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College > Marketing Midterm 1 > Flashcards

Marketing Midterm 1 Flashcards

1
Q

How do people learn

A

Least: Audio, visual, kinesthetic: Most

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2
Q

How are people persuaded

A

Logic, emotions, trust

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3
Q

3x3 rule

A

3 words/line

3 lines/ visual

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4
Q

3 kinds of oppurtunitues *

A
  1. Recognized: Supply & demand exist but need to be matched (Uber)
  2. Discovered: Either supply or demand exist but not both (cure for diseases)
  3. Created: Both Supply & Demand Created (Beanie Babies)
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5
Q

5 Characteristics of a good opportunity

A

1) Significant value for customer
2) Profit Potential
3) Good fit for team
4) Sustainable
5) Can obtain financing

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6
Q

PEST*

A

Political/Regulatory (Lisences)
Economic (Economy)
Social (Cultural/Trends)
Technological (Are we utilizing)

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7
Q

Veiled vs Niche opportunity

A

Veiled: Have to uncover
Niche: Good for a smaller business that may not have been good for a large one

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8
Q

Evaluating opportunities *

A

Customer felt need
Customer Access
Premium Pricing

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9
Q

Competition (Red vs Blue Ocean)

A

Number
Strength
Barriers to entry

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10
Q

Voice of Customer

A

IMPORTANT
Find out what they think & if they’ll buy
Research: Qualitative & Quant

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11
Q

Revenue Projection (Market Estimate) *

A

Aggregate size (Total size of market) x % we can capture

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12
Q

Venture Concept Statement

A

What Biz is
Value Provided
Price
Scale 1-10

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13
Q

Business Model

A 
Framework for Making $
Outlines activities (How & When)
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14
Q

Value Proposition*

A

Recognize Customer Problem

Create solution

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15
Q

3 positions in value chain

A

Manufactor, Wholesaler, Retailer

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16
Q

3 Marketing Research*

A

1) What problem are we trying to solve
2) Colleect & Interpret Info
3) Act on info to enhance successs

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17
Q

What helps uncover viable marketing opportunities & shapes your marketing plan

A

Mktg research

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18
Q

Secondary Research ex

A 
commercial services
govt sources
internet searches
trade associations
journals
reports
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19
Q

Why interviews work well

A

1) Easy to reach target
2) Better cost benefit
3) w/o group influences
4) probing necessary
5) testing for viability

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20
Q

Focus Groups

A 
Consensus /Debate required
Point/ counterpoint
broad topics
BAd
Interaction can draw dormant issues 
group dynamics help discovery
21
Q

(Primary Reseach) Ethnography

A

Observe customers (Grocery store milk in back, what things work well together)

22
Q

Survveys pros & cons

A

Technology

Personal interview are more truthful

23
Q

Conjoint study

A

Trade off of one feature for another (ex, price is low but quality is too)

24
Q

what do you do with research*

A

Proceed
Adjust/adapt
move on

25
Q

5 Consumer buying Process*

A

1) Problem recognition
2) Info Search (Internal-previous experiences External-Friends)
3) Evaluate Alternatives
4) Purchase decision (Intervening factors)
5) Post Purchase Evaluation

26
Q

Brand awareness

A

Are they aware of your product

27
Q

brand consideration

A

Assess important needs

28
Q

Attributes

A

Why customers purchase your product, what features make it better

29
Q

Evaluation of Alternatives*

A
  1. Brand Attributes
  2. Product Features
  3. Aesthetic Attributes
  4. Price
30
Q

4 possible outcomes post purchase*

A

1) Delight
2) Satisfaction
3) Dissatisfaction
4) Cognitive Dissonance

31
Q

Psychological Influences*

A 
Personality/ lifestyle
-Consistent behaviors
Motivation
-Physical, psychological, physiological
Learning
-Behavior learning
Perception
Attitiudes
Involvement
32
Q

Sociocultural Influences*

A 
CULTURE
Formal & informal relationships with other
Social class
Demographics
Reference groups
33
Q

Situational Influences

A

Purchase task
social surroundings
Time of day/ amount of time available
Mood/ cash on hand

34
Q

Business to business

A

Includes everyone except final customer

  • Manufacturers
  • retailers
  • gov agencies
35
Q

Reciprocity

A

Doing business with those who do business with you

36
Q

4 types of competition*

A

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)

37
Q

Segmentation

A

Separating customers with common needs

38
Q

Ultimate test of segregations*

A

Did it lead to effective marketing

39
Q

Good segmentation answers

A 
What is purchased
Who
Where
How being purchase
How much
when 
WHY!!!!*
40
Q

Effective segmentation requirements*

A

1) similar needs
2) measurable
- Size, location, profit
3) Big enough to serve economically
4) Way to reach
- Communicating/ delivering

41
Q

Consumer Segmentation categories

A

-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)

42
Q

Composite approach

A

Combines geographic, demographic, psychographic & behavioral segmentation

43
Q

Target market*

A

Main consuming group

where to focus market efforts

44
Q

Target market criteria

A

1) Size of segment
2) Expected Growth
3) Competitive position
4) Cost of reaching group
5) Compatible with objectives/resources

45
Q

Target Market Factors

A

Purchasers vs Users

Competitive, demographic, lifestyle, and taste changes

46
Q

Postioning*

A

making ur brand unique, differentiate

47
Q

Positioning strategy

A

Product advantages
target market benefits
competitor weaknesses

48
Q

Product based positioning strategies

A

Product difference
Key feature/benefit
Problem
User/purchaser

49
Q

Perceptual maps

A

You know

College (19 decks)

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