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уууу > Marketing Midterm > Flashcards

Marketing Midterm Flashcards

1
Q

If present product in present market

A

market penetration

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2
Q

If present product in new market

A

market development

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3
Q

If new product in present market

A

product development

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4
Q

If new product in new market

A

diversification

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5
Q

Types of market environment

A
  • Economic environment
  • Technological environment
  • Political and legal environment
  • Cultural and social environment
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6
Q

Marketing Strategy Planning Process

A

Narrowing down to the best opportunities -> Developing a strategy

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6
Q

Three Basic Objectives Provide
Guidelines

A
  • Socially and Economically Useful Function
  • Develop an Organization
  • Earn Profit
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7
Q

The Competitive Environment types

A

Monopoly -> Oligopoly -> Monopolistic Competition -> Perfect Competition

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8
Q

Key Economics Forces

A
  • Global Economy
  • Rapid Change
  • Interest Rates
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8
Q

Macroeconomic factors

A

Inflation
Unemployment rate
Households
Availability of credit
Business Taxes
Booms or Recessions

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9
Q

MACRO - Environmental

A

Ethical Practices
Global Warming
Pollution
Energy and Scarce Resource Conservation
Environmentally Friendly Ingredients and Components
Recycling and Non-Wasteful Packaging

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10
Q

MACRO - Social

A
  • Population figures
  • Age profiles – age ranges, life expectancy etc.)
  • Genders – ratios of genders
  • Lifestyle Changes – urban living, leisure time, how people interact
  • Mobility migration
  • Cultural differences – changes in how people are brought up and gender roles
  • Religions
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11
Q

MACRO – Legal/Regulatory

A
  • New laws and regulations
  • Changes in laws or regulation
  • New legal institutions or other bodies
  • Changes in the way regulations are administered
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12
Q

Evaluating Opportunities in International Markets

A

<-Insensitive (Industrial Products)——Basic
commodity-type consumer products——-Sensitive (Consumer products linked to cultural variables)->

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13
Q

Market segmentation

A

involves aggregating prospective buyers into groups, or segments, that(1) have common needs and(2) will respond similarly to a marketing action

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14
Q

Bases/factors/variables for Segmenting Consumer Markets

A
  • Geographic
  • Demographic
  • Psychographic
  • Behavioral
15
Q

Geographic Segmentation Dimensions

A

Region of the world, country, region, size of the city

16
Q

Demographic Segmentation Dimensions

A
  • Income
  • Gender or age
  • Family size or family life cycle
  • Occupation or education
  • Ethnicity or social class
17
Q

Behavioral Segmenting Dimensions

A
  • Needs
  • Benefits sought
  • Thoughts
  • Rate of use
  • Purchase relationship
  • Brand familiarity
  • Problem solving approaches
  • Information required
18
Q

Psychographic Segmenting Dimension

A

Psychographics is the science of using psychology and demographics to better understand consumers. In psychographic segmentation, buyers are divided into different groups on the basis of psychological/personality traits, lifestyle, or values. People within the same demographic group can exhibit very different psychographic profiles.

A personality such as extrovert, introvert, aggressive, etc.
Values such as thinkers, believers, experiencers, achievers etc.

19
Q

Levels of segmentation

A

MASS MARKET
Full Market Coverage
Multiple SEgments
Single Segments
Individuals as Segments
CUSTOMIZTION

20
Q

Finding the Relevant Segmenting Dimensions

A

All potential dimensions

Qualifying dimensions

Determining dimensions
(product type)

Determining dimensions
(brand specific)

21
Q

Positioning

A

the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. Positioning requires that marketers define and communicate similarities and differences between their brand and its competitors.

22
Q

Value Proposition

A

The full positioning of a brand- the full mix of benefits upon which the brand is positioned

23
Q

Economic needs of the customer

A

Economy of purchase
Convenience
Efficiency in use
Dependability
Income

24
Q

Maslow’s Hierarchy of Needs

A
  1. Self-Actualization (desire to become the most that one can be)
  2. Esteem (respect, self-esteem, status, freedom)
  3. Love and belonging (friendship, family, sence of connection)
  4. Safety needs (personal security, employment, resources, health, property)
  5. Physological needs (air, water, food, shelter, sleep, clothes)
25
Q

Selective exposure

A

our eyes and minds seek out and notice only the information that interests us

26
Q

selective perception

A

screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs

27
Q

selective retention

A

we remembered only what we really want to remember

28
Q

Attitudes Relate to Buying Key Issues

A

An opinion, point of view, changing negative attittudes, ethical issues may arise, building consumer trust

29
Q

AIO

A

Understanding the lifestyle of target customer has been especially helpful in providing ideas of advertising themes.

30
Q

Consumer problem solving

A

Information search
Identify Alternatives
Set criteria
Evaluate alternatives

31
Q

Problem Solving Continuum

A

Routinized Response Behavior
Limited Problem Solving
Extensive Problem Solving

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