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Marketing Notes
Intro to Marketing Questions
| Question | Answer |
|---|---|
| Describe Value-Based Marketing | 1. Maximize Value 2. Focus on the Long-Term 3. Think in terms of Relationships. 4. Beyond Just Consumers. 5. Evolve Over Time |
| 4 Steps to make a loyal customer. | 1. New Customer. 2. Regular Customer. 3. Loyal Supporter 4. Advocate |
| 5 steps to a marketing plan. | 1. Business Planning. 2. Situation Analysis. 3. Develop Strategy. 4. Implement Strategy. 5. Monitor and Control. |
| What does an opportunity not lead to? | An opportunity does not lead to a strategy. |
| Building a sustainable competitive advantage. | 1. Customer Excellence. 2. Operational Excellence. 3. Product Excellence. 4. Location Excellence. |
| Monitoring and Controlling | Comparing relative market share and market growth rate. |
| What are the three components of the Immediate Environment? | Company, Competition, Corporate Partners. |
| What are the components of the macro environment. | CDSTEP. 1. Culture. 2. Demographics. 3. Social. 4. Technology. 5. Economy. 6. Political and legal. |
| What are the three types of competitors. | 1. Direct. 2. Indirect. 3. Marketplace. |
| What is a direct competitor? | Similar product, same need. |
| What is an indirect competitor? | Different product, same need. |
| What is a marketplace competitor? | Different product, different need. |
| What is green marketing? | Green marketing involves a strategic effort by firms to supply customers with environmentally friendly merchandise |
| Green washing | disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales, rather than actually improving the environment |
| 5 Steps of Research Process | 1. Research Planning. 2. Research Design. 3. Data Collection. 4. Data Analysis & Interpretation. 5. Implement Insights |
| Sources of Secondary Data | Free or very inexpensive external sources, such as census data, information from trade associations, and reports published in magazines. |
| Syndicated External Secondary Data | Although the secondary data described previously are either free or inexpensively obtained, marketers can purchase external secondary data called syndicated data |
| Scanner Data | Type of Syndicated Data. Derived from scanners. |
| Panel Data | information collected from a group of consumers, organized into panels, over time. |
| Internal Secondary Data | Data Warehouses, Data Mining |
| What is data mining? | uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables. |
| What influences consumer behavior? | 1. Marketing Mix. 2. Psychological Factors. 3. Social Factors. 4. Situational Factors. |
| What are the psychological factors that influence consumer behavior? | 1. Needs/motives. 2. Perception. 3. Attitudes. 4. Learning. 5. Lifestyle. |
| List the steps of Maslow's Hierarchy from top to bottom. | 1. Self-Actualization. 2. Esteem. 3. Love. 4. Safety. 5. Physiological.` |
| 3 Different Attitudes | 1. Cognitive. 2. Affective. 3. Behavioural.A |
| Shaping | Free Sample - Coupons - Full Price. |
| Group Buying Decisions | 1. Initiator. 2. Influencer. 3. Decider. 4. Buyer. 5. User. |
| Indirect Reference Groups | +Aspriational -Dissociative |
| What are situational factors? | 1. Purchase Situation 2. Shopping Situation. 3. Temporal State. 4. Choice Environment. |
| What is Framing? | Choice Options, Choice Goals. |
| What is Anchoring? | 1. Starting with a random value then moving up and down when the value is not known. |
| What is it when people select the pre-selected option? | Default Bias. |
| 5 Steps of the Consumer Decision Process. | 1. Need Recognition. 2. Search for Information. 3. Evaluation of Alternatives. 4. Purchase & Consumption. 5. Post-Purchase |
| 4 Different Product Types. | 1. Specialty Products. 2. Shopping Products. 3. Convenience Products. 4. Unsought Products. |
| Describe a Product Mix | The complete set of all products and services offered by a firm |
| Describe a Product Line. | Groups of associated items that consumers tend to use together or think of as part of a group of similar products or services. |
| What is the Breadth of a product mix? | # of product lines offered by a company. |
| What is the Depth of a product mix? | # of products within a product line. |
| Describe the options set. | 1. Universal Set (All Brands) 2. Known Brands, Unknown Brands. 3. Retrieval Set (Evoked Set(Acceptable Brands), Unacceptable Brands, Overlooked Brands. 4. Purchased Brand, Rejected Brand. |
| Decision Rules | 1. Compensatory 2. Conjunctive. 3. Lexicographic. 4. Affect Refusal. 5. Brand Loyalty. |
| A compensatory brand has | the best balance of features. |
| A conjunctive brand has | no bad features. |
| A lexicographic brand | scores highest on my most important feature. |
| An Affect referral brand | evokes the strongest gut feeling. |
| Brand Loyalty | My favourite brand. |
| Describe Cognitive Dissonance. | The state of having inconsistent thoughts, beliefs, or attitudes, especially as relating behavioral decisions and attitude change. |
| 4 Common Customer Segmentation Bases | 1. Geographic. 2. Demographic. 3. Psychographic.4. Behavioural |
| What do you evaluate when evaluating a segment's attractiveness. | 1. Identifiable. 2. Substantial. 3. Reachable. 4. Responsive. 5. Profitable. |
| What are the 4 targeting strategies? | 1. Undifferentiated. 2. Differentiated. 3. Concentrated. 4. Micromarketing. |
Created by:
realjok
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