Marketing 1 Flashcards
How do customers choose among the many marketing offers
They buy from the firm with the highest customer perceived value
What are the five marketing management orientations?
Production product selling marketing and social marketing concepts
What is involved with partner relationship management
Working with others to bring value to customer including linking all the departments partner with suppliers partners and outsiders and the supply chain
What are the various categories of the customer relationship grid
Butterflies strangers true friends barnacles
How his marketing become a major part of the strategies for not-for-profit organizations
Help attract memberships funds and support uses high-power marketing mixes social and marketing campaigns
What is the Boston consulting group approach to portfolio planning
Star, Question, Cashcow, dog
What is the product market expansion grid?
The portfolio planning tool for identifying growth opportunities through market penetration, market development, product development, or diversification.
What constitutes the four Ps of the marketing mix?
The 4 Ps include product pricing placing and promotion. It Is everything the firm can do to influence demand of products
How might the marketing department be organized?
Specialist, region, variety of products, variety of markets. Functional, geographic, product management, market/customer management, or combination.
What variables comprise the companies microenvironment?
Company, suppliers, marketing intermediaries, competitors, publics
What variables comprise the companies macroenvironment?
Demographic, economic, natural, technologies, political, cultural.
How does the changing American family differ from increasing diversity in the US?
20% married with children, 29% married no children, 17% single parents, 34% nonfamily with no children. Changing America still deals with American values just different age groups and sex and marital status. Diversification deals with all of the above in a variety of different cultures
How does the economic environment differ from the political environment?
Economic environment is more unpredictable and change. The political environment is more black-and-white.
What major cultural values of the society are identified in the text?
Views of themselves, others, organizations, society, nature, and universe
How does marketing intelligence differ from marketing research?
gathers to get bearings versus for specific product
What are the three basic types of research objectives?
Exploratory, descriptive, casual
What are some problems associated with survey research?
Unable to answer/can’t remember, biased, privacy, time
What are the different types of samples marketing researchers might use?
Probability – simple, stratified, cluster. Nonprobability – convenience, judgment, quota.
How can marketing research findings be misused?
Consumer privacy, Riggings
What important subculture groups are discussed in the text?
Hispanic, African, Asian American, cross-cultural.
Why are opinion leaders important to marketers?
When they are influential consumers listen
How does Family influence buyer behavior?
Is the most important consumer buying organization and society
What is Maslows theory of motivation?
Physiological, safety, social, self-esteem, self actualization.
What are the four types of buying behavior?
Complex buying behavior, dissonance reducing buying, habitual buying, variety seeking buying.
Where can the consumer obtain information?
Sources: personal, commercial, public, experiential.
What is it meant by cognitive dissonance?
Buyer discomfort caused by Post purchase conflict.
What are the five adopter categories?
Awareness – knows exists. Interests – inquiries. Evaluation – consider. Trial – trying period. Adoption – full and regular use of product.
How do businesses markets differ from consumer markets?
Market structure and market demand where there are far fewer but larger buyers. Nature of buying, unit, types of decisions and decision process.
What are the three major types of business buying situation?
Straight rebuy, modified rebuy, new task.
Who are the participants and the business buying process?
Users, influencers, buyers, decider’s, gatekeepers.
How can companies engage in E procurement?
Reverse auctions, trading exchanges, call buying sites, extranet links, social media.
What are the various supplier complaints about Government buying?
National favoritism, excessive paperwork/bureaucracy/regulations/delays/share some personnel.
What are the requirements for effective segmentation?
It must be measurable, accessible, sustainable, differentiable, actionable
How my target marketing be implemented?
Broadly – undifferentiated. Nearly – micro. Between – differentiated or concentrated.
What is meant by product positioning?
Way a product is defined by customers – product is in customers mind relative to competitive brands
How many company gain competitive advantage?
Product, services, channels, people, or image.
What are the five winning value propositions?
More for more, more for same, more for less, same for less, less for much less.
