Quiz 2 Flashcards
What is marketing strategy
- Who is your target market
- Marketing mix (4 p’s)
- How will you be different from your competitors (SCA)
Always in this order
4 main ways to build a SCA
Customer excellence
Operational excellence
Product excellence
Locational excellence
How is customer excellence displayed
Very loyal customers and very good customer service
How is operational excellence displayed
Efficient operations and excellent supply chain management
How is product excellence displayed
The products actually satisfy needs/wants and values and the use of branding and positioning
How is locational excellence displayed
Location, location, location
SWOT
Strengths, weaknesses, opportunities, and threats
What is the document that acts as a guidebook for marketing managers
Marketing plan
Mission statement
Focuses on the benefits rather than the goods/services the organization provides
Strengths (SWOT)
Internal - Consistent high quality performance
Weaknesses (SWOT)
Internal - One man show/far distance from clients
Opportunities (SWOT)
External - Can get new customers from GVSU
Threats (SWOT)
External - Local economy/changing regulations
Marketing objectives
A statement of what is to be accomplished
SMART objectives
Specific Measurable Attainable Relevant Timeframe
Make sure it matches the mission statement (consistent)
What is a market
A group of consumers/organizations that all have the same general need or want
Segmentation
The process of breaking a market into segments
Example of a segment
Women vs. men in the market for shampoo
What is a segment
All have some general need/want that share some other characteristic that separates them from the rest of the market
What is a target market
A segment(s) of the market that you try to satisfy with a valuable 4 p’s
Better term for a target market is a target segment
What is positioning
Defining all 4 p’s in such a way that the customer gets clear, distinctive, and desirable understanding of what the product does/represents in comparison with the competition
The image in a customers mind
Need recognition
What is your actual and desired state
Actual state
What you would be doing if you didn’t buy a product/service
Desired state
What you would you be doing if you bought the product/service
Marketing controlled info search
Ads, websites, etc
Non-marketing controlled info search
Consumer reviews, friends, etc
What is the main goal for marketers
Make the consumer realize they have a need
Performance risk
Inherent danger in poorly performing product
Physiological risk
The risk of bodily harm if the product performs poorly
Financial risk
If the product isn’t worth the risk
Social risk
If family and friends regard the product/service negatively
Psychological risk
What might happen if a product doesn’t convey the right image
Evoked set/consideration set
Brands that you were considering for further consideration
If you are brand loyal, can you have an evoked set?
No, being brand loyal means that you cannot consider any other products
Compensatory decision rule
Tradeoffs were made
Non-compensatory decision rule
What performs best on most important characteristic
Cognitive dissonance
Doubt or tension that you made the wrong decision
Actions don’t match your beliefs
Macroenvironment
DSTEP – culture, demographics, social, technology, economic, political/legal.
Cookies
These help companies track what a customer does on the web, allowing marketers to better meet needs/wants but increasing privacy concerns.
RFID
(Radio Frequency Identification) enables firms to track an item from the moment it was manufactured, through the distribution system, to the retail store, and into the hands of the consumer.
The mobile channel
makes customers more loyal and more likely to spend more with a particular retailer.
Baby Boomers
Born between 1946 and 1964, this large group of consumers has massive buying potential.
The group born after the Baby Boomers
called Generation X and is smaller in number. The group that follows is called Millennials or also called Generation Y.
Ethnicity is increasing in the U.S. due to
immigration and higher birth rates (compared to Caucasians) among African Americans, Hispanics and Asians.
Culture
the shared meanings, beliefs, morals, values, and customs of a group of people.
Which group aren’t influenced by advertising very much
Hispanics
Fastest growing ethnic group
Asians
Three major factors that influence the state of the economy
inflation, interest rates, and exchange rates.
Stronger U.S. dollar makes
U.S. products more expensive overseas and foreign products less expensive for us (U.S.).
If interest rates rise
people borrow less and save more
The Consumer Product Safety Commission
sets safety standards for consumer products (products used in the home).
The Federal Trade Organization
regulates unfair competitive practices and practices that deceive or are unfair to consumers.
Advertisers of food targeting children must follow these guidelines:
The food must 1) have reasonably proportioned sizes 2) provide basic nutrients 3) less than 30% calories from fat 4) no added sweeteners 5) ads can’t be aired during children’s programing and the 6) the food cannot be linked to cartoon/celebrity figure if unhealthy?
Greenwashing
when firms exploit a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales?
Various social trends are shaping consumer values in the U.S
greener consumers, health & wellness & privacy issues.
Consumers use reference groups to make comparisons with
with how they think, feel & act. Specifically, reference groups affect buying decisions by doing 3 main things: offer information, provide punishments/rewards for behavior, & help enhance a consumer’s self-image.
