Marketing 8-12
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| CHAPTER 8 (targ/ seg) Marketing segmentation is used for what 2 things? | define customer needs, org's objectives and allocation of resources
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| 4 criteria for segmentation | sustainability, id/ measurability, accessibility, and responsiveness
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| 3 Benefits of regional segmentation | 1 scanner data assess best sellers
2 brands appeal to local preferences
3 quick reaction to competition
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| 5 criteria for demographic segmentation | age, gender, income, ethnicity, and family life cycle
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| What is psychographic segmentation? | based on personality, lifestyles, etc.
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| 3 strategies for selecting target markets | undifferentiated, concentrated, and multisegment
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| A&D of undifferentiated | A: cost less
D: unimaginative products and vulnerable to competition.
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| A&D of concentrated | A: concentrate resources, small firms can compete, strong positioning
D: segment too small or changing, and large competitors may market to niche
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| A&D of multisegment | A: greater financial success and economies of scale
D: higher costs and cannibalization
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| 3 Goals of 1-to-1 marketing | cost reduction, customer retention, inc revenue
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| 3 1-to-1 trends | 1 no more one size fits all
2 loyal customers
3 mass-media approach decline, tech enables better customer tracking
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| 2 ways to segment biz markets | company characteristics and (customer) buying processes
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| what is the difference between the 2 purchasing strategies of buyers: satisficers and optimizers | satisficers- buy first fit
optimizers- shop around
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| Positioning is | developing a marketing mix to influence customer perceptions
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| 3 steps of effective positioning | 1 asses competitors
2 differentiate
3 choose marketing position to have greatest impact
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| what is perceptual mapping? | displaying/ graphing how customers' minds feel about products
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| what is repositioning? | changing customer perceptions of existing brand
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| 7 bases of positioning | attribute, price & quality, use/ application, product user, product class, competitor, and emotion.
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| CHAPTER 9 (mr) 3 roles of marketing research, to be... | descriptive, diagnostic, and predictive
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| 5 sources of secondary data | 1 internal info
2 gov agencies
3 trade & industry associations
4 biz periodicals
5 news media
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| Advs of secondary data | saves time and money, determine direction for primary data, pinpoint type of people, and serves as a basis for comparison
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| Disadvs of secondary data | may not give adequate info, may not be on target with problem, and questionable accuracy of data
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| what do marketing research aggregators do? | acquire and resell reports already published by marketing research firms
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| Advs of primary data | answer specific qs, current data, source is known, and secrecy
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| One disadv of primary data | expensive
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| 4 types of observation research | 1 ppl watching ppl
2 ppl watching activities
3 machines watching ppl
4 machines watching activities
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| what is behavioral targeting? | obs research using data mining coupled with identifying web surfers by ip address
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| what is ethnographic research? | study of human behavior, observing it and its setting
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| 4 things field service firms provide | 1 focus group facilities
2 mall intercept locations
3 test product storage
4 kitchen facilities
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| what is cross-tabulation? | comparing responses to diff survey qs
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| Advs of internet surveys | rapid development, real-time reporting, low cost, personalized qs, improved participation, and contact with hard to reach.
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| what is web community research? | select group that participates in ongoing dialogue with a corp
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| what are the benefits of web community research? | customer innovation, brand advocates, and real-time results
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| what is trusted more than traditional advertising? | consumer generated media
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| what is scanner based research? | continuously monitoring a select group by the promotions and pricing they are exposed to and the products they buy
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| 3 things behaviorscan does | 1 track purchases of households
2 used to manipulate advertising
3 used to introduce new product/ analyze changes in behavior
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| 3 things infoscan does | 1 track packaged goods
2 retail sales purchasing info
3 promotional activity monitored for bar coded products
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| what is competitive intelligence? | assess competition to become more efficient
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| 4 characteristics of decision support systems | 1 interactive
2 flexible
3 discovery oriented
4 accessible
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| what is neuromarketing? | study of body's response to marketing stimuli
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| Advs of online focus groups | participation, cost, broad geographic scope, accessibility, and honesty
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| CHAPTER 10 (prod, line, brand) 4 types of consumer products | convenience, shopping, specialty, and unsought
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| 5 benefits of product lines | 1 advertising economies
2 package uniformity
3 standardized components
4 efficient sales and distrib
5 equivalent quality
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| 3 adjustments to products | modification, repositioning, and line extension/ contraction
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| 3 types of product modifications | quality, functional, style
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| what is planned obsolescence? | modifying products so that those already sold become obsolete before they need to be replaced
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| 3 reasons to reposition | 1 change in demographics
2 declining sales
3 changes in social environment
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| 3 symptoms of line overextension | 1 low sales or cannibalization
2 resources allocated poorly to slow-moving products
3 sold items become obsolete
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| 3 benefits of branding | 1 product identification
2 repeat sales
3 new products sales
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| 3 branding strategies | manufacturer, private, and captive
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| advs of manufacturers brand | heavy ads, attract new customers, enhance dealer prestige, rapid delivery, less inventory, and customers can switch brands while remaining loyal to comp
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| ads of private brand | higher profits on own brand, less pressure to mark down price, manufacturer can become competitor or drop a brand, ties customer to wholesaler/ retailer, wholesaler/ retailer have no control over distribution of manufacturers' brands
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| advs of captive brand | no evidence of store affiliation, made by third party, sold exclusively at chain, and can ask for price similar to manufacturers' brands
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| 3 types of cobranding | ingredient, cooperative, and complementary
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| 4 packaging functions | protect, promote, facilitate storage/ use, and facilitate recycling
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| CHAPTER 11 (prod develop) 6 categories of new products | 1 new to world
2 new product lines
3 line additions
4 improvements/ revisions
5 repositioned products
6 lower-priced products
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| 7 steps of product development process | 1 new strategy
2 idea generation
3 idea screening
4 biz analysis
5 development
6 test marketing
7 commercialization
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| 7 sources of idea generation | customers, employees, distributors, vendors, competitors, R&D, and consultants
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| what is idea screening? | first filter to eliminate ideas inconsistent with org's new product strategy
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| what is a concept test? | evaluates new idea before prototype. Often successful for line extensions
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| 4 biz analysis considerations of new product | demand, cost, sales, profitability
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| 5 things involved with new product development | 1 prototype
2 sketch marketing strategy
3 packaging, branding, labeling
4 promotion, price, and distrib strategy
5 manufacturing feasibility
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| what is simultaneous product development? | team of all functional areas and suppliers, participate in product development
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| what is test marketing? | limited intro or a product to determine reactions of potential customers
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| cost of test marketing | 1 year, $1 million, exposes new product to competition, and competition can jam test with their own promotions
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| alternative to test marketing | scanner data, simulated labratory market testing, and online test marketing
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| commercialization involves | materials, production, distribution, training, trade announcements, and advertising
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| new product success factors | listen to customer, vision of future, and team projects
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| what is diffusion | adoption of an innovation spreads
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| 5 categories of adopters | innovators, early adopters, early majority, late majority, laggards
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| 5 product characteristics effecting rate of adoptiong | complexity, compatibility, relative advantage, observability (of benefits), and trialibilty
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| 4 stages of PLC | intro, growth, maturity, and decline
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| intro stage... | high failure, little comp, frequent modification, high costs, neg profit, promotion focuses on awareness and info, challenge to stimulate primary demand
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| growth stage... | entrance of competitors, market consolidation, and brand differentiation
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| maturity stage... | lengthened product lines, service and repair, heavy promotions to consumers and suppliers, marginal competitors gone, niches emerge
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| decline stage... | large inventory of unsold items, eliminate nonessential marketing expenses, and "organized abondonment"
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| CHAPTER 12 (serv, nonprof) 4 ways services differ from goods | intangible, inseperable, heterogenous, perishable
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| when is search quality assessed? | before purchase, usually goods
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| when is experience quality assessed? | after purchase
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| what is credence quality? | can be assessed only with proper knowledge
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| 5 components of service quality | reliability, responsiveness, assurance, empathy, and tangibles
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| 4 types of service processing | people, possession, mental stimulus, and info
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| 3 things the service mix helps determine | 1 what new services to introduce
2 target markets
3 what existing services to eliminate
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| 5 components of service distribution strategy | 1 convenience
2 number of outlets
3 direct or indirect distribution
4 location
5 scheduling
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| 4 components of service promotion strategy | 1 stressing tangible cues
2 use personal info sources
2 create strong org image
4 engage in postpurchase communication
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| 2 things to determine price strategy | define unit of service consumption and determine if multiple elements are bundled or priced individually
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| 3 orientations of service price strategy | revenue, operations, patronage
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| what is operations oriented pricing | match supply and demand by varying price
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| what is patronage oriented pricing | max number of customers by varying price
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| 3 levels of relationship marketing in services | 1 financial- prince incentives to retain customers
2 social & financial- design services to meet customer needs
3 structural, social, n financial- create value-added services that are not available elsewhere
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| what is internal marketing | employees = customers, provide benefits that satisfy their needs
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| characteristics shared between service and nonprofit | intangible, production with customer present, vary greatly, cant be stored
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| marketing activities of nonprofits | identify desired customers, manage programs/ services, schedule events and programs
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| 3 unique aspects of nonprofit strategies | 1 objectives
2 target markets
3 product decisions
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| objectives of nonprofits respond to wants of | payers, users, donors, politicians, officials, media, and general public
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| 3 things different about nonprofit target markets | 1 apathetic/ opposed targets
2 pressure to adopt undifferentiated strategy
3 complementary positioning- dont compete
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| 3 promotion decisions of nonprofits | 1 professional volunteers
2 sales promotion activities (team up)
3 public service advertising
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| 5 pricing decisions of nonprofits | 1 pricing objectives - control cost, redistribute resources
2 nonfinancial prices- time, embarrassment, and effort
3 indirect payment (taxes)
4 seperation between buyer and seller (rich and poor)
5 below-cost pricing
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| 5 gaps of service quality model | 1 misunderstanding customer needs
2 inability to translate customer needs into delivery systems
3 inability to execute service as planned
4 inaccurate advertising communication
5 pos or neg customer satisfaction
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| gaps | 1 btwn expected serv & mgmt perceptions of cons expectations
2 btwn mgmt perceptions & quality specs
3 btwn qual specs and serv delivered
4 btwn serv delivery & ext comm to cons
5 btwn expected serv & perceived serv (pos or neg)
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Created by:
stevemanzi19
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