question

strategic framing decisions

answer

1. segmentation 2. positioning 3. integrating marketing mix

question

tactical skeleton marketing plan

answer

A generic plan outlining over general action with respect to product promotion (communication) place (distribution) and price.

question

product differentiation

answer

makes a product appear unique relative to others, whether produced by the same company or the competition.

question

mass marketing

answer

a undifferentiated strat with no segmentation analysis

question

undifferentiated

answer

treats all customers the same

question

differentiated

answer

serves each segment with marketing mix elements matched specifically to its desires and expectations.

question

concentrated

answer

some segments single or unique niche micromarketing

question

niche

answer

very small market that most companies ignore because they do not perceive adequate opportunity.

question

micro

answer

advertising efforts are focused on a small group of highly targeted consumers. requires to narrowly define a particular audience by a particular characteristic such as ZIP code or job title and tailor campaigns for that particular segment.

question

target marketing

answer

selecting certain market segments that they think will be most profitable for their marketing efforts.

question

positioning

answer

the creation of an image reputation or perception in the minds of consumers about the organization or its products relative to competition.

question

product map or perceptual map

answer

refers to the characteristics that consumers associate with a brand. process: Determine the criteria customers use 1. category membership 2.identify attributes 3.diagram the most important dimensions 4. locate brands relative to other brands. Determine product position 5. identify ideal position of segments 6. determine desired product position. determine desired image (position) 7.develop marketing mix to achieve position.

question

product position

answer

The place product occupies in consumers minds aspects of a product position- unique differentiated value proposition position in psychological framework position in competitive framework

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re positioning

answer

rejuvenates a brand that might otherwise fade from lack of appeal.

question

primary demand versus selective demand

answer

primary demand: choice options based on category. selective demand: Choice options based on brand.

question

marketing objectives SMART

answer

SMART Specific. Details exactly what needs to be done Measurable:achievement or progress can be measured Achievable: Realistic: Timed:

question

segmentation strategy process

answer

1. determine strategy 2. determine selection criteria 3. make selection

question

segment selection factors

answer

market size and growth rate competitive factors cost and efficiency factors segment leadership qualities compatibility factors

question

segmentation strategy

answer

which groups or segments to compete for in the market place and which

question

positioning

answer

The process of placing product in consumers' perceptual framework.

question

competitive advantage

answer

is an advantage over competitors gained by offering consumers greater value, either through access to resources tech operations business model or marketing execution that can not be easily duplicated by competitors. superior value + unduplicable= comp adv

question

customer value proposition

answer

the compelling reason customer should select your product. The key cluster of benefits the product or service promises to deliver to customers that out match competitors' offerings on those criteria which matter most to customers.

question

segmentation strategy

answer

1. Market Behvior 2. Compoany Resources 3. stage in life cycle 4. Level of competetion

question

VALUE PROPOSITION STATMENT

answer

a statement that articulates the core set of reasons why conumers should use a product typically expresses one of the combinations below values,price graph

question

Market Demand

answer

the number of people with the desire to satisfy a discovered need with particular want; and who also have the ability (physical accessibility and financial affordability) to address that want.

question

Primary Demand

answer

Create new users/usage Increase: Willingness 2. ability 3. Purchase rate

question

Selective Demand

answer

Focus:Retention: market leaders Retain through: satisfaction 5.buying process 6.competition more willing greater engagement more able Acquire through 7. positioning/segmentation 8. competition Critera: The nautre of demand Relative share (leader or challenger) Market Saturation (room?) Value creation gap ( what areas of the marketing mix needs a fix)

question

General Marketing Strategy Alternative compettive strategies

answer

-Provides general guidelines for framing the marketing mix to: increase # of buyers increase desire increase satisfaction our ability to maintain and expand our distribution network and attract additional distributors, retailers and brokers will depend on a number of factors, some of which are outside our control. some of these factors include: the level of demand for our brands; our ability to price our products competitively; our ability to deliver products in the quantity and at the time ordered by distributors. 3rd of the strategic framing decisions focuses on which aspect of demand an organization will focus on. defined as the set of actions that prioritizes and provides guidelines for either increasing the number of buyers in the market, increase buyers desire to buy increase product's or service's affordability or accessibility for buyers or increasing buyers level of satisfaction. Purpose is to frame the marketing mix itself in terms of what actions should be taken to reach demand goals, and to achieve the desired positioning strategy. -A guiding framework that identifies which aspect of demand the firm should focus on (build mix around); and which marketing mix variables should be emphasized given the: CRITERIA: 1. MArket position 2. nature of demand 3. market growth/saturation.

question

LEader

answer

firm with dominant market share

question

Challenger

answer

Attack diff and low cost are part of this shit

question

Attacker

answer

go head to head directly compete with leader

question

Low Cost

answer

cost basis (cheaper then/than you ****ing retard you should know this..leader)

question

Differentiation

answer

distinguish themselves, don't go head to head with a leader.

question

Niche

answer

A small unique specialized market segment

question

Follower

answer

Dominant and be profitable within niche segments of the market.

question

Operational Excellence

answer

provides superior value in any combination of price convenience, accessibility, and customer service.

question

Customer intimacy

answer

provides superior value by precise segmentation and product tailoring to satisfy unique intimate knowledge of and close relationship with customer.

question

Product Leadership

answer

provides superior value by offering continuous stream of leading edge products and total commitment to TQM

question

competitive strategy

answer

A competitive strat defines what other organizations the firm will measure its performance against;- perspective and how a firm will allocate its resources versus these other organizations -strategic actions to protect its weaknesses and/or exploit its strength - tactical approach criteria relative market share and corp objectives market growth rate competitors segmentation strat status of open positions

question

tactical options in competitive strat

answer

value disciplines- operational excellence provides superior value in any combination of price convenience, accessibility, and customer service. -build relationships/reward loyalty -better tailor product/ positioning -move to customer departments -invest in customer relationship mgt -move towards mass customization options -superior process tech -superior product design/cost -consolidation of value chain -acquire low cost suppliers -re-locate to lower production/distribution increase economies of scale or scope develop new functional capabilities improve performance expand product desings/features

question

integrating the marketing mix

answer

building the underlying infrastructure the physical connections required for commerce the third strategic framing decision. customer value- information products interactions environments ownership price place promo product

question

product

answer

any physical object service idea person event place or organization that can be offered to satisfy consumers' needs and wants. Provides structure guidelines for skeleton plan it is the mechanism through which the firm provides form utility the justification of value, and the package that delivers meaning. the product or service is a critical framing element for building a successful marketing mix it also provides structure for a marketing mix referred to as a skeleton plan.

question

consumer product classification A. Convenience B. Shopping C. impulse D. Emergency E. Specialty G. Unsought

answer

A. Relatively inexpensive item that consumers purchase frequently and with minimum effort. B. Purchased only after the consumer has compared the style features pricing packaging and quality of several alternatives. C. Customer remembers they need product when they see in in checkout line unlike stable product D. when an unexpected event takes place and the consumer has an urgent need for a product. E. have unique characteristics that provide unusual value to the purchaser. such as an association with the buyer's self-image. G. are not thought about frequently or perceived as very necessary.

question

Business product classification A. Capital Item B. Supply C. Production D. Raw Materials E. Component Parts F. Services

answer

A. Item Depreciated B. E. Item expensed in cost of good solf whole unit assemble into product. D. item expensed in COGS unfinished item needing processing. F. Item not part of product or service item expensed in expense section

question

Life Cycle Stages A. Pre Commercialization B. Introduction C. Growth D. Decline E. Maturity

answer

The conceptual framework of the stages products move through over their lives that marketers use to identify broad marketing mix strategies A. B.Sales slowly take off and grow, single or few firms, low moderate sales growth, losses. C. Pace of consumer acceptance and sales quickens. firms enter. Accelerating growth. Frims entering, accelerating growth, profits occure and increase. D. Sales of new units diminish. Firms exit. accelerating growth, profits minimum. E.as products mature sales level off and may remain flat for long periods. industry stable, sales peak, profits peak.

question

marketing mix

answer

refers to those integrated and coordinated actions to create (product) communicate (promotion) deliver (place and capture (price) value. Its purpose to Achieve selected position create economic utilities achieve organizational goals It is guided segmentation positioning general marketing and competitive strategies Creates Value: sources Information Products Interactions Environments Ownership

question

Framing Marketing mix

answer

A skeleton marketing plan is a bare bones outline of the tactical portion of a detailed marketing plan. it provides a brief description of the aspect of demand to be focused on (strategic direction); and prioritizes the roles and objectives of each of the marketing mix variables (tactical direction) in order to achieve desired position.

question

Product dimensions

answer

Core, basic functions benefits Actual/branded- Packaging Styling Quality Brand name Features Augmented- delivery repair/service terms/conditions Warranty Additional Functions

question

Product Classification

answer

Product Life cycle innovation categories product typologies

question

industrial goods classification

answer

depreciated expensed- COGS Expensed-Operating Expenses Physical State (assembly)

question

Module 16 product line

answer

outlines the focus given to core businesses (current products in current segments),market development (new segments for current products), product development (new products for current segments) or diversification (products totally new to the company for new segments)

question

diffusion process a. innovators b. early adopters c. early majority d, late majority e. laggards

answer

a.The first consumer to purchase a new product. b.are the second group to purchase new products and are critical to marketers. c. consumers tend to be more risk-averse than innovators and early adopters. d. The more skeptical consumers tend to fall here. e. little if anything and be done to convince laggards to purchase a new product.

question

commercialization

answer

introduces the product to the market.

question

types of innovation a. continuous innovation b. discontinuous innovation c. dynamically continuous innovation

answer

a.. is a minor change to a familiar product such as a new style or model that can be easily adopted without significant alterations in consumer behavior. b. is an entirely new product with new functions. c. endows a familiar product with additional features and benefits that require or permit consumers to alter some aspect of their behavior.

question

Product related success factors a. relative advantage b. triage c. traction d. complexity/compatibility e. satisfaction f.execution g. observability

answer

new product development depends upon: product related factors management related factors a. the amount of perceived superiority the new product has in comparison to existing ones. b. clearly defined morphine market plan. c. quickly reach threshold levels of market engagement and availability. d. consistency or fit with consumer beliefs. e. clear products exceeds all expectations f. extent marketing mix is on code and achieves targeted position. g.speed in which benefits experienced

question

adoption process a. knowledge b. persuasion c. decision d. implementation e. confirmation

answer

a.-awareness b.interest c. evaluation d. trial e.adoption

question

new product development process idea screening business analysis concept testing market testing commercialization

answer

idea screening- process identifies those with the strongest potential for success. business-assesses the attractiveness of a product from a sales cost profit and cash flow standpoint. concept testing-helps identify the facilitators and inhibitors to a product's success. market testing-limited trial of the strategy for the product under real or simulated conditions.

question

product planning

answer

Process of outlining the focus give to firm's core businesses. Required to be consistent with marketing strategy.

question

product planning options a. core business focus b. product development c. market development d. diversification

answer

a. emphasizes the marketing of existing products to existing market segments. b. occurs when companies make new products for existing market segments. c. occurs when existing products are offered to new segments. d. occurs when new products are introduced into new market segments.

question

Typologies for framing mix

answer

product life style product classification product innovation

question

product plays three critical roles in marketing strategy process

answer

1. embodiment of value 2.ultimate connection enabling relationships 3. focus plans based on core business activities.

question

ultimate innovation

answer

is not merely to come up with new products and services but create entirely new markets- and better yet- to change the way we live and work

question

reasons for innovations importance

answer

1. consumer dynamics-inherent need to search/explore 2. competitor dynamics-continuous quality improvement 3. impact on wealth-direct impact on stocks

question

Module 17 communication

answer

1st component in imc is the process of sending and receiving messages. Exchange of meanings to form a connection objectives 1. provide info 2. create demand 3. communicate value 4. communicate uniqueness 5.close sale 6. build relationship communication is the process of conveying a message to others and that requires six elements: a source, a message a channel of communication, a receiver, and the processes of encoding and decoding.

question

promotion

answer

the process designed to influence consumers can be used to inform educate persuade remind and reinforce through communication. Use communications to inform persuade educate remind and reinforce. - make a sale

question

elements of communication mix a. advertising b.sales promotion c. personal selling d. public relations e. sponsorship f. digital marketing g.direct marketing

answer

a. is paid, impersonal communication from an identified sponsor using mass media to persuade or influence an audience. b. is communication designed to stimulate immediate purchases using tools such as coupons contests and free samples. c. requires person-to-person communication between buyer and seller. d. the use of publicity and other unpaid forms of communication designed to present the firm and its products positively. e.is the exchange of money in return for a public association with an event. f. has evolved with the development of technology.

question

integrated marketing communication

answer

the coordination of advertising sales promotion personal selling public relations sponsorship and digital marketing to reach consumers with a powerful unified effect.

question

push strategy

answer

involves communicating to distribution channel members which in turn promote to the end user.

question

pull strategy

answer

attempts to influence consumers directly.

question

elements of communication process a. encoding b. feedback c. decoding d. media

answer

a. the process of translating a message into terms easily understood by the target audience. b. is essential to a customer focused company and it helps the marketer adjust communications. c. d. the means for transmitting messages from the sender to the receiver.

question

factors effecting the communication process a. selling tasks b. opinion leadership (multiple-step communication) c. push vs pull strategies

answer

a. defines the actions a communication mix element must take, or the specific communication objective it must achieve to help establish the desired product position and create the time place from and/or possession utility to create the necessary value for the customer to mover through the hierarchy of effects and close the sale. b. uses influential members of the target audience. c. markets directly to both the channel and end user speeding adoption and the overall flow through the channel . push- focus on selling to trade trusting consumers buy what's available pull-focus on selling to consumers trusting trade carry what's demanded. push-producer-retailers and wholesalers-consumers pull-consumers-retailers and wholesalers- producer.

question

Distinction between communication and promotion

answer

-communication exchange of meanings and forming of relationships and building of emotional connections. promotion uses communications to inform persuade educate remind and reinforce.

question

concept of integrated marketing communication

answer

the integration and coordination of company's communication channels to deliver a clear consistent and compelling message about the organization and its brands and across all touch points. Role of IMC 1. To translate desired meanings/ understandings to be delivered to potential consumers. 2. to provide a context for the delivery of desired meanings/ understandings. 3. to define assign and coordinate specific selling tasks for each component of the communication mix IMC objectives-Meaning/selling task 1. Providei nfo 2. create demand. 3. Communicate value 4. Communicate uniqueness 5. close sale 6. build loyalty realtionships Communication process-context IMC plan-coordinate selling task 3rd component in IMC strat

question

concept of selling task

answer

defines the actions a communication mix element must take or the specific communication objective it must achieve to help establish the desired product position and create the time, place, form, and/or possession utility to create the necessary value for the customer to mover through the hierarchy of effects and close the sale.

question

steps in the IMC plan

answer

Defined, the translation of brand's purpose and meaning and organizations values proposition into some communication format; and then the coordination and integration by the company of its promotional channels to deliver that communication format clearly, consistently and compellingly across all touch points. 1. select target audience 2. determine com objs 3.Develop budget 4. select right mix 5.Pre-test execute Communication mix- advertising personal selling sales promotion public relations sponsorship direct marketing

question

Customer touch point

answer

any instance where a customer comes in to a direct or indirect audio, visual or experiential exposure to product or service.

question

hierarchy of effects

answer

The hierarchy of effects is the sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action. The stages include awareness interest evaluation trial and adoption.

question

marketing or distribution channel

answer

is a set of interdependent organizations that help make a good or service available for purchase by consumers or businesses. a set of interdependent organizations working collectively to making a product or service available for purchase. excludes from supply chain all organizations only involved in transport or supply.

question

supply chain management

answer

incorporates all of the activities concerned with planning implementation and control of sourcing manufacturing and delivery for products and services.

question

market discrepancies a.time b. place c. assortment d. allocation

answer

a. market system eliminates discrepancies in the time we would like to enjoy a particular item (the time it is naturally available). b. market system eliminates place (you can get lobster in Michigan). c. expense, style favorable. d. middle men

question

channel member functions (universal functions) a. transactional i buying ii sellig iii. risk taking b. facilitating i. finanacing ii. market info and research c. logistical i. assorting ii. storing iii. sorting iiii. grading iiii. trsansporting

answer

making a breaking bulk-recvies trainloads of materils and creates truck loads of appliances etc which make up the store. a.

question

alternative distribution organizations a. vertical marketing systems corporate contractual franchise administrative b. conventional channel intensity intensive exclusive selective total logistics cost distribution center

answer

a. the various members of the channel are linked/integrated to a certain degree in some form or fashion. 1.all of the entities belong to the same corporate organization (wholesalers retailers transportation firms etc.) 2. firms that are part of the distribution channel are joined together through some contractional set of obligations. retailed or retail sponsored 3. franchise, franchiser link several stages in the distribution system into a collaborative group or organization. 4. administered-leadership is not the result of common worshiper or contractual size but relative size and market power. b. all of the members which collaborate to deliver and create value to the customer are independent and operate from the perspective of their own self organizational interest.

question

alternative intensity levels a. intensive b. selective c. exclusive

answer

a. intense distribution system, convenience goods b. shopping goods c. specialty goods

question

channel management decision criteria a. cost b. coverage c. conflict d. control e. connectivity

answer

a. cost impact on channel structure and decisions b. c. increase/decrease conflict in distribution network. d. control over delivery and communication of value e. Impact on value

question

marketing logistics

answer

logistics consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.

question

distribution center

answer

are where the bulk of a company's finsihed-goods inventory is maintained before being routed to individual sales outlets or customers.

question

distribution

answer

the most fundamental way an organization physically comes into contact with a customer is through the product. A customer can't physically get their hands on a product or service though without a distribution channel.

question

fundamental roles of channels

answer

Make the connection address market discrepancies efficient performance of universal marketing functions.

question

universal marketing functions

answer

Transactional -buying and selling -risk taking -communication Facilitating -standardization and assorting -making breaking bulk -transporting and storage -grading -financing

question

Integrating the marketing mix

answer

Building the underlying infrastructure The physical connections required for commerce.

question

channel decisions

answer

channel organization channel structure channel intensity channel member selection channel management

question

channel organization

answer

to specify the legal structure between members of a distribution channel and consequently the extent of administrative control and coordination. Purpose:determine lines of authority impact control and coverage.

question

channel structure

answer

To determine the number of distinct distribution channels used by organization; and the number of distinct units (producers, intermediaries, and customers) in distribution channel. Impacts coverage and conflict. structure determines number of channels impacts coverage, costs and conflict.

question

channel intensity

answer

To determine the number of locations through which a company sells its products in a GIVEN market area (relative to all possible locations for that product). Impacts coverage and cost. Determines number of outlets impacts coverage and costs.

question

member selection

answer

To address the type of intermediaries a particular type of distribution channel will use; based on which universal marketing functions need to be performed outside organization and what services costs, and images provided to consumers. Impacts cost and competencies. determines partnerships.

question

channel management

answer

Relationships strategy execution to address the exact type and nature of relationships between the marketer's organization and the members of the distribution channel and how that relationship is used to help execute the marketing tactical plan; impacts conflict and competencies.

question

Place decisions can be split into 2 categories

answer

channels: where marketing's competitive action is. There are 5 management decisions. organization intensity structure channel member selection channel management they are based on: time and place utility or value, as well influencing possession and or symbolic utility or value. coverage control cost conflict connectivity

question

supply chain

answer

a supply chain consists of a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users.

question

decision framework

answer

. supply chain decisions -total cost concept (efficiency) -customer relationships (responsiveness) congruence (alignment with strategy) non-segmentation undifferentiated differentiated concentrated -niche -micromarketing criteria- 1.market behavior /heterogeneous 2.company resources /high 3. stage in life cycle /growth or maturity 4. level of competition /moderate to high

question

market objectives

answer

what the marketing functions need to do to fulil the corporate objective. They are derived from the firms corporate objectives. Like any other objectives they should be SMART

question

Specific question

answer

In order to _business mission_ and maximize _corporate philosophy_ within the next_planning horizon_, _SBU name_ will _resource allocation (growth share matrix) strategy_ using strategy while always adhering to _core values_.

question

Degrees of segment focus

answer

concentrated: 1 or a few niche: 1 small micromarketing: 1 person

question

criteria for segmentation selection

answer

market size and growth competitive factors cost and efficiency factors segment leadership qualities compatibility factors

question

ultimate competitive goal

answer

designing and delivering superior customer value propels organizations to market leaderships positions in highly competitive global markets.

question

achieving superior customer value

answer

production positioning differentiation

question

positions in perceptual framework

answer

A product or perceptual or positioning map is a visual representation of how the average consumer in a target market perceives the brands versus competing products on important buying dimensions A positioning map enables: -assistance in target market selection -development of positioning strategies

question

position in competitive framework

answer

In a competitive framework firms are organized in terms of the similarity of their marketing strategies and the similarity of their target market focus based on the generic strategies first presented by michal porter in his 1985 book blah blah who actually gives

question

positioning strategy

answer

The act of designing, pricing, locating and communicating a product/service offering to occupy some distinctive spot in customers' psychological framework.

question

Positioning strategy: decision framework

answer

Demand focus: Chance perception: of what it is Change perception of when/where used Attribute focus: Improve rating on an attribute change importance of an attribute introduce a new attribute 1. Nature of demand 2. nature of sectors/segments 3. market structure 4. level of competition

question

role of objective statement

answer

To give marketing plan: focus and direction, structure and boundaries, measures and success.

question

differentiation

answer

the process of distinguishing a product or service from others, through features or benefits for which it has competitive advantages, and that are compelling to customers in order to make it more attractive to a particular target market.

question

product vision statement

answer

A product statement typically follows the form: the (physical description) that (general performance description) for (basic needs/meaning).

question

position in perceptual framework

answer

A product, or perceptual, or positioning map is a visual representation of how the average customer in a target market perceives the brands versus competing products on important buying dimensions A positioning map enables: -assistance in target market selection -development of positioning strategies -forecasting of market share -development of competitive strategies

question

positioning strategy

answer

the act of designing, pricing, locating and communicating a product/service offering to occupy some distinctive spot in customers' psychological framework

question

positioning strategies

answer

Demand focus- change perception of what it is change perception of when/where used attribute focus -improve rating on an attribute -change importance of an attribute -introduce a new attribute

question

Perspectives

answer

Given a set of strategic group options, a group of firms in an industry following the same or similar strategy, or whose products are substitutes for one another competitive perspective involves the selection of one or more of these groups to compete with.

question

products classification

answer

helps form a skeleton strategy there are three tactical inferring classifications marketing strats changes across life cycle life cycle is an industry characteristic.

question

consumer goods classification

answer

repurchase planning comparison number purchase frequency purchase decision location

question

business classification guidelines

answer

capital product item depreciated production product item expensed in COGS whole unit assemble into product production product- item expensed in COGS unfinished item needing processing. support product or service- item not part of product or service item expended in expense section.

question

skeleton plan

answer

a generic plan outlining very general actions with respect to product promotion communication place and price.

question

need for coordination

answer

a customer touch point or contact point is any instance where a customer comes in to a direct or indirect audio visual or experiential exposure to product or service.

question

fundamental roles

answer

make the connection address market discrepancies efficient performance of universal marketing functions.

question

logistics

answer

logistics consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.

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