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star

answer

Fast growing market leader

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cash cow

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Generates more cash than it needs to maintain its market share. In a low growth market, but product has dominant market share

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question mark

answer

Shows rapid growth but poor profit margins. Low market share in high growth industry

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dog

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Low growth potential and a small market share

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SWOT Analysis

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Identifying internal strengths and weaknesses and also examining eternal opportunities and threats

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Penetration

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same products for same customers

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Product Development

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new products for same customers

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Market Development

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same products for new segments

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Diversification

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new products for new segments

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Demography

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The study of people's vital statistics, such as age, race and ethnicity, and location

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Marketing

answer

Marketing is the analysis of customers, competitors, and a company, combining this understanding into an overall understanding of what segments exist, deciding on targeting the most profitable segments, positioning your products, and then doing what's necessary to deliver on that positioning.

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good marketing

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identifying the needs of the customers and better addressing them than other companies

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good marketing involves

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listening to customers, not tell. trying to make your customer happy (not just get a lot of sales)

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product

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solution to a consumers problem. positioned relative to competitors (price, offerings, etc.)

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need

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state of felt deprivation including physical, social, and individual needs. Natural, cannot be created by marketers

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want

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form that a human need takes, as shaped by culture and individual personality. Marketers can create a want

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demand

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Wants + Buying Power (i.e. benefits sought)

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market

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anyone who does and would buy a product

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market segment

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a portion of the overall market

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Production Orientation

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Availability and affordability

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Product Orientation

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Benefits of the product

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Selling Orientation

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promotion of the product

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marketing orientation

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needs, wants, and satisfaction of the customer

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societal marketing orientation

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needs, wants, satisfaction, and costs to society

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high prices caused by

answer

costs of distribution, advertising and promotion, excessive markups

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distribution cost

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should be a solution to getting what consumers want. Distribution is normally high for most products

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excessive mark-ups cost

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besides to increase profit, mark-ups might result to keep products exclusive or even to prevent over-inflation of the product

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high advertising and promotion cost

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results from companies needing to get their product known by consumers and to be competitive with other companies. When companies get more customers, they can lower the prices

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Goal of Marketing

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not just to reach a high amount of people, but also to reach the RIGHT people (who are more likely to buy the product)

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Deceptive Pricing

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falsely advertising "factory/wholesale" prices or large reduction from fake high list price

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Deceptive Promotion

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Overstating the Product's Features, Luring Customers to the Store for Out-of-Stock Bargains, etc.

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Deceptive Packaging

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Exaggerating Package Contents, Not Filling Package to the Top, Using Misleading Labeling

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Planned Obsolescence Reasons

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increased sales, reduced service, competitive advantage

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Unsafe Products

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okay in certain situations. Knifes are unsafe if used improperly. if making a product safe costs an unreasonable amount, the product might be sold as is.

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materialism

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judging others based on what they have. can create "false" wants

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cultural polution

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culture more represented by corporations rather than what it used to be. companies need to be careful about this to avoid being viewed negatively

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sustainability

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the idea that marketing firms can help improve society and the environment by leaving things better than when you started. important to societal marketing

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marketing ethics

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broad guidelines that everyone in the organization must follow

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main factor of satisfaction

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the customers expectations and wants must be meet for satisfaction. even if a product performs poorly, the customer might still be satisfied if they expected it to be that way

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expectation levels

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vital to marketing. Levels should be reasonable. giving the customer expectations of a product that are too high will make the customer angry and company will suffer

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loyalty

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customers go out of their way and seek out a certain company. they will inconvenience themselves to buy from a certain company (not just a repeat shopper)

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The Consumer Bill of Rights (1962)

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Right to Safety Right to Be Informed Right to Choose Right to Be Heard Right to Consumer Education Right to Recourse and Redress Right to an Environment That Enhances the Quality of Life

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Strategic Planning

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The Process of Developing and Maintaining a Strategic Fit Between the Organization's Goals and Capabilities and Changing Market Opportunities.

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Strategic Planning Steps

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analysis: Company & Environment Competitors & Environment Customers Implementation: Segmentation Targeting Positioning Perceptions Value Quality Reactions Satisfaction Loyalty

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Marketing Objectives must be:

answer

realistic, measurable, and time-specific ex. "Our objective is to achieve 10 percent dollar market share in the specialty pet food market within 12 months of product introduction."

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leader

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highest sales, large amount of investment

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challenger

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tries to become leader by offering similar products, must invest lots of money

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follower

answer

exists in market, not challenging

question

niche

answer

offers different benefits to specific customers that aren't catered to by other companies

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product use

answer

how customers use the product is critical for marketers to understand

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customers

answer

who,when,how,why,where

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market segmentation

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determining distinct groups of buyers with different needs, characteristics, or behaviors. marketers must always segment the market

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positioning

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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of consumers. (BMW "the ultimate driving machine")

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customers perspective

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solution, communication, cost, convenience

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marketers perspective

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product, promotion, price, place (distribution)

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targeting

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evaluating each segments attractiveness and selecting one or more segments to sell to

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exploratory research

answer

Gathers preliminary information that will help define the problem and suggest hypotheses. Often uses observations

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descriptive research

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Describes things such as market potential for a product or demographics and consumers' attitudes. Often uses surveys

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casual research

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Test hypotheses about cause- and-effect relationships. Typically uses experiments.

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primary data

answer

information collected for the specific purpose at hand both primary and secondary data must be relevant , accurate, current, and impartial

question

secondary data

answer

information that already exists somewhere. cheaper and faster, but not as relevant and might not be usable

question

cons of secondary data

answer

May not give adequate detailed information May not be on target with the research problem Quality and accuracy of data may pose a problem

question

pros of secondary data

answer

Saves time and money if on target Aids in determining direction for primary data collection Pinpoints the kinds of people to approach Serves as a basis of comparison for other data

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cons of primary data

answer

Expensive "Piggybacking" may confuse respondents Quality declines if interviews are lengthy Reluctance to participate in lengthy interviews

question

pros of primary data

answer

Answers a specific research question Data are current Source of data is known Secrecy can be maintained

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probability sample

answer

A sample in which every element in the population has a known statistical likelihood of being selected.

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random sample

answer

A sample arranged so that every element of the population has an equal chance of being selected.

question

non-probability sample

answer

Any sample in which little or no attempt is made to get a representative cross-section of the population.

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convenience sample

answer

A form of non-probability sample using respondents who are convenient or readily accessible to the researcher.

question

research plan

answer

collect the data (most expensive and subject to error) process the data analyze the data

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mission statement

answer

Market-Oriented Realistic Specific Fit Market Environment Distinctive Capabilities Motivating

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external environment

answer

demographic, political and legal, economic, cultural, technological, natural

question

internal environement

answer

the firm, suppliers, customers, intermediaries, competitors, publics

question

customers

answer

consumers, businesses, resellers, government, international

question

publics

answer

financial, media, government, local, citizen action, general, internal

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distinctive capabilities (Core Competencies)

answer

absolute and relative pass 3 tests: -Potential access to a wide variety of markets -Make a significant contribution to the perceived customer benefits of the end product -Difficult for competitors to imitate

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primary demand

answer

categorizing-product must be able to be categorized by consumers, harder to create primary demand

question

secondary demand

answer

game theory or reaction patterns competitive advantage: -cost -differentiation -niche

question

Porter's Five Forces

answer

barriers to entry and exit substitutes in other industries intensity of competitive rivalry bargaining power of buyers bargaining power of suppliers

Marketing 351 Exam 1 CSUF Lancellotti – Flashcards

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