Week 4: Marketing Plan Flashcards
What is Marketing?
A set of activities with the objective of securing, serving, and retaining customers for the firm’s product/service
What are Marketing Objectives?
A clear description of the key objectives of the marketing program using the SMART system
What does SMART stand for?
S - Specific M - Measurable A - Attainable R - Realistic T - Timebound
What is a Market Segment?
A group with similar needs or wants who reference each other based on geographical location, demographics, purchasing power
What is a Best Customer?
Customers who values the brand, buys regularly, and will not easily switch to competitors
What is a Persona?
A set of fictional, representative user archetypes based on behaviours, attitudes, and goals of people interviewed
What is Positioning?
The act of designing the product offering and image to occupy a distinct place in the target customer’s mind
What is a Product Offering?
It communicates the key product features that create the value and describes the benefits to the customer
What is a Unique Selling Proposition?
A statement of the key customer benefits of a product that differentiates from the competition
What is Market Research?
The process of gathering information to attract and retain customers
What is the difference between Primary and Secondary Research Data?
- 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)
What is the difference between Qualitative and Quantitative Research?
- Qualitative is designed to gain an understanding of the customer’s feelings, impressions, and viewpoints
- Quantitative present information numerically with large sample sizes
What is Brand Equity?
Comprised of brand assets linked to a brand’s name and symbol that add value to a product
What are the 4 dimensions of Brand Equity?
- Awareness or familiarity
- Perceived quality of the product
- Associations/emotional connections with the product
- Loyalty
What is Conjoint Analysis?
A statistical market research technique used to determine how people value each feature of an individual product or service
What are the 4 elements of a Marketing Mix?
- Product
- Price
- Promotion
- Place
What is the Diffusion of Innovation?
The process of how innovators spread through a population of potential adopters
What are the 3 factors of The Tipping Point?
- The law of the few, promoters of diffusion are Connectors, Mavens, and Sales People
- The Stickiness Factor, packaging info to make it irresistible
- The Power of Context, based on broken window theory to identify cause and effect
What is Selling?
The transfer of products from one person or entity to another through an exchange mechanism
What is B2C and B2B?
B2C = Business to Consumer B2B = Business to Business
