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MBA > Marketing > Flashcards

Marketing Flashcards

1
Q

Brand Definition

A

a name, a term, a symbol, or any other unique element of a product that identifies it as the firm’s product and sets it apart from the competition

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2
Q

Ways to name a brand (6)

A
  1. Representative of someone’s name (Ford, McDonald’s)
  2. Symbol (Nike)
  3. how it operates or delivers (Drain-O)
  4. Perceived benefit (Brawny, Fantastik)
  5. Short & Memorable (Tide, Cheer)
  6. Persona (Dinty Moore, Col. Sanders)
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3
Q

4 branding strategies

A

Individual Brands (P&G, Mars)
Family or Umbrella (Kraft)
Store Brands (GoodValue, Trader Joes)
Generics (basic labels)

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4
Q

innovation

A

product consumers perceive to be new and different. The perception of change = “new”

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5
Q

Types of Innovation (3)

A

Continuous
Dynamically Continuous
Discontinuous

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6
Q

Continuous Innovation

A

Modifications of existing products that separates the brand from the competitor
Minimal new learning is needed to adopt innovation
e.g. Cheerios: original → frosted → honey nut etc

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7
Q

Dynamically Continuous Innovation

A

Convergence of 2 or more technologies to deliver more benefits
Moderate learning curve
e.g. Smart Phone (phone+camera etc)

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8
Q

Discontinuous Innovation

A

Totally new product
Needs new learning
e.g. internet

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9
Q

Process of developing new ideas

A
  1. Idea generation & first screening
  2. Product concept development & second screening
  3. Marketing strategy development
  4. Business Analysis
  5. Technical development
  6. Market testing
  7. Commercialization
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10
Q

idea generation & first screening

New Product Development

A

Process people go through to come up with new product for new benefits

Get rid of ideas that are not possible/practical (first screening)

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11
Q

Product concepts development & second screening

New Product Development

A

Expand raw idea into concept that highlights key consumer benefits and concepts. Could it be made? Could we sell it?

second screening: focus on ideas that pass this stage

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12
Q

Marketing Strategy development

(New Product Development

A

Develop 4 Ps at this stage

perceptual map, basic marketing focus, key product positioning, target market

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13
Q

Business analysis

(New Product Development

A

assess product’s commercial viability

potential demand?
profit?
does firm have expertise to make product?
cannibalize existing products?

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14
Q

Technical development

(New Product Development

A

Money spent at this stage
New products refined, perfected
test products

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15
Q

Market Testing

New Product Development

A

Spending increases, very expensive stage

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16
Q

Commercialization

New Product Development

A 
Launching new product into market:
production
distribution
advertising
sales
promotions

very expensive

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17
Q

Price definition

A

value that customers give up or exchange to obtain a desired product

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18
Q

Price Planning process (6)

A
  1. Develop pricing objectives
  2. Estimate demand
  3. Determine costs
  4. Evaluate pricing environment
  5. Choose a pricing Strategy
  6. Develop pricing tactics
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19
Q

Promotion mix (6)

A 
Advertising
Public Relations
Personal Selling
Sales Promotion
Direct marketing
Interactive/Digital
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20
Q

Advertising definition

A

non-personal communication paid for by identified sponsor using 3rd party media to persuade or inform

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21
Q

Advertising objective

A

AIDA

Awareness
Interest
Desire
Action

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22
Q

Integrated marketing communications

A

Coordinate communication to surround customer with clear, concise, consistent message

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23
Q

***Traditional Model of communication

A

Sender creates message → encodes message → sends message via medium → receiver gets message → decodes message

line from botton to top

also include noise

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24
Q

campaign

A

series of advertisements delivered over a period of time based around a strong central theme or idea

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25
Q

***Reach

A

percentage of audience of target market who sees ad at least once during time period
Will never attain 100% reac

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26
Q

***Frequency

A

Average number of times consumers will see your ad

3 impressions = minimum needed to stimulate remembrance

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27
Q

***Gross rating points

A

Reach x Frequency

RxF=GRPs
minimum F=3

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28
Q

appeals 4

A

Emotional/psychological stimuli

  1. Fear
  2. Sex
  3. Humor
  4. Slogans & Jingles
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29
Q

***4 budget planning methods (for advertising)

A

Affordable method-whatever management says we can afford to spend

Percentage of sales-a % of sales, usually 1-3

Competitive parity-see spending on advertising for all companies in aggregate–>give us % you’re spending in market. this is market voice. Compare SOM to SOV.

Objective end task (Kalan’s favorite method)-what you want to accomplish (certain amount of awareness). Build from bottom up to reach method

30
Q

Factors to consider in budget process 5

A 
Where you are in product life cycle
Market share and consumer-based loyalty
Competition and level of clutter
Advertising frequency
Product sustainability
31
Q

Promotion definition

A

The coordination of a marketer’s communication effort to influence behavior

Challenge: create synergistic message that supports a consistent and recognizable or memorable idea

32
Q

Communication Objectives

A 
Awareness - Inform
Knowledge - Educate market
Desire - Generate positive feelings
Purchase - Stimulate trial
Loyalty - Repurchase
33
Q

sales promotions

A

2 legs:

Push - companies incentivize trade
Pull - end user asks for product

34
Q

PR definition

A

Communication functions that seeks to build good relationships with stakeholders (anyone with a vested interest in our company)

35
Q

5 PR tools

A 
Press release
Press/news conference
Sponsorships
Events
Guerrilla marketing
36
Q

name some sales tools

A 
Coupons
Price Deals
Loyalty programs
Special packs
contests and sweepstakes
Premiums for proof of purchase 
Trial/sample size, free samples
Point of Purchase promotions
Product placement (in movies/tv etc)
37
Q

7 steps of selling

A 
Prospect and qualify
-prospect (ID potential area and customers)
-See if they qualify
Pre-approach
Approach
Presentation
Handling objections, Q&A
Closing
-have to ask for business
Follow-up
-leads back to approach
38
Q

***Marketing Definition

A

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives in a dynamic environment

39
Q

***Need definition

A

A state of felt self-deprivation which presents as the difference in the present state of a consumer and where he/she desires to be.

40
Q

***Benefit definition

A

The perceieved outcome of purchase of product or service. This is why a product is purchased

41
Q

***4 P’s of Marketing Mix

A

Product-ideas, goods, or services
Price-assessment of value
Place-where and when available
Promotion-activites to inform or incentivize a sale

42
Q

***Product definition (Marketing Mix)

A

*a good or service that is purchased to satisfy a need

43
Q

***Price definition (Marketing Mix)

A

*The amount a consumer is willing to pay in exchange for a product

44
Q

***Placement defintition (Marketing Mix)

A

*The process at which the right product needs to be available to the right customer and the right time at the right price

45
Q

***Promotions (Marketing Mix)

A

*use of marketing tools to create awareness of a product or service and provide incentive for purchasing the product/service

46
Q

***SWOT Internal

A

Strengths
*Core competencies of a company that help achieve their goals and exceed expectations

Weaknesses
*Areas of needed improvement that hinder the growth of a firm. Things that a firm does not do as well as their competitors

47
Q

***SWOT External

A

opportunities
*Areas that the firm needs to exploit in the market to create market share

Threats
*Obstacles faced by the firm to maintain existing operations and business share

48
Q

5 Steps of the consumer buying process/buying behavior (first 3)

A

Problem recognition
*When consumer recognizes a need. Can be triggered by internal stem (hunger) or external (ads)

Information Search
*Gathering info that allow customer to make better informed decision. (e.g. internet)

Eval alternatives
*Consumer looking at different options that can satisfy the need. 1. Consumer self select alternates/options. This is the evoked or consideration set 2. Eval-Consumer looks at each options and evals pros and cons using subjective criteria. Selects best suited option based on dimensions of importance.

49
Q

5 Steps of the consumer buying process/buying behavior (last 2)

A

Product Choice
*the consumer purchases the product or service from above. Decision made by heuristics (the consumers method for feeling what is the correct choice)

Post purchase eval
*After the purchase is made and product is evaluated, the customer is either happy or unhappy with purchase. This can result in cognitive dissonance or Buyer’s remorse.

50
Q

***Maslow’s Hierarchy of Needs all 5

A
  • Physiological-food/water/shelter/sex-basic needs req to survive
  • Safey/security-Needs for safety of oneself and people they care for
  • Social Needs-Need to feel accepted in society (e.g. companionship or sexual intimacy)
  • Ego-Need to satisfy the way one wants to be perceieved
  • Self actualization-when all basic and mental needs are fulfilled and “actualization” (or attainment) of the full person’s potential occurs
51
Q

Three layers of a product

A

Core (middle most)
*Benefit derived from purchase of product/service. Main reason for purchase (transportation for car)

Actual (layer 2)
*Physical elements that go into making of the product (materials that go into making car)

Augmented (layer 3)
*Extra benefits derived from product (warranty/status/free oil change)

52
Q

4 targeting strategies

A

Undifferentiated
*Mass marketing. One strategy for every potential consumer

Differentiated
*use of different strategies for different products in the industry (Different detergents marketed to different customer segments)

Concentrated
*Offering an array of products in the same market segment (tiffany high class everything)

Customized
*targeted at specific customers?

53
Q

3 levels of business planning

A

strategic
*Matching the core competencies of a firm with thier specific capabilities and resources. States mission statement in first line. Carried out by upper management of strategic business units

tactical
*Planning of tactics that need to be appliedd in order to achieve strategic plan. Carried out by middle mgmt.

operational
*Planning of the day-to-day operations that need to be carried out to achieve the strategic and tactical goals set by the company. Carried out by functional groups or the general (blue collared) workforce

54
Q

mission statement

A

First line of the firm’s strategic plan (usually)
What the firm plans to achieve in terms of products, employees, customers, and resources in order to maintain long term sustainability of growth and profit

55
Q

BCG portfolio matrix

A

Market growth high

  • market share
  • -high=stars..low=?

market growth low

  • market share
  • -high-cash cows…low=dogs

be able to draw

56
Q

Cash Cows (BCG Portfolio Matrix)

A

high market share and low market growth

Volume of sales is responsible for making the option viable
e.g. Dell laptops

57
Q

Dogs (BCG Matrix)

A

low market share and low market growth. Products in declining phase. Mostly not profitable
Eg (P+G sold PB to smuckers–>someones dog can be another persons star)

58
Q

Stars (BCG Matrix)

A

products with high share and high growth.
Innovative products. Require a large amount of cash flow.
Eg Apple

59
Q

***Innovation definition

A

*Ease at which a particular customer segment adopts to changes in products or service.
Signifiies the kinds of costomers marketers should target and the different strategies to apply to that market segment

60
Q

***Innovation segments and %

A

2.5 innovators
13.5 early adopters
34 early majority
34 Late majority
16 laggards

61
Q

***IS innovators and early adopters

A

innovators-*adveentrous risk takers who are always willing to try a new product/service the moment it is avail. Important to marketers

EA-Not as fast adopters as innovators but are among the earliest to try a new product/service. Most (?) important group to marketers

62
Q

***IS Early majority, Late majority, laggards

A

EM-group that adapts upon the reviews of innovators and EA. Important to marketers

LM-Group that only adapts because most around them have/price reduction. not important to marketers

laggards-essentially averse to change, may change 2/2 fall in price. least important to marketers

63
Q

demand definition

A

desire for stuff coupled with the ability to pay for it

64
Q

3 levels of competition

A

Discretionary income
Product
brand decision

65
Q

4 types of competition

A

perfect competition
monopolistic competition
oligopoly
monopoly

66
Q

Marketing Information System

A 
Process developed by a firm to continuously
Gather
Sort
Analyze 
Store
Distribute 
Relevant and timely information
67
Q

Market Research Process

A 
Define the problem
Determine the research design
Sample
Collect data
Analyze and interpret
Present the findings
68
Q

***Product Life Cycle (4)

A

Introduction
- To get consumer to try product, investing time/effort to create awareness and stem innovator and early adopter. No profit, just spending. high R+D. Products can die here

Growth-exponetial growth, profits increase at highest rate, R+D down, segments start to occur

Maturity-Others entered marketplace, profits decline faster than sales 2/2 competitors, longest stage, look for new markets, longer you stay the better

Decline-sales decreased, consumers want something new, can stay if profitable

69
Q

Product life cycle decline

A

3 ways to get out of business
phase it out
stop immediately
sell to someone else

70
Q

marketing process (3 steps)

A

plan, execute, Eval and alter

71
Q

Growth strats table

A

existing market

  • existing product–>market pen
  • new product–>product dev

new market

  • existing product–>market dev
  • new product–>diversification
72
Q 
steps in buyer decision (or) Adoption process
6 steps (picture)
A

awareness and need recognition-learning something exists

interest and info search-when we stimulate consumer to learn more

eval alternatives-cost worth vs other options

trial-experience product for first time. can be stimulated (test drive)

adoption-customer chooses your product and begins to purchase

confirmation-purchase couple of times, weights costs and benefits to continue buying, can lead to loyalty

MBA (1 decks)

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