Marketing

Question 1

Prospecting

Answer 1

assessing leads, identify potential customers, and narrow down to the right target market.

Question 2

Marketing

Answer 2

The creation and satisfaction of demand for a product/service

Question 3

Marketing Functions

Answer 3

Buying
Selling
Transporting
Market Information
Risk Taking
Storing
Financing
Standardization & Grading (sorting products)

Question 4

5 Cs of Marketing

Answer 4

Company
Customers
Collaborators
Competitors
Context

Question 5

Target Market

Answer 5

buyers that share common needs/characteristics that company decides to serve

Question 6

Marketing Mix

Answer 6

Product
Price
Place
Promotion

Question 7

Customer Market Model

Answer 7

1. Awareness
2. Engagement
3. Aquisition
4. Customer segmentation
5. Customer retention
6. Support and Advocacy

Question 8

Customer Profile

Answer 8

Demographics
Geographic
Psychographic
Behavioral
RFM (Monetary, Frequency, Recency)

Question 9

Buyer Journey

Answer 9

Discovery
Consideration
Decision

Question 10

Marketing Plan

Answer 10

written document composed of analysis of:
-current marketing situation
-opportunities/threats to firm
-marketing objectives/strategy specified in terms of four Ps
-action programs
-projected or pro forma income (and other financial) statements

Question 11

Customer Lifetime Value (CLV)

Answer 11

approximate worth of customer to company in economic terms; overall profitability of individual customer.

Question 12

Direct Environment

Answer 12

Customers
Company
Competitors

Question 13

External Environmental

Answer 13

cultural and social
economic
political and legal
technological

Question 14

customer segmentation

Answer 14

divides market into categories that share similar attributes such as age, location, gender habits, and so on

Question 15

single target market approach

Answer 15

segmenting market and picking one segment as firm’s target market

Question 16

multiple target market approaches

Answer 16

segmenting market and choosing two or more segments, then treating each as separate target market needing a different marketing mix

Question 17

combined target market approach

Answer 17

combining two or more submarkets into one larger target market as basis for one strategy

Question 18

criteria for segmentation

Answer 18

substantial
identifiable and measurable
accessible
responsive

Question 19

segmentation dimensions

Answer 19

demographic
geographic
behavioral

Question 20

segmentation steps

Answer 20

1. define the market (all possible customers)
2. divide into segments
3. select segments to target
4. develop marketing mix for each segment using 4 Ps

Question 21

Positioning

Answer 21

arranging product to occupy clear, distinctive, and desirable place relative to competing products in minds of target customers

Question 22

positioning statement

Answer 22

for (our target market), (our brand) of all (product type) delivers (key benefits or point of differentiation) because (our brand) is (reasons to believe).

for 16 to 24-year-old males who embrace excitement, adventure, and fun, Mountain Dew of all carbonated soft drinks, delivers great taste that exhilarates like no other because Mountain Dew is energizing, thirst-quenching, and has a one-of-a-kind citrus flavor.

Question 23

differentiation

Answer 23

utilizing marketing mix in distinct way such that customers see it as different from competition

Question 24

market penetration

Answer 24

drive increased sales of current product in existing markets

Question 25

adoption process

Answer 25

awareness interest evaluation trial decision confirmation

Question 26

buying influences

Answer 26

economic psychological sociological purchase situation

Question 27

buying emotions

Answer 27

control self-achievement nurturing

Question 28

buying center

Answer 28

group of people responsible for buying decisions in large organizations

Question 29

buying center members

Answer 29

users deciders influencers buyers gatekeepers

Question 30

B2B marketing

Answer 30

business to business marketing; the process of selling merch or services from one business to another

Question 31

product planning

Answer 31

making decisions about features/services of a product or idea that will help sell the product

Question 32

elements of product planning

Answer 32

product idea branding packaging warranty product classes

Question 33

business product classes

Answer 33

1. installations 2. accessories 3. raw materials 4. components 5. supplies 6. professional services

Question 34

consumer product classes

Answer 34

1. convenience 2. shopping 3. specialty 4. unsought

Question 35

product lifecycle stages

Answer 35

1. introduction 2. growth 3. maturity 4. decline

Question 36

how long can a product be called new?

Answer 36

6 months

Question 37

product development process

Answer 37

1. idea generation 2. screening 3. idea evaluation 4. development 5. commercialization

Question 38

direct distribution system

Answer 38

distributing product directly to customer. can be further divided by method of communication that takes place when sale occurs

Question 39

indirect distribution

Answer 39

goods and services move from producer to channel members and then to consumers or industrial users

Question 40

channel specialists

Answer 40

adjust quantity by accumulating and bulk-breaking

Question 41

retailer types

Answer 41

supermarkets specialty shops vending/convenience stores (c-stores) internet

Question 42

price skimming

Answer 42

firm tries to sell at high price before aiming at more price-sensitive consumers

Question 43

penetration pricing

Answer 43

firm tries to sell the whole market at one low price

Question 44

average cost pricing

Answer 44

adding a reasonable markup to average cost of product

Question 45

promotion types

Answer 45

advertising PR and publicity sales promotion

Question 46

promotion methods

Answer 46

informing persuading reminding

Question 47

AIDA Model

Answer 47

attention interest desire action

Question 48

adoption curve

Answer 48

1. innovators 2. early adopters 3. early majority 4. late majority 5. laggards

Question 49

advertising types

Answer 49

product -pioneering -competitive -reminder institutional

Question 50

pricing objectives

Answer 50

profit oriented sales oriented status quo oriented

Question 51

advertising mediums

Answer 51

TV radio direct mail newspapers internet

Question 52

digital marketing

Answer 52

uses internet and mobile interactive channels to develop communication/exchanges w/ customers

Question 53

Influences on consumer behaviour

Answer 53

economic needs psychological variables social influences purchase situation

Question 54

Business and organizational customers

Answer 54

producers intermediaries government units nonprofits

Question 55

push marketing

Answer 55

using normal promotion efforts, personal selling, advertising, and sales promotion to help sell the whole marketing mix to possible channel members

Question 56

Pull Marketing

Answer 56

involves use of mass selling tools to stimulate demand for a particular brand.

Question 57

Strategy

Answer 57

ideas that outline how product will achieve its objectives

Question 58

Tactic

Answer 58

action/method that contributes to achieving goal

Question 59

Primary decision criteria in determining channel strategy

Answer 59

Cost Capital Coverage Control Content Congruency

Question 60

reasons for choosing direct channels

Answer 60

greater control lower cost internet makes direct distribution easier direct contact with customers suitable intermediaries not available