Marketing II Flashcards
What are the elements of the target market?
Demographic
Geographic
Psychographic
Behavioral
RFM
What are the steps of the buyer journey?
Discovery
Consideration
Decision
(Post-purchase)
What are parts of the marketing environment?
Direct
External
What are the elements of the direct marketing environment?
Resources
Objectives
Customers
Competitors
What are the elements of the external marketing environment?
Political
Economic
Socio-cultural
Technological
Legal
What is segmentation?
An aggregating process that clusters people with similar wants and needs into a marketing segment
What are the criteria of segmentation?
-Alike along important consumer dimensions
-different from other segments
-large enough to be profitable
-useful for identifying customers and designing marketing mix
-co has the resources to adjust mix for each segment
What are the segmenting dimensions?
Geographic
Psychographic
Socio-Economic
Behavioral
Buying Situation
What are the types of target markets?
Single target market
Multiple target markets
Combined target markets
What is positioning?
How customers think about brands in a market; its image. Influenced by marketers but controlled by customers
What is differentiation?
Utilizing the marketing mix in a distinct way such that customers see it as different from the competition
What is a positioning statement?
For (target market), (our brand) of (product type) delivers (benefits/differentiation) because (our brand) is (reason to believe).
What is a perceptual map related to?
Differentiation and positioning statement
What are the steps of consumer buyer behavior?
Awareness
Interest
Evaluation
Trial
Decision
Confirmation
What are influences on consumer behavior?
Economic needs (marketing mixes)
Psychological
Social
Purchase situation
What are the consumer product classes?
-Convenience products (staples, impulse, emergency)
-Shopping products (homo/heterogeneous products)
-Specialty products
-Unsought products (new, regular)
What are the elements of the buying center?
Buyers
Users
Gatekeepers
Influencers
Deciders
What are the key differences between org customers and consumers?
Purchase criteria and specs
Multiple buying influences
Complex problem solving process
Buyer-seller relationships
B2B e-commerce
Bigger deals
What are the objective and characteristics of market introduction?
Gain awareness
Sales promo
Market research
Heavy ads
High unit costs
What are the objective and characteristics of market growth?
Stress differentiation
Innovation attracts competition
Monopolistic competition develops
Profits peak and decline
What are the objective and characteristics of market maturity?
Maintain brand loyalty
Persuasive more costly promotion
Brands similar
Greater price competition
May last a long time
What are the objective and characteristics of sales decline?
Milk, phase-out, or sell
New products replace old
Most loyal consumers
Can be profitable with expense cutting
What is place about?
Making products available to consumers when and where they want them
What are the three market exposure strategies (channel systems)?
Intensive
Selective
Exclusive
What are the primary criteria in determining channel strategy?
Cost
Capital
Coverage
Control
Content
Congruency
What are reasons to select a direct channel?
Greater control
Lower cost
Internet makes direct easier
Direct contact with consumers
Suitable intermediaries not available
What are the types of pricing objectives?
Profit oriented (target return, max profits)
Sales oriented (sales growth, market share)
Status quo (non price competition, meeting competition)
Why would a company pursue a pricing objective that is not maximizing profits?
One that may max profit in the long term through things like market share
What are common price setting approaches?
Cost-oriented:
-average-cost pricing
-markup pricing
Demand oriented:
-price skimming
-penetration pricing
-price discrimination
-bundle pricing
Other:
Bid
Negotiated
What are the types of ads?
Institutional
Product
-pioneering ads
-competitive ads
-reminder ads
What are types of promotions?
Advertising
Publicity
Sales promotions
