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University of Valencia > Marketing Management > Flashcards

Marketing Management Flashcards

1
Q

5 types of Marketing management orientations. Explain.

A

Criteria based on which consumers make decisions whether to buy company’s products.
1) production (cheap, available)
2) product (quality, innovation features)
3) selling (promotions, sales force, unsought goods)
4) marketing (focus on consumer wants and needs, their satisfaction better than competition)
5) societal (CSR, customer’s and society’s long-term interests)

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2
Q

4 types of customer relationship groups.

A

1) strangers (low profit, short-term)
2) barnacles (low profit, long-term)
3) butterflies (high profit, short-term)
4) true friends (high profit, long-term)

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3
Q

Difference between Product and Market orientation in mission setting. Example.

A

E.g., Michelin could say “We make tyres” or could say “We provide best experience for drivers”

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4
Q

What is the Marketing mix?

A

4p’s of marketing: place, promotion, price, product

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5
Q

What is Greenwashing. Example.

A

Deceptive advertising and PR used to persuade consumers that the company’s products, aims and policies are environmentally friendly, e.g. H&M’s green labels and 100% organic despite being fast-fashion brand

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6
Q

6 types of Microenvironment factors.

A

1) the company itself
2) suppliers
3) intermediaries
4) competitors
5) publics
6) customers

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7
Q

6 types of Marcoenvironment factors.

A

1) demographic (family composition etc.)
2) economic (cycles, average income, etc.)
3) natural (raw materials, pollution, government policies)
4) technological
5) political and legal
6) cultural

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8
Q

3 ways of reacting to the marketing environment.

A

1) proactive
2) reactive
3) uncontrollable

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9
Q

4 market segmentation criteria. Examples.

A

1) geographic (region, country, climate), e.g. McDonalds different burgers in different countries
2) demographic (age, gender, nationality, religion, class), e.g. McDonalds kid’s menu
3) psychographic (lifestyle, values, interests, beliefs), e.g. Chipotle vegan offers
4) behavioural (usage occasion, benefits sought, brand loyalty), e.g. Starbucks coffee (buy on the go, brand image)

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10
Q

5 criteria for effective market segmentation.

A

1) measurable (size, purchasing power)
2) accessible (ability to reach the segment)
3) substantial (segment is large enough to serve)
4) differentiable (segments respond differently, e.g. men and women)
5) actionable (programs can attract the segments)

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11
Q

Define Undifferentiated marketing. Example.

A

Company focuses on segment similarities and presents a single offer for the whole market, e.g. Nivea cream

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12
Q

Define Differentiated marketing. Example.

A

Company offers different products to different segments, e.g. Volkswagen group different brands

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13
Q

Define Micromarketing. 2 ways to classify. Examples.

A

1) local, e.g. Aldi offers in different cities
2) individual / personal, e.g. Coca-Cola names on bottles

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14
Q

Define Points-of-difference and Points-of-parity in targeting. Example.

A

Features that are specific and unique to the brand and cannot be found elsewhere.
Features within brands that are similar and not unique.
IKEA and other furniture stores: both sell furniture but IKEA has unique features

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15
Q

4 factors affecting consumer behaviour.

A

1) culture (country, social class)
2) social (family, status)
3) personal (age, lifestyle, occupation)
4) psychological (beliefs, perception)

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16
Q

5 levels of products.

A

1) core
2) basic
3) expected
4) augmented
5) potential

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17
Q

4 types of consumer product classifications.

A

1) convenience
2) shopping
3) specialty
4) unsought

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18
Q

What are Convenience products?

A

Frequently purchased with minimal effort (laundry, toilet paper, fast food)

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19
Q

What are Shopping products?

A

Less frequently purchased. Consumers make comparisons when choosing (TV, clothes, furniture)

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20
Q

What are Specialty products?

A

Unique products requiring special effort of buying (cars, designer clothes)

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21
Q

What are Unsought products?

A

Products consumers do not know about or do not normally buy (life insurance, funeral services)

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22
Q

4 life cycles of a product.

A

1) introduction (?)
2) growth (star)
3) maturity (cash cow)
4) decline (dog)

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23
Q

5 steps of product decisions. Examples.

A

1) attributes / features
2) branding (musicians playing at concert halls or the street)
3) packaging (Amazon smile on boxes)
4) labelling (Starbucks dropped the name from the logo)
5) support services (Apple Care)

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24
Q

What is Line stretching (down and up)? Examples.

A

Expansion of a product line. Down: Tesla made a more affordable car. Upward: Huawei made more premium products

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25
Q

What is Line filling. Example.

A

Adding more items within a product line. BMW X1, X3, X5 etc.

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26
Q

What is Product width? Example.

A

How many product lines a company has. Colgate toothpaste, toothbrush, mouthwash, floss etc.

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27
Q

What is Product length? Example.

A

Total number of items a company has. Different specific Colgate aproducts

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28
Q

What is Product depth? Example.

A

How many options of one product are offered. Colgate offers many different toothpastes

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29
Q

6 steps of setting a Pricing policy.

A

1) pricing objective
2) determine demand
3) estimate costs
4) competitor analysis
5) price method
6) select final price

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30
Q

5 types of Pricing objectives [pricing goal]

A

1) survival
2) max current profit
3) penetration (low price to gain market share)
4) skimming (first new, unique product)
5) product-quality leadership

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31
Q

4 types of Cost-based pricing.

A

1) cost-plus pricing (manufacturer adds a fixed % to costs as desired profits)
2) mark-up pricing (reseller adds a fixed % to buying costs as desired profits)
3) breakeven cost pricing (price at which total sales will cover total costs)
4) target profit pricing

32
Q

2 types of Value-based pricing. Name examples.

A

1) good-value pricing (balance between price and value) [everyday low pricing, e.g. Lidl & high-low pricing, e.g. Zara]
2) value-added pricing (price based on features), e.g. Phillips

33
Q

Example of Competition based pricing.

A

CAT [Caterpillar] price compared to Komatsu

34
Q

Example of Market skimming pricing.

A

Apple products cost more at launch and become cheaper when newer models are released

35
Q

Example of Market penetration pricing.

A

Big retailers tend to set such prices for their own brands, e.g. Amazon or Costco

36
Q

5 elements of Product mix pricing.

A

1) product line pricing
2) optional-product pricing
3) captive-product pricing
4) by-product pricing
5) product bundle pricing

37
Q

Example of Product line pricing.

A

NordVPN or Netflix different plans (basic, regular, premium)

38
Q

Example of Optional-product pricing.

A

Buying a PC and having Windows as an option

39
Q

Example of Captive-product pricing.

A

Amazon Kindle reader and e-books etc.

40
Q

Example of By-product pricing.

A

Piena Spēks drink from cheese whey proteins or chicken paws

41
Q

Example of Product bundle pricing.

A

McDonalds combos

42
Q

7 types of Price adjustment strategies. Name examples.

A

1) discount (H&M when you return old clothes)
2) segmented (Spotify premium regular & students)
3) psychological (MediaMarkt etc. 399.99$)
4) promotional (Duolingo premium discount after New Year)
5) geographical
6) dynamic (Amazon platform or aviation companies)
7) international

43
Q

5 parts of the global supply chain.

A

1) Raw materials
2) Suppliers
3) Manufacture
4) Distribution
5) Consumer

44
Q

4 major gaps in distribution between production and consumption [utilities that distributors can work on].

A

1) place utility
2) time utility
3) form utility
4) possession utility

All together is added value. The distributer reduces the amount of work the producer and consumer has to do to get the product / find the info.

45
Q

2 types of Distribution Channel Conflict. Name examples.

A

1) horizontal: companies at the same level, e.g., Ford dealerships in the same city
2) vertical: companies at different levels, e.g., McDonalds restaurants and the franchise itself

46
Q

6 types of marketing / distribution systems.

A

1) conventional
2) vertical
3) horizontal
4) disintermediation
5) multichannel
6) omni-channel

47
Q

Describe the Conventional distribution system.

A

Producer -> wholesaler -> retailer -> consumer

48
Q

Describe the Vertical marketing system.

A

Producers, wholesalers and retailers acting as one system. One owns others, has contracts with them or is so powerful that others must cooperate

49
Q

3 types of the Vertical marketing [distribution] system. Name examples.

A

1) corporate (e.g. Amazon)
2) contractual (McDonalds)
3) administered (Walmart)

50
Q

Describe the Horizontal marketing [distribution] system. Name an example.

A

Two or more companies at the same level collaborate to exploit an opportunity. E.g. airline alliance “Star alliance”

51
Q

Describe the Disintermediation marketing [distribution] system. Name an example.

A

Removal of channel intermediaries to go directly to the final customer. E.g. Zara or Spotify

52
Q

Describe the Multichannel marketing [distribution] system. Example.

A

Multiple channels to reach multiple customer segments. E.g. Oral-B

53
Q

Describe the Omni-channel marketing system. Name an example.

A

Integration of multiple channels into one whole. E.g. Footlocker

54
Q

Describe Direct and Indirect marketing. Name examples.

A

Direct means the company tries to sell directly to consumer without intermediaries, e.g. Spotify, indirect is the opposite, e.g. toothpaste, cars etc.

55
Q

5 types of Retail stores. Name examples.

A

1) specialty (MediaMarkt)
2) department (El Corte Ingles)
3) supermarkets (Mercadona)
4) convenience (Carrefour Express)
5) discount (Lidl)

56
Q

3 criteria for alternative promotion [distribution] channel evaluation.

A

1) economic
2) control
3) adaptive

57
Q

Name 5 elements of “Marketing communication (promotion) mix”.

A

1) Advertising
2) Personal selling
3) Public relations
4) Sales promotion
5) Direct and digital marketing

58
Q

What is “Integrated marketing communications”? Name an example.

A

An effort to build a clear, consistent brand message throughout all touchpoints with the customer. E.g. Snickers “You are not you when you are hungry” or Old Spice “Smell like a man, man”.

59
Q

3 types of “Brand touchpoints”.

A

1) Pre-purchase
2) Purchase
3) Post-purchase

60
Q

3 elements of “Pre-purchase”.

A

1) Public relations
2) Social media
3) Word of mouth

61
Q

Name 3 elements of “Purchase”.

A

1) Sales person
2) Catalogue
3) Packaging

62
Q

Name 3 elements of “Post-purchase”.

A

1) Survey
2) Customer service
3) Loyalty programme

63
Q

2 “Promotion mix” strategies.

A

1) Push
2) Pull

64
Q

Explain the “Push” promotion mix strategy. Name an example.

A

Producer entices resellers to sell the products to final consumers. E.g. “John Deere” tractors are sold to Home Depot etc. and then to consumers.

65
Q

Explain the “Pull” promotion mix strategy. Name an example.

A

Producer entices the customer to buy the product, so the customer demands it from the resellers. E.g. “Axe” markets to their male customer directly.

66
Q

What is “Outbound” and “Inbound” marketing? How do they relate to the push-pull strategies?

A

Outbound for push marketing, meaning a general message for a large audience with disruptive nature.
Inbound for pull marketing, meaning a more targeted approach and consistent message.

67
Q

Define “Advertising”.

A

Paid non-personal promotion of ideas or product by an intermediary to stimulate demand or change consumer attitude.

68
Q

3 objectives of “Advertising”.

A

1) inform
2) persuade
3) remind

69
Q

4 ways to set an “Advertising” budget.

A

1) affordable (what the company can afford)
2) % of sales (based on past results)
3) competition-based
4) task and objective based

70
Q

3 steps of developing an advertising strategy.

A

1) design a message
2) choose the media
3) collect feedback

71
Q

3 important factors when choosing the advertising media.

A

1) reach (how many people exposed)
2) frequency (how often exposed)
3) impact (value from the total exposure)

72
Q

3 mediums for public relations.

A

1) publications
2) sponsorships
3) events

73
Q

7 steps of personal selling.

A

1) prospecting (search for potential customers)
2) pre-approach (learn about the customer)
3) approach
4) present
5) objections
6) close
7) follow-up

74
Q

Explain “Sales promotions”.

A

Short-term sales encouragement

75
Q

3 tools of consumer promotions.

A

1) samples
2) coupons
3) cash-refunds

76
Q

3 tools of trade promotions.

A

1) discount
2) advertising allowance
3) free goods (bulk buying)

77
Q

3 tools of business promotions.

A

1) trade shows
2) sales contests
3) specialty (brand pends, cups, napkins etc.)

University of Valencia (4 decks)

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