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MGT8803 > Marketing II > Flashcards

Marketing II Flashcards

1
Q

What are the elements of the target market?

A

Demographic
Geographic
Psychographic
Behavioral
RFM

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2
Q

What are the steps of the buyer journey?

A

Discovery
Consideration
Decision
(Post-purchase)

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3
Q

What are parts of the marketing environment?

A

Direct
External

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4
Q

What are the elements of the direct marketing environment?

A

Resources
Objectives
Customers
Competitors

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5
Q

What are the elements of the external marketing environment?

A

Political
Economic
Socio-cultural
Technological
Legal

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6
Q

What is segmentation?

A

An aggregating process that clusters people with similar wants and needs into a marketing segment

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7
Q

What are the criteria of segmentation?

A

-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

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8
Q

What are the segmenting dimensions?

A

Geographic
Psychographic
Socio-Economic
Behavioral
Buying Situation

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9
Q

What are the types of target markets?

A

Single target market
Multiple target markets
Combined target markets

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10
Q

What is positioning?

A

How customers think about brands in a market; its image. Influenced by marketers but controlled by customers

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11
Q

What is differentiation?

A

Utilizing the marketing mix in a distinct way such that customers see it as different from the competition

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12
Q

What is a positioning statement?

A

For (target market), (our brand) of (product type) delivers (benefits/differentiation) because (our brand) is (reason to believe).

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13
Q

What is a perceptual map related to?

A

Differentiation and positioning statement

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14
Q

What are the steps of consumer buyer behavior?

A

Awareness
Interest
Evaluation
Trial
Decision
Confirmation

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15
Q

What are influences on consumer behavior?

A

Economic needs (marketing mixes)
Psychological
Social
Purchase situation

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16
Q

What are the consumer product classes?

A

-Convenience products (staples, impulse, emergency)
-Shopping products (homo/heterogeneous products)
-Specialty products
-Unsought products (new, regular)

17
Q

What are the elements of the buying center?

A

Buyers
Users
Gatekeepers
Influencers
Deciders

18
Q

What are the key differences between org customers and consumers?

A

Purchase criteria and specs
Multiple buying influences
Complex problem solving process
Buyer-seller relationships
B2B e-commerce
Bigger deals

19
Q

What are the objective and characteristics of market introduction?

A

Gain awareness

Sales promo
Market research
Heavy ads
High unit costs

20
Q

What are the objective and characteristics of market growth?

A

Stress differentiation

Innovation attracts competition
Monopolistic competition develops
Profits peak and decline

21
Q

What are the objective and characteristics of market maturity?

A

Maintain brand loyalty

Persuasive more costly promotion
Brands similar
Greater price competition
May last a long time

22
Q

What are the objective and characteristics of sales decline?

A

Milk, phase-out, or sell

New products replace old
Most loyal consumers
Can be profitable with expense cutting

23
Q

What is place about?

A

Making products available to consumers when and where they want them

24
Q

What are the three market exposure strategies (channel systems)?

A

Intensive
Selective
Exclusive

25
Q

What are the primary criteria in determining channel strategy?

A

Cost
Capital
Coverage
Control
Content
Congruency

26
Q

What are reasons to select a direct channel?

A

Greater control
Lower cost
Internet makes direct easier
Direct contact with consumers
Suitable intermediaries not available

27
Q

What are the types of pricing objectives?

A

Profit oriented (target return, max profits)
Sales oriented (sales growth, market share)
Status quo (non price competition, meeting competition)

28
Q

Why would a company pursue a pricing objective that is not maximizing profits?

A

One that may max profit in the long term through things like market share

29
Q

What are common price setting approaches?

A

Cost-oriented:
-average-cost pricing
-markup pricing

Demand oriented:
-price skimming
-penetration pricing
-price discrimination
-bundle pricing

Other:
Bid
Negotiated

30
Q

What are the types of ads?

A

Institutional
Product
-pioneering ads
-competitive ads
-reminder ads

31
Q

What are types of promotions?

A

Advertising
Publicity
Sales promotions

MGT8803 (8 decks)

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