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MKT 350 > Quiz 4 > Flashcards

Quiz 4 Flashcards

1
Q
  1. What is a product?
A

Everything, both favorable and unfavorable (i.e., value), that a person receives in an exchange.

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2
Q
  1. What is associated in product “P” decisions?
A

a. Core Customer Value
b. Actual Product
c. Associated Services

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3
Q

a. Core Customer Value

A

i. What are the basic problem solving benefits that you want your product to have

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4
Q

b. Actual Product

A

i. Brand name
ii. Packaging
iii. Quality level
iv. Features/design

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5
Q

c. Associated Services

A

i. Financing
ii. Product warranty
iii. Product support

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6
Q
  1. How does the product “p” relate to the other p’s?
A

a. It comes before all of the other p’s

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7
Q
  1. What is a brand?
A

Includes a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Gives a personality to a non-living object

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8
Q
  1. What are some aspects of branding?
A

Brand name
Brand mark
Brand equity

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9
Q

d. Brand name

A

that part of a brand that can be spoken, including letters, words, and numbers.

i. Examples
1. Nike, 3m, Pepsi

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10
Q

e. Brand mark

A

the elements of a brand that cannot be spoken.

i. Examples
1. The golden arches, nike swoosh, mickey mouse ears

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11
Q

f. Brand equity

A

the value (assets and liabilities) of the brand name; ability to create demand and secure future earnings

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12
Q
  1. Brand awareness
A

measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.

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13
Q

g. Trademarks

A

the exclusive right to use a brand

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14
Q

h. What is a registered trademark?

A

i. A governmental office declares whether or not you are worthy of getting a registered trademark

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15
Q

ii. What parts of a brand can be registered for trademark protection?

A
  1. Name, sounds, products, etc.
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16
Q

iii. How do you continuously protect it?

A
  1. You must re-register for a registered tm every 10-12 years
  2. You must actively use the brand and actively fight if someone is using your tm
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17
Q

iv. What happens if you don’t continuously protect it?

A
  1. You run the risk of your brand becoming generic
  2. Examples
    a. Aspirin, thermos, cola, zipper, trampoline
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18
Q

i. Licensee

A

the people who want to borrow the brand

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19
Q

j. Licensor

A

the people who own the brand

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20
Q

k. What are royalties?

A

i. When the licensee pays the licensor in order to use their brand

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21
Q

i. Infringement

A

l. What is it called when you use someone else’s brand without permission?

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22
Q

p. What is cobranding

A

The practice of marketing two or more brands together on the same package or promotion

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23
Q

o. Private brand

A

Brands developed and marketed by a retailer and available only from that retailer

24
Q

Manufacturer brand

A

Brands owned and managed by the manufacturer

25
Q

What is a market

A

A group of people with the same general need/want that also have the ability and willingness to buy

26
Q

What is a segment

A

A smaller group of the market with a specific need/want

27
Q

What is the step after segmentation

A

Pick a segment to target

28
Q

What is the step after picking a segment to target

A

Develop your marketing mix for that segment

29
Q

Why do companies bother with segmentation

A

To refine the needs/wants and develop the 4 p’s that connect better with the consumers needs/wants

30
Q

What is a segmentation variable

A

Characteristics of individuals, groups, or organizations used to divide the total market into segments

We segment people, not products

31
Q

Common segmentation variables

A

Geography, demographics, psychographics, usage rate, and occasion/situation of use

32
Q

Geography segmentation

A

Where will the consumer use the product

33
Q

Demographic segmentation

A

Age, gender, ethnicity, income, family size

34
Q

Psychographic segmentation

A

Lifestyle, attitudes, interests, AIO (attitudes, interests, and opinions)

35
Q

Usage rate segmentation

A

How often will the product be used

36
Q

Occasion/situation of use segmentation

A

When will the product be used

37
Q

Family life cycle

A

Combines 3 demographic variables:

Age, married (Y/N), and children (Y/N)

38
Q

Young and single (Family life cycle)

A

You buy products that you specifically want

39
Q

Young and married without kids (Family life cycle)

A

People come together with different brand preferences and they will eventually come to a common household brand

40
Q

Young and married with kids (Family life cycle)

A

Now the parents kids will continue with their parents preferences

41
Q

Middle aged married with kids (Family life cycle)

A

More focused on durable goods

42
Q

Middle aged married without dependent kids (Family life cycle)

A

Focus on self improvement

Cooking classes, vacations, remodeling, more education

43
Q

Older and married (Family life cycle)

A

More focused on healthcare

44
Q

Older and unmarried (Family life cycle)

A

Focused on attention and affection from family members

45
Q

Geodemographic segmentation

A

Segmenting potential customers into neighborhood lifestyle categories; combines geography, demographics, and psychographics

46
Q

What are the different targeting strategies

A

Undifferentiated/mass marketing
Concentrated/niche
Differentiated/multi-segment
Micromarketing/1-1/mass customization

47
Q

Undifferentiated/mass marketing

A

Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix

Ex. commodities (sugar, salt, water)

48
Q

Undifferentiated/mass marketing advantages/disadvantages

A

Potential savings on production and marketing costs

Unimaginative product offerings and more susceptible to competition

49
Q

Concentrated/niche

A

A strategy used to select one segment of a market for target marketing efforts

50
Q

Concentrated/niche advantages/disadvantages

A

Can charge higher prices

All eggs are in one basket, very small market

51
Q

Differentiated/multi-segment

A

A strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each

52
Q

Differentiated/multi-segment advantages/disadvantages

A

Greater financial success (bigger market share), economies of scale (cost/unit decreases as you produce more), lower overall risk (all of your eggs are not in your basket)

Higher costs and cannibalization (when sales for one product eat into the sales of another product)

53
Q

Micromarketing

A

When a firm tailors part of the marketing mix to suit an individual customers wants/needs

Theoretically meets the needs/wants the best

It is individualized, expensive, relies heavily on technology, and difficult to execute

54
Q

Positioning

A

A process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or what the company represents in comparison with the competition

55
Q

Value proposition

A

Communicates the customer benefits to be received from a product or service and thereby provides reasons for wanting to purchase it

Includes the target market, brand name, product/service category, and unique benefits/differences from the competition

MKT 350 (8 decks)

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