Prioritize

Question 1

1940s-60s __ orientation and things that changed

Answer 1

product

things that changed: 3 C’s (customers, competitors, companies)

Question 2

1970s-80s ___ orientation and things that changed

Answer 2

sales

things that changed: skepticism, attention span, empowerment

Question 3

1990s-2000s __ orientation and focus

Answer 3

consumer and market orientation
focus on value that customers gain

(future might be customization oriented)

Question 4

marketing myopia

Answer 4

focus on needs

Question 5

needs - definition and importance

Answer 5

states of felt deprivation; never fully satisfied

• higher motivation in purchasing situation
• stronger attitudes
• better memory of products

Question 6

wants

Answer 6

form human needs take as they are shaped by culture and individual personality

Question 7

demands

Answer 7

human wants backed by buying power (/desire for products coupled with the resources to obtain them)

Question 8

stp

Answer 8

segmenting, targeting, positioning, you definitely already know this

Question 9

some traits of successful markets (MASDA (made-up acronym))

Answer 9

measurable, accessible, substantial, differentiable, and actionable

Question 10

intermarket segmentation

Answer 10

forming segments of customers who have similar needs and buying behaviours even in different countries

Question 11

3 factors for evaluating marketing segments

Answer 11

• segment size and growth
• segment structural attractiveness
• company objectives and resources

Question 12

6 types of segmentation

Answer 12

geographic
demographic
behavioural (purchasing frequency, etc)
benefit (service benefits, price, etc)
socioeconomic (eduction, industry, etc)
psychographic (lifestyle, attitudes, interests)

Question 13

pareto principle

Answer 13

80/20
law of the vital few
makes it critical to determine what 20% of customers are most important

extra fun fact: extreme customers can become ambassadors for the brand

Question 14

some targeting factors

Answer 14

market size and growth
competition for the market
company’s core competencies and supply

Question 15

3 C’s criteria for choosing a target market

Answer 15

customers - will they be responsive to these benefits? is the market sizable? accessable? will the new market cannibalize the existing one?

competitors - could we differentiate our product ? outstrip the competition on quantity or cost?

company - do we have the resources and competence? are these benefits consistent with the brand’s mission?

Question 16

3 ways to position an offering

Answer 16

unique
different
similar (“same function, lower price” etc)

Question 17

positioning

Answer 17

arranging for a market offering to occupy a clear, desirable place in the minds of customers relative to that of competing products