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MarketingFinalFIU
marketing final
| Question | Answer |
|---|---|
| Market segmentation | is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs Ex: Senior citizen market or Hispanic market or Colle |
| Bases for Segmenting Consumer Markets (4) | Geographic• Demographic• Psychographic• Behavioral |
| Geographic segmentation | divides the market into different geographical units such as nations, regions, states, counties, or cities |
| Demographic segmentation | divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality |
| Psychographic segmentation | divides buyers into different groups based on social class, lifestyle, or personality traits |
| Behavioral segmentation | divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product • Occasion• Benefits sought• User status• Usage rate• Loyalty status |
| Measurable | examples include the size, purchasing power, and profiles of the segments – degree to be measured. |
| Accessible | refers to the fact that the market can be effectively reached and served |
| Sustainable | refers to the fact that the markets are large and profitable enough to serve |
| Actionable | refers to the fact that effective programs can be designed for attracting and serving segments |
| Undifferentiated | targets the whole market with one offer • Mass marketing • Focuses on common needs rather than what’s different |
| Differentiated | targets several different market segments and designs separate offers for each • Goal is to achieve higher sales and stronger position • More expensive than undifferentiated marketing |
| Micromarketing | is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations• Local marketing• Individual marketing |
| Concentrated | targets a small share of a large market• Limited company resources•Knowledge of the market • More effective and efficient |
| Product | targets a small share of a large market• Limited company resources Knowledge of the market • More effective and efficient is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want |
| Consumer products | is a form of product that consists of activities, benefits, or satisfactions offered sale that are essentially intangible and do not result in ownership• Doctor’s exam• Legal advice |
| Convenience products | are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effortn• Newspapers• Candy • Fast food |
| Shopping products | are consumer products and services that the customer compares carefully on suitability, quality, price, and style |
| Specialty products | are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort |
| • Product Attributes | are the benefits of the product or service |
| • Brand | is the name, term, sign, or design, or a combination of these, that identifies the maker or seller of a product or service |
| • Packaging | involves designing and producing the container or wrapper for a product |
| • Effective Labeling | identifies the product or brand, describes attributes, and provides promotion |
| New Product Development o Includes 8 stages | 1. Idea generation 2. Idea screening 3. Concept development and testing 4. Marketing strategy development 5. Business analysis 6. Product development 7. Test marketing 8. Commercialization |
| • Product Life cycle | is the course that a product’s sales and profits take over its lifetime |
| o Includes 5 stages | • Product development • Introduction • Growth • Maturity • Decline |
| Price | is the amount of money charged for a product or service. It is the sum of all the Values that consumers give up in order to gain the benefits of having or using a product or service. is the only element in the marketing mix that produces revenue; al |
| Cost-based pricing | involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risK |
| Value-based pricing | uses the buyers’ perceptions of value, not the seller’s cost, as the key to pricing. Price is considered before the marketing program is set. • Value-based pricing is customer driven• Cost-based pricing is product driven |
| Market-Skimming pricing | is a strategy with high initial prices to “skim” revenue layers from the market• Product quality and image must support the price• Buyers must want the product at the price• Costs of producing the product in small volume should not cancel the advantage of |
| Market-Penetration pricing | sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share • Price sensitive market• Inverse relationship of production and distribution cost to sales growth • Low prices |
| Product line pricing | takes into account the cost differences between products in the line, customer evaluation of their features, and competitors’ prices – ex: GAP Inc. |
| Optional-Product pricing | takes into account optional or accessory products along with the main product – ex: Buying a car |
| Captive-Product pricing | involves products that must be used along with the main product – ex: Gillette or Polaroid |
| Quantity discount | reduces prices to buyers who buy large volumes |
| Seasonal discount | reduces prices to buyers who purchase merchandise or services out of season Ex: Christmas things after holidays Swimwear after summer |
| Timing pricing | reduces prices to buyers who based on month, day, even hour. Ex: Movie theaters – matinee pricing Cell phones |
| Promotional pricing | temporarily reduces prices below list price to increase short-run sales. Ex: Airline tickets |
| Consumer Promotion | is the short-term incentives to encourage purchases or sales of a product or service |
| Samples | offer a trial amount of a product |
| Coupons | are certificates that give buyers a saving when they purchase specified products |
| Cash Refund (rebates) | are similar to coupons except that the price reduction occurs after the purchase |
| Contests, Sweepstakes, Games | give consumers the chance to win something, such as cash, trips, or goods, by luck or through extra effort• Contests require an entry by a consumer • Sweepstakes require consumers to submit their names for a drawing• Games present consumers with somethin |
| Direct-Mail marketing | involves an offer, announcement, reminder, or other item to person at a particular address |
| Catalog marketing | involves printed and Web-based catalogs |
| Telephone marketing | involves using the telephone to sell directly to consumers and business customers• Outbound telephone marketing sells directly to consumers and businesses • Inbound telephone marketing uses toll-free numbers to receive orders from television and print a |
| Direct Response TV marketing | involves 60- to 120-second advertisements that describe products or give customers a toll-free number or Web site to purchase and 30-minute infomercials such as home shopping channels• Less expensive than other forms of promotion • Easier to track resu |
| Kiosk marketing | involves placing information and ordering machines in stores, airports, trade shows, and other locations |
| Mobile phone marketing | includes: • Ring-tone giveaways• Mobile games• Ad-supported content• Contests and sweepstakes |
| Podcasts & Vodcasts | involve the downloading of audio and video files via the Internet to a handheld device such as a PDA or iPod and listening to them at the consumer’s convenience |
| Interactive TV | lets viewers interact with television programming and advertising using their remote controls and provides marketers with an interactive and involving means to reach targeted audiences |
| Business-to-Business (B2B | involves selling goods and services, providing information online to businesses, and building customer relationships 8 |
| Business-to-Consumer (B2C) ) | involves selling goods and services online to final consumers |
| Consumer-to-Business (C2B) | involves consumers communicating with companies to send suggestions and questions via company Web sites |
| Consumer-to-Consumer (C2C) | occurs on the Web between interested parties over a wide range of products and subjects• Blogs• Offer a fresh, original, and inexpensive way to reach fragmented audiences• Difficult to control |
| Click-only marketers | operate only online without any brick and mortar presence |
| Click and mortar companies | are brick-and-mortar companies with an online presence |
| Promotional Mix | is the specific blend of advertising, public relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships |
| Advertising | is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor |
| Personal Selling | is the personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships |
| Sales Promotion | is the short-term incentives to encourage the purchase or sale of a product or service |
| Public Relations | involves building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events |
| Direct Marketing | involves making direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships—by using direct mail, telephone, direct-response television, e-mail, and the Internet to comm |
| • 9 Steps in Communication Process | 1. Sender 2. Encoding3. Message4. Media 5. Decoding 6. Receiver7. Response 8. Feedback 9. Noise |
| Rational Appeals | relates to the audience’s self-interest – ex: Pine Sol |
| Emotional Appeals | is an attempt to stir up positive or negative emotions to motivate a purchase – ex: Alarms |
| Moral Appeals | is directed at the audience’s sense of right and proper – ex: AIDS |
| Advertising Objectives | is a specific communication task to be accomplished with a specific target audience during a specific time |
| Informative Advertising | is used when introducing a new product category; the objective is to build primary demand |
| Persuasive Advertising | is important with increased competition to build selective demand |
| Comparison Advertising | directly or indirectly compares the brand with one or more other brands |
| Reminder Advertising | is important with mature products to help maintain customer relationships and keep customers thinking about the product |
| Reach | is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time |
| Frequency | is a measure of how many times the average person in the target market is exposed to the message |
| Distribution Channels | is a set of independent organizations that help make a product or service available for use or consumption by the consumer or business users |
| Market Intermediaries | are people or organizations that help get products to the final consumer. They are sometimes called middle men. |
| Direct Marketing Channel | has no intermediary levels; the company sells directly to consumers |
| Indirect Marketing channel | contain one or more intermediaries |
| Intensive Distribution | is a strategy used by producers of convenience products and common raw materials in which they stock their products in as many outlets as possible |
| Exclusive Distribution | is a strategy in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories |
| Selective Distribution | is a strategy when a producer uses more than one but fewer than all of the intermediaries willing to carry the producer’s products |
| Physical Distribution | (Marketing logistics)Involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet consumer requirements at a profit |
| Retailing | includes all the activities in selling products or services directly to final consumers for their personal, non-business use |
| Specialty stores | carry narrow product lines with deep assortments within the product lines |
| Department stores | carry a wide variety of product lines |
| Convenience stores | carry a limited line of high-turnover convenience goods |
| Superstores | offer a large assortment of routinely purchased food products, non food items, and services |
| Discount stores | sell standard merchandise at lower prices by accepting lower margins and selling higher volume |
| Direct marketing | selling your product directly to consumers |
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