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10 Day MBA > Marketing > Flashcards

Marketing Flashcards

1
Q

Need Categories

A

All the possible uses of a product or service

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2
Q

The Buying Process

A

The stages of making a purchase: awareness, interest, trial, repurchase, loyalty

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3
Q

Product Involvement

A

The importance of a product to the consumer

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4
Q

Segmentation Variables

A

Ways to divide the population to find a profitable target

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5
Q

Relevant Market

A

The portion of the market that is interested in your product

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6
Q

Product Life Cycle

A

PLC

The birth-to-death (and possibly rebirth) life cycle of a product

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7
Q

SWOT Analysis

A

Competitive analysis of strengths, weaknesses, opportunties, and threats

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8
Q

Perceptual Mapping

A

A multivariable picture of a product and its competitors

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9
Q

Channel Margin Mathematics

A

Each level in the distribution takes a margin of the selling price it charges to the next level of distribution

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10
Q

The Marketing Mix of the 4 P’s

A

Product, place, promotion, and price

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11
Q

Distribution Strategies

A

Exclusive, selective, and mass market

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12
Q

Channel Power

A

Who in the distribution chain dictates the terms of the relationships

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13
Q

Advertising Measures

A

Reach, frequency, GRP, TRP, share of voice. Buy wisely.

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14
Q

Pricing Strategies

A

Cost plus, penetration, value pricing, skimming

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15
Q

Break Evens

A

The volume of sales needed to recover the fixed cost of the marketing plan

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16
Q

7 Steps of Market Strategy Development

A
  1. Consumer analysis
  2. Market analysis
  3. Competitive analysis
  4. Distribution channel analysis
  5. Develop the marketing mix
  6. Determine the economics
  7. Revise
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17
Q

Marketing Mix: Product Evaluation

A

How does my product fit with other products?
How will I differentiate my product?
How does the product life cycle alter my plans?

18
Q

Common Ways to Differentiate a Product

A

Features - capabilities
Fit - tailoring
Styling - functional, visual
Reliability - warranties, return policies
Packaging - color, size, shape, protection
Sizes - clothing, appliance, computer, and luggage sizes
Service - timeliness, courtesy, accuracy
Brand Naming - labeling

19
Q

Marketing Mix: Place Considerations

A

What distribution strategy should I use?

On what basis should I choose a channel of distribution?

20
Q

Exclusive distribution strategy

A

Sell in only one outlet in each market

21
Q

Selective distribution strategy

A

Sell in only a few outlets in each market

22
Q

Mass or Intensive distribution strategy

A

Sell in as many outlets as possible

23
Q

Marketing Mix: Promotional Considerations

A

Should I use a push or pull strategy?

24
Q

Buying Process: Awareness

A

Promotional mission is to inform about a product, prompt a need or message

25
Q

Buying Process: Interest

A

Promotional Mission is to provice compelling message, solve a need message

26
Q

Buying Process: Trial

A

Promotional mission is to motivate action

27
Q

Buying Process: Repurchase

A

Promotional mission is to cue to rebuy, increase usage

28
Q

Buying Process: Loyalty

A

Promotional mission is to reinforce brand or image, special promotions

29
Q

Promotion: Pull Strategy

A

efforts to pull buyers to the outlets that carry your product

types: advertising, personal selling, sales promotion, public relations and publicity, direct selling

30
Q

Promotion: Push Strategy

A

encourage distribution channels to stock and sell a product to consumers

31
Q

Marketing Mix: Price Considerations

A

What should my price be?

32
Q

Reach

A

In advertising, reach is the percentage of the target market who see and hear your promotion or advertisement

33
Q

Frequency

A

In advertising, frequency is the number of times your audience saw or heard your promotion or advertisement

34
Q

Gross Rating Points

A

GRPs

In advertising, Reach x Frequency equals gross rating points

It is a measure by which advertising is sold and purchased

35
Q

Total Rating Points

A

TRPs

In advertising, when you add GRPs (gross rating points) up together, you get TRPs

TRPs are one measure of selling and purchasing advertising

36
Q

Share of voice

A

In adversiting, share of voice is a competitive measure of media.

Using this measure, an advertiser can target a certain percentage of media spending by all competitors within a product category

37
Q

Cost Plus

A

A simple pricing method where you take your cost and add a desired profit margin

38
Q

Penetration (Pricing)

A

A penetration pricing strategy would use a low price to gain market share. The goal is to lower costs per unit by producing many units in the hopes of eventually controlling a market as the low-cost producer

It can be used in the introductory phase of a product, or later in the PLC (product life cycle)

39
Q

Skimming

A

A pricing strategy to charge a high price and skin high margins from a new and novel product or service

40
Q

Value Pricing

A

A pricing strategy to charge the customer the value provided, regardless of its cost

10 Day MBA (2 decks)

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