Marketing Exam 1 Flashcards
4 Ps of the Marketing Mix
Product, Promotion, Price and Place
Considerations of Product (P)
Design, Packaging, Features and add-ons like warranty and free delivery
Considerations of Promotion (P)
How can value be communicated? Through advertising, publicity/sales promotion and social media.
Considerations of Price (P)
How can value be communicated. Needs to be profitable. Lower prices can increase demand and higher prices can communicated quality.
Considerations of Place (P)
Where and how the offering reachers users.
1. Location of stores
2. Sell online
3. Method of delivery
4. How much inventory to carry
5. Returns policy + management
Customers make decisions based on…
Percieved value
Percieved value formula
Percieved Value = Expected Benefits - Expected Costs
Possible Expected Benefits
- Functional Benfits
- Psychological Benefits
social
emotional
self-expression
Possible Expected Costs
- Purchase Price
- Additional Costs
maintenance
disposal
cost of using
Examples of stakeholders
investors, community residents or members of a larger society.
Marketing is a process for…
…creating, communicating, delivering and exchanging offerings (anything of value).
What is the Marketing Environment
Outside factors that affect marketing managements ability to build and maintain relationships with customers.
Micoenvironment Definition
Actors close to the firm that affect the firm’s ability to serve customers
Microenvironment Examples
Suppliers, competitor, customers, stakeholders, general public
Macroenvironment Definition
Larger societal forces that affect the microenvironment
Macroenvironment Factor Types
Demographics, Economic, Natural, Technological, Political and Cultural
Step 1 of Research Process
Define research problem/opportunity and define objectives
Step 2 of Reaserch Process
Determine the research design
Segmentation: step # and definition
Step 1, dividing the total market based on shared customer characteristics
Targeting: step # and definition
Step 2, evaluate segments and decide which to go after
Positioning: step # and definition
Step 3, create a clear, distinct and desireable place in target customers’ mind
Segmentation Variables
The factors or characteristics by which marketters divide the mass market
Bases for segmenting
Demographic, Psychographic and Behavioral
A viable target market should…
- Have shared needs the firm can address
- Be reachable through marketing
- Be large enough to be profitable
