review cards Flashcards
1
Q
5 Step Process Buying Decision (NIEPP)
A
- Need recognition
- Information search
- Evaluation of alternatives
- Product choice/purchase
- Post-purchase behavior
2
Q
7 Purchase Decision influences (internal) (PALPALM)
A
- Perception
- Motivation (Maslow’s Hierarchy)
- Learning
- Attitude
- Personality
- Age
- Lifestyles
3
Q
Buyer adoption process stages (CATEIA)
A
- Confirmation
- Adoption
- Trial
- Evaluation of alternatives
- Interest & information search
- Awareness and need recognition
4
Q
Ansoff Growth Strategies Matrix
A
- Existing products, existing markets: market penetration
- Existing products, new markets: market development
- New products, new markets: diversification
- New products, existing markets: product development
5
Q
3 Key Planning Steps
A
- Environment - situational, industry, environmental, competitive analysis
- Marketing Objectives - what you intend to accomplish in terms of units, $, market shares
- Develop - marketing mix (4 P’s)
6
Q
Four competitive situations (macro environment)
A
- Pure competition: many sellers, homogeneous products
- Monopolistic competition: many sellers, diff. products, relative ease of entry
- Oligopoly: few sellers, identical/differentiated products, barriers to entry
- Monopoly: one sellers, no close subs, complete barrier to entries
7
Q
Strategic planning hierarchy
A
- Mission statement: sets purpose of business (exec. mgmt)
- Strategic goals/plans: sets company/direction (middle mgmt)
- Tactical goals/plans: links strategy/operations (1st/2nd line)
- Operational goals/plans: guides day-to-day ops (supervision)
8
Q
Marketing myopia
A
Mistake of paying more attention to the specific products a company offers, than to the “benefits” and “experiences” produced by those products
9
Q
Product development process
A
- Idea generation
- Product concept development
- Marketing strategy development
- Business analysis
- Technical development
- Market testing (competitors can see what you’re doing)
- Commercialization
