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MKT 300 Exam 1
| Question | Answer |
|---|---|
| Describe the purpose of marketing | Create, communicate, and deliver value to customers |
| Marketing is all about | solving customer problems |
| What is marketing? | Segmenting, targeting, and positioning |
| The thinking of the marketing is | Marketing Strategy |
| The action of the marketing is | Marketing Tactics |
| The final goal of the marketing is | Customer value |
| The group who pay the money for the service or goods is | customer |
| The group who uses the service or goods is | consumer |
| which are necessary but not sufficient to make connections and grouping people by similarities | Demographics |
| Grouping people by differences | Psychographics |
| an marketing management philosophies of the evolution that focus on efficiency of internal operations | Production orientation |
| an marketing management philosophies of the evolution that focus on aggressive techniques for overcoming customer resistance | Sales orientation |
| an marketing management philosophies of the evolution that focus on satisfying customer needs and wants | Marketing orientation |
| an marketing management philosophies of the evolution that focus on satisfying customer needs and wants while enhancing individual and societal well-being | Societal orientation |
| facets of the market orientation construct: What can we make or do best? Internal efficiency? | Production orientation |
| facets of the market orientation construct: How can we sell more aggressively? | Sales orientation |
| facets of the market orientation construct: What do customers want and need? | Marketing orientation |
| What do customers want and need, and how can we benefit society? | Societal orientation |
| How to Apply the marketing concept to real-world business situations | 1. Gathering market intelligence (what do customer want) 2. Disseminating knowledge (share the info) 3. Coordinated response (put together the best product) |
| A consumer-oriented philosophy dedicated to | understanding and fulfilling consumer needs through the creation of value |
| Customer value equals | customer benefits minus customer costs |
| All start at | customer value |
| The importance of Marketing | generating revenue |
| The key to succeed Marketing | STP, segmenting, targeting. Positioning |
| A group of people seeking products in a specific product category is | a Market |
| The importance of Market Segmentation | Competitive advantage |
| identifying a group of customers in your market who share a similar set of needs and wants | Segmenting |
| Segmentation Bases | Demographics, Psychographics, Behavioral, Needs |
| Segmentation bases on Age, family size, family life cycle, occupation, ethnicity, gender | Demographics segmentation |
| Segmentation bases on Activities interest, opinions (AIO) | Psychographics segmentation |
| dividing a market by the amount of product bought or consumed, 80/20 principle(heavy or loyal users) | Behavioral segmentation |
| according to the benefits customers seek from the products | Needs segmentation |
| EX: Dr. Pepper slogan: not for women is what kind of segmentation | Gender-Demographic |
| EX: A tooth path for the customer who prefer brush their teeth every hour | Customer’s need-Needs segmentation |
| (VALS)He is an experiencer and maker is | self-impression orientation |
| (VALS)He is an achiever and striver is: | Achievement orientation |
| (VALS) He is a thinker and believer | Ideals orientation |
| The process of evaluating the various segments and then selecting the most viable segment(s) who share a similar set of needs and wants | Targeting: |
| Four targeting strategies | Undifferentiated, Differentiated, Niche, and Micromarketing |
| Views the market as one big market with undifferentiated segments and requires a single marketing mix | Undifferentiated Segmentation |
| Pros of Undifferentiated Targeting | save production and marketing cost |
| Cons of Undifferentiated Targeting | unimaginative product offerings, company weaker to competition |
| EX: 100 years still one version coke cola is the example of | undifferentiated segmentation |
| a strategy that chooses two or more well- defined market segments and develops a distinct marketing mix for each | Differentiated Segmentation |
| Pros of Differentiated Segmentation | scale, financial success |
| Cons of Differentiated Segmentation | high cost combination |
| EX: Different flavors of Layers chips | Differentiated Segmentation |
| A concentrated strategy of focusing on a narrow market is sometimes more profitable than spreading resources over several different segments | Niche Segmentation |
| Pros of Niche Segmentation | concentration of resources, meets narrowly defined segment, small firms can compete, strong positioning |
| Cons of Niche Segmentation | Segments too small or changing, large competitors may market to niche segment |
| EX: Jones soda | Niche Segmentation |
| One-to-one marketing which is individualized, information intensive, with a long-term perspective and goal of increasing customer loyalty | Micromarketing Segmentation |
| Pros of Micromarketing Segmentation | meet needs of busy consumers, consumers are loyal, better customer tracking |
| Act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market | Positioning |
| Value is the relationship between | price and quality |
| a brand is differentiated and positioned; answer the question of why should I buy your brand | Value Proposition |
| A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds. | Perceptual Mapping |
| For [Target Market], the [Brand] is the [Point of Differentiation] among all [Frame of Reference] because [Reason to Believe] | Positioning Statement |
| Positioning statement concepts | what we difference from any other else? |
| The point of differentiation (POD) describes | how your brand or product benefits customers in ways that set you apart from your competitors |
| The frame of reference is | the segment or category in which your company competes |
| Changing consumers’ perceptions of a brand in relation to competing brands | Repositioning |
| Weber’s law | the stronger the initial stimulus, the greater the added. Intensity needed to perceive a difference |
| Zeigernik effect | A person beginning a task needs to complete it. When one is prevented from doing so, a state of tension is created that manifests itself in improved memory for the incomplete task |
| Poorly conducted STP Marketing example | Buick |
| The managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities | Strategic Planning |
| “What kind of business should we be in?” “Where are we now?” “Where do we want to go?” Big picture, Long-term strategy is the example of | Strategic Planning |
| “How can we meet goals set by management?” “What are our specific objectives?” Focuses on the how, Short-term execution is the example of | tactical planning |
| a long-term view, or vision, of what the organization wants to be | Mission statement |
| Who are our customers? What business we are in? What are our core competencies? is the example of | Strategic Marketing |
| A statement of what is to be accomplished through marketing activities | Marketing Objectives |
| SWOT is | Strength (internal and helpful), weakness (internal and harmful), opportunities (external and helpful), threats (external and threats) |
| A distinct mission and specific target market, Control over their resources, their own competitors | Strategic Business Units (SBUs): |
| A collection of businesses (SBUs) and products that make up a company | Business Portfolio |
| BCG Matrix has | Star (high market growth and high market share), question mark (high market growth and low market share), cash cow (low market growth and high market share), dog (low market growth and low market share) |
| Market leader means | high market share |
| The activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target markets | Marketing Strategy |
| many internal strengths / many external opportunities | Aggressive |
| many internal strengths / many external threats | Diversification |
| many internal weaknesses / many external opportunities | Turnaround |
| many internal weaknesses / many external threats | Defensive |
| The marketing audit’s role is to make sure that the marketing plan emphasizes the country’s strengths that are compatible with the shifting market environment | Implementation, Evaluation and Control |
| Competitive advantage equals | core competencies plus market opportunities /strategic windows |
| the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition | Competitive advantage |
| Types of competitive advantage | cost, productive/service differentiation, niche strategies |
| Advantage achieved when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than the competition is | Product/Service Differentiation |
| unique Brand names, product reliability, image, service are examples of | Product/Service Differentiation |
| Advantage achieved when a firm seeks to target and effectively serve a small segment of the market | Niche Competitive Advantage |
| Focus on efficiency of operations and processes, Lower cost operations leads to lower prices for customers, comprehend the growth strategies from the Strategic Opportunity Matrix | Operational Excellence (cost) |
| Excellence in technology and product development, most advanced, highest quality product offering Have a working understanding of Consolidation Strategies as well as the Balanced Scorecard | Product Leadership (differentiation) |
| Understanding customers better than the competition, Develop long-term customer relationships | Customer Intimacy (niche market) |
| 4 P's of marketing is | Price, Product, Promotion, and Place |
| the one who Attacks the leader | Market challenger |
| the one who is a Adapter, Imitator, Cloner | Market follower |
| Be a specialist on any product feature, service or any of the 4P’s | Market niche |
| Results of Competitive Advantage | Performance Outcomes: Satisfaction, Loyalty, Market share, Profitability |
| EX of strategic opportunity matrix: existing sports drink to elderly people: | MKT development |
| EX of strategic opportunity matrix: Apple brings out Iphone 8: | Product development |
| Consolidation strategies | Retrenchment, Pruning, Divesting |
| Reduce the budget, and Coca-Cola severely reduces the advertising budget and distribution for Coca-Cola Vanilla is the example of | Retrenchment |
| Cut off part of the product, like Coca-Cola discontinues C2 is the example of | Pruning |
| Out of the business and industry, like Procter & Gamble gets rid of their entire line of food products is the example of | Divesting |
| Puts customer needs and wants first, Focuses on long-term, Finds ways to cooperate with suppliers and competitors | Customer-Focused Strategic Planning |
| A set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers. | The Marketing Environment |
| Macro environmental factor | political, social, technology, Economy, consumers |
| Micro environmental factor | consumers, suppliers, competitors |
| Internal environment | Organization |
| External environment | Macro and Micro environment |
| Porter’s Five Forces with respect to Competitive Rivalry | Bargaining power of customers, Threat of substitute products, Threat of new entrants, Bargaining power of suppliers |
| Core American values | Achievement and success, Efficiency and convenience |
| Women in the workforce | The phenomena of working women has had the greatest effect on marketing than any other social change |
| Component lifestyle | The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle |
| Household Structure | Delayed marriage, Divorce, Smaller Families, more households, smaller household size |
| general, all the things you can have | Generic Competition |
| solve same basic need, like food, transportation | Form Competition |
| same product, but different price or distribution | Industry Competition |
| head to head competition, same product with similar price point | Brand Competition |
| ethnic trends | multicultural society |
| Are acquired for resale without change in form | Business Marketing |
| Types of business products | major equipment, accessory equipment, raw materials, component parts, processed materials, supplies, business service |
| Hierarchy of evaluative criteria for business buyers | price, service, quality |
| Demand for industrial products that stems from demand for consumer products (business desire) | Derived demand |
| Demand that is not significantly altered by a price increase or decrease | inelastic demand |
| Demand involving the use of two or more items in combination to produce a product (consumer demand) | Joint demand |
| product is purchased for the first time (most involvement) | New task |
| changes are desired in the original product | Modified rebuy |
| original product is re-ordered (least involvement) | Straight rebuy |
| Business (B2B) | Organizational demand, larger volume, fewer # of customers, concentrated location, personal selling promotion, multiple buying influence, more complex negotiations |
| Consumer (B2C): | Individual demand, smaller volume, many of customers, advertising promotion, single buying influence, simpler negotiations |
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