Contemporary Marketing (2013 ed) – Flashcards
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Positioning
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Placing a product at a certain point or location within a market in the minds of prospective buyers.
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Positioning Map
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Tool to help market geographically view perceptions of competing products within industry.
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Syndicated Service
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An organization that regularly provides a standardized set of data to all customers periodically.
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Full-service Research Supplier
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Marketing Research organization that offers all aspects of the marketing research process.
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Limited-service Research Supplier
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Marketing research firm that specializes in a limited number of research activities such as conducting field interviews or performing data processing.
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Perception
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Meaning a person attributes to incoming stimuli gathered through the five senses.
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Perceptual Screens
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Mental filtration passes through which all inputs must pass.
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Subliminal Perception
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Subconscious receipt of incoming messages.
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Shaping
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Process of applying a series of rewards and reinforcements to promote a more complex behavior. Ie. Free Samples, Coupons.
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Strategic Planning
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Determine organizations primary objections and adopting courses of action to acquire actions. (Long Term)
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Tactical Planning
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Guides the implementation of activities specified in the strategic plan. (Short-Term)
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Reference Groups
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People whose opinions we value and look for guidance. Ie. Celebs
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Social Classes (6)
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Upper-upper, upper-middle, lower-upper, lower-middle, working.
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Opinion Leaders
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Trendsetters who purchase new products before others in a group and then influence others in their purchases.
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Family Influences
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Family structure: Husband-dominant, wife-dominant. 1. Autonomic role. 2. Husband-dominant role. 3. Wife-dominant role. 4. Syncratic role.
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Ethics
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Marketing philosophies policies and action to enhance society.
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Social Responsibility
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A firm's obligation to improve its positive effects on society and reduce its negative effects.
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Sustainable Products
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Products that can be produced, used, and disposed of with minimal impact of the environment.
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1. Top Management 2. Middle Management 3. Supervisory Management
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1. Strategic Planning 2. Tactical Planning 3. Operational Planning
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5 Elements of Marketing Enviornment
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Competitive, Political-Legal, Economic, Technological, Social-Cultural.
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5 P's
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Product Price Place Promotion Packaging
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Non-profit Marketing
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1. Operate private + public sector. 2. Adopt marketing strategies to meet objectives. 3. Communicate messages by appearing in ads related to their goals. 4. Form alliances with other non-profit to promote each other, sometimes for-profit as well.
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SWOT Analysis
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Strengths, Weaknesses (internal) Opportunities, Threats (external)
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Marketing Myopia + Overcoming
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Managements failure to recognize the scope of its business. Overcome by developing broader business ideas- and focus on consumer needs/wants.
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5 Types of Non-Traditional Marketing
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Person, Place, Event, Organization, Cause.
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Transaction-based marketing
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Buyers and sellers are limited in communication and have little or no ongoing relationship.
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Relationship Market + Types
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Develop relationship to determine likes/dislikes. Advocate Loyal Supporter Regular Purchaser New Customer Mobile, Interactive (Buyer centered), Social, Buzz, Partnership.
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Functions of Marketing (8)
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Buying Selling Standardizing/Grading Financing Transporting Storing Risk taking Securing Marketing Information
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Strategic Window
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Limited time when key requirements of a market and firms participation competitors best fit together.
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Strategic Marketing (Target)
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Product-strategy: decides what goods/services to offer. Distribution: customers are able to find product. Promotion: discounts, communications. Price: Justifiable prices, realistic/competitive.
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BCG Matrix (4)
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Dogs: generate little profits. Consider withdrawing., Stars: generate considerable income. Invest more funds for future. Cash Cows: generate strong cash flow. Milk profits to finance growth of starts and question marks. Question-marks: have potential to become cash cows or stars. Either invest or dis-invest. Dogs: generate little profits. Consider withdrawing.
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Product Strategy
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Involves more than just deciding what goods/services the firm should offer to a group of customers. Includes decisions about a customer service package design, brand names, trademarks, patents, warranties, the life cycle of a product, positioning the product in the marketplace, and new-product development.
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Consumer problem-solving processes
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Routinized response behavior: low-involvement. (routine buy) Limited problem solving: middle of range. (new shampoo) Extended problem solving: high involvement. (new home)
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Steps in Marketing Planning Process
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1. defining organizations mission & objectives 2. assessing organizational resources & evaluating environmental risks and opportunities 3. formulating, implementing, and monitoring the marketing strategy.
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4 Types of Utility + Examples
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1. Form. Jeans 2. Time. Appointment. 3. Place. Banks in Grocery stores. 4. Ownership. Credit card.
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First mover/Second mover
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First to offer product in market will be long-term market winner. Observing closely innovating of the first movers and the improving of an item to gain advantage in market.
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Evoked Set
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Number of alternative a consumer actually considers in making a purchase decision.
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Stages of decision making (5)
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Problem or opportunity recognition. Search. Evaluation of alternatives Purchase decision/purchase act Post-purchase evaluation.
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Personal determinants of consumer behavior
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Need. Motive. Perception. Learned responses. Self concept
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VALS
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Segmentation system that divides consumers into 8 psycho-graphic categories: Innovators, thinkers, achievers, experiencers, believers, strivers, makers, survivors
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Strategies of target markets
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Undifferentiated: focus on single product to all. "Mass" Differentiated: several products designed to satisfy smaller segments. Concentrated: "Niche" focus on single market segmentation. Micro-marketing: narrow. Zip-code, lifestyle.
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Specialty Products: Unsought: Convenience: Shopping:
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Lexus Pre-need funeral plans Magazines Airplane Flights
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Consumer Products
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Bought for consumer personal use.
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Business Products
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purchased for either directly/indirectly producing of OTHER goods and services.
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Market Segmentation
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Division of total market into smaller relatively homogeneous groups.
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Effective Segmentation
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measurable: (size, purchasing power, profiles of segments can be measured), substantial: (segments must be large or profitable enough to serve), accessible (segments can be effectively reached and served), differentiable: (segments must respond differently to different marketing mix elements and actions), actionable (must be able to attract and serve the segments)
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Geographic segmentation
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division of an overall market into homogeneous groups based on location.
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Cohort effect
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Tendency of members of ONE generation to be influenced and bound together by events occurring during their key formative years, roughly 17-22.
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4 Segmentation Approaches
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Geographic Gender Age Psychographic
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Product Lifetime
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Intro: stimulate sales of new-market entry. Growth: starts to realize substantial profits. Maturity: sales start to even out. Decline: decline in total sales.
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Business Product Types
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installations: major capital investment in B2B. accessory equipment: desktop computers, printers, last for shorter periods than installations. component parts/materials: finished business product of one producer that becomes a final good of another product. raw materials: natural resources, coal. supplies: regular expenses, daily operation. business services: intangible products firms buy to facilitate products.
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Product Mix (3)
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Width: number of product lines + firm offers. Length: number of different products firm sells. Depth: variation in each product.
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Homesharing
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hiring employees to work from home.
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4 Marketing Eras
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Production: "Good sells itself" Sales: "Creative advertising and selling will overcome resistance" Marketing: "The consumer rules" Relationship: "Long-term relationship with customer"
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Marketing
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Organizational function, process for CREATING, COMMUNICATING, and DELIVERING value to customers and managing relationships in ways that benefit organization and stockholders.
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Consumer Product (B2C)
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Only for consumer use.
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Business to business (B2B)
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contributes directly/indirectly to the output of other products for resale.
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Impulsive goods and services
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products bought in the spur of the moment.
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Shopping products
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Products consumers purchase after comparing with competing offerings.
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Specialty Products
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Products with unique characteristics that cause buyers to prize these particular brands.
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Product-related segmentation
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division of population into homogeneous group based on relationship to product.
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Market Segmentation Process
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Develop relevant profile for each segment Forecast market potential Forecast market share Select specific market segment
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4 Product related Segmenation
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Benefits sought usage rates brand loyalty multiple segmenation
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Attitudes
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persons enduring favorable or unfavorable evaluating emotions or actions or tendencies toward some object or idea.
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Staples
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convenience goods and services replenish to maintain a ready inventory.
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Psycho-graphic Segmentation
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division of population into groups having similar attitudes/values/lifestyles.
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2 Components of Marketing Strategy
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1. Target market. 2. Marketing mix: (Product, distribution, promotion and pricing used to target specific target audience)
