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Marketing > MKTG Mid-term 2 Chap 4-8 > Flashcards

MKTG Mid-term 2 Chap 4-8 Flashcards

1
Q

In the 6 step marketing segmentation what is step 1?

A

Step1. Identify consumer/customer needs and common characteristics in the market

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2
Q

In the 6 step marketing segmentation what is step 2?

A

Step2. Cluster common consumer/customer variables to create meaningful market segments

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3
Q

In the 6 step marketing segmentation what is step 3?

A

Step3. Estimate the size and feasibility of each segment

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4
Q

In the 6 step marketing segmentation what is step 4?

A

Step4. Identify the segment(s) to be targeted

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5
Q

In the 6 step marketing segmentation what is step 5?

A

Step5. Take actions with marketing programs to reach the segment(s)

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6
Q

In the 6 step marketing segmentation what is step 6?

A

Step6. Monitor and evaluate the success of these programs compared with objectives

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7
Q

Stages in the organizational buying process step1?

A

Step 1 problem recognition: perceiving a need

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8
Q

Stages in the organizational buying process step 2?

A

Step 2. Information search: seeking value

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9
Q

Stages in the organizational buying process step 3?

A

Step 3. Evaluation of alternatives: assessing value

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10
Q

Stages in the organizational buying process step 4?

A

Step 4. Purchase decision: buying value

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11
Q

Stages in the organizational buying process step 5?

A

Step 5. Post-purchase behaviour: value in consumption or use

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12
Q

What is organizational buying?

A

Organizational buying is buying for a business or organization

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13
Q

Characteristics of Organizational buying

A

Market, marketing mix, product or service, buying process

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14
Q

What is secondary data?

A

Facts and figures already recorded prior to the project

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15
Q

What is Primary data?

A

Facts and figures newly collected for the project

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16
Q

What are information sources

A

Secondary and primary data

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17
Q

What comes after secondary data?

A

Internal data (inside the firm)
External data (Outside the firm)

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18
Q

What comes after Primary data?

A

Observational and experimental data (watching people)
Questionnaire data (asking people)

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19
Q

What is the five-step market research approach?

A

A systematic approach ensures that market research is done thoroughly, that all elements are considered, and that results are accurate

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20
Q

What is step one of the five-step market research approach

A

Step 1: define the problem
-set research objectives, identify possible marketing actions

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21
Q

What is step 2 of the five-step marketing research approach

A

Step2. Develop the research plan
-Specify constrains, identify data needed for marketing actions

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22
Q

What is step 3 of the five-step marketing research approach

A

Step 3. Collect relevant information
-Obtain secondary and primary data

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23
Q

What is step 4 of the five-step marketing research approach

A

Step 4. Develop findings
-Analyze the data
-Present the findings

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24
Q

What is step 5 of the five-step marketing research approach

A

Step 5. Take marketing action
-Make action recommendations, implement action recommendations, evaluate results

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25
What is marketing research?
The process of defining a marketing problem and opportunity, systematically collecting and analyzing, and recommending actions.
26
Why bother doing marketing research?
Can reduce risk of, and thereby improve, marketing decisions
27
What is the buying center?
A group of people in an organization who participate in the buying process
28
What does the user role do in the buying center?
They are the people in the organization who actually use the product or service, such as office staff
29
What is the influencers role in the buying center?
The influencers affect the buying decision, usually by helping define the specifications for what is bought.
30
What role is the buyers in the buying center?
The buyer has formal authority and responsibility to select the supplier and negotiate the terms of the contract
31
What role does the decider have in the buying center
The decider has the formal or informal power to select or approve the supplier that receives the contract
32
What role does the Gatekeeper have in the buying center
The Gatekeeper controls the flow of information in the buying center. Ex assistant, if they dont want the sale to continue past them it wont.
33
The buying center=
A cross functional group
34
The buying center=
A cross functional group
35
What are the forms of marketing
Mass, segmentation, Niche, individualized
36
What is mass marketing?
Product with broad appeal is widely marketed with no product or marketing differentiation
37
What is segmentation marketing
Marketing a wide range of different products and brands to specifically meet the needs of an organizations varied target markets
38
What is segmentation marketing
Marketing a wide range of different products and brands to specifically meet the needs of an organizations varied target markets
39
What is niche marketing
Restrict efforts to a narrow but profitable segment that is marginal interest to major competitors
40
What is Individualized marketing
Involves customizing offers to fit individual needs
41
What are the segmentation variables in consumer markets
Geographic, Demographic, Psychogrphic, Behaviouristic
42
What does Geographic look at?
Where does the target market live and work
43
What does Demographic look at?
What is the basic census type information on the target market as a whole
44
What does psychographic look at?
What are the prevailing attitudes, interests, habits, and approach’s to life that this target market shares
45
What is the Behaviouristic market?
How does this target market use the internet with the product?
46
What is product positioning
Product positioning is the impression of the branded product you want to establish in the consumers minds relative to their needs and also contrast to the competition -Image, Product attribute, price
47
What is the total product concept?
Marketers view products as having three different layers: Core, Actual, Augmented
48
In the total product concept what is the augmented layer?
Additional features or benefits that come with the actual product
49
In the total product concept what is the Actual layer?
Physical product including branding, design, and features
50
In the total product concept what is the core layer?
Basic benefits delivered
51
What is brand equity?
The value of brand that results from the favourable exposure, interactions, association, and experiences that consumers have with a brand over time.
52
What is the Individual brand strategy?
Individual brand strategy is when a company uses a brand name solely for specific product category.
53
What is the family brand strategy?
Family Brand is when a company uses a brand name to cover a number of different product categories.
54
What is the Brand extension strategy?
The brand extension strategy; Sony, Nike, and Microsoft are also example of a family brand, where the company name is also the brand name, and all product categories launched by the company are using the corporate name
55
What is the sub-brand strategy?
A sub-brand uses both the family brand name and its own brand name. This is a common strategy in the automobile industry.
56
What are the 3 types of brands?
Manufacturer, Private-label, Generic
57
What is manufacturer brand?
A manufacturer’s brand is one that is owned and produced by the manufacturer. Ie Gravol
58
What is private-label brand?
A private-label brand, otherwise known as a store brand, is owned by a retailer that contracts its manufacturing out to major suppliers and then sells the product at its own retail stores, under its own store-brand name.
59
What is a generic brand?
A generic brand has no branding at all and is sometimes produced as a cheap alternative to a manufacturers brand and to a private-label brand product.
60
What are the stages of the product life cycle?
Introduction, Growth, Maturity, Decline

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