors

A

Interaction with others

81
Q

Esteem need factors

A

Inner desires

82
Q

Self-actualization need factors

A

Personal growth and fulfillment

83
Q

Segmentation

A

The process of breaking a market into segments

84
Q

We segment _____, not _____

A

People, products

85
Q

Geodemographic segmentation

A

Segmenting potential customers into neighborhood lifestyle categories; combines geography, demographics, and psychographics

86
Q

Family life cycle

A

Combines 3 demographic variables:

Age, married (Y/N), and children (Y/N)

87
Q

Geography segmentation

A

Where will the consumer use the product

88
Q

Demographic segmentation

A

Age, gender, ethnicity, income, family size

89
Q

Psychographic segmentation

A

Lifestyle, attitudes, interests, AIO (attitudes, interests, and opinions)

90
Q

Usage rate segmentation

A

How often will the product be used

91
Q

Occasion/situation of use segmentation

A

When will the product be used

92
Q

Undifferentiated/mass marketing

A

Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix

Ex. commodities (sugar, salt, water)

93
Q

Undifferentiated/mass marketing advantages/disadvantages

A

Potential savings on production and marketing costs

Unimaginative product offerings and more susceptible to competition

94
Q

Concentrated/niche

A

A strategy used to select one segment of a market for target marketing efforts

95
Q

Concentrated/niche advantages/disadvantages

A

Can charge higher prices

All eggs are in one basket, very small market

96
Q

Differentiated/multi-segment

A

A strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each

97
Q

Differentiated/multi-segment advantages/disadvantages

A

Greater financial success (bigger market share), economies of scale (cost/unit decreases as you produce more), lower overall risk (all of your eggs are not in your basket)

Higher costs and cannibalization (when sales for one product eat into the sales of another product)

98
Q

economies of scale

A

(cost/unit decreases as you produce more)

99
Q

cannibalization

A

when sales for one product eat into the sales of another product

100
Q

Positioning

A

A process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or what the company represents in comparison with the competition

101
Q

a. Core Customer Value

A

i. What are the basic problem solving benefits that you want your product to have

102
Q

Product lines

A

A group of closely related products

Ex. SUV’s (Ford), trucks (Ford), or sedans (Ford)

103
Q

Product item

A

A specific version of a product that can be designated as a distinct offering among an organization’s products

Ex. Ford Escape, Ford Taurus, Ford F-150

104
Q

Product mix

A

All product that an organization sells

Ex. Ford –> SUV’s, Sedans, trucks

105
Q

Product mix width/breadth

A

The number of product lines in a mix

Adding a line would be going after a new market

106
Q

Increasing product mix width/breadth would…

A

Diversifies risk

Capitalizes on established reputations
Brand extension - Adding a new product line with the same brand name

107
Q

Adding product mix width/breadth would be like…

A

Apple going from iPod –> iPhone –> iPad –> iMac

108
Q

Product line depth

A

The number of product items in a line

109
Q

Increasing product line item depth would…

A

Attract new buyers with different preferences

Increase sales by further market segmentation

Capitalize on economies of scale (as you produce more of a product, the cost/unit goes down)

110
Q

Increasing product line item depth would be like…

A

Adding a product line item would add a segment

111
Q

Product line extension would…

A

Increase depth

112
Q

Product line contraction would…

A

Decrease depth

113
Q

d. Brand name

A

that part of a brand that can be spoken, including letters, words, and numbers.

i. Examples
1. Nike, 3m, Pepsi

114
Q

e. Brand mark

A

the elements of a brand that cannot be spoken.

i. Examples
1. The golden arches, nike swoosh, mickey mouse ears

115
Q

f. Brand equity

A

the value (assets and liabilities) of the brand name; ability to create demand and secure future earnings

116
Q
  1. Brand awareness
A

measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.

117
Q

g. Trademarks

A

the exclusive right to use a brand

118
Q

h. What is a registered trademark?

A

i. A governmental office declares whether or not you are worthy of getting a registered trademark

119
Q

o. Private brand

A

Brands developed and marketed by a retailer and available only from that retailer

120
Q

Manufacturer brand

A

Brands owned and managed by the manufacturer

121
Q

What is innovation

A

The process by which ideas are transformed into new offerings including products, services, processes, and branding concepts that will help firms grow

122
Q

Why do firms innovate

A

If they don’t change, then the competitors will Wants and needs are constantly changing Things go out of style

123
Q

What is diffusion of innovation

A

The process by which adoption of an innovation spreads throughout a market, over time and a cross various categories of adopters Tells us how consumers change

124
Q

What is an adopter

A

Someone who used the product Someone who was satisfied by the product Someone who intends to buy the product again/keep using the product

125
Q

Innovators

A

High socioeconomic status Has ties outside the community with manufacturers Like to take risks Obsessed with being first

126
Q

Early adopters

A

Heavily involved in the community Less risky but still somewhat risky Opinion leaders (ones who influence others)

127
Q

Early majority

A

Do a lot of research Very deliberate Don’t like risks

128
Q

Late majority

A

Very skeptical Little bit older Only get the product if it is a gift or they are peer pressured into buying it

129
Q

Laggards

A

Lower socioeconomic status Old Forced into buying the product Very suspicious of the new product Get ignored by marketers Still uses the old version of the product even with the new product available Typically one PLC behind

130
Q

Introductory stage

A

Price is high, costs are high, sales are low, and usually have a negative profit High failure rates. Only 3% of new products survive this stage Little competition Limited distribution High ad and production costs Promotion focuses on awareness and information of the product category benefits Intensive personal selling to channels

131
Q

Growth stage

A

Increasing rate of sales Initial healthy profits Entrance of competitors Prices normally fall Market becomes more segmented Aggressive advertising of the difference between brands Wider distribution

132
Q

Maturity stage

A

Defined by sales increase at a decreasing rate Saturated markets Annual models appear Lengthened product lines Go after new geographic markets and segments High promotion and distribution costs Prices and profits fall

133
Q

Decline stage

A

Defined by long run drop in sales Elimination of all nonessential marketing expenses Organized abandonment (Every 2-3 years, you should review all your product items and ask if we knew what we knew now, would we start making the product)

134
Q

What is the point of the product life cycle

A

It is one of the most helpful tools for marketing managers because it tells them what the 4 p’s look like over the life of a product

135
Q

The point of SCM

A

To deliver value

136
Q

B. Members in a Supply Chain

A

a. Raw Material & Component Suppliers b. Manufacturers c. Wholesalers = buy from manufacturers and sell to retailers d. Distribution Centers i. Deliver to stores e. Fulfillment Centers i. Deliver to customers f. Retailers Sell to end consumers g. Transportation Companies Move goods by members

137
Q

Indirect marketing channel

A

Uses intermediaries to sell to customers

138
Q

Direct marketing channel

A

Sells directly to the customer without intermediaries

139
Q

Push vs Pull

A

When firms want to reach the end user it is the pull strategy, when firms want to reach intermediaries then it is push strategy.

140
Q

Integrated marketing communication

A

Promotion p- Advertising, personal selling, direct marketing, public relations, sales promotion, and online marketing. The combination of all communication methods to provide a clear consistent and impactful message.

141
Q

Personal selling

A

two way communication between a buyer and seller designed to influence the buyer decision. greatest value to customer, as well as most effective and most expensive.

142
Q

Personal selling process

A

1) Generate and qualify leads 2) Preapproach 3) Sales presentation and overcoming reservations 4) Closing the sale 5) Follow up

143
Q

Institutional type of advertising

A

Used to promote the organization as a whole and is designed to establish change or maintain the organizations identity.

144
Q

Product Type of advertisement

A

Informs persuades or reminds about a specific product or service

145
Q

Advocacy Advertising

A

For profit company supporting a cause or issue

146
Q

Sales promotion

A

special incentives or excitement building programs that encourage to try, buy, and buy more of a product or service. Samples, discounts, premiums.

147
Q

Public relations

A

Educating stakeholders while building and maintaining a positive image.

148
Q

Lobbying

A

Attempt to influence government actions.

149
Q

New product publicity

A

info about a new product or service appearing in the mass media as a new news item

150
Q

Crisis management

A

Coordinating efforts to handle or head off publicity or events

151
Q

Product placement

A

Subtle promotion of an item using entertainment media

152
Q

Event sponsorship

A

corporations support of an event usually in the cultural sports or entertainment sectors

153
Q

Issue sponsorship

A

Corporations support of an issue

154
Q

What affects price?

A

Competition, costs, company objectives, customers, and channel members.

155
Q

What are some characteristics of price?

A

-Controversial because of so many companies and departments - Most difficult “P” to get correct

156
Q

Price Skimming(NEW)

A

Innovators and early adopters are willing to pay more for product because it is new. Ultimately lowering the price slowly over time. (Riding down the demand curve)

157
Q

Market Penetrating pricing(NEW)

A

Set prices low to boost sales and market share. For immediate sales, drives competitors out of the market. Disdain: Quality, capacity, and if market is willing to spend more for the product.

158
Q

Production Era

A

(1900-1920’s): used whatever materials to produce what they could, supply is higher than demand

159
Q

Sales Era

A

(1920’s-1950’s): worried more about selling than producing, convinced customers why they need that product

160
Q

Market-Oriented Era

A

(1950’s-2000’s): satisfying the needs and wants of customers

161
Q

Valued-Based Marketing Era

A

(2000’s-present): offer more value per product than the competitors, wants the benefits to outweigh the cost

162
Q

Information centered companies

A

: collecting information (from customers and competitors) and sharing it (to manufacturers and employees)

163
Q

Relationship Oriented companies

A

build relationships with everyone (customers, retailers, suppliers, employees) by customer relationship management (CRM)- a philosophy and set of strategies, programs and systems that focus on identifying and building loyalty with the firm’s most valued customers

164
Q

Customer excellence

A

. Loyal customers (emotional attachment and resist competition) and 2. Good customer service (consistency is hard because it depends on humans, human resource management- good hiring, good training, happy employees)

165
Q

Operational Excellence

A
  1. Good supply chain management (good relationship with vendors and retailers) and 2. Good operations (right place, right time, right way and at a low cost)
166
Q

Product Excellence

A

Value = Benefit / Cost, product is reliable, durable, efficient, good appearance

167
Q

Locational Excellence

A

If you have the best/ most convenient location, competition must then have the second best

168
Q

What makes a good objective

A

S.M.A.R.T. objectives= statement of what is to be accomplished (Specific, Measurable, Attainable (realistic), Relevant (consistent) with mission statement, Time frame)

169
Q

Market Penetration Strategy

A

A growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers

170
Q

Market Development Strategy

A

A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international

171
Q

Product Development Strategy

A

A growth strategy that offers a new product or service to a firm’s current target market

172
Q

Diversification Strategy

A

A growth strategy whereby a firm introduces a new product or service to a market segment that is dos not currently serve

173
Q

-What makes a good mission statement?

A
  • Focuses on the benefits rather than the good or service
174
Q
  • What role do marketers play in need recognition, info search, etc.?
A

` - They create stimuli (any unit of input that affects your senses) for all of these

175
Q

-What are attributes?

A
  • Characteristics important to you in your evaluation (compensatory decision rule- tradeoffs were made in your decision, noncompensatory decision rule- go with what performs best on the most important attribute no matter what else)
176
Q
  • Know the ABC model of attitudes (in book).
A

Attitudes: a person’s enduring, overall evaluation of an object or idea

- Affective: reflects what a person feels about the issue at hand (like or dislike of something, involves emotions)
- Behavioral: the actions a person takes with regards to the issue at hand (based on what they know and feel)
- Cognitive: reflects what a person believes to be true
177
Q

What is a perceptual map (book)?

A
  • Perceptual Map: displays, in two or more dimensions, the position of products or brands in the consumer’s mind
  • Step 1. Determine customers’ perceptions and evaluations of the product or service in relation to competitors
    - Step 2. Identify the market’s ideal points and size
    - Step 3. Identify competitors’ positions
    - Step 4. Determine consumer preferences
    - Step 5. Select the position
    - Step 6. Monitor the positioning strategy
178
Q
  • general information about the product “P” (what is it, what does it include, how does it relate to exchange)
A

Product: everything, both favorable and unfavorable, that a person receives in an exchange (includes goods, services, ideas, a person, place or organization)
- It’s the starting point in the Marketing Mix/ 4P’s

179
Q
  • product category vs brands
A

Product Category: a type of product or service
- Product Brands: a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

180
Q

different types of cobranding

A

Cobranding: marketing 2 or more brands together in any of the 4P’s

- Ingredient Branding: one brand is an ingredient in other component/ brand (EX: intel in a computer, downy in tide)
- Complementary Branding: 2 or more brands commonly used together (co-consumption or co-purchasing) (EX: diet coke and Bacardi, $5 chicken sandwich and coke)
181
Q

-Reverse engineering

A

Process by which a man-made object is deconstructed to reveal its designs, architecture, or to extract knowledge from the object involved in manufacturing it usually in order to produce something similar

182
Q

-Understand the general flow of goods & information

A

Directly to the store (perishable goods, many stores close, fashion items)

	- Distribution Center then the store (less inventory, distribution centers are cheaper than getting a larger retail store to stock it all, less sales forecasting number errors)
- Flow of information: captured by a tracking device
	- Store shares information with the buyer (promotions), manufacturer (places more orders), and distribution centers (delivers more inventory)
	- Buyer shares information with the manufacturer (making orders)
183
Q

Intensive Distribution

A

strategy designed to get products into as many outlets as possible

184
Q

Selective Distribution

A

lies between the intensive and exclusive strategies, uses a few selected customers in a territory

185
Q

Exclusive Distribution

A

strategy in which only selected retailers can sell a manufacturer’s brand

186
Q
  • What is the promotional mix?
A
  • Public Relations, Sales Promotion, Personal Selling, Advertising, Direct Marketing, Online Marketing
187
Q

Public Relations

A

the organizational function that manages the firm’s communications to achieve a variety of objectives, including building a positive image and educating stakeholders
- “Free” media (don’t have to pay for news coverage), becoming cheaper, better because people don’t trust marketers

188
Q

Sales Promotion

A

special incentives or excitement-building programs that encourages customers to try, buy or buy more of a product or service
- Easy to track

189
Q

Personal Selling

A

two-way flow of communication between a buyer and a seller designed to influence the buyer’s purchase decision (personal interaction for the point of making a sale)
- Most expensive, low reach, most effective, adds most value for the consumer, easy to track

190
Q

Advertising

A

the placement of announcements and persuasive messages in time or space purchased in any mass media communication by firms, non-profit organizations, government agencies, and individuals who seek to inform and/or persuade members of a particular target market or audience about their products, service organizations or ideas (impersonal one-way communication in which the company is identified)
- Builds good awareness interest, high total cost but low cost per contact, high reach

191
Q

Direct Marketing

A

marketing that communicated directly with target customers to generate a response or transaction/purchase
- Growing, database technology improves, easy to track

192
Q

Online Marketing

A

through websites, blogs and social media

- Easy to track

193
Q

Advertising steps

A

Step 1. Identify the target audience

- Step 2. Identify the objectives (inform, persuade, or remind/ push or pull/ product or institutional)
- Step 3. Determine the budget
- Step 4. Identify the message (informative or emotional appeal)
- Step 5. Evaluate and Select Media (media- internet or magazine, specific vehicle- www.CNN.com, media schedule- continuous (steady), flighted (bursts), pulsing (continuous and flighted combined)
- Step 6. Create the Advertisement
194
Q

Steps of the marketing plan

A

Step 1. Mission Statement: Answers “What business are we in and what do we need to be?”, answered at the highest corporate level (CEO), focuses on the benefits rather than the good or service (if you don’t you suffer from marketing myopia)

- Step 2. SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats, and then S.M.A.R.T. objectives= statement of what is to be accomplished (Specific, Measurable, Attainable, Relevant with mission statement, Time frame)
- Step 3. Target Market & Positioning Strategy 
- Step 4. Implement Marketing Mix
- Step 5. Evaluate Performance
195
Q

Three components of marketing strategy

A
  • Target market: pick the group of customers you’re going to focus on satisfying their needs and wants with value
    • Marketing Mix/ 4 P’s: How you’re going to satisfy that
    • Sustainable Competitive Advantage (SCA): something the firm can persistently do better than competitors (won’t be copied in the long run/ how to be different)
196
Q

Perception process

A

Step 1. Sensation of stimuli Step 2. Pattern recognition- match stimuli to long-term memory Step 3. Perception- understanding)

MKT 350 (8 decks)

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