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MK 303 exam 1

UAB Mr. Woodroof class

QuestionAnswer
A Marketing strategy is a long-term plan for achieving a company's goals by understanding the needs of a customer
What are interrelated parts of a marketing strategy? target market marketing mix
target market: a fairly homogeneous (similar) group of customers to whom a company wishes to appeal
marketing mix: the controllable variables the company puts together to satisfy this target group
The 4Ps of marketing- Product, Place, Price, and Promotion
Market segmentation- dividing a market into meaningful, and identifiable groups based on relatively similar characteristics
Economic Environment affects on marketing strategic planning- Global economy, paid changes, interest rates
Technological Environment affects on marketing strategic planning- Machine learning, AI
Political/legal Environment affects on marketing strategic planning- Nationalism and regional economic agreements
Cultural/Social Environment affects on marketing strategic planning- Attitudes, Values, Lifestyles
Customer value- Offer products that perform Earn trust Avoid unrealistic pricing Give the buyer facts Offer orgnaization wide commitment in service and after sales support
The functional benefits a customer may receive from a market offering what they perceive as the uses. ex: phone capabilities of iphone, the thirst-quenching offered by a bottle of water
he history of the marketing concept from production-orientation all the way to Stakeholder. Field of Dreams orientation - "If you build it, they will come." - Doesn't consider if what is produced meets market needs - "You can have any color as long as it's black." -Henry Ford
A market-directed economy means consumers control what is produced.
What is apart of Ansoff's opportunity matrix Market Penetration Market Development Product Development Diversification
Market Penetration- increase market share among existing customers
Market Development- attract new customers to existing products
Product Development- create new products for present markets
Diversification- introduce new products into new markets
The various decisions that good marketing strategy planners make aligning business objectives with the marketing objectives
Why good company objectives need to be realistic overly ambitious objectives are useless if the firm lacks the resources to achieve it
Demographics are the most common variable companies use for segmentation. Why? it helps you get more specific about the consumer you are trying to reach
What is market fragmentation the creation of many consumer groups due to a diversity of distinct needs and wants in modern society
What are the steps in the targeting marketing process Segmentation Targeting Positioning
Segmentation is the process of dividing a larger market into smaller pieces based on meaningful, shared characteristics
Targeting- Marketers evaluate each potential segment Decide upon which groups of customers they will invest Selected groups are known as target markets
Positioning - the process by which marketers seek to influence how a particular product is perceived in the minds of customers relative to competing offerings.
Why is repositioning needed sometimes? establishes a new position in response to market changes can breathe life into "retro" brands Ex. cream cheese
Brand personality- A distinctive image that captures a brand's character and benefits
Dimensions of Brand personality -Sincerity -Excitement -Competence -Sophistication -Ruggedness
target market A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges.
Created by: user-1872201
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