mcq 20% Flashcards
1
Q
What is mktg
A
companies create value for cust, build strong cust relationship to capture value from cust in return
2
Q
How do calculate value?
A
benefit divide cost
3
Q
What are the 5 ‘not’ for our cust?
A
- not an interruption of our work (they are the purpose of it)
- not someone to argue with ( they brings us their wants; if we have insufficient imagination, we will endeavour to handle them profitably)
- not dependent upon us (we depend on them)
- not a rank to our business (they are part of us)
- not a statistic (human being equipped with biases, prejudices, emotions)
4
Q
What are the 5 steps marketing process?
A
- understand the marketplace and cust needs and wants
- design a cust value driven mktg strategy
- construct an integrated mktg program that delivers superior value
- build profitable relationships and create cust delight
- capture value from cust to create profits and cust equity
5
Q
What are consider cust needs? (4)
A
States of deprivation
Physical
Social
Indiv
6
Q
What does physical cust needs include? (4)
A
food, clothing, warmth, safety
7
Q
What does individual cust needs include? (2)
A
knowledge and self affection
8
Q
What does social cust needs include? (2)
A
belonging and affection
9
Q
What’s cust wants?
A
form that needs take as shaped by culture and indiv personality
10
Q
What is cust demands
A
wants backed by buying power
11
Q
What is market offerings?
A
Combination of products, services, info, offered to market to satisfy need or want
12
Q
How does marketers meet cust value / satisfaction
A
need to set the right lvl of expectations, not too high / low
13
Q
How to define markets?
A
Set of actual and potential buyers of a product
14
Q
What are the 2 major envir forces?
A
suppliers, consumers
15
Q
What is marketing management?
A
Choosing target markets and building profitable relationships with them
16
Q
How to select cust to serve? (2)
A
Marketing segmentation
Dividing the markets into segments of cust
Target marketing
Choose which segments
17
Q
What’s value proposition?
A
Set of benefits or values a company promises to deliver to cust to satisfy their needs
18
Q
What should company consider in order to achieve societal marketing? (4)
A
A company should make good marketing decisions by considering :
Consumer’s wants
Company’s requirements
Consumer’s long term interests
Society’s long run interests
19
Q
How is the marketing landscape changing? (4)
A
Not for profit mktg growth
Sustainable marketing
Rapid globalisation
Digital marketing
20
Q
What are the social criticisms of mktg? (7)
A
Acquisition of competitors
Decreases competition
Detrimental to consumer choice = acquisition will not go thru
barriers to entry
Unfair competitive mktg prac
Deceptive prac
High-pressure selling
Planned obsolescence
Profiteering
21
Q
What is sustainable mktg?
A
Meeting needs of cust while preserving the ability of future gen to meet their needs
22
Q
What is consumerism?
A
Organised movement of citizens and gov agencies to improve the rights and power of buyers in relation to sellers
23
Q
What is environmentalism?
A
Organised movement of concerned citizens, business, gov agencies to protect and improve people’s living envir
24
Q
What is envir sustainability?
A
seeking profit while planning to help the planet
25
What are the 5 factors of envir sustainability?
Pollution prevention
Product stewardship
Design for envir (DFE)
New clean tech
Sustainability vision
26
What is product stewardship?
Involves minimising the pollution from production and all envir impact throughout the full product life cycle
27
What does it mean to have sustainability vision?
Guide to the future that shows how the company’s products and services, processes, policies must evolve and what is needed to get there
28
How to be a sustainable company?
Goes beyond caring for the needs of tdy cust and has concern for tmr cust and the broader world
29
What are the 4 sustainable mktg principles?
Consumer oriented
Consumer value mktg
Innovative mktg
Sense of mission mktg
30
What is sense of mission mktg?
Define mission in broad social terms rather than narrow product terms
31
What are the 4 mktg ethics?
Broad guidelines
Cover distributor relations, ads, standards, cust service, pricing, product dev, general ethics standards
Everyone must flw
Relationship w corporate sustainability (Balance among profit, planet, people)
32
How does the international trade system works? (4)
tariffs, quotas, exchange controls, nontariff trade barriers
33
What is quotas?
limits on the amount of foreign imports (to protect domestic industry and employment)
34
What is exchange controls?
limit on the amount of foreign exchange and exchange rate against other countries
35
What is nontariff trade barriers
biases against bids or restrictive product standards
36
How does economic factors reflect country's attractiveness?
Industrial structure
Income distribution
37
Why does fcmg target low income households?
More profit margin, low purchasing power but large base of customer
38
What are the factors within political legal environment? (5)
Country attitude toward int bullying
Gov bureaucracy
Political stability
Monetary reg
Countertrade is non-cash payment
39
What are the activities involve in countertrade? (3)
Barter = exchange of goods and services
Compensation / buyback = sale of a plant or equipment and the payment in resulting products
Counter Purchases = when seller receives payment and agrees to spend some money in other country
40
What are the factors when companies decide to go global? (6)
Can the company understand the consumers
Has management considered reg and political envir of other countries
Can it offer competitively attractive products
Will it be able to adapt to local culture
Do the company managers have the experience
Can they deal w foreign nationals
41
What are the factors to consider when companies decide which market to enter? (4)
Define int mktg obj and policies
Foreign sales volume
How many countries to market to
Types of countries to market to based on
42
How to decide which countries to market? (3)
Geo
Income and population
Political climate
43
How to rank potential global market? (5)
Market size
Risk level
Market growth
Comp adv
Cost of doing business
44
From low to high, rank the amount of commitment, risk, control, profit potential of entering a market
Exporting, joint venturing, direct investment
45
What are the types of joint venturing? (4)
licensing, contract manufacturing, management contracting, joint ownership
46
What is strategic planning?
Maintaining a strategic fit between the org goals and capabilities and its changing market opp
47
What are the current global consumer trend ? (4)
AI
Greenwashed out
Wellness pragmatists
Value hackers
48
What are the 4 steps in strategic planning?
corporate level
1. defining company mission
2. setting company obj and goals
3. designing business portfolio
Business unit, product, market level
4. planning marketing and other functional strategies
49
What is a market oriented mission statement?
defines the business in terms of satisfying basic cust needs
50
How to set business obj? (3)
Build profitable cust relationship
Invest in research
Improve profits
51
How to set market objectives? (3)
Increase market share
Create local partnership
Increase promotion
52
How to analyse current business portfolio? (3)
1. identify key businesses that make up the firm
2. assess the attractiveness of its various SBUs
3. decide how much support each SBU deserves
53
What is the product/market expansion grid used for?
identifying company growth opp through market penetration, market dev, product dev, diversification
(can be achieved through acquisition)
54
How does a business downsize? (3)
eliminating products
business units that aren’t profitable
no longer fit company’s overall strategy
55
What are the 4 types of cust value driven mktg strategy?
segmentation, targeting, differentiation, positioning
56
What is market segmentation?
Understand people have distinct needs, characteristics, or bhv and who might require separate products or mktg mix
Division of market of people into diff groups
57
What does threats stand for?
current and emerging external factors that may challenge the company's perf
58
What is cust relationship management?
Overall process of building and maintaining profitable cust relationship by delivering superior cust value and satisfaction
59
What are the 3 levels of cust relationship?
Basic relationships (low margin cust)
Full partnerships (high margin cust)
Frequency mktg prog (reward cust)
60
What is customer engagement marketing? (3)
Makes the brand a meaningful part of consumer’s convo and lives
Create direct and continuous cust involvement
Shapes brand convo, experiences and community
61
What is consumer generated mktg?
Brand exchanges created by cust themselves (whether invited or not)
Shape own brand experiences
62
What is a value chain?
partners inside the company that carry out value creating activities to design, produce, market, deliver, support a firm's product
63
What is a value delivery network?
Partners outside the company, how marketers connect w their suppliers channels and competitors
64
What does customer lifetime value equivalent to?
value of the entire stream of purchases that one would make over a lifetime of patronage
65
What is customer equity? (3)
Total combined of cust lifetime value of all of the company’s cust
Gives potential rev stream and profitability
To see how our business is doing
66
What does the suppliers do? (2)
Prov resources to produce goods and services
Treated as partners to prov cust values
67
What does marketing intermediaries do?
Firms that help company to promote, sell, distribute final products to final buyers
68
What are the categories for the demographic envir? (4)
baby boomers
gen x
millennials
net gen (gen z)
69
What are the characteristics of gen x? (6)
High parental divorce rate
Cautious economic outlook
Less materialistic
Fam comes first
Lags on retirement savings
Born between 1965-1976
70
What is generational marketing?
Segmenting people through lifestyle, life stage, common value instead of age
71
What are the trends in the current demographic envir? (7)
divorcing / separating
Choosing not to marry
Marry at a later age
Marrying w no intention to have kids
Increased no. of working women
Stay at home dads
Move from rural to city
72
What does value mktg involves? (2)
ways to offer financially cautious buyers greater value
Right combination of quality and service at a fair price
73
What are the trends in natural envir? (6)
Shortage of raw materials
Increased pollution
Increased gov
Intervention
Envir sustainable strategies
Pandemics
74
What are the 3 characteristics of tech envir?
Most dramatic force
Creates new products and opp
Concern for safety of new products
75
What are the 2 characteristics in social / political envir?
Legislation regulating business project
increased emphasis on ethics
76
What are the 2 characteristics in cultural envir?
Institutions / other forces that affect a society’s basic values, perceptions, bhv
Language complexities
77
What is buyer's black box?
variety of factors that exist inside the person's mind which influences their buying decisions
78
What is a subculture?
Grps of ppl within a culture w shared value system
Based on common life experiences / situations
eg, Fans of kpop, pop, etc
79
What are the two social characteristics affecting consumer bhv
family
social roles and status
80
What are the 6 different groups and social network
online social networks
buzz mktg
influencers / bloggers
virtual worlds
word of mouth
opinion leaders
81
What are the 4 psychological factors that determines customer purchase intention?
motivation, perception, learning, attitudes & beliefs
82
What is perception? How is it formed? (3)
Process which people select, organise, interpret info to form a meaningful pic of the world thru
Selective attention
Selective distortion
Selective retention
83
Why do we need customer insight teams? (4)
Incl all company functional areas
Collect info from wide variety of sources
To generate more value for cust
Incorporate AI
84
When will be the 7 times where customer and management will touch?
cust purchases
service / support calls
market research studies
satisfaction surveys
web / social media sites
sales force contacts
credit / payment interactions
85
What are the 4 types of buying behaviour?
complex
variety seeking
dissonance reducing
habitual
86
What are the 5 steps a buyer will go through for a decision to buy something?
Need recognition
Info search
Evaluation of alter
Purchase decision
Post purchase bhv
87
What does cust satisfaction do? (3)
key to build profitable relationship
retaining and growing consumers
reaping cust lifetime value
88
How to identify different adopters for new product?
innovators, early adopters, early majority, late majority, laggards
89
How to reach out to customer? 5
industry events, search, search engine optimisation (SEO), content mktg, linkedin campaigns
90
How to act after customer has made their 1st purchase? 3
remarketing
website home page / product page / linkedin page
influencer out reach
91
How to convert indecisive customer or make customer repeat their purchase? (4)
personalised email (account based marketing ABM), refundables, webinars, ROI calculator online
92
How to gain loyal cust? 3
cust onboarding, newsletter, user group
93
What is market segmentation?
Process that companies use to divide large heterogeneous market into small ones
94
Why do we segment our market?
To reach cust more efficiently / effectively w products and services that match their unique needs
95
What are the ways to segment consumer market? (4)
Geographic, demographic, psychographic, behavioural
96
What is intermarket segmentation?
Divides consumers into grps w similar needs and buying bhv even if located in diff countries
97
How to evaluate market segments? (4)
Segment size and growth
Segment structural attractiveness
Long run attractiveness (competitors, substitute products, power of buyers and sellers)
Company obj and resources
98
What is market targeting?
A set of buyers who spare common needs / characteristics that company decides to serve
99
What are the 4 target market strategies?
Undifferentiated (mass) mktg, differentiated (segmented) mktg, concentrated (niche) mktg, micromktg (local / indiv)
100
What is undifferentiated mktg?
Targets whole market w one offer
Focuses on common needs rather than whats diff
101
What is differentiated mktg? (3)
Target several diff market segments and designs separate offers for each
Goal: achieve higher sales and stronger position
More expensive
102
What is concentrated mktg? (4)
Targets small share (niches) of a large market
Limited company resources
Knowledge of the market
More effective
103
What is micromktg?
Prac of tailoring products and mktg programs to suit taste of specific inidv and locations
104
What does choosing a target market depends on? (5)
Company resources
Product viability
Product life cycle stage
Market variability
competitors’ mktg strategies
105
What are the 5 types of differentiation?
product, service, channel, people, image
106
What is product position?
Way the product is defined by consumers on important attributes - place the product occupies in consumers’ minds relative to competing products
107
What is value proposition?
Full mix of benefits upon which a brand is positioned
108
What are the 3 steps of competitor analysis?
Identifying
Company competitors
Assessing
Competitors obj, strategies, strengths, weaknesses, reaction patterns
Selecting key competitors
Which to attack / avoid
109
What are the 4 ways to assess competitors?
Competitors obj
Competitor’s strength
Competitors weaknesses
Estimating competitors reaction
110
What does competitors objectives include? (5)
Profitability
Market share growth
Cash flow
Technological leadership
Service leadership
111
What is blue ocean strategy
Finding uncontested market spaces
112
What are the 3 competitive strategies?
cost leadership, differentiation, focus
113
What does Michael treacy and fred wiersema value disciplines states?
Companies gain leadership positions by delivering superior value to their cust
114
How are companies gaining leadership positions by delivering superior value to their cust? (3)
operational excellence,
product leadership,
customer intimacy
115
What is product leadership? (2)
Prov superior value through continuous stream of leading-edge products or services
Product leaders are open to new ideas and solutions, bring them quickly to market
116
What is customer intimacy?
Segmenting markets and tailoring products or services to match the needs of targeted customers
117
How are market leaders leading the market? (4)
price changes
Product innov
Distribution coverage
Promo spending
118
How to protect market share? (4)
Fixing / preventing weaknesses that prov opp to competitors
Maintain consistent prices that prov value
Keep strong cust relationships
Cont innov
119
How to expand market share? (4)
Increasing market share in served markets - growth
Produce high quality products
Build close relationship
Create good service experiences
120
How can market challenger challenge market leader? (2)
Full frontal attack on rival’s strength
Indirect attack on rivals weakness / gaps in the market coverage (flanking attack)
121
What does market follower do? (4)
Firms want to hold onto their market share
Plays along w competitors
Challenges w firms like its own size / smaller
Second mover adv
122
What is second mover advantage?
when a market follower observes what has made the leader successful and improves on it
123
What is ideal for a market nicher?
big enough to be profitable with high growth potential and lil interest from competitors
124
What is the key for market nicher?
specialisation
125
What does experiences stand for?
represent what buying the product or service will do for cust
126
What does augmented product include? (4)
delivery and credit, product support, warranty, after sales service
127
What are the 3 levels of product and services?
core, actual, augmented
128
What are the 4 classifications of products?
convenience, shopping, specialty, unsought
129
What is shopping products? What are some examples?
Consumer products and services that the cust compares carefully on suitability, quality, P and style
(furniture, appliances, hotel stays)
130
What is specialty product?
Unique characteristics / brand identification for which a significant grp of buyer is willing to make a special purchase effort
131
What is unsought products?
Consumer does not know about / knows about but does not normally think of buying
132
Which type of product suits in complex buying behaviour?
specialty
133
Which type of product suits in dissonance reducing buying behaviour?
unsought
134
What could be purchased for further processing or for use in conducting a business? (industrial product) (3)
capital, materials and parts, supplies and services
135
What are the 4 factors in service mktg?
intangibility, inseparability, variability, perishability
136
What is perishability? (3)
Services cannot be stored for later sale or use
Overbooking
Demand pattern
137
Aside from traditional mktg strategies, what other strategies (3) does service firms often require?
Service profit chain
Internal mktg
Interactive mktg
138
What are the 3 types of service marketing?
internal marketing
employees
interactive marketing
139
What are the 3 factors within interactive marketing?
Service differentiation: offer, delivery, image
Service quality: recovery
Service productivity: cost considerations
140
What is the mktg strategy for service firms?
Service profit chain links service firm profits w employee n cust satisfaction
141
What are the 5 factors when indiv make product and service decisions?
product attributes, branding, packaging, labeling, product support services
142
What are the 9 factors in indiv product and service decisions?
quality level,
product features,
style,
design,
product attributes,
brand,
brand equity,
packaging,
labels
143
What are the 4 factors within international product and service marketing?
Determining what products and services to introduce in which countries
Standardisation vs customisation
Packaging and labelling
Customs, values, laws
144
What are the 2 ways to obtain new products?
acquisition, new product development
145
How to build a branding strategy? (4)
Brand positioning
Brand name selection
Brand sponsorship
Brand development
146
What are the 8 major stages in new product development?
Idea generation
Idea screening
Concept dev and testing
Mktg strategy dev
Business analysis
Product dev
Test mktg
Commercialisation
147
How to manage new product development? (3)
Customer centred
Team centred
Systematic
148
What are the 4 stages in product life cycle?
intro, growth, maturity, decline
149
What are the 3 modifying strategies in maturity stage?
Market modifying
Product modifying
Mktg mix modifying
150
What is a price?
Sum of all values that consumers give up to gain benefits of having or using product or service
151
What are the factors to consider when setting up Price? (4)
competitors' strategies and prices, mktg mix, objectives, nature of market and demand
152
What is benefit make up of?
functional + emotional
153
What is value based pricing? (4)
Assess cust need and value perception
Set target P to match cust perceived value
Determine cost that can be incurred
Design product to deliver desired value at a target P
154
What does cost based pricing stands for?
Setting P based on costs for producing, distributing, selling the product + fair rate of return for its effort and risk
155
What are the steps for setting up price (cost based)? 4
Design a good product
Determine product costs
Set price based on cost
Convince buyers of product’s value
156
What is cost plus pricing?
Add standard markup to cost of the product
markup percentage is a method of generating a particular desired rate of return
157
What are the benefits (4) & disadv of cost plus pricing?
Sellers are certain about costs
P are similar in industry
P comp is minimised
Buyers feel it is fair
Disadv
Ignores demand & competitor P
158
What are the type of costs? (4)
fixed, variable, total, average
159
How to calculate unit cost?
unit VC + FC / unit sales
160
How to calculate markup sales P?
Markup sales P = unit cost / ( 1 - desired return on sales)
161
How to calculate markup cost P?
Markup cost P = unit cost x (1 + desired cost markup)
162
What is break even pricing?
P at which Total cost = total rev
163
How to calculate breakeven volume?
Breakeven volume = FC / (P - VC)
164
What does the slope of total revenue represents?
P per unit
165
How to calculate target pricing?
(FC + Target profit) / (Price per unit - VC per unit)
166
What are some other internal / external considerations affecting P decisions?
Company strategy, obj, mktg mix
Competitors’ strategy, response, P
Market & Demand
Economic conditions
Reseller’s response to p
Gov
Social concerns
Pure comp (transparent situation)
Monopolistic comp (most often seen)
Oligopolistic comp (few players eg petrol)
Pure monopoly
167
What are the 4 solutions to counter Price change?
Reduce P to match comp
Maintain P but raise perceived value thru comm
Improve quality and Increase P
Launch a lower P fighting brand
168
How to respond to Price change? (7)
Why did competitor change P
Is P cut permanent or temporary
What is the effect on market share and profits
Will competitor respond
Is company trying to grab market share
Is company doing poorly and trying to boost sales
Is it a signal to decrease industry P to stimulate demand
169
How does buyer react to price cut? (4)
Better value
Delay purchase to wait for new models
Models not selling well
Quality issues / company facing problems
170
How does buyer react to price increase? (2)
Product is ‘hot’
Company is greedy
171
What events may cause price increase? (3)
Cost inflation
Increased D
Lack supply
172
What events may cause price cuts? (4)
Excess capacity
Falling D from price comp
Desire to increase market share
Increased volume likely to reduce cost
173
What is market skimming pricing? (5)
Strategy with high initial P to ‘skim’ rev layers from the market
Product quality & image must support this price
Buyers must want the product at this P
Costs of prod the product in small volume should not cancel the adv of higher P
Competitors shld not be able to enter market easily
174
What are the 6 product mix pricing strategies?
Product line pricing
Optional product pricing
Captive product pricing
By-product pricing
product bundle pricing
2 part pricing
175
What is 2 part pricing?
consumers are charged both an entry fee (fixed price) and a usage fee (per-unit price)
176
What is market penetration? (4)
Low initial p to penetrate market quickly and deeply to attract a large number of buyers quickly to gain market share
P sensitive market
Inverse relationship of production and distribution cost to sales growth
Low P must keep comp out of market
177
What is product line pricing?
Takes into acc of cost diff between products in the line
Cust evaluation of their features and rival P
178
What is optional product pricing?
Optional or accessory products along with the main product
179
What is captive market pricing?
Captive product pricing, pricing strategy where the price of one product is tied to the price of another product (printer and ink)
180
What is by-product pricing?
Products w lil or no value produced as a result of the main product
Seek lil or no profit than the cost to cover storage and delivery
181
What is product bundle pricing?
Combine several product at a reduced P
182
How to be effective in segmenting prices? (4)
Market must be segmentable
Cost incurred cannot exceed the extra rev obtained form P diff
Must be legal
Must show diff degrees of demand or respond to segmented pricing
183
What is segmented pricing? (5)
When company sells a product at 2 or more P even though difference is not based on cost
Location based (concert tickets)
Product form (evian water, evian spray)
Time based
Cust segments
184
What is references price?
Prices buyers carry in their mind and refer to when looking at a given product
185
How does companies hold promotions? (6)
Loss leaders
Special event pricing
Cash rebates
Low interest financing
longer warranties
Free maintenance
186
What are the 5 types of geographical pricing?
Fob origin pricing
Uniformed delivered pricing
zone
basing point
freight absorption
187
What is dynamic pricing?
Occurs when P are adjusted continually to meet the characteristics and needs of indiv cust and situations
188
What's fob origin pricing?
title and responsibility for goods transfer from the seller to the buyer once the goods are placed on a delivery
189
What's basing point pricing?
companies determine a fee for a good sold, plus an additional freight charge that is calculated based upon the customer's distance from a starting
190
How does the new marketing communication landscape looks like? (4)
More comm
Less mass mktg
Consumers are better informed
Changing comm tech
191
What does integrated marketing communication (IMC) suggests?
Company must blend the promo tools carefully into a coordinated promo mix
192
What is IMC?
Integration by the company of its many comm channels to deliver a clear, consistent and compelling msg about org and its brand
193
What are the 5 major promotional tools?
Personal selling
Ad
Pr
Direct mktg
Sales promo
194
What are the factors in the growth of sales promotion? (5)
Product managers are under pressure to increase current sales
Companies face more comp
Competing brands result in less differentiation
Advertising efficiency has declined
Consumers have become more deal oriented
195
What are the 4 major trade sales promotional tools?
discount, allowance, free goods, specialty ad items
196
What are the 2 major business sales promotion tools ?
sales contests and conventions (trade shows)
197
What is advertising?
Any paid form of non personal pre, promo of ideas, goods, services by an identified sponsor
198
How to set advertising objective?
informative, persuasive, reminder
199
What are the 3 factors to consider when setting advertising budget?
product life cycle, market share, competition
200
When does a firm need larger ad budget? (4)
undifferentiated brands, heavy comp, high advertising clutter, plan to build or take market share
201
How to evaluate ad effectiveness? (3)
return on ad investment, communication effects, sales and profit effects
202
What are the 4 interpersonal part of promotion mix?
Making sales and building cust relationship
F2f comm
Telephone comm
Video or web conferencing
203
What are the 2 most effective method in personal selling?
Building buyers’ preferences, convictions, actions
Developing cust relationship
204
What are the 6 major activities for managing a sales force?
Designing sales force strategy and structure
Recruiting and selecting salespeople
Training salespeople
Compensating salespeople
Supervising salespeople
Evaluating salespeople
205
What are role and impact of PR? (3)
Lower cost than ad
Stronger impact on public awareness (More credible)
Has power to engage cust
206
What's the new direct marketing model? (3)
Complete model for doing business
Fastest growing form of mktg
Become more internet-based
207
What is direct and digital mktg? (5)
Engaging directly w carefully targeted indiv cust (w/o intermediaries)
Obtain immediate response
Cultivate lasting cust relationship
Non-public, immediate, customised, interactive promotional tool
Utilise cust databases
208
What are the benefits to BUYERS if firm utilises direct and digital marketing? (4)
Convenience
Ready access to many products
Interactive and immediate
Access to comparative info about companies, products, rivals
209
What are the benefits to SELLERS if firm utilises direct and digital marketing ? (5)
Flexible
Tool to build cust relationship
Low cost efficient
Fast alter to reach market
Access to buyers not reachable thru other channels
210
What are the 2 types of online marketing?
email / placing ads and promotion online
211
What are the 5 forms of traditional direct marketing?
direct mail, catalog, telemktg, direct response tv, kiosk
212
What are the challenges for web based catalogs?
lack emotional appeal, still require marketing
213
What is selective attention?
our ability to focus on the most important information when there are other distractions
214
What is selective distortion?
interpreting information to fit existing beliefs, even if it alters the original meaning.
215
What is selective retention?
Remembering information that aligns with existing beliefs and forgetting contradictory information
216
What are the 4 A?
acceptability, affordability, accessibility, awareness
217
What are the 4 E?
Experience, Exchange, everywhere, evangelism
218
What are the 4 C?
customer solution, customer cost, convenience, communication
219
What is variety seeking buying behaviour?
Refers to individuals switching among products, categories, or brands to avoid the decreasing utility due to repeat purchases or consumption of the same product
220
What is dissonance reducing buying behaviour?
highly involved in the decisioning process and is unable to differentiate between different options
does not have enough information based on which to make a decision
221
What is operational excellence?
firm leading its industry in price and convenience
222
What are the 3 types of vertical marketing systems?
Corporate, contractual, administered
223
What is corporate marketing system?
integrates successive stages of production and distribution under single ownership
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What is contractual marketing system?
consist of independent firms at different levels of production and distribution who join together through contracts to obtain more economies or sales impact
225
What is administered marketing system? (2)
few dominant channel members w/o common ownership
ownership comes from size and power
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What to analyse when looking at consumer needs?
cost and feasibility
227
How to set channel objectives (4 steps)?
targeted levels of customer service
what segments to serve
best channels to use
minimising the cost of meeting customer service requirement
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How to identify major channel alternatives (4)?
types of intermediaries
numbers of marketing intermediaries
responsibilities of channel members
intensity of distribution
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What are the 3 types of distribution?
intensive, selective, exclusive
230
How to evaluate channel design decisions (3)?
economic criteria, control, adaptive criteria
231
How to classify retailers? 3
amount of service, product line, relative price
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What are the 3 types of wholesalers?
merchant, agents and brokers, manufacturers' sales branches
233
How to set up an online presence? (4)
online social networks
website
placing ads / promotion online
using email
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How to create customer delight?
Exceed customer value and satisfaction expectations
