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Business - Final Exam > Marketing 1 > Flashcards

Marketing 1 Flashcards

1
Q

What are the three elements of marketing strategy?

A
  • Target market
  • 4 P’s (price, place, product, promotion)
  • Competitive advantage
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2
Q

The scope of marketing

A

It’s everywhere
> people marketing, place marketing, event marketing, idea marketing

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3
Q

Marketing and the 4 Ps: more than advertising

A

Product > creating value > place > communicating value > promotion > delivering value price

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4
Q

Marketing a business is about how …

+ the objective

A

How you position it to satisfy your market’s needs

The objective is to provide the right product to satisfy the needs of your target customer at the right price available in the right place to be bought by customers and to then promote this by informing potential customers of the availability of the product, its price and its place.

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5
Q

Consumer markets vs. business markets
How will the buyer use the product

A

Consumer markets: products for personal consumption (B2C = business to customer)
> standard

Business markets: products used directly or indirectly to produce other products (B2B = business to business)
> more specialized

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6
Q

Market segmentation

A

Selecting a target market begins with dividing your market into segments.
Marketers may select multiple segments to target
- demographic
- geographic
- psychographic/behavioral

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7
Q

Consumer market segmentation: demographic

A

Demographic – gender, ethnicity, age, family life cycle, religion, occupation, average income, etc.

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8
Q

Consumer market segmentation: geographic

A

Geographic – city, province, country, climate (snowfall, temperature, rain, etc.)

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9
Q

Consumer market segmentation: psychographic/behavioral

A

Psychographic/Behavioral – lifestyle, attitudes, values

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10
Q

Consumer buying process

A
  1. Problem recognition: I realize I have a problem to resolve
  2. Information search: I’ve got to find a solution to my problem
  3. Evaluation alternatives: I’ll with the pros and cons of the products available
  4. Purchase decision: I’ll choose this one or not choose at all
  5. Post purchase evaluation: I’m happy/unhappy with my purchase, and will/will not buy a similar one in the future
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11
Q

Factors influencing buying behaviour

A
  • Culture and subculture: nationality, gender, religion, etc
  • Social class: income, profession, political status, etc
  • Reference groups: family, friends, fellow students, etc
  • Personal image: physical look, profession, etc
  • Situational matters: timing, coincidence, mood, etc
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12
Q

Developing a marketing strategy

A

a plan for
1. identifying the target market among market segments
2. creating the right marketing mix to reach that target market
3. dealing with important forces in the external marketing environment.

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13
Q

Value definition

A

Value is defined as a customer’s perception that a certain product offers a better relationship between costs and benefits than competitors’ products do

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14
Q

Product

A

A Good or Service That Can Satisfy Buyers’ Needs

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15
Q

Product line

A

A Group of Products Designed for a Similar Market
(PepsiCo, Apple)

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16
Q

Product mix

A

The Combination of All Product Lines

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17
Q

The total value offer and its three layers

A

The total product offer, also known as the value package, is all the factors that potential buyers evaluate in a product when considering whether to buy it.
• There are three layers:
1. Actual product or service (product characteristics & features)
2. Core benefit (image, what it accomplishes)
3. Augmented product (warranties, manual, after sales service)

18
Q

Product features vs benefits

A

Features: specific characteristics of a product
Benefits: the advantages that a customers gains from a specific feature (more effective)

Ex:
Height definition TV
- feature: 46 in screen
- benefit : the party at your house

Subway sandwiches
- features: lower fat
- benefits: looser pants

19
Q

Products can be goods or services or a combination

A

Pure goods (bottle of shampoo)
Pure services (math tutoring)
Combinaison (restaurant)

20
Q

Product life cycle (4 stages)

A

Stage 1: introduction > electric cars
Stage 2: growth > hybrid cars
Stage 3: maturity > PCs
Stage 4: decline > cigarettes

21
Q

Peak of profits on sales

A

Profits on sales: usually peak in growth stage, as prices are lowered to appeal to more buyers

22
Q

Peak of sales of product

A

Sales of product: usually peak in maturity stage, under pressure from competition

23
Q

Developing a new product
+ its 6 stages

A
  • Product differentiation is designing a product different enough from competitors to attract consumers.
  • An important part of it is establishing a brand, whether brand name, brand mark, or trademark.
  • Packaging also is important for protecting and promoting a product

Stages:
1. Idea generation
2. Product screening
3. Product analysis
4. Product development
5. Test Marketing
6. Commercialisation

24
Q

Branding
- Brand names, brand marks and trademarks

A

A brand is a unique name, symbol, or design that identifies an organization and its product or service. Brands fall into three general classes:
1. Brand names are those parts of a brand that can be expressed verbally, such as by words, letters, or numbers.
2. Brand marks are those parts of a brand that cannot be expressed verbally, such as graphics and symbols.
3. Trademarks are brand names and brand marks, and even slogans, which have been given exclusive legal protection.

25
Q

What is branding for

A
  • to publicize the company name and build trust
  • to differentiate the company’s product from competing products
  • to get repeat sales
  • to make entering new markets easier
26
Q

Brand equity

A

Brand equity is the marketing and financial value derived from the combination of factors that people associate with a certain brand name

27
Q

Brand loyalty

A

Brand loyalty is commitment to a particular brand—the degree to which consumers are satisfied with a product and will buy it again.

28
Q

Brand awareness

A

Brand awareness means that consumers recognize the product.

29
Q

Brand preference

A

Brand preference means that consumers habitually buy the product if it is easily available, but will try alternatives if they can’t find it.

30
Q

Brand insistence

A

Brand insistence means that consumers insist on the product; they will accept no substitutes. Highly popular brands often bring forth knock-off brands, illegal imitations of national brand-name products

31
Q

Product classification - 2 types

A

Consumer products and business products

32
Q

Consumer products

A

• Every-day convenience products (gum, milk, etc.)
• Shopping products (appliances, certain clothing, cars, etc.)
• Services (hairdresser, financial planners, etc.)
> sold to consumers for their own consumption

33
Q

Business products

A

• Merchandise inventory
• Raw materials and component parts
• Production equipment and other tools
• Business services
> sold to businesses for resale or their own consumption

34
Q

Promotion

A

INFLUENCING CONSUMER DECISIONS THROUGH COMMUNICATION

Promotion – the power to influence consumers – to remind them, to persuade them, to inform them.

35
Q

Competitive advantage

A

How your product is different from and better than the competition

36
Q

Promotion: important considerations

A

• Where and when can you get across your marketing messages to your target market?
• Will you reach your audience by advertising online, in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
• When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
• How do your competitors do their promotions? And how does that influence your choice of promotional activity?

37
Q

Promotional mix

A

Tools to communicate your message to your target market

Traditional:
- advertising, sales promotion, public relations, personal selling

Growing trend of digital marketing (websites, social media, mobile marketing, etc)

38
Q

Advertising

A

Paid, non personal communication designed to influence a target audience
- television (broadcast, cable), newspaper, direct mail, radio, social media, yellow pages, magazines, outdoor, internet, advergaming, ads in theatre

39
Q

Consumer sales promotion

A

Loyalty programs (long-term benefit also)
Premiums (e.g. 50% more)
Bonus products with purchase
Free samples
Coupons
Contests
Displays
> Offered by manufacturers directly and and also by marketing intermediaries

40
Q

Public relations (PR)

A

Public relations – involves the ongoing effort to create positive relationships with all the firm’s different “publics,” including customers, employees, the community, and the government

Press releases / interviews with the media
Special events/ product launches
Event sponsorship
Issue sponsorship
Sponsorship of an athlete or other celebrity

Publicity is information about a company found in the media (uncontrollable to a large extent)

41
Q

Personal selling

A

Person to person presentation of products to build relationships
• Personal selling is best for:
– High-priced items
– Complex products
– High volume customers
• Can be done in a store, through visits to customers, in a kiosque, etc.

42
Q

Choosing the right promotional mix

A

Based on:
- Product Characteristics
- Product Life Cycle
- Target Market
- Use of Intermediaries
- Competitive Environment
- Budget

Business - Final Exam (5 decks)

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