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