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BALA > Marketing Part 1 and 2 > Flashcards

Marketing Part 1 and 2 Flashcards

1
Q

What is Marketing?

A

Process of creating or directing an organization to be successful in selling a product or service that people not only desire, but are willing to buy. This includes the planning and executing of the product, price, place and promotions* to create exchange between individuals and organizations

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2
Q

What are examples of promotions?

A

Promotions include advertising, distribution and selling

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3
Q

What does marketing do?

A

Anticipates customers’ future needs and wants, which are often discovered through market research

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4
Q

What is the market strategy process?

A 
Consumer analysis
Market analysis
Review of competition
Distribution channel analysis
Marketing mix
Economics of plan
Revision
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5
Q

what is consumer analysis?

A 
Examines buyer needs
Identifies groups (segments) of population with similar needs to be targeted
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6
Q

What questions are asked in consumer analysis?

A
  • What is need?
    • Who is buying; who is using?
    • How is purchase made?
    • High or low involvement?
    • How can market be segmented?
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7
Q

What is need?

A

Examines (potential) product and determines why people would buy it?
Understanding of need helps figure out everything else

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8
Q

Who is buying; who is using?

A

Determines who buys product AND who uses product

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9
Q

How is purchase made?

A 
Market Research
Observation
Intuition
Determine best routes to buyer:
	-  Stores
	-  Internet
	-  Catalogue
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10
Q

What are the steps to making a purchase?

A 
Awareness 
Information Sources
Evaluate 
Purchase 
Post-Purchase Assessment
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11
Q

Awareness

A

Desired response is i need that

provoked through advertisement

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12
Q

Information Sources

A

Desired response is how can i learn about this

provoked through articles, displays, and demonstrations

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13
Q

Evaluate

A

Desired response which is best for me

provoked through sales person/ experts

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14
Q

Purchase

A

desired response is i want that one

provoked through availability, trial and warranty

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15
Q

Post purchase assessment

A

Consumer reaction to avoid did i make a mistake

positive reinforcement though advertisement

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16
Q

Risk Vs. Ease of involvement

A

is it low or high involvement

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17
Q

high involvement product

A 
Higher risk
Higher price
Higher psychological reward (status, love)
Difficult to compare
Reliability
Planned purchase
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18
Q

Examples of a high involvement product

A

Automobile

- New technology equipment
- Professional services (attorney)
- Fine jewelry
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19
Q

Low involvement product

A 
Lower/no risk
Lower price
Little/no need for comparison
No psychological component
Minimum level of performance required
Impulsive purchase
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20
Q

What to high involvement products require?

A

Consumer information
Guarantees, rebates, warranties
Experts, demos, hand-holding
Dedicated, trained salespeople

21
Q

Who is your customer?

A

Everyone? (mass market)
Vs.
Specific segment:
homogeneous groups of similar consumers with similar needs

Marketing varies based on segment

22
Q

Why segment market?

A

Identifies specific groups to serve profitably
Efficiently reach buyers
Develop targeted marketing programs

To yield the most sales and profit
23
Q

What are some types of Segmentation?

A

Geographic
Demographic (age, gender, income, education, occupation, family status, etc.)
Psychographic (lifestyle, personality)
Behavioral (amount of use, brand loyalty, purchase use, etc.)

24
Q

What is the difference between market analysis and consumer analysis?

A

Consumer analysis focuses on consumers as individuals

Market analysis focuses on markets and trends, competition and regulatory environment.

25
Q

What questions are asked for market analysis?

A

What is the relevant market?
Where is the product in its life cycle?
What are the key competitive factors?

26
Q

Relevant market

A

Determines if identified market segment is:
- large enough
- accessible enough
Done through research or test markets

27
Q

What are the stages of the Product Life cycle ?

A

Stage 1 – introduction
Stage 2 – Growth
Stage 3 – Maturity
Stage 4 - Decline

28
Q

Stage 1 - Introduction

A

Product awareness and education
Trials, samples are important
High advertising costs
“Innovators,” “Early Adopters,” risk-takers tend to buy
Pricing decisions are difficult
Exclusive distributors are sometimes a strategy

29
Q

Stage 2 - Growth

A 
Education still important
Competition intensifies
“Early majority” become buyers
Copy cat products introduced
Selective distribution becomes a strategy
Reduce costs to boost market share
30
Q

Stage 3 - Maturity

A

People become accustomed to the product
“Late majority” of the mass market buys
Differences are fewer - standardized
“Brand loyalty” becomes a marketing technique
Price competition becomes very intensified
Broader advertising
Product variations introduced to capture market segments

31
Q

Stage 4 - Decline

A 
“Laggards” become buyers
Considered “safe to buy”
Consumers view all products the same
Price reduction, sales are marketing strategies
Decline is not end of product
32
Q

What are competitive factors when analyzing the competition?

A 
Quality
Price
Advertising
Research and Development
Service
33
Q

What is marketing mix?

A

Action plan to sell product focusing on 4 elements to create a workable plan

34
Q

What are the 4 P’s of marketing?

A

Product
Place
Promotion
Price

35
Q

what is Product in marketing mix?

A
  • Does the product blend with our other products (synergy) and image of our products?
  • How can we distinguish our product from others – through new features, style, reliability, package design, size variety, level of service, labeling (brand naming)?
  • How does the product life cycle (PLC) affect marketing the product?
36
Q

What is Place in marketing mix?

A
  • Choice of where to sell the product (distribution channel
  • Is it Selective, exclusive or mass market
  • Choice of place affects perception/image of product
37
Q

What are the factors impacting place of market?

A

level of attention
need for control
profit margins

38
Q

What is promotion in marketing mix?

A

Promotion = Choice of advertising and sales efforts

pull and push strategies

39
Q

What is a pull strategy?

A

gets people to place of sale

40
Q

What is a push strategy?

A

convince place of sale to stock product

41
Q

What are types of promotion?

A

Advertising – television, radio, print media, billboards, internet, keyword pop-ups, direct mail
Personal selling - dedicated sales force, telemarketing (declining), retail sales force
Sales promotion to complement advertising – coupons, discounts sales (10% off), rebates, tie-ins, point-of-purchase displays, in-store demos
Publicity (Tiger Woods wearing Nike logo), products in movies/TV
Public relations – press releases

42
Q

What is Price in the marketing mix?

A

Helps differentiate products from competitors and influences profit margins.

43
Q

What are strategies to determine price?

A

skimming
Penetration
price/quality relationship
meet competition’s price

44
Q

What is price skimming?

A

taking low profit to reduce cost of promotion (Introduction

45
Q

What is price penetration?

A

– low price to gain more customers (Introduction and Growth)

46
Q

What is price/quality relationship?

A

pricing based on perceived value

47
Q

What is Break even?

A

point at which fixed costs and advertising/promotion are recovered without profit

48
Q

What is the difference between variable cost and fixed costs?

A

Variable costs – change with volume of sales
- - Labor
- materials
Fixed costs – generally remain the same regardless
of sales volume
- Rent
- Management costs
- Advertising/promotion (sunk costs, not retrievable)

BALA (6 decks)

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