Marketing Midterm
. Explain the concept of a Strategic Window.
A Strategic window is when you have found a customer that you can serve better than your competition.
What are the strategy options according to the Porter Generic Model?
Broad Target: Cost Leadership Strategy, Differentiation Strategy Narrow Target: Cost Focus Strategy, differentiation focus strategy
B2B
Business to Business: An organization to another organization. A firm, business or organization is the customer.
B2C
Business to Consumer: An organization that sells to the final consumer of the product/service/experience.
What is the definition of marketing (especially Mike's definition)?
Everything, everyone in every organization does to Find, Get, Keep a customer/constituency
What is the purpose of SWOT analysis?
Identify the critical strategy- related factors that can impact the firm
What are the different factors that shape "why people buy?"
Marketing mix Influences Product Price Place Promotion Psychological Influences Motivation and personality Learning Perception Situational influences Purchase task Social surroundings Physical surroundings Sociocultural Influences Personal influence Family Reference groups Culture and subculture
What is the Marketing Concept and why is it the foundation of effective marketing?
Marketing philosophy drives marketing practice Market informs marketING Don't get myopic
Define segmentation and explain the different variables that can be used to segment the market.
One Product and Multiple Market Segments (Example: Books) 2. Multiple Products and Multiple Market Segments (Example: Cars) 3. Segments of One-"Mass Customization" (Example: Tailor Products to Individuals)
market
People with both desire and ability to buy a specific offering
Explain the Porter 5 Force Model.
Porter 5 forces Potential New Entrants Bargaining of Buyers Bargaining of Suppliers Threat of Substitute Products Rivalry amongst existing firms It is used to identify and analyze five competitive forces that shape an industry to ultimately help them determine their strengths and weaknesses Helps determine the structure and corporate strategy
What is positioning and how is it used to create a brand identity?
Product positioning refers to the place a product occupies in consumer's minds based on important attributes relative to competitive products. Use perceptual maps to reposition Two types of positioning Head to head Ex. car companies such as Avis and Enterprise Differentiation Strategy Mcdonalds offering a healthy hamburger so they aren't competing with other fast food restaurants
4Ps
Product, Price, Place, Promotion
Marketing Mix
Product, Price, Promotion, and place
marketing research
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
customer value
The unique combination of benefits received by target buyers that include quality convince on time delivery and before and after sale service at a specific price
Why do firms conduct portfolio analysis using the Boston Consulting Group Matrix?
They do this to evaluate their company's products and divisions to determine the strongest and weakest. This Matrix helps plot market share against market growth potential. In a business portfolio, and organizations strategic business units often start as question marks and eventually become stars.
Explain the use of the Ansoff Growth Model.
Trying to figure out how we can grow. Categorizing how we can grow over time. Current product, current market And a new product, with a new market.
UCAM
U- uncover need, problem, opportunity C- connect insights to the problem, need, opportunity A- activate a solution M- measure results
prospective customer
Whether an individual is considering a purchase for personal or household use, or an organization is buying for its own use or for resale, the individual or organization would be considered
individual interview
a common way of collecting questionnaire data ti generate ideas that involves a single researcher making questions of one respondent
associative reference group
a group to which we currently belong
marketing metric
a measure of the quantitative value or trend of a marketing action or result
marketing plan
a road map for the marketing activities of an organization for a specified future time period
Strategic Business Unit (SBU)
a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
competitive advantage
a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
exclusive dealing
an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors
Enviormental Scanning
continually acquiring information on events occurring outside of the organization to identify and interpret potential trends.
challenge facing todays marketing researchers
effiencetly transform the huge amount of into useful information
organizations can be divided into three groups
for-profit, nonprofit, and governmental
patent law
gives inventors the right to exclude others from making, using, or selling products that infringe the patented invention
goal of SWOT
identify the critical strategy related factors that can impact the firm.
self-actualization
in the Maslow hierarchy of needs, those involving personal fulfillment
Secondary Research
information gathered from previous conducted studies
Primary Research
is collected through self conducted research
test market
offering a product for sale in a small geographic area to help evaluate potential market
an industry
organizations that develop similar offerings, when grouped together
Consumer Behavior
processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
Maslow Hierarchy of Needs Theory
proposes that people are motivated by five levels of needs: (1) physiological, (2) safety, (3) love, (4) esteem, and (5) self-actualization
define the problem
setting research objectives occurs during which step of 5 step marketing research approach
SWOT analysis
strengths, weaknesses, opportunities, threats
suggesting criteria to use for the purchase
the alternative evaluation stage clarifies the problem for the consumer
psychographics
the analysis of consumer lifestyles
value consciousness
the concern for obtaining the best quality, features, and performance, of a product or service for a given price that drives consumption behavior.
word of mouth
the influencing of people during conversations
problem recognition
the initial stage in the consumer purchase decision process involves preceding a difference between a persons ideal and actual situations big enough to trigger a decision.
relationship marketing
the linking of then organizations to its individual customers, employees, suppliers, and other partners for their mutual long term benefits.
dichotomous
the simplest form of a fixed alternative question that only allows only a "yes" or "no" response
self-concept
the way people see themselves and the way they believe others see them
opinion leadership and word of mouth
two important aspects of personal influence
out of date and not specific enough for the project
two important disadvantages of secondary data
Consumer-oriented
what best describes the marketing concept
What is cognitive dissonance and why is it not a sign of effective marketing?
when a product, service, or experience does not live up to the expectations, therefore leads to buyers remorse. What is promised is NOT delivered. It is not a sign of effective marketing, because effective marketing focuses on the life-time value and a relationship with the consumer.
myopic
you are to used to seeing the world you see