mktg ch4-7 Flashcards
business markets
fewer, larger buyers, complex
types of buying
straight rebuy, modified rebuy, new task
straight rebuy
buy something you bought earlier
modified rebuy
buy something you bought earlier in a diff format
buying center - iu i dab (on) g(‘s)
initiators, users, influencers, deciders, approvers, buyers, gatekeepers
effective business marketing programs
systems selling, customer reference programs
SAS software as a service
most prevalent b2b
b2b
business to business selling, more relationship based
marketing research
function that links the consumer, customer & public to the marketer through information
marketing insights
drawing conclusions
marketing research process
define the problem, develop research plan, collect the information, analyze the information, make the decision
defining the problem
decision alternatives, research objectives
research approaches
observational research, ethnographic research, focus group research, survey research, behavioral research
targeting
process of identifying customers for whom the company will optimize its offering
mass marketing
firm ignores segment differences and goes after whole market with one offer
targeted marketing
sell different products to all the different market segments (one to one approach)
mass customization
ability of company to meet each customers requirements, mass individually designed products/services
strategic targeting
focuses on customers whose needs the company can fulfill by customization
tactical targeting
identifies the ways in which company can reach strategic customers
target compatibility
reflection of company’s ability to outdo competition by fulfilling target customer needs
measures of target compatibility
Business infrastructure
Access to scarce resources
Skilled employees
Technological expertise
Strong brands
Collaborator networks
core competency
source of competitive advantage, perceived customer benefits +, difficult for competitors to imitate
target attractiveness
ability of market segment to create superior value (monetary and strategic) for company
personas
detailed profiles of one/few hypothetical target consumers, demographic, psychographic, geographic characteristics
demographic segmentation
age, life cycle stage, gender, income, race & culture
nielsen claritas prizm
Potential Rating Index for Zip Markets (PRIZM) is a collection of geo-demographic groups created for the US by Claritas INC. The PRIZM integrates consumer behavior, demographics, and geographic information for the marketers
geographical segmentation
divides market into geographic units e.g. neighborhoods
behavioral segmentation
marketers divide buyer groups on basis of actions e.g. loyalty status, personal characteristics
developing value proposition steps
create value across 3 domains: functional value, psychological value, monetary value
values
always have pros and cons
total customer benefit
perceived value (functional, psychological, monetary) customers expect from market offering because of product, service & image
total customer cost
perceived cost (functional, psychological, monetary) customers expect from market offering because of obtaining, using, and disposing
customer value analysis
identify relevant benefits and attributes, assess importance of those attributes, assess company and competitors performance of KPI and monitor customer value over time
postioning
designing a company’s offering and image to occupy a distinctive place in the minds of target market
points of difference
attributes/benefits that customers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competitive brand
POD criteria
desirable, deliverable, differentiating
points of parity
attribute/benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands
POP criteria
category, correlational, competitive
POP vs POD
multiple frames of reference, straddle positioning (want to show POD and POP in an advertisement)
competitive advantage
ability to perform in one or more ways that competitors cannot or will not match, leverageable advantage
3 core strategies
differentiate on an existing attribute, introduce a new attribute, build a strong brand
Positioning statementx
Positioning statement: communicating an offering’s category membership along with points of parity and points of difference and developing a narrative to convey the offering’s position
