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Marketing Subject Definition

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Marketing is the study of exchange

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Marketing Functional/ Activity Definition

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Marketing Facilitates exchange

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Which of the following is a requirement for something to be called "marketing"?

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Communication

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To be effective, a marketing objective needs to be which of the following?

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Specific

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Marketing Examples from the book

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Job interview or date. Both require marketing of your appearance, your ideas, your values, your skills and in essence yourself

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Marketing Definition from class

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Marketing is the study of exchange. Exchange can be political ideas or talking.

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Exchange

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two parties + Communication

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Marketing's first task

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Discovering consumer needs

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Marketing's second task

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satisfying consumer needs Ex from class: Shake-weight was incredibly popular and successful The placebo effect makes things more valuable to certain consumers e.g. bottled water over tap water.

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Marketing Mix

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Quiz answers the 4 p's the set of decisions marketing managers make about an offering product, price, distribution (place), promotion Promotion and price are usually grouped

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Product

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The most important decision of the four p's

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Price

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Class ex: commodity goods. tv's & airline tickets

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Promotion

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Class Examples: beer, coke & pepsi, orange juice, food.

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Place

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Class ex: gas, vending machine products, checkout convenience products.

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Ad affect

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Ex: beer advertisement. Good feelings are due to ads. Poor " people aren't able to tell the difference between drinks" But the affect they have on us is psychological.

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Benefits and Costs Categories

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Functional Social Personal Experiential

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Functional

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Poor- "learn about marketing, get course credit" Ex: hammer, automobile, toothbrush, glasses, jacket, pen

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Social

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Poor- "Meet Friends, business partner" Ex: cellphone (also functional), social media, snapchat, school

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Personal

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Poor- "Feel good about learning or excelling in marketing" Ex: Gym membership, healthy food, makeup

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Experiential

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Poor- "have fun..." Ex: football games, Truman the tiger, concert, sporting events, vacation, travel, amusement park

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Market Segmentation

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Best marketing is serving everyone individually, next best thing is segmentation

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Costs

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Monetary Temporal Psychological Behavioral

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Monetary Costs

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Ex: Tuition and book fees

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Temporal Costs

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Ex: Time spent in class and studying

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Psychological costs

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Ex: Stress from studying for exams and listening to instructor

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Behavioral Costs

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Ex: Expending energy walking to class or getting sick from lectures

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Ikea Example*

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Non montetary cost- walk throughout the store takes time (temporal), putting it together (frustration- psychological ), good furniture for decent cost (Monetary). "what is an example of a product that has all types of costs associated with it? = IKEA *on test*

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Toothpaste Example

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different benefits from toothpaste (whitening vs extreme clean) behavioral

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What types of macroenvironmental factors have affected the way people shop for food?

answer

Documentaries, awareness of food production and health benefits. Buying in bulk, buying groceries online (amazons new service)

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What are the implications?

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More options for consumers gives more benefits to lower income areas.

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Porters Five Forces Model

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Industry profitability dependent on industry competitiveness Availability of substitute products Potential Entrants (threat of new competition) Supplier Power Buyer Power

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Porter's five forces model determines which of the following?

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Industry profitability

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Industry competitiveness

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Intensity of Current Competitors Low intensity = High profitability An industry has low intensity when few firms are competing. Ex: Commercial Aircraft- low number of competitors. Boeing and Airbus High intensity Ex: Farmers market with 10 potato dealers= low profitability Ex. of lots of firms - fast food and grocery stores.

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Availability of Substitutes

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Customers can choose different product as a substitute The more substitutes there are the less profitability. Few or no substitutes= Higher Profitability Ex of Few or no substitutes = Gasoline/ Gas stations (electric is a substitute) Ex of many sub: Beer and Wine replace with water, juice, soft drinks, beer for wine and wine for beer. Substitute for coffee=energy drink and tea. Coffee is the #1 nonalcoholic beverage Vitamins can be substituted for vegetables

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Threat of Potential Entrants

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High barriers to Entry= Higher Profitability High barriers exist when -high capital requirements -economies of scale are present= having to sell a certain amount to be profitable -High product differentiation -Network externalities (Technological or learning curve) Examples: Internet, software Example of network barrier- Word processing software

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Network Externalities

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Can be negative or positive positive- A network of users of software, when new users join it adds value to the software. (Facebook) Negative- gym memberships, the more who join= the less equipment available.

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Supplier and Buyer Power

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Lower bargaining power of suppliers/ Buyers = higher profitability there is lower bargaining power when there is high number low information Ex: Low supplier power in computer industry with disk drives Ex: Low buyer power in Medical services- low buyer power because there is low information. Inelastic demand Less information that the buyers or suppliers have the higher the profitability

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Sustainable competitive advantage

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an advantage versus competition that can be maintained consistently over time. Ex: Coke, Apple(user friendly software and marketing), McDonalds- convenience, price and Fast!

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Operational Efficiency

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"What do you think are the keys to McDonalds sustainable advantage?" Answer= operational Efficiency McDonald's operational efficiency is better than anyone else. On Test

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Relationship Marketing

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an alliance of participants who share decision-making responsibility using the internet valuing repeat purchases

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According to the text, which of the following external environmental forces affects almost all marketing programs?

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Economic Trends

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Category Membership

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Usually established before a point of difference is communicated

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In the U.S., the emergence of many "hard cider" brands to compete with beer brands is most likely due to changing consumer taste. This is related to which type of trend?

answer

Sociocultural

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Dividing the population up into groups based on a common characteristic and then taking a random sample from each group is done in which of the following?

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Stratified Sampling Area Sampling

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According to the text's criteria, which of the following would not be a good marketing objective?

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taking 5% of Brazilian market share away from the market leader

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According to the text, which of the following is most likely to have a sales orientation?

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a lettuce grower

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People like to buy from people/businesses they _______.

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Like and trust

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Which of the following marketing research methods is inexpensive?

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Telephone survey

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Which of the following marketing research methods has the advantage that it is cost effective?

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Mail survey

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Which of the following is a characteristic of the marketing orientation?

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Customer focus long term success

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According to class discussion, "good" marketing research needs to be which of the following?

answer

scientific or unbiased

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Market leader

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40% of market Ex: leader -McDonalds Challenger- wendy's follower- 5 guys nicher- in and out

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DJ Gallo

answer

D.J. Gallo attacked beer to bring younger consumers to wine *On Test*

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Nichers started out as specialized

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Ex: Samuel Adams beer 10% of market

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What type of growth strategy is it when in one particular marker a firm; lowers price, increases distribution, and increases profitability

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Market Penetration

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key to long term profitability

answer

New product development

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syndicated research services

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market wide research that is sold to individuals

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Market information system (MkIS)

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consists of people, equipment, and procedures to gather, sort analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers.

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Big data

answer

big data analysis is a huge area of marketing -walgreens reward program -gerbes loyalty rewards my coke rewards -restaurants use big data to offer more personalization. Privacy concerns

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Marketing Research process*

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1. defining the problem and research objectives 2. developing the research plan 3. collect the information 4. analyze the information 5. present the findings

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Focus group

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Ex: Rob's pizza looking to expand into college markets -what do college studetns look for? taste, price, HOURS, late night service Find out how important these things are

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Survey

answer

Most common form different types include mail, telephone, personal, mall, internet Internet survey is inexpensive mail survey is cost effective mall survey has moderate to high costs telephone survey has moderate costs

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Experimental research

answer

lab experiments are controlled field experiments are done ~in the field~ or in store Test market experiment is done in a store in a specific region which are done for new products

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Secondary-Data Sources

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include internal sources, government publications (u.S. Census), periodicals and books, commercial data, on-line business information and associations. *ALWAYS CHEAPER* in terms of cost and time, use if available.

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Good marketing research is

answer

Scientific ( be unbiased) creative uses multiple methods realizes the interdependence of models and data acknowledges the cost & value of information maintains healthy skepticism is ethical- debriefs the subject after

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market share

answer

sales/industry sales expressed in $ or units

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sales forecast

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based on a specific marketing plan typically covers a 1 year period

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Market factor analysis

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demand for a product assumed to be related to the behavior of certain sales activity.

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survey of buyers intentions

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a sample of current or potential customers are asked how much of a particular product they would buy at a given price during a specified future time period.

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past sales and trend analysis

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flat % increase applied to past volume or past volume average.

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market segmentation

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1. identify segmentation variables and segment the market 2. develop profiles of resulting segments

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market targeting

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3. evaluate attractiveness of each segment 4. select the target segments

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Market positioning

answer

5. identify possible positioning concepts for each target segment 6. select, develop, and communicate the chosen positioning concept

question

Why segment?

answer

differences in buying habits differences in how to good or service is used different motives for buying marketing focuses on and serves individuals differences. research is used efficiently

question

geodemographic segmentation

answer

shotguns and pickups bluecollar jobs -least affluent -northeast, southeast, great lakes -married with young children

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purchase behavior

answer

usage- light, medium or heavy users loyalty status- brand loyal or variety seekers user status- users vs nonusers, former users benefit- importance of a particular product benefit. Former ticket purchasers are targeted by sports teams trying to sell tickets/ season tickets

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guidelines

answer

the marketer should be aware of the interrelationships among segmentation characteristics. demography can be overlapped the first seg. should be chosen because it provides the clearest and most distinctive division of the market

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needed to be profitable

answer

identifiable substantial reachable responsive

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Points of difference

answer

how is the brand superior to others?

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Marketing 3000 Poor Mizzou Exam 1 F17 – Flashcards

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