Marketing FINAL Flashcards
Bases/factors/variables for Segmenting Consumer Markets
- Geographic (states, regions, countries, cities,)
- Demographic (age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class)
- Psychographic (lifestyle, personality characteristics/traits, or values)
- Behavioral (Needs, thoughts, rate of use, brand familarity, information required)
Target Marketing Strategies
- Mass marketing
- Segmented marketing
- Niche marketing
- Individual marketing
Target Marketing Process
- Segmentation
- Targeting
- Positioning ( process of defining how your brand is perceived in the minds of its target audience, relative to competitors.)
Brand types
- Family brand
- Licensed brand
- Generic brand
- Individual brand
Consumer product classes
- Conveniece
2.Shopping - Specialty
- Unsought
Life Cycle
- Introduction (Low sales, Innovaitve customers, few competition, high cost per consumer)
- Growth (increasing sales, cpc falls, increasing no. of customers, more competitors)
- Maturity (peak sales, cpc lowest, high profits, stable no. of competitors)
- Decline (falling sales, cpc lower, no. of competitors low)
New product development process
- Idea generation (sources: employees, customers)
- Screening (strengths and weaknesses, fit with objectives, market trends)
- Idea evaluation (Concept testing, reaction from customers, estimates costs, sales and profit)
- Development (designing, engineering, and prototyping the p&s)
- Commercialization (set up distribution channels, marketing campaigns)
Marketing channel intermediaries perform …
- Transactional (buying, selling, risk taking)
- Logistical (Storing, Sorting, Transporting)
- Facilitating (financing, grading, marketing research)
Some reasons for choosing direct Channels
Greater Control
Lower Cost
Internet Makes Direct Distribution Easier
Direct Contact with Customers
flows
Physical Product Flow: This refers to the movement of the actual product from the manufacturer to the end consumer. It involves activities such as production, storage, transportation, and delivery.
Title Flow: Ownership flow involves the transfer of ownership rights from the seller to the buyer. This typically occurs when the product is purchased and payment is made.
Payment Flow: Payment flow encompasses the transfer of funds from the buyer to the seller in exchange for the product or service. This can involve various payment methods such as cash, credit card, or electronic transfer.
Information Flow: Information flow involves the communication of relevant information throughout the marketing channel. This includes product details, pricing, promotions, and other relevant data that helps in decision-making.
Promotion Flow: Promotion flow involves the dissemination of promotional messages and materials to the target audience. This includes advertising, sales promotions, public relations, and other activities aimed at creating awareness and interest in the product or service.
Market exposure strategies
- Intensive (selling the product through all responsible and suitable wholesalers and retailers who will stock and/or sell the product.)
- Selective (selling only through those intermediaries who will give the product special attention.)
- Exclusive (selling through only one intermediary in a particular geographic area)
I.M.C.
Coordination and integration of all marketing communication tools, avenues, and sources in a company into a seamless program designed to maximize the impact on customers and stakeholders
Elements/Tools/Modes OF THE MARKETING COMMUNICATION MIX
ADVERTISING.
SALES PROMOTION.
PUBLIC RELATIONS.
PERSONAL SELLING.
DIRECT MARKETING.
INTERACTIVE MARKETING.
EVENTS AND EXPERIENCES.
WORD OF MOUTH
Push / Pull strategy
Push strategy involves actively pushing products or services to customers through advertising and promotions, while pull strategy focuses on creating demand by attracting customers toward the product or service.
GENERAL PRICING APPROACHESDEMAND-ORIENTED PRICING APPROACHES
- Skimming (a pricing strategy that sets new product prices high and subsequently lowers them as competitors enter the market.)
- Penetration (a pricing strategy that is used to quickly gain market share by setting an initially low price to entice customers to purchase. )
- Prestige (a strategy that makes consumers feel like they’re getting a higher-quality product than other products on the market.)
4.Odd-even (a popular psychological marketing technique that involves pricing items with an odd or even ending, such as $0.99 or $1.00.)
