Week 5- Core elements of marketing Flashcards
Why should companies brand?
Because competitive products often share the same functional and design features.
What is the definition of a brand?
A name, sign, symbol that identifies the maker or seller of a product and differentiate from competitors.
A brand needs to have a:
1- Brand identity
2- Brand image
3- Brand personality
What are the 2 types of market research methods?
1- Qualitative market research
2- Quantitative market research
What does qualitative market research include?
1- Depth interviews
2- Focus groups
What does quantitative market research include?
1- Observation
2- Experiment
3- Survey (questionnaire)
What is a consumer?
A person who buys goods or services for personal consumption
What is a customer?
Individuals and companies that purchase and pay for a good or service.
What are the factors influencing consumer behaviour?
1- Cultural
2- Social
3- Personal
4- Psychological
What are the core drivers of consumer behaviour?
1- Wellbeing
2- Surroundings
3- Technology
4- Rights
5- Identity
6- Value
7- Experiences
What are the 2 options regarding designing a customer driven marketing strategy?
1- Select customers to serve- includes segmentation and targeting
2- Decide on a value proposition- includes differentiation and positioning
What are the segmentation variables?
1- Geographic
2- Demographic
3- Behavioural
4- Psychographic
How would you select a target market?
1- Look at competition
2- Does the target market fit with the company?
3- Look at the segment characteristics
What is positioning?
A product’s position is the way a product is defined by consumers- the place a product occupies in consumers’ minds relative to competing products.
What is a value proposition?
This is a clear statement:
1- Explains how your product solves customer’s problems
2- Delivers specific benefits
3- Tells the customer why they should buy from you
