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MKTG > Midterm 2 > Flashcards

Midterm 2 Flashcards

Midterm 2

1
Q

What are the four ways to segemnt

A

(organized from most used to most useful)
Geographic
demographic
psychographic
behavioral

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2
Q

define geographic segmentation

A

Region, city, density, climate

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3
Q

define demographic segmentation

A

age, gender, family size and life cycle, race, occupation, income

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4
Q

define psychographic segmentation

A

lifestyle, personality, attitudes, values

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5
Q

define behavioral segmentation

A

Usage situations, benefits
- brand loyal
- deal
- price
- convenience

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6
Q

define the relationship between segment, target and position

A

segment - grouping customers into similar sets (who COULD we exchange with)
Target - Selecting a segment (who SHOULD we exchange with)
Position - designing product offering to to have a distinct and valued place in the customers mind (HOW)

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7
Q

what is the best strategy when selling to the hate, swing and love groups

A

sell to the swing group through the eyes of the love group

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8
Q

what are the five elements of a good segmentation plan

A
  • measurable
    • accessible
    • durable:
    • sustainable
    • unique needs
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9
Q

what are the two common target marketing approaches

A

dominate a segment
unite segments with a common goal

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10
Q

how is perpetual mapping used

A

maps the customers
perception of the companies against a benefit (multiple companies)

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11
Q

how is gap analysis used

A

maps customers belief of importance of benefits against performance in the benefits (one company)

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12
Q

How is Hierarchical values used

A

1 elicite distinctions (differentiate between brands)
2 Pyramid down (what is a products best attribute)
3 ladder up (open ended questions to find what leads to use of products, emotions)

After is mapped according to
personal value
personal benefit
product benefit
product feature

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13
Q

what is USP

A

Unique selling position
1. make a proposition to the customer
2. proposition must be something competition can’t/doesn’t offer
3. proposition must be strong to pull people to the new product

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14
Q

what are the stages of adoption life cycle

A

Innovators 2.5%
early adopters 13.5%
early majority 34%
Late majority 34%
Laggards 16%

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15
Q

what are the three types of brands

A

Functional
image
experimental

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16
Q

describe product life cycle

A

introductory (build awareness)
growth (gain market share)
maturity (maximize profit)
decline (reduce costs

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17
Q

what are the parts of the competitive angle found through consumer insight

A
  • unique or different
  • lifts consumer over a hurdle
  • makes a personal connection
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18
Q

how do you sharpen competitive angle

A

need to believe: what pain point does this resolve that is significant to the customer
reason to believe: how well is the product demonstrated
Dominate situations: what usage or buying situations does it dominate
quantifiable support: what relevant facts support claims
unique product claim: how is the product distinctly different or better

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19
Q

what are business products

A

materials and parts (manufacturing)
capital items (products aiding in production)
services and supplies (maintenance)

20
Q

what are consumer products

A

convenience (no thought)
shopping (decent though)
specialty (extensive thought)
unsought (not looking for it)

21
Q

types of brand naming

A

invented name: its made up
compound: combining words
ambiguous: not made up but have no connection with product

22
Q

describe the three levels of a product

A

core: personal benefit
actual: tangible part of the product
augmented: services that compliment the product

23
Q

what are the three goals of branding

A

resonate with customers
differentiate from competitors
motivate employees

24
Q

understand product item, lines and mixes

A

item iphone 14
line iphones 14, 14 pro, 14 max
mix all apple products

25
Q

what are the four characteristics of service marketing. define them

A

intangibility: experiences are subjective
inseparability: provider and service are inseparable
variability: services can be inconsistent
perishability: services cannot be “saved” like products

26
Q

what are the 7Ps of service marketing

A
  • product, price, place, promotion
  • people (provider)
  • process (how of service)
  • physical environment
27
Q

what are the five determinantes of service quality

A

Reliability: can you perform the desired service the first time
assurance: do you provide the service
tangibles: how things look and seem
empathy: access, communication and understanding
responsiveness: helping customers promptly

28
Q

what is the service marketing triangle

A

a company marketing to the customer and the employees and the employee marketing to the customer

29
Q

what are the four points do customers evaluate when comparing perceived value to price. define them

A

reference price: int. what someone expects to pay, ext. what others are paying
competitors
substitutes: pricing of alternatives
marketing efforts: seek to increase perceived value by understanding desired benefits

30
Q

what are the parts the profit equation

A

profit = total revenue - total costs

31
Q

what is the break even analysis

A

analysis of the point where costs equal profits

32
Q

what is price skimming

A

entering market with high price then lowering as quantity increases

33
Q

what is price penetration

A

setting low price to get a greater market share

34
Q

define the four pricing approaches

A

cost plus: cost to make plus some (ign. comp & cust)
competitive: also looks into competitors pricing and buying situations (ign. cust)
value pricing: high enough to capture lots of the market but not to high as to encourage competition (understands both)
golden goose: highest price a customer is willing to pay (ign comp)

35
Q

describe elastic and inelastic demand

A

elastic: lowering price changes demand a lot
inelastic: lowering price doesn’t change demand

36
Q

what is the percent margin

A

(price - unit variable cost)/price

37
Q

what is the formula for break even

A

(fixed cost)/(price- unit variable cost)

38
Q

what is the push vs pull stratedgy

A

pull: advertise to customers and they ask for the product through provider
push: push the product to the provider and hope the customer buys

39
Q

what is the promotion mix

A

advertising: paid announcements
sales promotion: short term incentives to encourage trial or increase purchase
personal selling: two way communication between buyer and seller to influence decision
public relations: using media to influence opinions
direct marketing: “talking” to the customer (email)

40
Q

why do companies promote

A

inform
persuade
remind

41
Q

what are the three objectives of advertising

A

cognitive: build awareness
affective: gain interest/liking
behavioral: stimulate action

42
Q

what makes a good ad

A

can people recall the product, brand and the key benefit

43
Q

what affects how you market online

A

target customers, your products, promotion objectives

44
Q

what are the objectives of social media marketing

A

reach (Build awareness)
engage (strengthen and retain customers)
convert (drive sales w/new customers)

45
Q

what is media convergence

A

intersection of purchased (ads), owned (websites) and earned media (social media)

46
Q

why use social media

A

flexible for content and duration
creditability like word of mouth
build awareness and interest at lower cost

47
Q

how to know buyer persona

A

define segments by their center points

MKTG (3 decks)

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