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Business Test 1 > Unit 7 - Marketing > Flashcards

Unit 7 - Marketing Flashcards

1
Q

Marketing

A

The creation and satisfaction of demand for a product or service

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2
Q

Strategy

A

A set of ideas that outline how a product line or brand will achieve its objectives

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3
Q

Tactic

A

A specific action or method that contributes to achieving a goal

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4
Q

Marketing Tasks

A
  • Analyze Needs
  • Predict Wants
  • Estimate Demand
  • Determine Where
  • Estimate Price
  • Decide Promotion
  • Estimate Competition
  • Provide Service
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5
Q

Marketing Functions

A
  • Buying
  • Selling
  • Transporting
  • Storing
  • Standardization & Grading
  • Financing
  • Risk Taking
  • Market Information
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6
Q

Customer Value

A

Benefits vs. Costs

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7
Q

Strategy 5 Cs

A
  • Customers
  • Competitors
  • Company
  • Collaborators
  • Context
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8
Q

Customers

A

Potential buyers with wants and needs that the company aims to fulfill with its offerings

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9
Q

Consumers vs. Customers

A

Business buyers vs. Non-business buyers

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10
Q

Company

A

Organization or business unit providing certain goods or services

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11
Q

SWOT

A

Strengths
Weakenesses
Opportunities
Threats

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12
Q

Competitors

A

Organizations that offer products or services that aim to fulfill the same wants and needs of the same customers as the company’s offering

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13
Q

Competitive Matrix

A

Analysis tool that captures the features and benefits provided by an organizations competitors

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14
Q

Porter’s Five Forces

A

Framework that attempts to capture competitive analysis attributes

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15
Q

Collaborators

A

External business entities that work with the company to create value for customers

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16
Q

Examples of Collaborators

A
  • Raw material suppliers
  • Distributors
  • Marketing Agencies
  • 3rd Party Retailers
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17
Q

Context

A

Environment in which the company operates and it’s associated elements:

  • Regulations or laws
  • Economic conditions
  • Cultural norms
  • Technological factors
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18
Q

PESTEL Analysis

A 
Political
Economic
Social
Technological
Environmental
Legal Factors
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19
Q

Marketing Strategy

A

Target Market

Marketing Mix

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20
Q

Target Market

A

Group of customers a company wishes to reach

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21
Q

Marketing Mix

A

Controllable variables the company uses to satisfy the target group

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22
Q

Customer Marketing Model

A
  1. Awareness
  2. Interest/Engagement
  3. Acquisition
  4. Customer Segmentation
  5. Customer Retention
  6. Support and Advocacy
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23
Q

Awareness

A

Customer knows a company exists

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24
Q

Interest/Engagement

A

Informing the customer about company’s offerings

Encouraging them to interact and learn more

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25
Q

Acquisition

A

Converts potential customer to customer

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26
Q

Customer Segmentation

A

Differentiation between customer segments and marketing accordingly

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27
Q

Customer Retention

A

Convincing consistent customers to purchase again

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28
Q

Support & Advocacy

A

When customers become vocal advocates for your brand

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29
Q

Customer Profiling

A
  • Demographic profiling
  • Geographic variables
  • Psychographic profiling
  • Behavioral Variables
  • RFM
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30
Q

Demographic Profiling

A
  • Age
  • Gender
  • Marital Status
  • Education
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31
Q

Geographic Variables

A
  • State
  • Population
  • Climate
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32
Q

Psychographic Profiling

A
  • Lifestyle
  • Values
  • Attitudes
  • Personally
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33
Q

Behavioral Variables

A
  • Usage Rate
  • Brand Loyalty
  • Benefit Sought
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34
Q

RFM

A
  • Recency
  • Frequency
  • Monetary
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35
Q

Buyer Journey

A 
- Loosening of the status quo
(Discovery)
- Committing to change
- Expiring possible solutions
(Consideration)
- Committing to a solution
- Justifying the decision
(Decision)
- Making the Selection
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36
Q

Comprehensive Approach

A
  • Total company effort to satisfy customers
  • Offer superior customer value
  • Attract Customers
  • Satisfy Customers
  • Retain Customers
  • Increase Sales to Customers
  • Build Profitable customer relationships
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37
Q

Marketing Plan

A
  • Marketing Strategy

- Time-Related Details

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38
Q

A Firm’s Marketing Program

A
  • Marketing Plan

- Other Marketing Plans

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39
Q

Marketing Management Process

A
  • Marketing Planning
  • Implement Marketing Plans & Program
  • Control Plans & Program
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40
Q

Marketing Planning

A
  • Set objectives
  • Evaluate opportunities
  • Create strategies
  • Prepare plans & program
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41
Q

Control Plans & Program

A
  • Measure results

- Evaluate progress

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42
Q

Marketing Strategy Planning Process

A
  • External Market Environment
  • Customers, Company, Competitors
  • SWOT
  • Segmentation and Targeting, Differentiation and Positioning
  • Target Market (Product, Place, Price, Promotion)
43
Q

Marketing-Oriented Manager

A

Sees everyone as different and practices “target marketing”

44
Q

Production-Oriented Manager

A

Sees everyone as basically similar and practices “mass marketing”

45
Q

Attractive Opportunities

A

Breakthrough Opportunities
Competitive Advantage
Avoid Hit or Miss Marketing

46
Q

Breakthrough Opportunities

A
  • Difficult to Copy

- Profitable for a long time

47
Q

Competitive Advantage

A

A Marketing Mix the target customer sees as better than the competition’s mix

48
Q

Avoid Hit-or-Miss Marketing

A
  • Marketing Strategy planning

- Sound market research

49
Q

Market Penetration

A
  • Drive increased sales of current product in existing markets
  • Enhance customer relationship (LTV)
50
Q

Product Development

A
  • New/Unique Benefits

- Create new markets

51
Q

Customer Lifetime Value (LTV)

A

Relationships that Develop Satisfied Customers + Time = Return Business

52
Q

International Opportunity Considerations

A
  • Risks Involved
  • Better Trends
  • Smaller World
  • Competitive Advantage
  • Early Start
53
Q

Marketing Mix

A
  • Product
  • Place
  • Price
  • Promotion
54
Q

Product

A
  • Physical Characteristics
  • Warranties
  • Application benefits
55
Q

Place

A

Right:

  • Product
  • Consumer
  • Place
  • Time
  • Quantity
  • Condition
56
Q

3 Types of Promotion

A
  • Personal Selling
  • Mass Selling
  • Sales Promotion
57
Q

Personal Selling

A
  • Direct to consumer

- Customer Service

58
Q

Promotion

A

Informing and Selling the Customer

59
Q

Mass Selling

A
  • Advertising- paid

- Publicity- unpaid

60
Q

Sales Promotion

A
  • Stimulate Interest

- Encourage trial or purchase

61
Q

Price Factors of Marketing Mix

A
  • Objectives
  • Flexibility
  • Price of the Life Cycle
  • Discounts and Allowances
  • Geographic Pricing Terms
  • Competition
62
Q

Marketing Strategy Planning Process

A
  • Narrowing down to the best opportunities

- Develop a strategy (Competitive advantage, superior customer value)

63
Q

Strategy Planning: Company

A
  • Objectives

- Resources

64
Q

Strategy Planning: Competitors

A
  • Current

- Prospective

65
Q

Strategy Planning: External Market Environment

A
  • Economic
  • Technological
  • Political and Legal
  • Cultural and Social
66
Q

Evaluating Opportunities

A
  • Screening criteria
  • Planning grids
  • Planning for multiple products
67
Q

Direct Marketing Environment

A
  • Resources and Objectives of the Firm
  • Customers
  • Competitive Environment
68
Q

External Marketing Environment

A
  • Cultural and Social Environment
  • Political and Legal Environment
  • Technological Environment
  • Economic Environment
69
Q

Company Objectives

A
  • Production
  • Finance
  • Marketing
  • HR
  • R&D
  • IT
70
Q

Marketing Objectives

A
  • Product
  • Place
  • Promotion
  • Price
71
Q

Promotion Objectives

A
  • Personal Selling
  • Mass Selling
  • Sales Promotion
72
Q

Key areas that limit the search for opportunities

A
  • Financial Strength
  • Producing Capability and Flexibility
  • Marketing Strengths
73
Q

Types of Market Situations

A
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
  • Pure Competition
74
Q

Key Economic Forces

A
  • Global Economy
  • Rapid Change
  • Interest Rates
75
Q

Political Environment

A
  • Political Stability
  • Trade Policy
  • Labor Law
76
Q

Legal Environment Examples

A
  • FDA

- Consumer Product Safety Commission

77
Q

Changes in Cultural and Social Environment

A
  • Health Consciousness

- Demographic Data

78
Q

Planning Grid

A
  • Industry Attractiveness

- Business Strenghts

79
Q

Industry Attractiveness

A
  • Market size
  • Growth
  • Competitive Structure
80
Q

Business Strenghts

A

Resources of the organization

  • People skills
  • Technological position
  • Growth within own environment
  • Market Share
81
Q

Grid Areas

A

High- Growth
Med- Borderline
Low- No growth

82
Q

Total Profit Approach

A

Delayed profits can lead to greater overall profits

83
Q

Segmentation

A
  • Defining markets
  • Dimensions to use
  • Identifying segments
  • Identifying segments to target
  • Segmentation approaches
84
Q

Strategy Planning is a…

A

narrowing down process

85
Q

Generic Market

A

Broadly similar needs, sellers offering diverse ways of satisfying those needs

86
Q

Product Market

A

Very similar needs, sellers offering similar ways of satisfying those needs

87
Q

Generic Market Definition=

A

Customer needs + Customer Types + Geographic Area

88
Q

Product Market Definition=

A

Customer needs + Customer Types + Geographic Area + Product Type

89
Q

When determining customer needs:

A

1) Narrow down to specific product market
- Break apart all customer needs
- Determine Generic Market
- Define Market Broadly
2) Segment into possible target markets
- Homogeneous Product Markets
3) Select Target Market approach & Strategy
- Single target market
- Multiple Target Markets
- Combined Target Markets

90
Q

Segmentation (Definition)

A

An aggregating process that clusters people with similar wants and needs into a market segment

91
Q

Effective Market Segmentation Process

A
  1. Define the broad product market (Bicycle Riders)

2. Segment it into sub-markets (Types of Bicycle riders)

92
Q

Single Target Market Approach

A

Marketer segments the market and picks one of the homogeneous segments as the firm’s target market

93
Q

Multiple Target Market Approach

A

Marketer segments the market and picks 2 or more segments, then treats each as a separate target market needing a different marketing mix

94
Q

Combined Target Market Approach

A

Combines 2 or more submarkets with the same marketing mix

95
Q

Criteria for Determining Segments

A
  1. People in segment are roughly alike, along some important consumer dimensions.
  2. People in the segment are different from people in other segments.
  3. The segment is large enough to be profitable.
  4. The segmenting dimensions should be useful for identifying customers and designing the marketing mix.
  5. If chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment.
96
Q

Demographic Dimensions

A
  • Income
  • Sex and age
  • Family size or family life cycle
  • Occupation or education
  • Ethnicity or social class
97
Q

Geographic Dimensions

A
  • Region of world, country
  • Region in a country
  • Size of city
98
Q

Behavioral Dimensions

A
  • Needs
  • Benefits sought
  • Thoughts
  • Rate of use
  • Purchase relationship
  • Brand familiarity
  • Kind of shopping
  • Type of problem-solving
  • Information Required
99
Q

Segmenting Dimensions for Business Markets

A
  • Kind of relationship
  • Type of customer
  • Demographics
  • How customers will use the product
  • Type of buying situation
  • Purchasing methods
100
Q

Qualifying Dimensions

A

Relevant to including a customer type in a product market

- Help identify “core benefits”

101
Q

Determining Dimensions

A

After the customer’s purchase of a product or brand

- Can be further segmented

102
Q

Clustering Techniques

A

Find similar patterns within sets of data

103
Q

Customer Relationship Managements (CRM)

A

Sophisticated modeling techniques can predict the types of products or services an individual customer might want based on the information stored in the database.

104
Q

Best Practice Approach for Segmenting Product Markets

A
  1. Select the broad product market
  2. Identify potential customers’ needs
  3. Form initial homogeneous submarkets
  4. Identify determining dimensions
  5. Name the possible product markets
  6. Evaluate product-market segment behaviors
  7. Estimate the size of each product-market segment

Business Test 1 (25 decks)

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