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Marketing 301 - Exam 1 > Marketing 301 - Exam 1 > Flashcards

Marketing 301 - Exam 1 Flashcards

1
Q

Marketing

A

The process by which companies create VALUE for customers and build strong customer relationships in order to capture VALUE from customers in return

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2
Q

4 Ps of Marketing

A

1) What do potential customers need/want? PRODUCT
2) How much should we ask customers to pay?
PRICE
3) How will we get it to the customers?
PLACE
4) How will we communicate with the customers?
PROMOTION

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3
Q

The Marketing Concept

A

market (starting) -> customer needs (focus) -> integrated marketing (means) -> profits through customer satisfaction (ends)

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4
Q

Products

A

physical objects, people, organizations, places, information, ideas (how marketers create value)

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5
Q

The Selling Concept

A

Factory (starting point) -> Existing products (focus) -> selling and promoting (means) -> profits through sales volumes (ends)

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6
Q

Societal Marketing Concept

A

Society (human welfare ) v consumers (want satifaction) -> company (profits)

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7
Q

Marketing Mix

A

Product
Price
Place
Promotion
CUSTOMER IS AT THE CENTER!

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8
Q

Customer Value Results In:

A

1) Customer loyalty and retention
2) Customer refferals
3) More customers
4) Customer equity (lifetime value of customer x # of customers you have)
5) Higher profits

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9
Q

Profitability/Loyalty Chart

A

High profitablity, low loyalty: butterflies
High profitability, high loyalty: true friends ** What you want **
Low profitablity, low loyalty: strangers
Low profitability, high loyalty: barnacles

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10
Q

Marketing Environment

A

the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful RELATIONSHIPS with target customers

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11
Q

Microenvironment

A
  1. The Company
  2. Suppliers + Marketing Intermediaries
  3. Competitors
  4. Publics
  5. Customers
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12
Q

(MICRO) The Company

A

Intermediaries help the company promote, sell and DISTRIBUTE the products to end-users

TYPES:
1. resellers
2. physical distribution firms
3. marketing services agencies
4. financial intermediaries (funding)

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13
Q

(MICRO) Competitors

A

Who the customer might choose instead
-provide reasonable substitutes to customers
- “Competitive advantage” / “Point of difference”

LAW OF COLOR: a brand should use a color that is opposite of their major compteitors

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14
Q

(MICRO) Publics

A

Publics are any group that has an interest in or an impact on an organization’s ability to achieve its objectives

TYPES:
1. financial
2. media
3. government
4. citizen-action
5. local
6. general
7. internal

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15
Q

(MICRO) Customers

A

Who buys your products

5 TYPES:
1. consumers
2. businesses
3. reseller
4. government + nonprofit
5. international customers

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16
Q

Macroenvironment

A
  1. Demographic Forces
  2. Economic Forces
  3. Natural Forces
  4. Technological Forces
  5. Political Forces
  6. Cultural Forces
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17
Q

(MACRO) Demographic Forces

A

-household structures
-age structures
-geographic population shifts
-educational characteristics
-population diversity
-occupations

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18
Q

(MACRO) Demographic Forces [Age Structure]

A

-baby boomers: most affluent group, likely to postpone retirement + stay active
-gen X: less materialistic, spend time cutting and pasting lives, care for the environment
-gen Y (millennials): “Echo boom”, comfortable with technology, “now” oriented, lots of debt, “interdependent”
-gen Z: have “digital” in their DNA, desire lots of sensory information, expect personalized experiences, “makers” not “sharers”

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19
Q

(MACRO) Economic Forces

A

-consists of changes in buyers behavior due to changes in wealth

treasure hunter tradeoffs: want to treat themselves

-changes in income distribution
upper class, middle class, working class, under class

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20
Q

(MACRO) Natural Forces

A

Natural resources that are needed as inputs by marketers/ are affected by marketing activities
-shortages of raw material
-increased pollution
-increased government intervention
-increased environmentally sustainable packaging

*Walmart poptart hurricane example

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21
Q

(MACRO) Technological Forces

A

Factors that create new technologies, creating new product and market opportunities while making other products obsolete
ex) RFID, augmented reality

22
Q

(MACRO) Political Forces

A

Marketing Laws (most that have been passed have been passed in order to protect the CONSUMER)

-fair packaging and labeling act (what, how, who, how much)
-federal food and drug act (prevents fraudulent labeling)
-sherman anti-trust act (no monopolies or price fixing)
-robinson patman act (price discrimination)

-can exaggerate and parody/spoof a company but CANNOT get a trademark and try to become a competitor

23
Q

(MACRO) Cultural Forces

A

The forces that affect societies values

-Hyper tasking: multi-tasking in overdrive
-Duty and Fun: having fun but responsibly
-Adventurers: doing things that others wouldn’t do
-Mass mingling: digital technologies affect offline mingling
-Cocooning/Nesting: improving the home and going out less
-LOHAS: general concern for the natural world

24
Q

Developing Needed Information

A

Internal Databases (what information do we already have?) <–> Marketing Intelligence (what public information is avialable?) <–> Marketing Research

25
Q

Marketing Research

A

The systematic design, collection, and reporting of data relevant to a specific marketing situation facing an organization.

26
Q

Marketing Research Process

A
  1. Defining the problem and researching objectives
  2. Developing the research plan for collecting information
  3. Implementing the research plan (collecting and analyzing the data)
  4. Interpreting and Reporting the Findings
27
Q

Types of Research

A
  1. Exploratory Research - Gathers preliminary information that will help define the problem and suggest hypothesis
  2. Descriptive Research - describes things (eg. market potential for a product, demographics, attitudes)
  3. Causal Research - tests hypothesis about case and effect relationships, usually have control groups
28
Q

Primary Data

A

-collect specific information
-directly applicable
-costly

29
Q

Types of Primary Data Collection

A
  1. Observational Research - gathering primary data by observing relevant people, actions, and situations
  2. Ethnographic Research - observation in a “natural environment”
  3. Mechanical observation - people meters, cameras, trackers, eye tracking (shape, color, etc.) “Big Data”
30
Q

Secondary Data

A

-rely on existing information
-often not as applicable
-less expensive

ex) Lexis Nexis company info database
ex) Nielsen worldwide shopper scanner data
ex) Simmons surveys on consumer behavior and brand preferences

31
Q

Interviews

A

Used for surveys and experiments, and some observational research

Pros:
-highly flexible
-good control of example

Cons:
-high cost per respondent
-highly subject to interviewer bias (altering your response/not being honest)

32
Q

(SECONDARY) Surveys

A

Most widely used method for primary data collection

-best for gathering descriptive information
-can gather information about people’s knowledge, attitudes, preferences, or buying behavior

33
Q

Contact Methods for Surveys

A
  1. Phone
  2. Mail and Email
  3. Online
34
Q

(Contact Method) Phone

A

Pros:

-gathers info fast
-greater flexibility than mail servers

Cons:

-higher cost than mail
-interviewer effects exist
-quantity of data that can be connected is smaller than in mail surveys

35
Q

(Contact Method) Email/Mail

A

Pros:
-can reach a lot of people
-cheap

Cons:
-low response rate
-false responses
-only hitting demographic that uses email

36
Q

(Contact Method) Online Marketing Research

A

Can do surveys, experiments, and personal interviews

Pros:
-the least expensive way to gather info
-flexible
-saves time on data processing

37
Q

Experimental Research

A

Best for gathering causal information
Process:
1) select matched group of subjects
2) give different treatments
3) control for unrelated factors
4) check for differences in responses between groups

38
Q

Best/Worst Test Markets

A

Best: Albany, NY
One of the worst: NYC

39
Q

What do you do with the data?

A

-Transform into usable knowledge
-Report to management (presentations, written reports)

40
Q

Consumer Behavior Factors

A
  1. Cultural Factors
  2. Social Factors
  3. Personal Factors
  4. Psychological Factors
41
Q

(Consumer Behavior) Cultural Factors

A

The most basic cause of a person’s wants and behavior

Subculture: the culture a group of people who share value systems based on common life experiences (Country)

Social classes: Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors

42
Q

(Cultural Factors) Ethnic Subcultures

A

Hispanics: Shopping is a family affair, brand names sell well
African Americans: enjoy shopping more, biggest consumers of fashion
Asian Americans: the most brand conscious and tech savvy

43
Q

(Consumer Behavior) Social Factors

A

Reference groups: Groups a person wants to identify with (“aspirational”) or doesn’t want to identify with (“dissociative”)

Family/household: most important group for consumer buying

Role - expected activities
Status - esteem given to role by society

44
Q

(Consumer Behaviors) Personal Factors

A
  • age and life cycle stage (people change the goods they buy over their life times)
  • occupation (influences the purchase of goods)
  • economic situation (some goods and services are especially income sensitive)
  • lifestyle (pattern of acting and interacting with the world)
  • personality and self concept (people’s possessions contribute to and reflect their identifies)

BRANDS CAN HAVE PERSONALITIES

45
Q

(Consumer Behavior) Psychological Factors

A
  • motivation: about the needs that drive people
    moderate incongruity - people give more attention to these ads and think about them more (banana peel and carrot inside)

-perception: the process by which people select, organize, and interpret information
selective attention
selective distortion (distort info to fit into prior beliefs)
selective retention (what you choose to remember)

-learning: changes behavior based on experience

-beliefs and attitudes: affect choices
beliefs = your values
attitudes = how you feel about something

46
Q

Buyer Decision Process

A
  1. Need Recognition
  2. Information Search
  3. Evaluation of Alternatives
  4. Purchase Decision
  5. Post Purchase Decision
47
Q

(BDP) Need Recognition

A

Help recognize their need, and suggest a solution to their need

48
Q

(BDP) Information Search

A

Provide information conveniently to them

49
Q

(BDP) Evaluation of Alternatives

A

Competitive advantage, illustrate the consequences of choosing a different brand

50
Q

(BDP) Purchase Decision

A

Availability, added value to their life

51
Q

(BDP) Post Purchase Behavior

A

Reduce cognitive dissonance (make them sure your brand is better)

Marketing 301 - Exam 1 (1 decks)

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