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U1 Integrated Management INTG 202 > lecture 2 > Flashcards

lecture 2 Flashcards

1
Q

what is in the marketing mix

A

– Products&Services
– Pricing
– Promotions
– Place

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2
Q

what is in the marketing mix

A

– Products&Services
– Pricing
– Promotions
– Place

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3
Q

what does the marketing mix target

A

customers

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4
Q

what is A product

A

is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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5
Q

what are Services

A

are intangible activities or benefits that an organizationprovidestoconsumersin exchange for something of value.

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6
Q

A winning value proposition is more than just the Core product/service; what is ti

A

experience, community, packaging, brand, features, actual product/service, augmented product//service

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7
Q

what is the Product Life Cycle (4 stages)

A

introduction
growth
maturity
decline

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8
Q

what is A product

A

is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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9
Q

what are Services

A

are intangible activities or benefits that an organizationprovidestoconsumersin exchange for something of value.

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10
Q

what is the difference between customer, client and consumer

A

customer, buy
client, receive
and consumer, use

CAN be the same person

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11
Q

what do do Products require

A

different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage

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12
Q

do Products and services have a limited life

A

yes

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13
Q

do Product sales pass through distinct stages

A

yes

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14
Q

do products have just one level at all stages

A

no, Profits rise and fall at different stages

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15
Q

what do do Products require

A

different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage

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16
Q

what is the Product Life Cycle’s coordinating consumers

A 
innovators-- pre intro
early adaptors-- intro
early majority--growth
late majority-- growth
laggards-- decline
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17
Q

wha are laggards

A

fear of debt, neighbours and friends are informational sources

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18
Q

what are early adaptors

A

leaders in social setting, slightly above average education

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19
Q

what are early majority

A

deliberate, many informal social contacts

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20
Q

what re late majority

A

skeptical, below average social status

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21
Q

wha are laggards

A

fear of debt, neighbours and friends are informational sources

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22
Q

what are The Four I’s of Services

A

 Intangibility  Inconsistency

 Inseparability  Inventory

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23
Q

What is a Brand

A

A brand is a name, term, symbol, design, or combination thereof that identifies a seller’s products and
differentiates them from competitors’ products.
 The brand is an entity, a resource that has to be built and nurtured through time
 Brand is often over and above the actual offering

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24
Q

what are examples of customer awareness and associations

A

Awareness;
Logo
name
jingle

Associations;
personality
smell
sund
colour
shape/packaging
etc
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25
Q

what is Brand Equity

A

Brand equity is the positive differential effect that knowing the brand name has on customer response totheproductor service

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26
Q

what is the BrandEquity equation

A

StrengthofBrandAwareness+ Brand Associations vis-à-vis the competition

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27
Q

explain Brand Equity: Strength of Brand Awareness+ Brand Associations vis-à-vis the competition

A

– Higher the level of brand awareness higher the equity

– More complex and hard to imitate/substitute positive brand associations higher the equity

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28
Q

Brand

A 
Larger margins
More inelastic consumer response
Greater channel cooperation
Increased marketing communications effectiveness
Possible licensing opportunities

 Improved perceptions of product performance
 Greater consumer
loyalty
 Less vulnerability to competitive marketing actions
 Less vulnerability to crises

29
Q

what are Brand Elements

A

Brand elements serve to identify and differentiate the brand.

30
Q

what is the Importance of Pricing

A

revenue

31
Q

New Products do what to the PLC

A

extend the PLC and leveraging the power of brands

instead of a decline stage, it can have more growth

32
Q

Sources for New Product Ideas

A 
Competitors
customers
suppliers
retailers
employees
distributers
etc
33
Q

New Products Fail at a High Rate: what is the stat

A

80% fail within year 1

10% more fail within 5 years

34
Q

is Pricing is both REAL or PERCEPTUAL

A

both

35
Q

what are Pricing Constraints

A 
 Demand
 Costs
 Competition
 Economic Regulation
 Pricing Dynamics
 Product lifecycle (newness)
 Single product vs. product line
 CUSTOMER VALUE PERCEPTIONS
36
Q

what is are the 2 extremes for pricing (value pricing)

A 
Price Ceiling
(what is the most that we can charge for a burger?)
Price Floor
(what limits how little we can charge?)
37
Q

how to determine Value Pricing

A

Customers buy if Value > Price

Firms sell if Price>Cost

38
Q

what is the PLC stage associated with persuading

A

growth

39
Q

what is the PLC stage associated with informing

A

introductiona nd early growth

40
Q

what is the PLC stage associated with reminding

A

maturity

41
Q

what is the PLC stage associated with persuading

A

growth

42
Q

what are the different types of media (media proliferiation)

A

owned, earned, paid

43
Q

can forms of media overlap

A

yes it is more of a continuum than anything

44
Q

what is earned media

A

blogs forums, word of mouth

45
Q

how to Integrated Marketing Communications

A

 Set Clear Objectives
 Identify key Consumer Segments to Target
 Decide on the key message based on positioning
 Leverage multiple media to engage consumers at various points in their purchase journey.
– Mixcommunicationvehicles
– Offlinevs.Onlinevs.both
– Type of message (emotional vs .rational vs.mix) – Potential synergies across media
– Plans for leveraging Paid, Owned, and earned
 Roll out the plan and have clear metrics to measure success – Reviseand refine if necessary

46
Q

what are Channels

A

place

47
Q

What Can Channels Do?

A

information, communication, inventory carrying, transportation, financing, risk taking, physical distribution, innovation, servicing

48
Q

how to Integrated Marketing Communications

A

 Set Clear Objectives
 Identify key Consumer Segments to Target
 Decide on the key message based on positioning
 Leverage multiple media to engage consumers at various points in their purchase journey.
– Mixcommunicationvehicles
– Offlinevs.Onlinevs.both
– Typeofmessage(emotionalvs.rationalvs.mix) – Potentialsynergiesacrossmedia
– PlansforleveragingPaid,Owned,andearned
 Roll out the plan and have clear metrics to measure success – Reviseand refine if necessary

49
Q

what are the Types of Channels

A 
direct/online channel
retail/broker channel
wholesaler channel
C2C channel
B2B channel
50
Q

What Can Channels Do?

A

information, communication, inventory carrying, transportation, financing, risk taking, physical distribution, innovation, servicing

51
Q

Factors Affecting Channel Choice

A

Image & Quality Signals
Economic Environment
product factors
consumer habit and preferences

52
Q

what are the Types of Channels

A 
direct/online channel
retail/broker channel
wholesaler channel
C2C channel
B2B channel
53
Q

Channel Conflict comes with what

A

growth

54
Q

Conflict can be lowered by understanding, explain

A

– Is the channel profitable as a whole? Ensuring that channel partners understand the flows across the value chain.
– Ensure that every partner makes money.
– Ensure that channel partners have sufficient economic incentives to participate. If possible, separate partners based on consumer segments served.
– The “Soft” power of trust and commitment
– The“Hard” power of contracts

55
Q

Conflict management in multi-level channels starts with understanding what

A

What is the nature of conflict?Verticalvs.horizontalconflict(i.e., Conflict at different levels (vertical) and samelevel (horizontal)) what

56
Q

Conflict can be lowered by what

A

understanding

57
Q

Conflict can be lowered by understanding, explain

A

– Isthechannelprofitableasawhole?Ensuringthatchannelpartners
understand the flows across the value chain.
– Ensurethateverypartnermakesmoney.
– Ensurethatchannelpartnershavesufficienteconomicincentivesto participate. If possible, separate partners based on consumer segments served.
– The“Soft”poweroftrustandcommitment
– The“Hard”powerofcontracts

58
Q

give summary of  Understand Customer Segments and Target Customers

A

– Utilize the four bases

59
Q

give summary of  Evaluate Positioning and positioning map –

A

Positioning including positioning map

– Points of Parity and Points of Difference

60
Q

give a summary of  Product:

A

– In-depth product understanding (core benefit, augmented product, etc.)
– PLC status and issues
-Development and leverage o fbrand equity

61
Q

Key Takeaways: Product/Services are morethan core offering and have life cycles, ecplain

A

Brands are valuable resources and are embodied in key brand elements.
Brand equity is the strength of consumer brand awareness and associations

62
Q

give summary of Selling

A

– Channel strategy

– Potential channel conflicts and conflict management – Where the product is available

63
Q

give summary of promotion

A

Communication objectives &key message – Use of appropriate communication mix

64
Q

Key Takeaways: Product/Services are morethan core offering and have life cycles, ecplain

A

Brands are valuable resources and are embodied in key brand elements.
Brand equity is the strength of consumer brand awareness and associations

65
Q

The key to pricing is what

A

understanding what gives customer value

66
Q

Communications help inform, persuade, and remind target segments; explain

A

Therearepaid,owned,andearnedmediathatshouldbeleveraged synergistically usingan integrated marketing communicationsplans

67
Q

Channels are an important element of marketing strategies, explain
–

A

With growth channel conflict is to be expected and need to be
effectively managed

68
Q

 Marketing plans require what

A

a systematic thought

U1 Integrated Management INTG 202 (9 decks)

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