Week 4: Marketing Plan

Question 1

What is Marketing?

Answer 1

A set of activities with the objective of securing, serving, and retaining customers for the firm’s product/service

Question 2

What are Marketing Objectives?

Answer 2

A clear description of the key objectives of the marketing program using the SMART system

Question 3

What does SMART stand for?

Answer 3

S - Specific
M - Measurable 
A - Attainable 
R - Realistic 
T - Timebound

Question 4

What is a Market Segment?

Answer 4

A group with similar needs or wants who reference each other based on geographical location, demographics, purchasing power

Question 5

What is a Best Customer?

Answer 5

Customers who values the brand, buys regularly, and will not easily switch to competitors

Question 6

What is a Persona?

Answer 6

A set of fictional, representative user archetypes based on behaviours, attitudes, and goals of people interviewed

Question 7

What is Positioning?

Answer 7

The act of designing the product offering and image to occupy a distinct place in the target customer’s mind

Question 8

What is a Product Offering?

Answer 8

It communicates the key product features that create the value and describes the benefits to the customer

Question 9

What is a Unique Selling Proposition?

Answer 9

A statement of the key customer benefits of a product that differentiates from the competition

Question 10

What is Market Research?

Answer 10

The process of gathering information to attract and retain customers

Question 11

What is the difference between Primary and Secondary Research Data?

Answer 11

• Primary is collected in field, directly from the customer (ex. Focus groups, surveys, observations)
• Secondary already exists and may have been collected for another purpose (ex. Trade journals, magazines, corporate reports)

Question 12

What is the difference between Qualitative and Quantitative Research?

Answer 12

• Qualitative is designed to gain an understanding of the customer’s feelings, impressions, and viewpoints
• Quantitative present information numerically with large sample sizes

Question 13

What is Brand Equity?

Answer 13

Comprised of brand assets linked to a brand’s name and symbol that add value to a product

Question 14

What are the 4 dimensions of Brand Equity?

Answer 14

1. Awareness or familiarity
2. Perceived quality of the product
3. Associations/emotional connections with the product
4. Loyalty

Question 15

What is Conjoint Analysis?

Answer 15

A statistical market research technique used to determine how people value each feature of an individual product or service

Question 16

What are the 4 elements of a Marketing Mix?

Answer 16

1. Product
2. Price
3. Promotion
4. Place

Question 17

What is the Diffusion of Innovation?

Answer 17

The process of how innovators spread through a population of potential adopters

Question 18

What are the 3 factors of The Tipping Point?

Answer 18

1. The law of the few, promoters of diffusion are Connectors, Mavens, and Sales People
2. The Stickiness Factor, packaging info to make it irresistible
3. The Power of Context, based on broken window theory to identify cause and effect

Question 19

What is Selling?

Answer 19

The transfer of products from one person or entity to another through an exchange mechanism

Question 20

What is B2C and B2B?

Answer 20

B2C = Business to Consumer 
B2B = Business to Business