Marketing Midterm 1 Flashcards
How do people learn
Least: Audio, visual, kinesthetic: Most
How are people persuaded
Logic, emotions, trust
3x3 rule
3 words/line
3 lines/ visual
3 kinds of oppurtunitues *
- Recognized: Supply & demand exist but need to be matched (Uber)
- Discovered: Either supply or demand exist but not both (cure for diseases)
- Created: Both Supply & Demand Created (Beanie Babies)
5 Characteristics of a good opportunity
1) Significant value for customer
2) Profit Potential
3) Good fit for team
4) Sustainable
5) Can obtain financing
PEST*
Political/Regulatory (Lisences)
Economic (Economy)
Social (Cultural/Trends)
Technological (Are we utilizing)
Veiled vs Niche opportunity
Veiled: Have to uncover
Niche: Good for a smaller business that may not have been good for a large one
Evaluating opportunities *
Customer felt need
Customer Access
Premium Pricing
Competition (Red vs Blue Ocean)
Number
Strength
Barriers to entry
Voice of Customer
IMPORTANT
Find out what they think & if they’ll buy
Research: Qualitative & Quant
Revenue Projection (Market Estimate) *
Aggregate size (Total size of market) x % we can capture
Venture Concept Statement
What Biz is
Value Provided
Price
Scale 1-10
Business Model
Framework for Making $ Outlines activities (How & When)
Value Proposition*
Recognize Customer Problem
Create solution
3 positions in value chain
Manufactor, Wholesaler, Retailer
3 Marketing Research*
1) What problem are we trying to solve
2) Colleect & Interpret Info
3) Act on info to enhance successs
What helps uncover viable marketing opportunities & shapes your marketing plan
Mktg research
Secondary Research ex
commercial services govt sources internet searches trade associations journals reports
Why interviews work well
1) Easy to reach target
2) Better cost benefit
3) w/o group influences
4) probing necessary
5) testing for viability
Focus Groups
Consensus /Debate required Point/ counterpoint broad topics BAd Interaction can draw dormant issues group dynamics help discovery
(Primary Reseach) Ethnography
Observe customers (Grocery store milk in back, what things work well together)
Survveys pros & cons
Technology
Personal interview are more truthful
Conjoint study
Trade off of one feature for another (ex, price is low but quality is too)
what do you do with research*
Proceed
Adjust/adapt
move on
5 Consumer buying Process*
1) Problem recognition
2) Info Search (Internal-previous experiences External-Friends)
3) Evaluate Alternatives
4) Purchase decision (Intervening factors)
5) Post Purchase Evaluation
Brand awareness
Are they aware of your product
brand consideration
Assess important needs
Attributes
Why customers purchase your product, what features make it better
Evaluation of Alternatives*
- Brand Attributes
- Product Features
- Aesthetic Attributes
- Price
4 possible outcomes post purchase*
1) Delight
2) Satisfaction
3) Dissatisfaction
4) Cognitive Dissonance
Psychological Influences*
Personality/ lifestyle -Consistent behaviors Motivation -Physical, psychological, physiological Learning -Behavior learning Perception Attitiudes Involvement
Sociocultural Influences*
CULTURE Formal & informal relationships with other Social class Demographics Reference groups
Situational Influences
Purchase task
social surroundings
Time of day/ amount of time available
Mood/ cash on hand
Business to business
Includes everyone except final customer
- Manufacturers
- retailers
- gov agencies
Reciprocity
Doing business with those who do business with you
4 types of competition*
1) Brand (Coke vs Pepsi) Similar product different brand
2) Product: Different product used for same thing (Tea)
3) Generic: Cheaper alternative (Tap water)
4) Total budget competitors: What you could have spent $ on (gum)
Segmentation
Separating customers with common needs
Ultimate test of segregations*
Did it lead to effective marketing
Good segmentation answers
What is purchased Who Where How being purchase How much when WHY!!!!*
Effective segmentation requirements*
1) similar needs
2) measurable
- Size, location, profit
3) Big enough to serve economically
4) Way to reach
- Communicating/ delivering
Consumer Segmentation categories
-Behavior
-Buying habits
SHU-Super heavy user
-Demographics (what they are)
-Psychographics (who they are)
(much easier to get demographics)
-Geography
-Feature (what something is)
-Benefits (What something does)
Composite approach
Combines geographic, demographic, psychographic & behavioral segmentation
Target market*
Main consuming group
where to focus market efforts
Target market criteria
1) Size of segment
2) Expected Growth
3) Competitive position
4) Cost of reaching group
5) Compatible with objectives/resources
Target Market Factors
Purchasers vs Users
Competitive, demographic, lifestyle, and taste changes
Postioning*
making ur brand unique, differentiate
Positioning strategy
Product advantages
target market benefits
competitor weaknesses
Product based positioning strategies
Product difference
Key feature/benefit
Problem
User/purchaser
Perceptual maps
You know
