Test 1 Review Flashcards
What is Marketing?
Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others
What is market segmentation?
Dividing market into smaller, distinct subsets.
Selecting one or more segments as target market
What is market positioning?
Establishing a clear image for a brand in competition with other brands
What are the levels of Segmentation?
Mass Marketing-same product to all consumers (no seg)
Segment Marketing-Different products to one or more segments (some seg)
Niche Marketing- Different products within subgroups (more seg)
Micro marketing- products to suit the taste of individuals or locations (complete seg)
What are the requirements for segmentation?
Measurable- size, purchasing power
Accessible- segments must be effectively reached
Substantial - segments must be profitable
Differential - segments must be unique
Actionable - must be able to attract the segments
What are the three segmenting strategies?
Undifferentiated - offering same marketing mix to all customers
Differentiated - going after 2 or more segments, offering a different marketing mix
Concentrated - choosing one segment to go after, offering a marketing mix to that customer
What are the three components of the Positioning Perceptual Map?
- 2 most important product attributes
- rate brands along attributes chosen
- score ideal brand along chosen attributes
Whats Benefit Segmentation?
Segmenting on the basis of the most important benefit sought by customers when purchasing the product or service.
What are examples of different types of segmentation?
Geographic - nations, states
Demographic - age, gender
Psychographic - social class
Behavioral - benefits, usage
What is a marketing information system?
continuously has to assess, develop, and distribute relevant and timely marketing information to its managers.
What is secondary data?
data you collect from published sources, inside and outside a company
What is primary data?
Data you have to collect with your own research instruments
What are the three different Research approaches?
Exploratory - gathering data by observing people
Descriptive - describing people, attitudes or buying patterns
Casual - using groups of people to determine cause and effect relationships
What are the 4 primary data collection methods?
Methods
questioning and observing
qualitative and quantitative
experiment and survey
What is Quantitative Research?
More structures, have all the answers/questions
ex: multiple choice exam
What is Qualitative Research?
Detailed responses, one professor might like, other not
ex: open ended question/ exam
What are focus groups?
Qualitative technique
small group, designed to get open-ended questions
What is one exam of a type of Survey?
Mail
Pro: Inexpensive
Con: Slow response rate
What is sampling?
The process of selecting respondents who statistically represent a larger population of interest
What are the 3 different sampling methods?
Simple Random Sampling - each individual has an equal chance
Stratified Random - each member of a subgroup has an equal chance of being chosen
non-probability - the likelihood of selections sample cant be calculated.
What are confidence Intervals?
The range on either side of the sample estimate that contains the true value for the relevant population
What are 6 components in the microenvironment?
Company, Suppliers, Customers, Intermediaries, competitors, and publics
What are the 6 factors of the Macroenvironment?
Demographic environment, economic (interest rates), natural (air quality), technology, political (relation w govern), and Cultural (values).
What is green marketing?
Encouraged recycling and sustainability
What factors affect the envrionment?
Government intervention, shortage of raw materials and high pollution levels
What is cause marketing?
A strategy of joining forces with a non-profit organization to tackle a social problem such as: illiteracy, child abuse and breast cancer
What’s a reactive approach to environmental management?
Sit-back and let these changes happen to your business
What’s a proactive approach to environmental management?
If you sit back and let these changes happen to your business, you’re going to be behind
What are the steps in the Strategic Planning Process?
Defining a mission, setting company objectives, designing a business portfolio, planning functional strategies
Best place to be in the Boston Consulting Group matrix?
Cash cow, slow growth rate, high relative market share, low investment, high revenuw
Best place in the GE Matrix?
High business strength (strong in the market), high industry attractiveness (strong demand for product)
What are 4 growth strategies?
Market Penetration - increasing sales
Market development - expanding into new market
Product development - new product/ fixing existing
Diversification - new markets/new products
What are the 8 Functions of Marketing?
Buying
Selling
Storing
Financing
Standardization and grading
Risk taking
Transportation
Market Information
What is the marketing concept?
Customer satisfaction = profit
ex: atms in airports
What is the marketing strategy?
selecting a target market then develop the marketing mix
What are the 4 P’s of the Marketing Mix?
Product
Price
Place
Promotion
What are the types of marketing audits?
Environmental
strategy
systems
organization
productivity
What is micromarketing?
A narrow and focused view, from a company point of view, applies to profit/non profit
What is macromarketing?
Broader view, view as a social process that matches supply with demand, focused on society’s concerns not individual companies.
What is the Micro-Macro Dilemma?
What is good for some consumers/companies, isn’t necessarily good for society.
What is customer value?
benefits received - cost
What is customer satisfaction?
Product’s perceived performance - expectations
What are 5 economic Utilities?
Form - creating products
Task - creating services
Time - get things on time
Place -right place
Possession - transfer from seller to buyer
What is validity?
Did the research measure what it was intended to measure?
What is reliability?
Are the research techniques free of errors?
