mktg 2150 final flashcards
what are the three steps for the marketing process?
1) Identifying consumer needs
2) managing the marketing mix
3) reaching potential consumers or the market
List the evolution of business philosophies
1) Production era (prior 1930s)
2) Sales orientation (1930-1960)
3) marketing orientation (1960-1990)
4) Relationship marketing orientation (1990s-onward)
what does share of wallet mean?
The percentage of a customer’s purchases that a company has in a specific product category.
What are the new and evolving marketing practices
1) digital marketing
2) augmented reality
3) experimental marketing
4) influencer marketing
5) partnership marketing
6) metrics and analytics
7) new marketing regulations and ethical considerations
What is the Canadian Marketing Association (CMA)?
the professional body for the marketing industry, responds to legislative issues and sets guidelines on responsible marketing practices
What is corporate social responsibility (CSR)?
When organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general.
what is customer value proposition?
The unique combination of benefits received by targeted buyers that will satisfy their needs; includes quality, price, convenience, delivery, and both before-sale and after-sale service.
What is greenwashing?
The deceptive use of marketing practices to give the impression that a good, service, or organization is environmentally friendly.
what is the difference between the marketing orientation and the relationship marketing orientation?
- The marketing orientation stage focuses on the idea that an organization should strive to satisfy the needs of consunmers while also trying to acheive and organization’s goals.
- The relatinoship marketing stage sees organizations considering the lifetime value of their customers and striving to offer better services, along with higher-quality products to encourage long-term relationships with customers.
- Essentailly, the marketing orientation stage is when the needs of consumers were start to be considerd and the relationship marketing stage is when you create customer relationships to keep consumers loyal.
What are the six key areas marketers scan in the marketing environment
1) demographic forces
2) socio-cultural forces
3) economic forces
4) technological forces
5) competitive forces
6) regulatory forces
- Tip: use CRESTD acronym
What are the steps in an enviromental scan
1) Collect the facts and identify trends
2) Determine the impact that this fact/trend will have on the business
3) Brainstorm, evaluate and implement ideas to meet business objectives
What is the difference between direct and indirect competitors
- Direct competitors are head-to-head competitors that refer to very similar products sold in the same category.
- Indirect competitors are products that compete for the same buying dollar but in a slightly diffferent category
What are the types of competition?
1) monopoly; one firm
2) oligopoly; few firms
3) monopolistic competition: many firms, similar products.
4) perfect competition: many firms, identical products.
What is online behavioural advertising (OBA)?
The use of web-based programs to track consumers’ online activity so as to deliver ads that correspond to browsing interests.
What are socio-cultural forces?
Cultural values, ideas, and attitudes, as well as society’s morals and beliefs.
What is the consumer purchase decision process?
1) problem recognition: perceiving a need
2) Information search: seekign value
3) Evalutation of alternatives: Assessing value
4) Purchase decision: Buying value
5) Post-purchase behaviour: Value in consumption or use
What are the three consumer problem-solving variations? Explain.
Routine Problem-Solving: when consumers spend little effort seeking external information and evaluating alternatives.
Limited Problem-Solving: characterized by low consumer involvement but significant perceived differences among brands. Consumers may use this to try something new.
Extended Problem-Solving: Each of the five stages of the consumer purchase decision process is used. Involves considerable time and effort on external information search and identifying and evaluating alternatives.
What are the Consumer Purchase Decision Process Influencers?
- Marketing mix influences
- Socio-cultural influences
- Situational Influcnces
- Psychological Influences
What are the five situtational influences that have an impact on the purchase decision process?
1) The purchase task
2) Social surroundings
3) Physical surroundings
4) temporal effects
5) antecedent states
What are temporal effects and anteccedent states?
- Temporal effects are things like the time of day, amount of time available.
- antecednet staes are the consumer’s mood or the amount of cash on hand.
From bottom to top, what are the needs according to Maslow?
1) Physiological needs: are basic to survival and must be satisfied first. A fast-food advertisement featuring a juicy hamburger attempts to activate the need for food.
2) Safety needs: involve self-preservation and physical well-being. Smoke detector and burglar alarm manufacturers focus on these needs. Michelin combines security with parental love to promote tire replacement for automobiles.
3) Social needs: are concerned with love and friendship. Dating services such as eHarmony and fragrance companies try to arouse these needs.
4) Esteem needs: are represented by the need for achievement, status, prestige, and self-respect. Using the TD Aeroplan Infinite card and shopping at Holt Renfrew appeal to these needs. Sometimes, firms try to arouse multiple needs to stimulate problem recognition.
5) Self-actualization needs: involve personal fulfillment. For example, travel providers offer specialized educational and exotic trips to enhance a consumer’s life experience.
What is personality?
personality refers to a person’s character traits that influence behavioural responses.
what is an evoked set?
the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
What is behavioural learning?
- the process of developing automatic responses to a type of situation built up through repeated exposure to it.
- one learns through the four variables: drive, cue, response, and reinforcement
What is cognitive learning?
when consumers learn through thinking, reasoning and mental problem solving.
What are the four variables of behavioural learning?
drive: a need, such as hunger tha tmoves an individual to action.
cue: a stimulus or symbol that one perceives.
response: the action taken to satisfy a drive
reinforcement: the reward
what are the three family influences on consumer behavior result?
1) consumer socialization
2) family life cycle
3) Family Decision-Making
What is the five-step market reserach process?
1) Define the problem
2) Develop the research plan
3) collect relevant information
4) Develop findings
5) Take marketing actions
What are the two things that Information sources can be split up into?
secondary data and primary data
* secondary data is the facts already collected/recorded prior
* primary data is facts newly collected
What can secondary data be split up into?
- Internal data: data collected inside the organization
- External data: data collected outside the organization
What is the difference between Descriptive Analytics and Predictive Analytics?
- Descriptive analytics focus on What has happened.
- Predictive analytics: focuses on what might happen in the future.
What is the difference between probability sampling and non-probability samplling?
- Probability sampling involves random selection from a whole group
- non-random sampling is based on convience or other criteria (such as how close a population is)
what is brand development index (BDI)?
An index that shows how well a brand’s sales are developed in a region relative to the region’s population size.
In order to have value, marketing data
must help in guiding marketing actions
What factors does social listening metrics produce
1) positive and negative sentiments
2) message reach
what are the ways new research data can be collected?
surveys, interviews, observations, focus groups, experiments, and secondary data analysis
from broad to narrow, what are the forms of market segmentation?
left to right: Mass marketing, segmented marketing, niche marketing, individualized marketing
What are the steps in market segmentation?
- Identify consumer/customer needs and common characteristics in the market
- Cluster common consumer/customer variables to create meaningful market segments
- Estimate the size and feasibility of each segment
- Identify the segment(s) to be targeted.
- Take actions with marketing programs to reach the segment(s)
- Monitor and evaluate the success of these programs compared with objectives
What are the three basic factors that tend to surface in product positioning?
- Image
- Product attribute
- Price
What is a positioning map or peceptual map?
a visaul representation of how products or product groups are positined within a category to consumers/customers.
For the different forms of market segmentation, what are examples of all of them?
- Mass Marketing: Advertising a basic household cleaning product to the general public, emphasizing its universal appeal and usefulness for all households.
- Segment Marketing: Promoting a new line of skincare products specifically designed for teenagers, addressing their unique skin concerns and preferences.
- Niche Marketing: Introducing a luxury line of watches tailored for deep-sea divers, highlighting their durability and specialized features for this specific niche market.
- Individualized Marketing: Creating personalized recommendations for online shoppers based on their previous purchases and browsing history, offering unique product suggestions tailored to their individual preferences.
What are the four I’s? (unique elements to services)
Intangibility: cannot be held, touched, or seen before a purchase.
Inconsistency: people providing service differ
Inseparability: the consumer cannot separate the deliverer of the service from the service itself.
Inventory: the inventory of services are complext and prolems exist since they cannot be “stored”
What are the different layers of the Total Product Concept?
core: benefits dervied
actual: physical proudct including branding, design, and features
augmented: additional features or benefits that come with the actual product
what is an example of a product that can be a combination of both a good and a service?
A “Laptop” is a product that combines goods (the physical device) with services (tech support and warranty services), where the goods component includes the laptop itself, and the services component involves warranty coverage and ongoing technical support provided by the manufacturer.
What is the service continuum?
A range from tangible goods to intagible services.
What are all the elements of the product mix?
product length, product depth, product width, product mix
what does the product width mean?
The number of different product lines offered by a company.
What is the product length?
The total number of products or brands in a product line.
what is the product line depth?
The assortment of different versions of each product sold within its product lines.
What is a private-label brand?
Otherwise known as a store brand, a brand owned by a retailer that contracts its manufacturing to major suppliers, and then sells the product at its own retail stores, under its own store-brand name.
What is brand equity?
The value of a brand that results from the favourable exposure, interactions, associations, and experiences that consumers have with a brand over time.
What are all the stages of the product life cycle?
1) introduction stage
2) growth stage
3) maturity stage
4) decline stage
which is stage in the product life cycle is characterizied by little competition and a lack of consumer awareness about the product?
The introduction stage
what stage in the product life cycle sees an increase in competition and a rapid rise in sales and profits, resulting in companies having to differentiate themselves?
The growth stage
what stage in the product life cycle is characterized by a slowdown of sales growth and profit?
The maturity stage
What stage in the product life cycle occurs when sales and profits steadily decline over time?
The decline stage
What are the groups of consumers in the adoption curve?
1) Innovators
2) Early adopters
3) Early majority
4) late majority
5) laggards
In the adoption curve, what group is venturesome; higher educated; use multiple information sources
Innovators
In the adoption curve, which group is leaders in social settings; slightly above average education?
Early adopters
In the adoption curve, which group is deliberate; many informal social contacts
Early majority
In the adoption curve, which group is skeptical; below average social status
Late majority
In the adoption curve, which group is fear of debt; neighbours and friends are information sources
Laggards
What are the steps in the new product development process?
1) new product development
2) Idea generation
3) Screening and evalutation
4) Business analysis
5) Development
6) Test marketing
7) Commercialization
What stage of the new product development process involves turning ideas into a prototype for further consumer research and manufacturing tests?
development
which stage of the product development process involves developing a pool of new product ideas?
idea generation