Week 11

Question 1

what is the foucus of a marketing strategy

Answer 1

Increasing the value to customers

Question 2

what is a b2b transaction

Answer 2

a transaction between 2 businesses

Question 3

what is a shopping good

Answer 3

items that are not bought as frequently, are durable and are more expensive than convince goods

Question 4

what is a example of a shopping good

Answer 4

a birthday card

Question 5

what is a convenience good

Answer 5

goods that are bought often and that dont require much thought from the consumer

Question 6

what is the cycle in where products are born, grow, mature and then decline and die

Answer 6

product life cycle

Question 7

what are demographics

Answer 7

its segmentations that define consumers

Question 8

what are common demographics

Answer 8

age, gender, race, income, martial status etc

Question 9

what is a target market

Answer 9

its a group of people that have similar wants and interests in product choices

Question 10

what is a reseller market

Answer 10

when firms act as middle men for transactions

Question 11

what is a the tem that divides markets into consumer types

Answer 11

market segmentation

Question 12

what type of motive is looking for quality products

Answer 12

rational motive

Question 13

what type of motive is looking for nice looking products

Answer 13

aesthetic motive

Question 14

what are the 5 aspects of the marketing enviroment (ETLCC)

Answer 14

economic, tech, legal, cultural, competitive

Question 15

what are the 5 different market segemntations

Answer 15

demographic, geographic, beahvioural, psychographic, geo demographic

Question 16

what are the 4 research methods

Answer 16

observation, survey, focus group, experimentation

Question 17

what are the 5 steps of the consumer buying process

Answer 17

1. problem
2. information seeking
3. evaluation of alternatives
   4, purchase decision
4. post purchase evaluation

Question 18

what are the 4 major influences on behaviour (PPSC)

Answer 18

psychological, personal., social, cultural

Question 19

what are the 4 utilities of marketing

Answer 19

form utility, time utility, place utility, possesion utility

Question 20

what is form utility

Answer 20

the user gains value from the good

Question 21

what is possession utility

Answer 21

the customer gains satisfaction from owning the good

Question 22

what are some sociocultural influences on marketing

Answer 22

changing trends in society

Question 23

what are the 4 p’s

Answer 23

product, price, promotion and place

Question 24

what was the HBR for this week

Answer 24

marketing myopia

Question 25

what is the HBR about

Answer 25

how companies have a nearsighted focus on selling goods rather then meeting consumer needs.

Question 26

selling vs marketing

Answer 26

marketing focuses on the needs of the consumer while selling focuses on the needs of the sellers

Question 27

what is the outcome of a nearsighted focus

Answer 27

the companies will not adapt and change causing failure

Question 28

what approach will prevent myopia

Answer 28

having a customer centric approach

Question 29

what is marketing myopia

Answer 29

fixation on already existing products