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consumer behaviour & marketing > unit 7: the marketing mix > Flashcards

unit 7: the marketing mix Flashcards

1
Q

types of products depend on:

A

effort and frequency put into purchase

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2
Q

convenience products

A

Widely available and inexpensive, purchased frequently with minimal effort (groceries, toiletries, cleaning products, candy, fast food)

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3
Q

convenience products: for marketers

A

Easy accessibility, widespread distribution, competitive pricing, and memorable advertising to build brand recognition

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4
Q

shopping products

A

Less widely available (i.e. selective distribution) and moderately priced, purchased less frequently with moderate effort (comparison, research) (clothing, furniture, appliances)

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5
Q

shopping products: for marketers

A

effective messaging, product differentiation, positioning

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6
Q

speciality products

A

Limited availability (i.e. low breadth of distribution) and high price
Purchased rarely, deliberately sought (low comparison)
(luxury items, services of medical/legal specialists, gourmet foods)

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7
Q

speciality products: for marketers

A

targeted promotion, build brand status

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8
Q

unsought products

A

Unknown to customers or undesirable to customers
Delay of benefits are common feature
(insurance, fire extinguishers, preplanned funeral services, blood donations)

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9
Q

unsought products: for marketers

A

extensive promotion (awareness, value, counter negative views)

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10
Q

total product concept

A

process of developing a product that helps to identify its major benefits

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11
Q

core product

A

Basic definition of a product, fundamental benefits derived from using the product

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12
Q

actual product

A

Product that is sold to customers
Point of product differentiation
Includes: brand name, design, features, quality, packaging, labelling

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13
Q

augmented product

A

Non-tangible, service-related features
Create better customer experience
Example: warranty, delivery and credit, assembly, after-sale service, product support

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14
Q

cost-based pricing

A

setting prices based on the cost of manufacturing, distributing, and promoting a product

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15
Q

value-based pricing

A

setting prices based on the customers’ perception of the product’s value

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16
Q

competition-based pricing

A

setting prices based on the activities of competing organizations

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17
Q

penetration pricing

A

Set a low initial price on a product, then increase the price overtime
Generates interest in new product
Attracts customers from competitors
Gradual price increase recommended
May not retain customers

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18
Q

skimming

A

Set the highest initial price that consumers desiring the product are willing to pay, lower the price once demand of these consumers are satisfied
Generates revenue early
Creates perception of high quality
Can encourage entry of competitors

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19
Q

prestige pricing

A

Product price is set high and remains high
Effective for products intended to be status symbols
Creates perception of high quality
High profits
Potential for limited customer base

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20
Q

odd-even pricing

A

Set prices a few dollars or cents under a target price
Creates the illusion of a bargain
Promotes impulse and higher-volume purchases
Product may be perceived as being of lower quality

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21
Q

loss leader pricing

A

Subset of products are priced below cost to stimulate the sales of other profitable goods
Can be short-term (e.g. black friday) or long-term (e.g. kid’s meals)
Attracts customers and increases sales
Can attract “cherry picking” buyers

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22
Q

retailer classification

A

categorizing retailers on the basis of ownership

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23
Q

independent retailer

A

Owned by individual, family, partnership
Owners responsible for decision-making (i.e. autonomous decision making)
Few retail locations (typically up to 3)
Higher prices due to lower stock

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24
Q

contractual system (franchise)

A

Agreement between an individual and a business to operate a retail location
Individual gains access to resources
Business profits from the retail location
Greater independence

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25
Q

corporate chain

A

Numerous outlets under common ownership
Largely centralized control
Lower prices
Larger inventory

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26
Q

retailing utility

A

usefulness or value provided by a retailer

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27
Q

place utility

A

Making products easily accessible to potential customers
Includes: wide product availability, online and in-person purchasing
Convenient locations

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28
Q

possession utility

A

Increasing ease of owning a product
Includes: numerous payment options, payment plans

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29
Q

form utility

A

Degree to which product design meets customer needs
Includes: customized products, product alterations, wider selection

30
Q

time utility

A

Making products available when customers need them
Includes: extended hours, fast delivery, seasonal items year-round

31
Q

sales promotion

A

Provides short-term incentives to generate interest in a product
Example: coupons, contests, rebates, demonstrations, displays, events
Encourages immediate purchase
May result in lower revenue

32
Q

public relations

A

Activities meant to build and maintain a positive image for a product, brand, or organization
Includes: press release, press conference, content on website/social media platforms
Reflects a form of earned media

33
Q

earned media

A

unpaid content generated about a product, brand, or organization (e.g. news stories, social media reviews, brand mentions)

34
Q

experimental marketing (aka engagement marketing)

A

Create an interactive experience between customers and a product/brand
Consumers not viewed as passive message recipients
Can create emotional connection to product/brand (breeds customer loyalty
Taxing on time and resources

35
Q

advertising

A

Paid form of media used to communicate to consumers about a product/brand
Includes: billboards, print advertisements, television commercials, radio commercials, online advertisements
Controlled messaging

36
Q

shock appeals in advertising

A

Words, images, and/or actions intended to deliberately startle and offend
May contain controversial, disturbing, provocative
Intended to capture attention

37
Q

sexual appeals in advertising

A

Words, images, and/or actions intended to deliber a message designed to evoke sexual thoughts, feelings, and/or arousal in a target audience
May be explicit or subtile
May be related or unrelated to a product
Appear to attract consumer attention
Sexual appeals resulted in more negative attitudes toward a brand

38
Q

pure tangible good

A

company selling a good with no services accompanying the product (toothpaste, soap, salt)

39
Q

pure service

A

market offer consists primarily of a service (doctor’s exam, financial services)

40
Q

total quality management

A

an approach in which all the company’s people are involved in constantly improving the quality of products, services, and business processes

41
Q

style

A

describes the appearance of a product

42
Q

design

A

goes to the very heart of a product, contributes to a product’s usefulness as well as its looks

43
Q

brand

A

name, term, sign, symbol, or design or a combination of these that identities the maker or seller of a product or service

44
Q

labels

A

Identify the product or brand
Might also describe several things about the product: who made it, where & when it was made, its contents, how to be used, how to use safely
Might help promote the brand and engage customers

45
Q

brand equity

A

the differential effect that knowing the brand name has on customer response to the product and its marketing. Measure of the brand’s ability to capture consumer preference and loyalty. A brand has positive brand equity when consumers react more favorably to it than to a generic or unbranded version of the same product. Negative if consumers react unfavourably.

46
Q

brand value

A

the total financial value of a brand

47
Q

customer equity

A

the value of customer relationships that the brand creates

48
Q

Total promotion mix/marketing communications mix

A

specific blend of advertising, public relations, personal selling, sales promotion, and direct and digital marketing tools that the company uses to engage consumers, persuasively communicate customer value, and build customer relationships

49
Q

lovemarks

A

products or services that “inspire loyalty beyond reason”

50
Q

personal selling

A

Personal customer interactions by the firm’s sales force to engage customers, make sales, and build customer relationships

51
Q

push strategy

A

involves “pushing” the product through marketing channels to final consumers

52
Q

lobbying

A

building and maintaining relationships with legislators and government officials to influence legislation and regulation

53
Q

product

A

Good or service, characterized by tangible and intangible attributes, that might satisfy a need or want

54
Q

tangible attributes

A

physical characteristics that are discernible by the senses (colour, taste, smell)

55
Q

intangible attributes

A

symbolic or subjective characteristics (stylish, reliable, comfortable)

56
Q

plassman 2008 experiment: wine glasses

A

When consuming glass 2 (more expensive wine):
Higher ratings of enjoyment
Greater activity in regions of brain association with please
Price capable of changing people’s experiences with a product

57
Q

dahl 2003 - shock appeal advertising experiment

A

Role of shock appeals in the promotion of health behaviour
Write down descriptions of posters you remembered seeing
Identify which poster captured your attention the most
Indicate which posters you saw from a list of options
shock advertisements are more likely to capture attention and be remembered compared to non-shocking ads

58
Q

wirtz (2017) - sexual appeal in advertising

A

Over 17 000 participants from 78 studies
Sexual appeals had no significant effect on:
Brand recognition
Brand recall
Intention to purchase

59
Q

service

A

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything (banking, airline travel, retail, wireless communication, home-repair services, hotel)

60
Q

consumer products

A

products and services bought by final consumers for personal consumption (include convenience, shopping, specialty, and unsought products)

61
Q

brandasset

A
62
Q

levels of product and services

A
  1. core customer value - what is the buyer really buying?
  2. actual product
  3. augmented product
63
Q

brand positioning

A

position based off product attributes on the most basic level, benefits, and the most strongest brands go beyond both and position on strong beliefs and values

64
Q

store brand (private brand)

A

a brand created and owned by a reseller of a product or service (loblaws - presidents choice, amazon - amazonbasics)

65
Q

co-branding

A

using the established brand names of two different companies on the same product

66
Q

Brandasset valuator measures brand stretch along four consumer perception dimensions:

A

Differentiation (what makes the brand stand out)
Relevance (how consumers feel it meets their needs)
Knowledge (how much consumers know about brand)
Esteem (how highly consumers regard and respect the brand)

67
Q

4 sponsorship options for manufacturers

A
  1. launch product as a national brand (brands sell output under their own names, kellogs frosted flakes, samsung galaxy tablet)
  2. sell to resellers who give the product a private brand/store brand
  3. market licenses brands
  4. co-brand
68
Q

direct and digital marketing

A

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships - email, catalogues, social media

69
Q

press relations or press agency

A

creating and placing newsworthy information in the news media

70
Q

product and brand publicity

A

publicizing specific products and brands

71
Q

public affairs

A

building and maintaining national or local community relationships

consumer behaviour & marketing (3 decks)

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