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MGT 8803 > Marketing Strategy, Opportunity Analysis, and Segmentation > Flashcards

Marketing Strategy, Opportunity Analysis, and Segmentation Flashcards

1
Q

What is marketing?

A

The creation and satisfaction of demand for a product or service

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2
Q

What is strategy?

A

A set of ideas that outline how a product line or brand will achieve its objectives.

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3
Q

Target Market

A

groupof customers a company wishes to reach

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4
Q

The marketing mix

A

controllable variables the company uses to satissfy the target group

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5
Q

5 Cs customers

A

potential buyers with wants and needs that the company aims to fulfill with it’s offerings

-consumer - business buyer
-customer - non-business buyer
-customers are the focal point

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6
Q

5 Cs company

A

organization or business unit providing certain goods or services
-look internally to define positioning, messaging, differentiators, capabilities, etc.

-awareness of competition ( not mutually exclusive)

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7
Q

5 Cs Competitors

A

organizations that offer products or services that satisfy the same wants and needs to the same customers as the companies offering

-competitive matrix
-porters 5 forces

-attempting to create products and services that customers percieve as different from those provided by others

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8
Q

5 Cs Collaborators

A

External business entities that work with the company to create value for customers

ex:
-raw material suppliers
-distributors
-marketing agencies
-3rd party retailers

SUGAR
-supply nabisco, dr pepper, etc

TV
-depends on retailers like target, costco, etc

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9
Q

5Cs Context

A

environment in which the company operates and it’s associated elements
-regulations or laws
-economic conditions
-cultural norms
-technological factors

PESTEL Analysis:
Political, Economic, Social, Technological, Environmental and Legal Factors

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10
Q

Competitive Advantage

A

A marketing mix the target customer sees as better than the competition’s mix

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11
Q

Breakthrough Opportunities

A

Difficult to copy Profitable for a long time

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12
Q

Marketing-oriented Manager

A

sees everyone as different and practices “target marketing”

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13
Q

Production-oriented manager

A

sees everyone as basically similarand practices “mass marketing”

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14
Q

Market Penetration

A

-aimed at increasing a company’s share of existing products in its current market

Drive increased sales of currentproduct in existin gmarkets *Enhance customer relationship (LTV)

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15
Q

Product Development

A

-involves expanding into new markets with existing products.

-New/Unique benefits
-Create newmarket(s)

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16
Q

Customer Lifetime Values (LTV)

A

relationships that develop satisfied customers + time= return business

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17
Q

4 p’s price

A

-price objectives
-price flexibility
-price over the life cycle
-discounts and allowances
-geographic pricing terms
-competition

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18
Q

What are the 4 p’s of marketing

A

Product, Place, Price, Promotion

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19
Q

4 p’s Product

A

-physical characteristics
-warranties
-application benefits

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20
Q

4 p’s place

A

-get the right product, to the right consumer, in the right place, at the right time, in the right quantity, and in the right condition

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21
Q

4 p’s promotion ( 3 types)

A

Informing and selling the customer
-personal selling
-direct to consumer
-product service

mass selling
-advertising - paid
-publicity - unpaid

sales promotion
-stimulate interest
-encourage trial or purchase

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22
Q

External Marketing Environment

A

-cultural and social environment
-political and legal environment
-technological environment
-economic environment

PESTEL Analysis

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23
Q

Direct Marketing environment

A

-resources and objectives of the firm
-customers
-competitive environment

-PORTER Internal Analysis

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24
Q

what is swot and what is it used for?

A

In marketing, SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a strategic planning tool that helps businesses evaluate their current business model and identify areas for improvement.

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24
Q

monopoly

A

1 company serves entire customer base
-rare in us

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25
Q

Examples of Company resources

A

-financial strength
-production flexibility
-R&D
-channel relationships
-loyal customer base
-new product capability

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25
Q

monopolistic competition

A

companies use marketing and advertising to differentiate their products and increase profits

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25
Q

pure competition

A

large # of firms compete w/ similar or comodity type products
-price usually deciding factor b/c customers see little different between options

26
Q

oligopoly

A

small # of companies control market

27
Q

Key Economic forces

A

-global economy
-rapid change
-interest rates

28
Q

Characteristics of political environment

A

-trade policy
-labor law
-political stability

29
Q

Legal environment

A

-fda
-consumer product safety commission (cpsc)

30
Q

Cultural and social environment

A

-health conciousness
-demographic data

31
Q

What is segmentation?

A

An aggregating process that clusters people with similar wants and needs into a market segment

32
Q

Segmenting vs combining?

A

-segmenting develops a different marketing mix for each segments
-combining aims at 2 or more submarkets with the same marketing mix

33
Q

criteria for determining segments

A
  1. People in the segment are roughly alike, along some important consumer dimension(s).
  2. People in the segment are different from people in other segments.
  3. The segment is large enough to be profitable.
  4. The segmenting dimensions should be useful for identifying customers and designing the marketing mix.
  5. If chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment
34
Q

Generic vs product

A

Generic - market w/ broadly similar needs and many different ways to satisfy them
product- very similar needs and similar options

34
Q

What is a companies market?

A

a group of potential customers with similar needs that are willing to pay, and sellers offering various goods and services to satisfy them

34
Q

Problems with product oriented approach

A

could focus too much on product and ignore customers. if they don’t buy want it doesn’t matter how good your product is

35
Q

Broader market definitions

A

broadening market defitinitions can expand opportunities. too broad and you’re spread too thin

36
Q

Demographic dimensions

A

-income
-sex or age
-family size or family life cycle
-occupation or education
-ethnicity or social class

37
Q

Geographic dimensions

A

-region of world, country
-region of country
-size of cityB

38
Q

Behavioral Dimensions

A

-needs
-benefits sought
-thoughts
-rate of use
-purchase relationship
-brand familiarity
-kind of shopping
-type of problem-solving
-information required

39
Q

what factors are used when Segmenting business markets

A

-kind of relationship
-purchasing methods
-type of buying situation
-typeof customer
-demographics
-how customers will use the product

40
Q

Qualifying dimensions

A

-relevant to including a customer type in a product market
-helep identify core benefits

41
Q

Determining Dimensions

A

-affect the customers purchase of a product or brand
-can be further segmented

42
Q

Analytical techniques for segmentation

A

-clustering
-customer relationship management (CRM)

43
Q

What are the core components of marketing strategy?

A

target market, marketing mix

44
Q

What are the 5 customer personas?

A

-Demographic
-Geographic
-Psychographic
-Behavioral
-RFM (Recency, Frequency,Monetary)

45
Q

Single target marketing approach

A

-you have a single segment with a single marketing mix

46
Q

Multiple target marketing approach

A

-multiple segments with multiple different marketing mix

47
Q

Combined marketing approach

A

-you have mutliple submarkets with the same marketing mix

48
Q

What types of activities are considered marketing?

A

-advertising
-researching which products are popular with consumers
-determining how much can be sold at what price points
-selling products to customers in person

49
Q

What is Marketing?

A

the creation and satisfaction o fdemand for a product or service

50
Q

Strategy

A

a set of ideas that outline how a product line or brand will achieve it’s objectives

51
Q

tactic

A

a specific action or method that contributes to achieving a goal

52
Q

external vs direct marketing environment

A

the external market influences the direct market, impacting how you can “do” marketing

53
Q

what is marketing all about?

A

it’s about satisfying customer needs better than the copetition for the long term

54
Q

Psychographics, or lifestyle analysis

A

-used to help assess personalities

-Activities identify what people do and are objectively observable
-Interests tend to create stronger drives that may pinpoint market opportunities.
-opinions are the ways in which people feel about things.

55
Q

Quantitative Market Research / Analysis

A

is a technique to ask questions to the target audience in an organized manner using surveys, polls or questionnaires.

56
Q

publicity

A

mass selling that avoids paying media costs

unpaid, non-personal presentation of ideas, goods, or services. It also includes creating and placing content on the web, for customers to find or pass along to others

57
Q

Mass selling

A

communicates with large numbers of customers at the same time.

58
Q

advertising

A

is a paid form of non-personal presentation of ideas, goods, and services by an identified sponsor.

59
Q

You’ll often hear about earned media

A

-other entities, consumers, media outlets, and so forth, will begin to talk about the organization’s offerings.

60
Q

Sales promotions

A

-promotion activities other than advertising, publicity, and personal selling that stimulate interest, trial, or purchase. -Oftentimes facilitated through discounts, free product trials, coupons, etch.
-the key is to stimulate interest, trial and purchase.

61
Q

Personal selling

A

is direct, spoken communication between sellers and potential customers.

Sometimes this involves customer service, a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.

62
Q

psychographic profiling

A

-lifestyle
-values
-attitudes
-personality

63
Q

mass marketing

A

we’re offering a single marketing mix combination to everyone.

MGT 8803 (11 decks)

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