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MKT 291 Exam 1
| Question | Answer |
|---|---|
| what is marketing? | not just advertising, need to understand customers, want to turn customers into brand loyalists |
| what is the marketing concept? | puts marketing at the beginning of the cycle, not the end |
| what is the order of the marketing concept? | customer segment-->customer needs-->long-term profit through customer satisfaction |
| what is the order of the selling concept? | company-->existing products-->short-term profits from sales volume |
| what is marketing management? | the process of setting marketing goals and measuring progress toward the achievement |
| who's goals must you know first before marketing? | corporate and company goals |
| What are the 7 p's of marketing (in order) | product, price, place, promotion, people, physical evidence, process |
| marketing enviornment | the factors and forces that affect a firms ability to build and maintain customer relations |
| immediate enviornment | also called micro environment, things such as suppliers, employers, competitors, shareholders |
| external enviornment | external threats. political, economic, social, technological, legal, environmental (PESTLE) |
| environmental screening | process of gathering and interpreting data in the immediate and external environments to find possible opportunities and threats and to develop strategic plans from them |
| SWOT analysis | internal: strengths/weaknesses, external: oportunities/threats |
| information sources | employee feedback, customer feedback, insight research, professional reports, etc |
| why gain customer insight? | regular market research gives marketers a competitive edge |
| what is a good research question? | drives research effort, usually made to target a specific problem, seek feedback from consumers, can be clear of hazy |
| exploratory research | useful in gaining insights and ideas and is often used to funnel broad resource questions into more precise ones |
| what is secondary data? | pre-existing data found through literary sources or data mining |
| what is new data? | research that must be collected, case analysis, focus groups, projective methods, depth interviews |
| what is descriptive research? | focuses on quantifying feelings, attitudes, or opinions |
| what is causual research? | focuses on discovering the cause and effect relationships between variables |
| be sure to study research designs | in the notebook |
| customer behavior | insight into why customers do what the do |
| what are some things behaviors of customers could come from? | familiarity, intention to buy/visit, motivation, attitude toward product, personality/psychographic,demographic |
| types of quantitative data? | primary: survey data, secondary: census data |
| types of qualitative data? | primary: focus group results, secondary: magazine articles, etc |
| customer satisfaction | regular surveys will tell if satisfaction is rising or falling, giving marketers insights into what causes satisfaction levels to change |
| what is net promoter score? | how likely one is to recommend a brand/product to a friend/colleague |
| what are NPS promoters? | 9-10 and are loyal customers |
| what are NPS passives? | 7-8 and are neither satisfied or enthusiastic |
| what are NPS detractors? | 0-6 and are customers who are unhappy and can hurt the brand |
| what is marketing segmentation? | the process of breaking down large groups into smaller ones based on meaningful characteristics and shared needs |
| what are the ways to segment? | demographic, geographic, psychographic, usage behavior |
| steps to create a meaningful market segment | choose meaningful characteristics, choose the number of characteristics to include, determine if the segment is a desirable market |
| what should target markets be? | identifiable, sizeable, stable, accessable, congruent |
| what is undifferentiated (mass) marketing? | when a marketer uses only one strategy or marketing mix for the whole market |
| what is differentiated marketing? | when a company targets more than one market segment and develops a unique marketing mix to target each segment seperately |
| what is concentrated marketing? | a marketer selects one target market and customizes a marketing mix for that target market only |
| what is a buyer persona | a representation of a marketers market segment. helps to give tangibles a face |
| how to form a buyer persona? | should have enough info to describe a real person, should be based on real research, should have demographic info, goals, day-in-the-life, etc |
| what is positioning? | a strategy for defining and portraying brands or products in a way that cause the ideal customers to perceive them as the best solution for their needs |
| goal of a well positioned product? | to help a customer answer the question of why they should buy from you |
| what is a position? | the space in the market for which a product is ideally suited |
| what is a position statement? | a succinct expression of a product markets position |
| what is unique selling proposition (USP)? | an adaption of the product positioning statement for use in sales dialogues and communications |
| what happens when a consumer sees a product that is different and better? | they pay more, develop brand loyalty, develop resistance to other brands, become advocates for the product |
| requirements for successful positioning? | requires that a marketer should know who their product/service is ideal for |
| pricing and consumers general rule? | in the absence of any other input, consumers judge quality based on price |
| what are the positioning strategies? | being first: those who are first receive awareness, positioning as a follower: good for similar products/benefits from niche market/differentiation is primary strategy, repositioning: happens when current position no longer appeals to target consumer |
| cont. of positioning strategies | repositioning: take advantage if competitors weakness/*brands positioning and product positioning must align* |
| what is positioning about? | showing value of the product, not the technical features |
| what are positioning truths | positioning statements should guide every choice, best position statements are developed collaboratively |
| how to create a positioning market? | create a positioning matrix to see how the product is positioned relative to competitors |
| uses for a positioning matrix? | to see where a hole or need is, to justify current positioning |
| 5 steps of buyer behavior process | 1. need recognition 2. information search 3. evaluation of alternatives 4. purchase 5. reaction |
| what does the buyer behavior process do? | helps marketers understand what a customer gets through during a purchase |
| what is consumption? | using a good or service to fill a need |
| what is recognition? | maslow's hierarchy of needs-->self-actualization, esteem/ego, love and belonging, safety needs, physiological needs. order is top to bottom |
| how to market in need recognition? | show how current consumer state is insufficient, marketing can shape a customers perception of their needs |
| information search | when a customer searches for information, in the information stage, for what may fulfill needs |
| what is search engine optimization? | designing or enhancing a website in ways that improve its visibility in one or more search engine |
| evaluative criteria? | the product attributes that are important to a consumer |
| purchase decision | the point at which a customer chooses which product to purchase, and also where, when, and how to purchase |
| purchase decision 1? | assist customers making the purchase, so they follow through with the purchase |
| purchase decision 2? | consider purchasing items with the phone because it adds convenience to purchasing process making customer more likely to buy |
| reaction of consumer? | after purchasing the product/service the customer compares experience to expectations |
| where do consumers get expectations? | from previous experiences, ads, promises from sales people |
| desired outcome of reactions? | exceeds customer expectations, delight causes customer to tell about product, experience would cause them to re purchase |
| variations in the process? | low -involvement vs. high-involvement |
| what is low-involvement purchase? | a purchase that the customer does not really have to think about--small purchase or repetitive purchase |
| what is a high-involvement purchase? | have a greater consequence to the consumer, marketers should provide additional info for product, assurance such as warranties are helpful, example is like buying a car, etc |
| what is a "business customer"? | companies, government entities, academic institutions, organizations, associations, distributors |
| how to market for B2B process? | focus on relationships, provide ongoing support, prepare relevant info |
Created by:
grantbusch