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MGT8803 > Marketing > Flashcards

Marketing Flashcards

1
Q

What is positioning?

A

How customers think about proposed or present brands; the target customer’s brand image

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2
Q

What does positioning statement do?

A

Provide direction for marketing strategy

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3
Q

What is differentiation?

A

Utilizing the marketing mix in a distinct way so customers see the product as different

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4
Q

What are some examples of differentiation?

A

Lowest price
Owning a product attribute
Maxing user experience

First to market
Perceived as innovator

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5
Q

What are the steps of consumer adoption process?

A

Awareness
Interest
Evaluation
Trial
Decision
Confirmation

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6
Q

What elements decide likely responses for consumer buying behavior?

A

Drive
Cue
Response

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7
Q

What are the influences on consumer buy/no buy behavior?

A

Marketing mix =
Economic needs

Other stimuli=
Psychological variables
Social influence
Purchase situation

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8
Q

What are psychological needs within an individual?

A

Needs (innate)
Wants (learned)
Drives (unsatisfied needs)

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9
Q

Describe the hierarchy of needs

A

<base></base>

Physiological needs
Safety needs
Social needs
Personal needs

<Top>
</Top>

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10
Q

How does perception determine what consumers see and feel?

A

Selective exposure
Selective retention
Selective perception

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11
Q

What are the main lifestyle dimensions of consumers?

A

Activities
Interests
Opinions
Demographics

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12
Q

What are indicators of social class in US?

A

Occupation
Education
Type of housing
Location of housing

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13
Q

What are some social influences?

A

Culture
Reference group
Opinion leaders

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14
Q

Types of organizational consumers

A

Producers (Manufacturers)
Intermediaries (Wholesaler/retailer)
Government units
Non-profit

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15
Q

What are the key differences of b2b consumers?

A

Purchase criteria and specs
Multiple buying influences
Problem-solving process
Buyer-seller relationships
B2b e-commerce

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16
Q

Where do the multiple influences of b2b customers come from, and what are its elements?

A

Buying center

Buyers
Influencers
Gatekeepers
Deciders
Users

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17
Q

What are some organizational buying influences?

A

Vendor analysis
Behavioral needs
Ethical conflicts
Centralized purchasing

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18
Q

What are the main organizational buying processes?

A

New task buying
Modified rebuy
Straight rebuy

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19
Q

What are some business relationship dimensions?

A

Legal bonds
Info sharing
Cooperation
Operational linkages
Relationship specific adaptations

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20
Q

What are the elements of product planning for goods and services?

A

Packaging (protect promote enhance)
Idea (features, exp, quant)
Classes (b2b or b2c)

Branding
Warranty (extent)

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21
Q

What are the levels of brand familiarity?

A

Insistence
Preference
Recognition
Non-recognition
Rejection

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22
Q

What are the key issues on favorable conditions for branding?

A

Price/demand
Economies of scale
Easy to label/identify
Product quality and value
Availability
Shelf/display space

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23
Q

What kinds of brands are there?

A

Generic brand
Licensed brand
Individual brand
Family brand

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24
Q

What does packaging do?

A

Protects
Promotes
Enhances

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25
Q

Elements of warranty policies

A

Writing, promises in
Magnuson-Moss act (clear text)
Service guarantee
May improve marketing mix

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26
Q

What are business product classes?

A

MRO supplies
Installations
Components

Raw materials
Accessories
Professional services

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27
Q

What are consumer product classes and sub classes?

A

Convenience
-staples
-impulse
-emergency
Shopping
-Homogeneous/heterogeneous
Specialty
Unsought
-new/regularly unsought

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28
Q

What are the stages of product life cycle?

A

Market Introduction
-gain awareness
Market Growth
-stress differentiation
Market Maturity
-maintain brand loyalty
Sales decline
-milk, phase-out, or sell

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29
Q

What are some common investments in market growth?

A

Sales promo
Market research
Heavy ads
High unit costs

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30
Q

What are the characteristics of market growth?

A

Innovation attracts competition
Monopolistic competition
Profits peak then begin to decline

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31
Q

What are the characteristics of market maturity?

A

Persuasive, costly promos
Brands similar
Greater price competition/sensitivity
Mature stage may last a long time

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32
Q

What elements does the product life cycle length depend on?

A

Ease of use
Ease of communication
Can be tried
Compatible
Competitive advantage

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33
Q

How long is a product new according to FTC?

A

6 months

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34
Q

What are the steps in new product development?

A

Idea generation
Screening
Idea evaluation
Development
Commercialization

35
Q

What is marketing?

A

Creation or satisfaction of demand for a good/service

36
Q

What is strategy?

A

How a brand will achieve its objectives

37
Q

What is tactic?

A

Specific action or method that’s contributes to achieving a goal

38
Q

What does a firm do in marketing?

A

Needs, analyze
Wants, predict
Demand, estimate
Where, determine
Price, estimate
Promotion, decide
Competition, estimate
Service, provide

39
Q

What are the five Cs?

A

Customers
Company
Collaborators
Competitors
Context

40
Q

What are the elements of customer marketing model?

A

Awareness
Interest & engagement
Acquisition
Segmentation
Retention
Support & advocacy

41
Q

What are the main ways in which customers are profiled?

A

Demographic profiling
Geographic variables
Psychographic profiling
Behavioral variables
RFM (recency, frequency, monetary)

42
Q

Describe the buyers journey

A

Discovery
-loosen status quo
-committing to change
Consideration
-exploring solutions
-committing to solution
Decision
-justifying
-making selection

43
Q

Describe the elements of a firm’s marketing program

A

Target market + mix = strategy
Strategy + time details = plan
Marketing plan + others = program

44
Q

What are the elements of marketing planning?

A

Set objectives
Evaluate opps
Create strategies
Prepare plans and program

45
Q

What is the flow of the management job in marketing?

A

Marketing planning
Implement plans/program
Control plans/program

46
Q

What are the 4 Ps?

A

Product
Place
Promotion
Packaging

47
Q

Describe the attractive opportunities cycle

A

Breakthrough opportunities
Competitive advantage
Avoid hit or miss marketing

48
Q

What are the attributes of managers?

A

Marketing-oriented manager
-differentiates for targeted marketing
Production-oriented manager
-sees everyone as same and mass markets

49
Q

What is market penetration?

A

Drive increased sales of current product in existing markets

50
Q

What is product development?

A

New/unique benefits in products to create new markets

51
Q

What does LTV stand for and what is it?

A

Lifetime customer value

Relationship that develop satisfied customers
+
Time
=
Return business

52
Q

What are the product elements of the marketing mix?

A

Physical characteristics
Application benefits
Warranties

53
Q

What are the elements of the place element of the marketing mix?

A

Right
-product
-consumer
-place
-time
-quantity
-condition

54
Q

Types in the promo element of marketing mix

A

Personal selling
-direct2c, customer service
Mass selling
-ads, publicity
Sales promotion
-stimulate interest
-encourage trial

55
Q

What are the price elements of the marketing mix?

A

Price
-geographic price
-competition
-flexibility
-objectives
-over the lifecycle
-discounts and allowances

56
Q

What is segmentation?

A

Clustering people with similar wants and needs

57
Q

What does segmentation do?

A

Defines possible target markets
Develops a different marketing mix for each segment

58
Q

What are some analytical techniques for segmentation?

A

Clustering
CRMs

59
Q

What is the best practice approach for segmenting product markets?

A

Select broad market
Identify customer needs
Firm initial homogenous market
Identify determining dimensions
Name possible product-markets
Evaluate segment behaviors
Estimate size of segment

60
Q

Describe the two activities of channel specialists and their sub activities

A

Adjusting discrepancies
-accumulating (collecting from many small producers)
-bulk-breaking (dividing into smaller quantities)

Adjusting assortment
-assorting (assembling varieties)
-sorting (separating grades)

61
Q

What are marketing strat planning decisions for place?

A

Place objectives
Direct vs indirect channels (type)
Channel specialists
Channel relationships
Market exposure

62
Q

What are key issues in place objectives?

A

Product classes suggest place objectives
Place decisions have long-run effects
Place systems may be complex

63
Q

Reasons for choosing direct channels

A

Greater control
Lower cost
Internet eases direct distribution
Direct contact with customers
Suitable intermediaries not available

64
Q

What is the problem with too much marketing exposure?

A

Increases marketing costs unnecessarily

65
Q

What are the three market exposure strategies and their meaning?

A

-Intensive (sell it where they buy it; convenience)
-Selective (sell it where it sells best; shopping products; moves to intensive as demand grows)
-Exclusive (sell it thru one intermediary)

66
Q

What is multi-channel distribution?

A

Using multiple channels to reach the same customers

67
Q

Name the five modes of physical transportation and their best feature(s)

A

Truck (locations served, frequency of shipments, dependability)
Rail
Water (low cost, variety of goods)
Air (very fast, frequency, dependability)
Pipeline (dependability)

68
Q

Features that retailers offer

A

Product selection
Place decisions
Promotion
Prices
Emotional needs
Shopping atmosphere

69
Q

What are the types of retailer offerings?

A

Single and limited line stores
Specialty and department stores
(Macy’s, gap)
Supermarket, club,
(Kroger, Sam’s, ikea, HD)
Convenience, vending, door2door
(7-11)
Internet
(Amazon)

70
Q

What are the three types of wholesaler?

A

Service merchant WS
-general merch, specialty WS
(All functions, owns products)
Limited-function WS
-cash n carry, drop ship, catalog
(Some functions, owns products)
Agent WS
-auction cos, brokers,
(Doesn’t own products)

71
Q

Key pricing policies

A

Price flexibility
Price levels over product cycle
Discounts and allowances
Transport costs

72
Q

Pricing objectives

A

Profit oriented
-target return
-maximize profits
Sales oriented
-sales growth
-market share growth
Status quo oriented
-nonprice competition (other p’s)
-meeting competition

73
Q

Two pricing policies

A

Skimming
-gradually lower
Penetration
-start low to discourage competition

74
Q

Types of discounts

A

Quantity
Seasonal
Cash
Trade
Sale

75
Q

What does 2/10 net 30 mean?

A

2% off if invoice is paid in 10 days, with net due in 30 days, and additional interest after 30 days

76
Q

Primary criteria in deciding selling channel (place)

A

Cost
Capital
Coverage
Control
Content
Congruency

77
Q

Six types of costs

A

Total fixed cost
Total variable cost
= total cost
Avg unit cost
Avg fixed cost
Avg variable cost

78
Q

What are types of price analysis?

A

Average cost analysis
Break even analysis (costs oriented)
Marginal analysis (accounts for downward demand curve)

79
Q

What are elements that make a consumer price sensitive?

A

Substitutes
Ease of comparison
Who pays
Total expenditure
End benefits
Switching costs

80
Q

What is bid pricing?

A

New prices for every job
-cost estimations are tough

81
Q

What are types of promotion?

A

Personal selling (direct verbal comm)
Mass selling (ads, publicity)
Sales promotion

82
Q

What are ways to decide on promotion budgeting?

A

Percentage of sales
Task method

83
Q

Ad goals

A

Position brands
Introduce new products
Obtain outlets
Ongoing contact
Support sales force
Get immediate action
Maintaining relationships

84
Q

Types of advertising

A

Institutional advertising
Product advertising
-pioneering advertising
-competitive advertising
-reminder advertising

MGT8803 (8 decks)

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