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Fall 23 > mktg 301 exam 2 > Flashcards

mktg 301 exam 2 Flashcards

1
Q

marketing strategy is…

A

a middle ground between external and internal planning

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2
Q

What is a company’s mission statement?

A

a statement of an organization’s purpose (why do they exist)

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3
Q

What is an example of a good mission statement?

A

We deliver low prices every day and give ordinary folks the chance to buy the same things as rich people

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4
Q

What does a mission statement mean for other parts of a compay?

A

Leads to more detailed objectives in various departments

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5
Q

What does relative market share mean?

A

company strength

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6
Q

market growth rate

A

market attractiveness

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7
Q

Explain Cash Cows

A

An industry or product that we have a high market share of but a low growth rate (stable, just not expanding)

Predictable revenue

Coke

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8
Q

Explain Question Marks

A

Something that is happening where it is suddenly attractive, low market share but a high growth rate

Use money from cash cows, need funding to invest in the business in question

Goal to grow it into a star

Coke Zero (Pepsi has larger market share)

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9
Q

Explain Stars

A

Trying to expand the market share of our question mark, high growth and high market share

Want it to become a cash cow and settle down overtime

Cherry Coke, new flavors introduced

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10
Q

Explain Dogs

A

An industry or product that is not attractive, low growth rate and low market share

Something that has been tried, but is not successful

Exit when you have a dog

“New coke”, came from a new formula, people rejected it

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11
Q

What are some criticisms of the BCG Matrix?

A

Limited number of variables used

Ignores interrelationships between businesses (Disney movies are dogs, but support Disney as a whole)

Placement of a business in the matrix is highly dependent on definition of a matrix (beverages as a whole vs. Coke sodas)

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12
Q

What is Market Penetration?

A

Increase sales to current customers without changing the products being sold

Can be achieved by…

Price, place, promotion

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13
Q

What is Market Development?

A

Identify and develop new markets (geographic or demographic) for current products

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14
Q

What is Product Development?

A

Offering modified or new products to current markets

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15
Q

What is Diversification?

A

Trying to grow, start up or buy businesses outside of current products and markets

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16
Q

Explain a SWOT analysis

A

Strengths: Internal capabilities that may help a company reach its objectives

Weaknesses: Internal limitations that may interfere with a company’s ability to achieve its objectives

Opportunities: External factors that the company may be able to exploit it to its advantage

Threats: Current and emerging external factors that may challenge the company’s performance

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17
Q

4 P’s of the marketing mix

A

Product, Price, Promotion, Place

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18
Q

What factors go towards a successful implementation?

A

Company culture

Employees shared beliefs and values

Organization structure

Reward systems

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19
Q

What is marketing implementation usually about?

A

positive social relationships

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20
Q

How do you evaluate marketing plans?

A

Set marketing goals

Measure actual vs. Expected performance on goals

Take corrective action to close gaps between goals and performance, Marketing audit (bring in a third party)

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21
Q

What are the parts of segmentation?

A

Divide the total market into smaller segments

Geographic Segmentation

Demographic Segmentation

Psychographic Segmentation

Behavioral Segmentation

Intermarket Segmentation

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22
Q

Why would you divide the total market into smaller segments?

A

Have distinct needs, characteristics, behaviors

Respond similarly to marketing efforts, and therefore…

Might require their own products and marketing (4 Ps)

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23
Q

Geographic Segmentation

A

Dividing a market into different geographic units (country, country region, city size)

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24
Q

Demographic Segmentation

A

Dividing a market based on demographic variables (gender, family size, family life cycle, race, generation)

Easier to measure than most other types of variables

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25
Q

Psychographic Segmentation

A

Dividing a market based on social class, lifestyle, personality

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26
Q

Behavioral Segmentation

A

Benefits sought

Usage occasion

User status

Usage rate

Loyalty status

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27
Q

Intermarket Segmentation

A

Segments of consumer who have similar needs and buying behavior even though they are in different regions

Luxury cars, google, Ikea

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28
Q

Requirements for effective segmentation

A

Measurable, Accessible, Substantial, Differentiable, Actionable

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29
Q

What is targeting in STP?

A

Select the segment or segments to enter that are most attractive to our organization

Decide on a value proposition

Differentiation

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30
Q

What is positioning in STP?

A

Develop positioning for target segments

Develop a marketing mix for each segment

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31
Q

Explain Differentiated Marketing

A

Targets several market segments and designing separate offers for each

32
Q

Explain Concentrated Marketing

A

Targets a large share of one or a few small segments or niches

Etsy, tetramin

33
Q

Explain Micro Marketing

A

Tailoring products and marketing programs to suit the tastes of specific locales and individuals

Local marketing, individual marketing

34
Q

Explain Individual Marketing

A

One to one marketing

Main tool: mass customization

35
Q

Explain Positioning

A

Key concept that is to be communicated to the target consumer

Place the product occupies in the consumers mind relative to competing products

Products are created in a factory, brands are created in the mind

36
Q

How do you differentiate to create a better competitive advantage?

A

Product

Services

Channels

People

Image

37
Q

Explain Vertical Differentiation

A

One product is clearly better

38
Q

Explain Horizontal Differentiation

A

“better” is a matter of opinion

39
Q

What is a good example of a positioning statement

A

To (target segment) who (need), (brand) is (concept) that (point-of-difference)

40
Q

What is the first level of products?

A

Core Customer Value

Decisions driven by customer behavior, marketing information, microenvironment, macroenvironment, strategy

41
Q

What is the second level of products?

A

Actual Product

Brand name, features, design, quality level, packaging

42
Q

What is the third level of products?

A

Augmented Product

Delivery and credit, after sale service, warranty, product support

43
Q

Convenience, a type of consumer product…

A

Frequent purchase

Low price

Wide distribution

Sales promotion (ads)

gum, toothpaste

44
Q

Shopping, a type of consumer product

A

Less frequent, some comparison

Mid-priced

Selective distribution

Word of mouth (reviews, publicity, salesperson, traditional advertising)

beats, northface jacket

45
Q

Specialty, a type of consumer product

A

High price

Infrequent purchase, low price sensitivity, low comparison across brands

Exclusive

One to one, carefully targeted

bentley

46
Q

Unsought, a type of consumer product

A

Consumers most likely to compare a $100 jacket

Little product awareness

Price varies

Distribution varies

Aggressive sales promotion

blood giving

47
Q

Other Products, a type of consumer product

A

Industrial Products (b2b)

Organizations: For profit and non-profit

People: politicians, entertainers, pro athletes, doctors, lawyers

Places: tourism, country of origin immigration

Ideas (social marketing): public health campaigns, environmental campaigns, family planning, human rights

48
Q

Does a brand name need to be inspiring?

A

no

49
Q

Product attributes, an individual product decision

A

Quality (Features, style, design)

Performance (product performs better), Conformance (something meets an expected standard)

Know vertical differentiation

50
Q

Packaging, an individual product decision

A

selling”

Rely on packing to sell product (Campbells soup)

Identifies product or brand

Supports brands positioning

Adds personality to the brand

Logo

51
Q

Branding, an individual product decision

A

Marker of identification for a product

A promise to the customer

Brand identity and brand consistency lead to feelings of trust

52
Q

What is product line length?

A

The number of items in a product line

53
Q

How do you adjust the length of a product line?

A

Stretching: Downward (lower quality), Upward (higher quality), Both directions

Filling (more versions of same product)

54
Q

Width, in a product mix

A

number of different product lines carried

55
Q

Length, in a product mix

A

number of items in a line

56
Q

Depth, in a product mix

A

number of versions offered of a product in a line

57
Q

Consistency, in a product mix

A

how closely related various lines are

58
Q

Explain Brand Equity

A

the positive effect that knowing the brand name has on customer response to the product

59
Q

What does good brand equity provide

A

Greater awareness and loyalty

Basis for strong, profitable customer relationships

Willingness to buy over competitors and/or willingness to pay a premium for the brand

60
Q

What is brand positioning based on

A

Product attributes

Benefits

Beliefs and values

61
Q

What are desirable qualities for a brand name

A

Suggests product benefit and qualities

Easy to pronounce, recognize and remember

Distinctive

Extendable, not limited to one product

Translates easily into foreign languages

Capable of being registered and legally protected

62
Q

What is some more bullshit about brands?

A

Genericization voids trademarks legal protection

Must include the registered trademark symbol

Some include the word “brand” for added protection

63
Q

Brand Extension

A

Using a successful (existing) brand name to launch a product in a new category

Leveraging a brand name and going into a new category

64
Q

Line Extension

A

Introduction of additional items within the current product category under the same brand name (Avoid cannibalization)

65
Q

Multiband

A

Multiple brands by the same company in the same product category

66
Q

New Brands

A

Used when existing brand names are either unsuitable for brand extension or the company doesn’t want to dilute them

67
Q

What are the 4 service characteristics?

A

Intangibility, Inseparability, Variability, Perishability

68
Q

What is the correct order of the stages of new product development?

A
  1. Idea generation
  2. Idea screening
  3. Concept development and testing
  4. Marketing Strategy Development
  5. Business Analysis
  6. Product Development
  7. Test Marketing
  8. New Product Failures
  9. Commercialization (launch product)
69
Q

Idea generation

A

The systematic search for new product ideas

Internal sources: Company employees at all levels

External sources: Customers, competitors, distributors, suppliers, outsourcing partners

70
Q

Idea screening

A

Screening process to reduce # of ideas by spotting good ones and dropping poor ones

71
Q

Concept development and testing

A

Translate your product idea into a detailed concept stated in meaningful consumer terms (What will the consumer get out of this product)

Test concepts with a group of target consumers to find out level of appeal

72
Q

Marketing Strategy Development

A

n initial marketing strategy is designed for the new product, consisting of

Target market and initial objectives

Launch Tactics

Long Term Objectives

73
Q

Business Analysis

A

Does this idea make business sense

Involves a review of the sales, costs, and profit projections to assess fit with company objectives

Assess risk under various scenarios

IF results are positive, project moves to the product development phase

74
Q

Product Development

A

Develop from concept into actual product (prototype)

Investment increases considerably, moving from idea into realm of reality

75
Q

Test Marketing

A

Product and marketing program introduced in a limited setting

Can be expensive and time consuming and shows your plans to competitors

76
Q

New Product Failures

A

Only 10% of new consumer products are still on the market and profitable after 2 years

Less than 2% are considered truly successful

Failures is due to problems at any stage of the marketing process

77
Q

Commercialization (launch product)

A

Must decide when and where to initially introduce the product

Must develop a market rollout plan

Fall 23 (18 decks)

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