KNOW THESE Flashcards
Marketing strategy planning process overview
Boston consulting group portfolio analysis (BCG)
Stars:
Cash Cows:
Dogs:
Question Marks:
Four Market-Product Strategies
market penetration
market development
product development
diversification
market pentration
selling more products in existing markets
market developmet
selling existing products in new markets (either geographic or new segments)
product development
selling new products in existing markets (innovate or die!)
diversification
selling a new product in new markets
market product grid
market penetration
market development
product development
diversification
purchase decision process
problem recognition (perceiving a need)
information search (seeking value)
evaluation of alternative (assessing value)
purchase decision (buying value)
post-purchase behaviour (value in consumption or use)
problem recognition
actual state VS. desired state
information search
internal search, external search (personal, public and marketing sources)
alternative evaluation
assessing/comparing value
evaluative criteria: what’s important
consideration / evoked set: marketer’s goal is to become part of this set
purchase decision
buy/don’t buy? which product? from who? when?
post-purchase behaviour
satisfied consumers tell 3 people, dissatisfied tell 9
consumer Voice is powerful
cognitive dissonance
influences on the consumer purchase decision process
marketing mix influences: 4 Ps
Socio-cultural influences: personal influence, reference groups, family, culture, subculture
Situational influences: purchase task, social surroundings, temporal effects, antecedent states
psychological influences: motivation, personality, perception, learning, values, beliefs, attitudes, lifestyle
consumer purchase decision process
problem recognition
information search
evaluation of alternatives
purchase decision
post-purchase behaviour
four stages of selective perception
selective exposure
selective attention
selective comprehension
selective retention
as a marketer you can influence each stage
target marketers aim at specific targets
a segmenter: using a single target market approach- can aim at one submarket with one marketing mix
using multiple target market approach-can aimed at two or more submarkets with different marketing mixes
a combiner: using a combined target market approach-can aim at two or more submarkets with the same marketing mix
positioning statements contain these elements
- target market and need
- branded product name
- category in which it competes
- brand’s unique attributes and benefits
skimming VS penetration pricing
skimming: firm tries to sell at a high price before aiming at more price-sensitive consumers
penetration: firm tries to sell the whole market at one low price
break-even analysis
break-even point: the quantity at which total revenues and total costs are equal (not losing or making money)
BEP=FC/(unit price - unit VC)
customer-based brand equity pyramid
(4. relationships = what about you and me?) consumer brand resonance (intense, active loyalty)
(3. response = what about you?) consumer judgement consumer feelings (positive, accessible, reactions)
(2. meaning = what are you?)brand performance brand imagery (strong, favourable, and unique)
(1 identity = who are you? brand salience (deep, broad brand awareness)
product life cycle
the stages that a new product goes through”
1. introduction
2. growth
3. maturity
4. decline
market introduction
sales are low, awareness needs are high, focus on “primary demand”
