Quiz 1 Prep (Intro - Lecture 3) Flashcards
What is a market
a medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange
Two types of Market players
Intra-Market and Extra Market
Intra-Market Players Examples
Company, Consumers, Competitors, Collaborators
Examples of Collaborators
manufacturers, wholesalers, retailers, …
Extra Market Players examples
Micro and Macro
Micro Market player examples
governments, public/ private organizations, financial systems
macro market player examples
society/ culture, labor markets, demographics
Market inputs (seller): Product offerings
goods, service, experience
market inputs (buyer): consumer demands
Needs -> wants -> demands
what is the definition of marketing
marketing is the activity, set of institutions, and processes for creating, communicating, and exchanging offerings that have value for the customers, clients, partners, and society at large
what is the crux of marketing
the general idea of exchange
what is the assumption for an economic transaction
that the transaction would not occur unless both parties believe they would be better off after the trade
what is the role of marketing
balance customer satisfaction with firm profitability
what does value proposition mean
the full mix of benefits relative to the costs
Points to consider when thinking about company
value proposition, focus/ orientation, value dicipline, competitive strategy, market position
what is a product portfolio
the set of all product lines and items that a particular firm offers for sale
what is a product line
a group of closely related products that function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
how to assess competitors
category/ industry, substitutes/ need based view, competitive positions/ strategies
what is marketing strategy
an organizations integrated pattern of decisions that specify its crutial choices concerning three areas
three areas of marketing strategy
markets to serve and market segments to target
marketing activities to perform and the manner of performance of these activities
the allocation of marketing resources and markets, market segments and marketing activities
what is a gatekeeper
household member who collects and controls info important to decider
influencer
household members who try to express their opinions and influence the decision
decider
person who actually determines what will be chosen
buyer
person who physically acquires product
user
household member who consumes product
components of social class
occupational prestige, income does not equal social class
what are values
enduring beliefs regarding what is right or wrong, important, or good/bad
what is personality
an internal characteristic that determines how individuals behave in various situations
what is positioning
the way a product is perceived along important attributes relative to competing products
What are the 4 P’s
Product, Place, Price Promotion
What is a brand
a brand is a name, term, design, or symbol or any other feature that identifies one seller’s goods or service as distinct from those of other sellers
another definition of brand
a network of consumer memory nodes (associations)
what do brands do
help reduce perceived risk, reducing search costs, signaling quality
what must brands do to perform in their role
create memories that are accessible and meaningful
what are some examples of brand assets
names, logos, symbols, slogans, characters, packaging, colors, sounds
what comprises up the “brand story”
the nodes people create through the brand values, promise, purpose, vision, personality, reputation, among others
What does STP stand for
segmentation, targeting, positioning
what does segmentation mean
marketing strategy in which select groups of customers are identified so certain products or product lines can be presented to them in a way that appeals to their interests
how can you make more money
increase transactions or improve margins
what is the gap between perceived cost and perceived benefit
value
what is everything in marketing intended to do
induce consideration
what is a target market
a set of buyers sharing common needs (wants/ demands)
