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Marketing
| Question | Answer |
|---|---|
| State the marketing concept (3 parts) | 1. Consumer orientation 2. Integration 3. Profit |
| Define consumer oriented | determines consumer needs before product is designed and made |
| define production oriented | does not determine needs, focus' on keeping cost down, and product characteristics |
| Why integrate all marketing activities into one department? | To focus and specialize in marketing only |
| How should a firm define its business? | Buy a need |
| What eventually happens to a firm that incorrectly defines its business? | Goes out of business |
| Define Marketing. 1 and 2. | 1- The performance of activities that take the products from producer to consumer. 2-Total system of interacting business activities designed to plan, price, promote and distribute need satisfying products to consumers at a profit. |
| Why have firms switched from production oriented to consumer oriented? | 1) Increase competition 2) More secure market |
| Sell what we can make | Production oriented |
| Make what we can sale | Consumer oriented |
| Make the consumer do what suits the company | Production oriented |
| What is market segmentation? | Take total hetero-genius product market and break into homogenius segments |
| How do you define a generic market? | 1. customer needs 2. customer types 3. geographic area. -Broad similar needs |
| How do you define a product market? | product type, customer needs, customer types, and geographic area. --same similar needs |
| What is a mass marketer? | Sells ONE marketing mix to target marketer- no segments |
| What is a market? | 1. People with needs 2. Money to spend 3. Willingness to spend |
| What is a segment? | A homogenius group of customers that will respond to a marketing mix in a similar way. |
| OVERALL marketing strategy | 1-Select a Target Market 2-Develop a marketing mix |
| What are the two strategies of a target marketer? | Single target marketing Multiple target marketing |
| Generic market for Coke? | Thirst |
| What are the characteristics of a good segment? | 1. Homogenius within 2. Heterogenius between 3. Substantial 4. Operational |
| Name two segmentation variables | Demographics and Needs |
| What is combining?> | Combining two or more submarkets into one larger target market as a basis for one strategy |
| TWO parts of consumer behavior? | Buying patterns and buying motives |
| Are consumer behavior and buyer behavior the same thing? | YES |
| What is a "model" of consumer behavior? | Explanation |
| Marshallian Economic Model- | Consumers attempt maximum satisfaction per dollar |
| Freudian Psychoanalytic model- | When consumers buy a product, it is a response to repressed sexual desires |
| Pavlonian Learning model- | consumer can be trained by repetitious advertising to buy a particular product |
| Why is it easier to get 20% of a 25% segment than 5% of the total market? | Everyone in that segment has the same need |
| What strategy seeks "breadth in a generic market"? | Mass marketing |
| What strategy seeks to "penetrate a limited market in depth"? | STM (wedge of cake diagram) |
Created by:
cmoss5
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