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MKTG 1126 > KNOW THESE > Flashcards

KNOW THESE Flashcards

1
Q

Marketing strategy planning process overview

A
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2
Q

Boston consulting group portfolio analysis (BCG)

A

Stars:
Cash Cows:
Dogs:
Question Marks:

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3
Q

Four Market-Product Strategies

A

market penetration
market development
product development
diversification

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4
Q

market pentration

A

selling more products in existing markets

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5
Q

market developmet

A

selling existing products in new markets (either geographic or new segments)

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6
Q

product development

A

selling new products in existing markets (innovate or die!)

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7
Q

diversification

A

selling a new product in new markets

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8
Q

market product grid

A

market penetration
market development
product development
diversification

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9
Q

purchase decision process

A

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)

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10
Q

problem recognition

A

actual state VS. desired state

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11
Q

information search

A

internal search, external search (personal, public and marketing sources)

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12
Q

alternative evaluation

A

assessing/comparing value
evaluative criteria: what’s important
consideration / evoked set: marketer’s goal is to become part of this set

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13
Q

purchase decision

A

buy/don’t buy? which product? from who? when?

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14
Q

post-purchase behaviour

A

satisfied consumers tell 3 people, dissatisfied tell 9
consumer Voice is powerful
cognitive dissonance

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15
Q

influences on the consumer purchase decision process

A

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

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16
Q

consumer purchase decision process

A

problem recognition
information search
evaluation of alternatives
purchase decision
post-purchase behaviour

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17
Q

four stages of selective perception

A

selective exposure
selective attention
selective comprehension
selective retention
as a marketer you can influence each stage

18
Q

target marketers aim at specific targets

A

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

19
Q

positioning statements contain these elements

A
  1. target market and need
  2. branded product name
  3. category in which it competes
  4. brand’s unique attributes and benefits
20
Q

skimming VS penetration pricing

A

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

21
Q

break-even analysis

A

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)

22
Q

customer-based brand equity pyramid

A

(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)

23
Q

product life cycle

A

the stages that a new product goes through”
1. introduction
2. growth
3. maturity
4. decline

24
Q

market introduction

A

sales are low, awareness needs are high, focus on “primary demand”

25
Q

market growth

A

profits go up and down, innovation attracts competition. monopolistic competition develops, profits peak and then decline

26
Q

market maturity

A

persuasive, more costly promotion, brands are more similar / try to differentiate & innovate, greater price competition/price sensitivity, maturity may last a long time

27
Q

sales decline

A

time for a replacement by a newer innovation
two ways:
1. harvest: a company keeps a product but reduces marketing support in an attempt to reap some minor profits
2. delete: company discontinues the product

28
Q

the adoption curve

A

the sequential diffusion and acceptance of an innovation into the market by consumers
innovators, early adopters, early majority, last majority, laggards

29
Q

innovators

A

venturesome, higher educated, use multiple information sources

30
Q

early adopters

A

leaders in social setting, slightly above average education

31
Q

early majority

A

deliberate, many informal social contacts

32
Q

late majority

A

skeptical, below-average social status

33
Q

laggards

A

fear of debt, neighbours and friends are information sources

34
Q

stages in the new-product process

A
  1. new product development strategy
  2. idea generation
  3. screening and evaluation
  4. business analysis
  5. development
  6. test marketing
  7. commercialization
35
Q

new product development strategy

A

setting the new product strategic direction for the company as a whole, and the precise objectives for the project at hand

36
Q

idea generation

A

developing a pool of new product ideas

37
Q

screening and evaluation

A

reduces the list of ideas down to a list of promising concepts
concept tests: external evaluations of a new product idea, rather than the actual product itself

38
Q

business analysis

A

financial projections on the impact of bringing the new product to market and selling it in the future

39
Q

devlopment

A

the new product idea is turned into a prototype for futhur consumer research and manufacturing tests

40
Q

market testing

A

offering anew product for sale in a limited basis in a defined geographic area to assess its success

41
Q

commercialization

A

when the new product is brought to market with full-scale production, sales, and marketing support

MKTG 1126 (12 decks)

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