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MKT 300

Test #1

QuestionAnswer
Target Market Selection Process- Step 3 -A market segment profile describes the similarities among potential customers within a segment -Explains the differences among people and organizations in different segments
Product positioning -Creating and maintaining a certain concept of product in customers’ minds -Marketers seek to position a product so that it appears to have the characteristics the target market most desires
Repositioning -Positioning decisions are for all products, existing and new -Existing brands must be reevaluated and sometimes repositioned -changing price, distribution, image through promotion, packaging, benefits
Consumer Buying Behavior 1. Problem recognition2. Information search3. Evaluation of alternatives 4. Purchase stage 5. Postpurchase stage
Situational influences Physical surroundings Social surroundings Time dimension Purchase reason Buyer’s momentary mood and condition
Perception Selecting, organizing, and interpreting information to produce meaning
Attitudes -Refers to an individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea -Can be positive or negative: is measure by an attitude scale: a series of adjectives, phases, or sentences about an object
Lifestyles Refers to an individual’s pattern of living expressed though activities, interests, and opinions
Consumer Problem Solving Strategies Routinized response Limited problem solving Extended problem solving Impulse buying
Social influences- roles -The forces other people exert on one’s buying behavior -Roles: action and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
Culture and subculture -Culture: the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to the future generations -Subcultures: groups of individuals whose characteristic values and behavior
Business Markets Individual, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other product, or use in general daily operations -also called B2B
Characteristics of Transactions with business Transactions between business tend to be much larger than individual consumer sales Discussions and negotiations associated with business purchases can require considerable marketing time and selling efforts
Reciprocity an arrangement in which two organizations agree to buy from each other •Reciprocal agreements that threaten competition are illegal
Types of business purchases 1. New task purchase: an item is purchased to be used to perform a new job or solve a new problem 2. Straight rebuy: a routine purchases of same products under approximately the same terms
Types of business purchases 3. modified rebuy 3. Modified rebuy: a new-task purchase that is changes on subsequent orders or when straight-rebuy requirements are modified
Buying center The group of people within the organization who make business purchase decisions •Roles include initiation/users, influencers, buyers, deciders, and gatekeepers
Influences of the business buying decision process Environmental: include competitive and economic factors, political forces, legal and regulatory forces, technological changes and sociocultural issues
Influences of the business buying decision process o Organizational: include company objectives, purchasing policies and resource and size and composition of buying center
Influences of the business buying decision process o Interpersonal: the relationships between people in the business; trust and collaboration are important
Industrial Classification System Identity potential business customers • Industrial classification systems are ready-made tools which allow marketers to divide organizations into groups base mainly on the type of good and services provided
In-put out-put data identity what types of industries purchase the products of a particular industry
Estimate purchase potential A marketer must verify the relationship between the size of potential customers’ purchases and another variable through industrial classification data, such as number of employees
Marketing the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Mix elements combined when determining how to satisfy customers needs for a product 1.product value, 2. price variable, 3. distribution variable, 4. promotion variable
marketing environment 6 forces that surround the customer and affect the marketing mix 1. economic forces, 2. political forces, 3. legal and regulatory forces, 4. technological forces, 5. socio-cultural forces, 6. competitive forces
marketing concept a management philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals
evolution of the marketing concept 1. product orientation (!850-1920), improved speed/efficiency 2. sales orientation (1920-1960), sales and selling, increase profit 3. marketing orientation (1950-current), research, respond to customer needs
value-driven marketing value= a customers subjective assessment of benefits relative to costs in determining the worth of a product value= customer benefits - customer cost
marketing strategy a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
marketing plan a written document that specifies the activities to be performed to implement and control the organizations marketing activities
competitive advantage the result of a companys matching a core competency (superior skill or resources) to opportunities in the marketplace
corporate identity should support all corporate activities -unique symbols -personalities -philosophies
corporate strategy a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals
marketing implementation the process of putting marketing strategies into action intended-organization decides on during the planning phase and want to use realized- the strategy that actually take place
environmental scanning the process of collecting information about forces in the marketing environment
types of competitive structures monopoly- 1 source of supply oligopoly- few sellers control monopolistic competition- many competitors pure competition- no one influences price or supply
consumer protection federal and state laws -protect from harm -prohibits hazardous products -requires info disclosure -aimed at particular marking activities
self-regulatory force better business bureau, national advertising review board pros: less expensive, more realistic cons: lack of enforcement, less strict
adoption and use of technology -firms must keep up w/ technology to maintain their status as market leaders -must ensure that their technology is not easily copied -use a technology assessment to learn about and attempt to foresee the effects of new products and processes
cultural values -changes in cultural values alter people's need and desires for products -health, nutrition, and exercise growing importance -def of family changing
social responsibility an organizations obligation to maximize its positive impact and minimize its negative impact on society -being a good corporate citizen can result in greater consumer trust and loyalty, positive publicity, indirect long-term benefits
corporate philanthropy cause-related marketing; the practice of linking products to a particular social cause on an ongoing or short-term basis. strategic philanthropy; the synergistic use of organizational core competencies and resources to address key skateholders interest
ethical issues related to the marketing mix product info- covering up defects, counterfeiting- counterfeit products, advertising- deceptive advertising, pricing- stating a low price when in fact it is not lower
social responsibility and ethics improve marketing performance evidence shows there are long term financial benefits to being ethical and socially responsible
marking research process 1. locating and defining issue or problems 2. designing the research project 3. collecting data 4. interpreting research findings 5. reporting research findings
types of research the nature of research varies based on the research design and the hypothesis under investigation. -exploratory, conclusive, descriptive, experimental
methods of collecting primary data population, sample, survey methods, technology and surveys, questionnaire construction, observation
personal interview surveys in-home/ door-to-door, focus groups, customer advisory boards, telephone depths, shopping mall intercept
questionnaire construction types open-ended questions, dichotomous questions, multiple choice questions
market group of people who as individuals or organizations have needs for products in a product category and have the ability willingness and authority to purchase such products
appropriate targeting strategy undifferentiated target strategy, customers have similar needs for a product. concentrated targeting strategy, organizations with diverse need for products in the same class
behavioristic variables divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use
Created by: 1135830081
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