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MGT 8803 > Positioning, Buying Behaviors, and Product Development > Flashcards

Positioning, Buying Behaviors, and Product Development Flashcards

1
Q

Positioning

A

strategy that helps a product or brand stand out in the minds of consumers by establishing a unique identity and value proposition

-An approach that refers to how customers think about proposed or present brands in a market; the image your product/service has in the minds of your target customers

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2
Q

Differentiation

A

helps a business distinguish itself from it’s competitors by highlighting it’s unique features and capabilities

-Utilizing the marketing mix in a distinct way such that customers see it as different from the competition.

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3
Q

customer perception of value

A

percieved benefit - perceived cost = percieved value

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4
Q

Positioning statement outline

A

For (our target market), (our brand) of all (product type) delivers (key benefits or point of differentiation) because (our brand) is (reasons to believe).

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5
Q

what does the positioning statement do?

A

provides direction for marketing strategy

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6
Q

adoption process

A

Awareness -> Interest->Evaluation -> Trial -> Decision -> Confirmation

-dissonance may set in after the decision
`

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7
Q

Consumer problem solving continuum low involvement

A

-frequently purchased
-inexpensive
-little risk
-little info needed

-routinized response behavior

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8
Q

Consumer problem solving continuum high involvement

A

-infrequently purchased
-expensive
-high risk
-much info needed

-extensive problem solving

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9
Q

routinized response behavior

A

tend to resort to habit to resolve a problem

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10
Q

learning

A

a change in a person’s thought processes caused by prior experience

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11
Q

components of purchase situation ( 3 things)

A

-purchase reason
-time available
-physical surroundings

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12
Q

social influences on buying behavior

A

-reference groups (people you look to for opinions)
-opinion leaders (michael jordan)
-culture

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13
Q

Measures of social class in us

A

-occupation
-education
-type of housing
-location of housing

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14
Q

Lifestyle dimensions

A

-activities
-interests
-opinions
-demographics

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15
Q

Personality

A

-how people see things

-activities
interests
opinions

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16
Q

selective exposure

A

consumers seek out and notice only the information that interests them.

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17
Q

selective retention

A

consumers remember only what they really want to remember

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18
Q

selective perceptions

A

people screen out or modify ideas, messages and information that conflict with previously learned attitudes and beliefs

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19
Q

hierarchy of needs and descriptions

A

01-personal needs - self-esteem, accomplishment, fun, freedom, relaxation
02-social needs - love friendship status esteem and acceptance
03-safety needs- protection and physical well being
04-physiological needs - food drink rest and sex

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20
Q

Psychological needs

A

-needs (innate)
-wants (learned)
-drives (unsattisfied needs)

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21
Q

purchasing specification

A

written or electronic descriptions for what a firm want to buy

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22
Q

buying center

A

-the potentially many and diverse individuals that may be involved in securing a purchase

-buyers- work with suppliers and arrange terms of sale
-users- people who actually use the product
-influencers- determine which products are needed
-gatekeepers- control flow of information (receptionist, secretary, researcher)
-deciders- have power to select or approve supplier

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23
Q

vendor analysis

A

-formal rating of suppliers on all relevant areas of

goal is to lower the total cost of the purchase

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24
Q

New-task buying

A

-new need requires a lot of info and product specs

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25
Q

straight rebuy

A

-use existing supplier to fulfill standard orders

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26
Q

modified rebuy

A

somewhere between new-task buying and straight rebuy

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27
Q

operational linkages

A

-business relationship w/ direct ties between buyer and seller

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28
Q

legal bonds

A

-specify obligations of each party in business relationship

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29
Q

relationship specific adaptations

A

changes in firms product or procedures that are unique to partner

30
Q

new product development process

A
  1. idea generation
  2. screening
  3. idea evaluation
  4. development
    5 commercialization
31
Q

Branding

A

The use of a name, term, symbol, design (or the combination of these) to identifya product…..and, create an emotional response

32
Q

levels of brand familiarity

A

-rejection
-non-recognition
-recognition
-preference
-insistence

33
Q

types of brands (4)

A

-family brand - same brand name used for several products
-generic brand - no brand other than identification with the contents
-licensed brand - sellers pay a fee to use a well-known brand
-individual brand - used for unrelated products

34
Q

what does packaging do for products?

A

-promotes-convey information
-protects
-enhances-easier and safer to use , deter shoplifting

35
Q

Business product classes

A

-accessories
-raw materials
-component parts &materials
-mro (maintenance, repair, and operating) supplies
-professional services
-installation

36
Q

Consumer product classes

A

-convenience products-staples,impulse,emergency
-shopping products - homogenous heterogenous
-specialty products
-unsought products - dont want yet or don’t know are available
-new unsought - they don’t lnow about yet
-regularay unsought - don’t motivate customers to seek them out

37
Q

brand name

A

word, letter or a group of words or letters

38
Q

trademark

A

words, symbols, or mark legally registered to be used by a given company

39
Q

servicemark

A

trademark for a service

40
Q

role of product management and new product development in marketing strategy

A

-product life cycle
-new product development
-managing brands

41
Q

New product development process

A
  1. idea generation
  2. screening
  3. idea evaluation
  4. development
  5. commercialization
42
Q

new product development - idea generation

A

get ideas from :
customers and users
marketing research
competitors
other markets
company people, intermediaries

43
Q

new product development - Screening

A

strengths and weaknesses
fit with objectives
market trends
rough roi estimate

44
Q

new product development - idea evaluation

A

concept testing
reactions from customers
rough estimates of costs, sales and profit

45
Q

new product development - Development

A

-r&d
-develop model or service
-test marketing mix
-revise plans as needed
-roi estimate

46
Q

new product development - Commercialization

A

-finalize product and marketing plan
-start production and marketing
-roll out in select markets
-final roi estimate

47
Q

product life cycle ( and goals of each)

A

-market introduction - gain awareness
-market growth - stress differentiation
-market maturity-maintain brand loyalty
-sales decline - milk, phase out or sale

48
Q

product manager

A

-someone in charge of each category or brand

49
Q

dissonance

A

tension caused by uncertainty about the rightness of a decision

50
Q

issues with product lifescycle

A

-product life cycles are getting shorter
-fashion and fads
-first mover advantage

51
Q

differentiation strategies

A
  • Owning a product attribute in the mind of the customer
  • Being perceived as an innovator
  • Effectively maximizing user experience
  • Being the first to enter a market
  • Having the lowest price
52
Q

cues

A

stimuli in the environment that trigger a drive or response, and this is the domain of the marketer, the creation of these cues

53
Q

response

A

an effort to satisfy a drive. Reinforcement occurs when the response is followed by satisfaction. Marketers often try to identify positive cues or images that have positive associations from some other situation and relate them to the marketing mix.

54
Q

a drive

A

is a strong internal stimulus that encourages action to reduce a need. Consumers seek products and services that provide benefits that satisfy these needs and wants.

55
Q

impulse buy

A

bought quickly as own plan purchases because of a strongly felt need.

56
Q

Homogeneous shopping products

A

are ones that the customer sees as basically the same and wants at the lowest price.

57
Q

Specialty products

A

are ones that the consumer really wants and have fewer or no acceptable substitutes. They are characterized by the consumer’s willingness to search.

58
Q

Unsought products

A

require promotion to create awareness because they are products that customers don’t want yet or don’t know that they can buy.

59
Q

New unsought products

A

represent offerings potential customers don’t know about yet. Regularly unsought products are ones that don’t motivate customers to seek them out even though they may want or need them if encouraged to better understand their benefits. Just like with the business product classes, understanding how these consumer product classes fit into the wants and needs considerations of consumers can help a marketer better align the marketing mix.

60
Q

Regularly unsought products

A

are ones that don’t motivate customers to seek them out even though they may want or need them if encouraged to better understand their benefits. Just like with the business product classes, understanding how these consumer product classes fit into the wants and needs considerations of consumers can help a marketer better align the marketing mix.

61
Q

Emergency products

A

are purchased immediately when the need is great. Consumers generally don’t shop around for these products or ask how much they cost.

62
Q

Shopping products

A

are compared with competing products.

63
Q

Convenience products

A

are purchased quickly with little effort. They may be inexpensive, but often require little service and bought by habit.

64
Q

staples

A

are bought often, routinely and typically without much thought. Branding is used for many staples to make them easier to remember and find.

65
Q

market development

A

a business growth strategy that involves expanding the customer base for an existing product or service

66
Q

market diversification

A

is a strategic approach that businesses employ to increase their market reach and minimize risk. It involves expanding into multiple markets or industries to reduce reliance on a single source of revenue. This strategy can be implemented in various ways, such as introducing new products or services, targeting new customer segments, or expanding geographically.

67
Q

selective targeting

A

-selected niches
-product specializatione

68
Q

extensive targeting

A

-multiple segments
-product variety

69
Q

extensive problem solving

A

a consumer attempts to satisfy a completely new or highly important need.

In this circumstance, significant information is needed. The consumer has no experience with the product, and the decision and risk of making a wrong decision are highly important. These purchases are often referred to as high involvement purchases. The idea of a decision process does not imply that consumers always apply rational processes in their buying decisions, rr that they necessarily lead to a purchase.

70
Q

limited problem solving

A

the consumer is willing to put forth some effort, perhaps to update or add to previous experience or because the problem is moderately important.

71
Q

quantitative research

A

that it is numbers-based. Quantitative data allows the researcher to quantify results through some form of objective measurement.

MGT 8803 (11 decks)

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