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marketing exam 2 > marketing > Flashcards

marketing Flashcards

1
Q

mission statement

A

a statement of the orgs. purpose, what it wants to accomplish in the larger environment. ( It should be market oriented, realistic, specific, motivating, and illustrative of distinctive characteristics.

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2
Q

characteristics of a mission statement

A
  1. What is our business?
  2. Who is the customer? What do they value?
  3. What are our core competencies
  4. What should our business be?
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3
Q

Steps in the strategy process

A
  1. Defining company mission
  2. Setting company objectives and goals (corporate)
  3. Designing the business portfolio
  4. Planning marketing strategies (business unit, product, and market level)
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4
Q

Company objectives and goals

A

mission should be detailed supported objectives for each level of mgmt (to build profitable customer relationships

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5
Q

business portfolio

A

combination of businesses that has the potential of reach objectives

  1. Which busniess to enter
  2. which to exit?
  3. How much to invest
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6
Q

Businesses may also be called…

A

Strategic Business Units (SBUs) divisions, markets, product lines

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7
Q

BCG matrix

A

portfolio-planning method that evaluates a companys SBUs in terms of its market growth rate and relative market share

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8
Q

criticisms of BCG matrix

A
  1. limited number of variables used
  2. ignores interrelationships between businesses (Disney; movies are a small part of it)
  3. placement of a business in the matrix is highly dependent on definition of market
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9
Q

Stars

A

high growth, high share business ( need big investments, but growth will slow down eventually)

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10
Q

Cash cows

A

low growth, high share business (established and successful SBUs need small investment, but produce a lot of cash)

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11
Q

Question marks

A

low share business, high growth markets (require a lot of money, mgmt decides which question marks to pursue or not)

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12
Q

dogs

A

low growth, low share business (may create cash to maintain itself, but no long term success)

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13
Q

variables of product/ market expansion grid

A

market penetration, product development, market development, and diversification

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14
Q

market penetration

A

strategy of increasing sales to current customers w/o changing the products being sold

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15
Q

market deveolpment

A

identifying new market segments for current company products

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16
Q

product development

A

offering modified/ new products to current markets

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17
Q

diversification

A

starting up/buying businesses outside of current products/markets

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18
Q

Strategy formulation (what we know)

A

company decides which customers it will serve (segmentation and targeting) and how (differentation and positioning)

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19
Q

Strategy formulation (what do we want to accomplish)

A

goal is to create value for customers and build profitable relationships

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20
Q

Strategy formulation (how will we do it)

A

company designs a marketing program-the four P’s-that delivers the intended value to targeted consumers

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21
Q

implementation

A

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

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22
Q

What does a company need to have successful implementation of marketing strategies

A
  1. company’s culture
  2. employees shared beliefs and values
  3. organizational structure
  4. reward systems
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23
Q

control

A

measuring & evaluating the results of marketing strategies and plans and taking corrective action to ensure the objectives are achieved

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24
Q

how to evaluate results of marketing strategies

A
  • set marketing goals
  • measure actual vs. expected performance on goals
  • take corrective action to close goals between goals and performance
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25
Q

Steps in segmentation

A
  1. market segmentation
  2. target marketing
  3. market positioning
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26
Q

segmentation

A

dividing a market into smaller groups that (1) have distinct needs/behaviors, (2) respond differently to marketing efforts, and (3) might require their own products and marketing (4 P’s)

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27
Q

variables of segmentation

A

geographic, demographic, psychographic, behavioral, and intermarket

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28
Q

psychographic

A

dividing a market based on social class, lifestyle, and personality

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29
Q

behavioral

A

dividing a market into segments based on behaviors such as: benefits sought, usage occasion, user status, usage rate and loyalty status (consumer knowledge, attitudes, uses, or responses to a product)

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30
Q

intermarket

A

segments of consumers who have similar needs and buying behavior even though they are located in different countries

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31
Q

requirements for effective segmentation

A
  1. measurable- can be identified and measured
  2. accessible- can be reached and served
  3. substantial- large and profitable enough
  4. differentiable- separate from other segments
  5. actionable- can be marketed by our company
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32
Q

targeting

A

choosing the segment that is most attractive to your org

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33
Q

evaluating market segments

A

Internal- does the segment fit our objectives and resources?
External- How big is the segment? What is its growth? Are there substitute products? How much power do suppliers and customers hold

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34
Q

variables for Target marketing strategies

A

Undifferentiated (mass), Differentiated (segmented), Concentrated (Niche), Micromarketing (Local/Individual)

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35
Q

Dffierentiated (segmented) marketing

A

store that sells a variety of different products (GAP)

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36
Q

concentrated (niche) marketing

A

targets a large share of one or a few small segments (fish food)

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37
Q

micromarketing

A

tailoring products and marketing programs to suit the tastes of the area where the business is
(family clothesline)

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38
Q

local marketing (micromarketing)

A

tailoring brands and promotions to the needs/wants of local customer segments

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39
Q

individual marketing (micromarketing)

A

tailoring products and marketing programs to the needs/preferences of individual customers (mass customization with M&Ms)

40
Q

positioning

A

key concept to be communicated to the target consumer- the place the product occupies in the consumer’s mind relative to competing products

41
Q

competitive advantage

A

differentiate your brand based on: 1. product 2. services 3. channels 4. people 5. image

42
Q

types of differentiation (horizontal vs. vertical)

A

vertical- one product is clearly better

horizontal- “better” is an opinion

43
Q

positioning statement

A
  • statement that summarizes company or brand positioning

- slogans are based on positioning

44
Q

product

A

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want/need

45
Q

Total product concept

A

Core benefits/values….actual product…augmented product

46
Q

variables for Types of products

A

convenience, shopping, specialty, unsought

47
Q

convenience

A

consumer product that customers usually buy frequently with minimum comparison (paper towels, toothpaste)

48
Q

shopping

A

people take more time to buy these, they try them on or check other brands (north face)

49
Q

specialty

A

exclusive and expensive products (bens, rolex)

50
Q

unsought

A

you have to be persuaded to buy the product (blood drive)

51
Q

other types of products

A

industrial, organizational, people (persons), places, ideas

52
Q

industrial product

A

product bought by individuals in orgs. for further processing or for use in business

53
Q

organizations

A

for profit (businesses) and nonprofit (schools, churches)

54
Q

people (persons)

A

politicians, entertainers, pro athletes, doctors lawyers, etc.

55
Q

places

A

tourism, country of origin, immigration

56
Q

ideas (social marketing)

A

public health campaigns, environmental campaigns, family planning, human rights

57
Q

product decisions

A

Product attributes, branding, packaging, labeling, product support services

58
Q

product lines

A

length, stretching, filling (group of products that are closely related bc they function in a similar matter

59
Q

length

A

number of items in a product line

60
Q

adjust length by

A

stretching-lengthens line above current range

filing-adding more items within the present range

61
Q

product mix

A

length-# of items in a line
width- # of different product lines carried
depth- # of versions offered of a product in a line
consistency- how closely related various lines are

62
Q

branding

A

marker of identification for a product, a promise to the customer, brand identity and brand consistency lead to feelings of closure

63
Q

brand equity

A

differential effect that knowing the brand name has on customer response to the products of its marketing

64
Q

high brand equity provides

A
  • greater awareness and loyalty
  • basis for strong, profitable customer relationships
  • willingness to buy over competitors and/or willingness to pay a premium for the brand
65
Q

brand positioning

A

based on attributes (weakest), benefits (middle), beliefs, and values (strongest)

66
Q

brand name selection (desirable qualities)

A
  • suggests product benefits and qualities
  • easy to remember and distinctive
  • extendable, not limited to one product
  • translates easily to foreign language
  • capable of being registered and legally protected
67
Q

protect brand names

A
  • genericization voids trademark’s legal protection

- must include the word brand and include the registered trademark symbol

68
Q

law of shape

A

ideal shape for a logo is horizontal

69
Q

law of the word

A

brand should strive to own a word in the mind of the consumer

70
Q

brand sponsorship (licensing, co-branding)

A

licensing-rather then creating their own brand name, some companies license names or symbols previously created by other companies
co-branding- practice of using the established brand names of two different companies on the same product

71
Q

brand development strategies

A

line extension, brand extension, multibranding, new brands

72
Q

line extension

A

intro of additional items with current product category under the same brand name

73
Q

brand extension

A

using a successful brand name to launch a product in a new category

74
Q

multibranding

A

multiple brands by the same company in the same product category

75
Q

new brands

A

used when existing brand names are either unsuitable for brand extension or the company doesn’t want to dilute them

76
Q

New product development (NDP)

A
  • new products are crucial for the health of the enterprise
  • rejuvenate
  • tied to higher stock values and internal motivation for employees
77
Q

NDP process

A

Idea generation (internal & external), idea screening, concept development & testing, marketing strategy development, business analysis, product development, test marketing, commercialization

78
Q

NDP idea generation

A

-systematic search for new product ideas
Internal sources: company employees at all levels
External sources: customers, competitors, distributors, suppliers, outsourcing partners

79
Q

idea screening

A

screening process to reduce # of bad ideas

  • describe product, target market, competition
  • estimate market size, product price, development time, costs, manufacturing coasts, rate of return
  • evaluate against a set of company criteria for new products
80
Q

concept development

A

tranlsate idea into a detailed concept stated in meaningful consumer terms (what will consumers get from product)

81
Q

concept testing

A

test concept with a group of target consumers to find level of appeal

82
Q

marketing strategy development

A

initial marketing strategy designed for the new product consisting of:
-target market and initial objectives (goals for sales, market share, planned product positioning)
-launch tactics (price, distribution)
long term objectives (long run sales & profit goals)

83
Q

business analysis

A

review of sales, costs, projections, asses risk

84
Q

product development

A

develop from concept to product,

investment increases, product testing

85
Q

test marketing

A
  • product & marketing program introduced in a limited setting
  • can be expensive and time consuming, and shows your plan to competitors
86
Q

commercialization

A

must decide when and where to initially introduce the product…must develop a market rollout plan

87
Q

Customer-centered NDP (sequential)

A

focus on finding ways to solve customer problems and create more customer satisfying experiences

88
Q

team-based NDP (simultaneous)

A

cross-functional teams work through overlapping steps to save time and increase effectiveness

89
Q

Product life-Cycle

A

course of a product’s sales and profits over its lifetime

90
Q

(PLC) stages Product life-cycle

A

introduction, growth, maturity, decline

91
Q

PLC Introduction

A

-product launched
-cost of informing & acquiring customers is high, and sales are usually slow
-Objective: create product awareness and trial
Ex. Beats

92
Q

PLC Growth stage

A

-if products gains traction, sales go up
-higher unit sales lead to lower average costs per unit sold, and profitability can be achieved
-Objective: Maximize market share. The growth in sales will lead to a number of competitors entering the market, fighting over initial customers
Ex. ipad

93
Q

PLC Maturity stage

A

-sales level off
-many ppl already have product, some re-buy/upgrade
-production costs are usually low, so those with high market share can make profits
-Objective: defend market share. Try to get customers to switch to your product
Ex. coke

94
Q

ways to grow during maturity

A
  • modify the market
  • target new segments/increase usage among current users
  • modify the product and make it better
  • modify the rest of the 4 P’s (cut prices, change distribution, change promotion)
95
Q

Decline stage

A

-sales fall, unit sales and prices fall, hard to remain profitable despite low productions costs
-some niche products may do well when competitors exit the market
Objective: reduce expenses to stay profitable, milk the product and invest elsewhere. If able to “restar” PLC otherwise look for a way out
Ex. VCR

96
Q

Problems with the PLC model

A
  • reality is never as “clean” and clear as the PLC curve
  • it can be hard to even identify which stage of the PLC a product is really in
  • hard to forecast the length of each stage
97
Q

Styles, Fads, Fashion

A

styles- baisc but distinctive mode of expression (formalwear vs. casualwear)
fashion- popular style in a given field (ugg boots)
fad- fashion that enters quickly, but declines fast

marketing exam 2 (1 decks)

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