Marketing

Criteria for Determining Segments

(1) people in the segment are roughly alike, along some important consumer dimension(s) (2) people in the segment are different from people in other segments (3) the segment is large enough to be profitable (4) the segmenting dimensions should be useful for identifying customers and designing the marketing mix (5) if chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment

All 4 P's Contribute to the Whole

-Understanding the Target Market Leads to Good Strategies -Product, Place, Promotion, Price → Selection of Target Market

Price Element of the Marketing Mix

-price objectives -price flexibility -price over the life cycle -discounts and allowances -geographic pricing terms -competition

Marketing Plan + Other Marketing Plans

A firm's marketing program

Competitive Advantage

A marketing mix the target customer sees as better than the competition's mix

Strategy

A set of ideas that outline how a product line or brand will achieve its objectives

Tactic

A specific action or method that contributes to achieving a goal

Segmentation

An aggregating process that clusters people with similar wants and needs into a market segment

Which of the following is not part of the five levels of branding

Brand domination

Marketing Strategy

Controllable variables the company uses to satisfy the target group Group of customers a company wishes to reach

Strategy 5Cs

Customers, Collaborators, Competitors, Company, Context

Economic Environment

Global Economy, Rapid Change, Interest Rates --> Key Economic Forces

A differentiated product may be unique in the marketplace but it will only be successful under which of the following circumstances

If it satisfies customer needs

The Promotion Element of the Marketing Mix

Informing and Selling the Customer · Personal selling · Mass selling · Sales promotion

Marketing Strategy + Time-Related Details

Marketing Plan

Target Market + Marketing Mix

Marketing Strategy

Controllable variables that the marketer has to create and harvest demand are referred to as the

Marketing mix

Avoid hit-ot-miss Marketing

Marketing strategy planning Sound market research

Product Development

New/unique benefits Create new markets

The product element of the marketing mix

Physical characteristics, warranties, application benefits

Creating differentiation applies specifically to which component of the marketing mix?

Product, price, place, promotion

Geographic Dimensions

Region of world, country Region in a country Size of city

Customer Lifetime Value

Relationships that develop satisfied customer + time = Return Business

Production-oriented manager

Sees everyone as basically similar and practices mass marketing

Marketing-oriented manager

Sees everyone as different and practices 'target marketing'

Segmenting vs. Combining

Segmenting develops a different marketing mix for each segment Combining aims at two or more submarkets with the same marketing mix

Marketing

The creation and satisfaction of demand for a product or service

Which of the following is a key function of positioning in marketing campaigns

To provide a reason why the customer should buy the product

Breakthrough Opportunitiesq

Difficult to copy Profitable for a long time

Buyer Journey

Discovery --> Consideration --> Decision

Market Penetration

Drive increased sales of current product in existing markets Enhance customer relationship

Marketing Strategy

Specifies a target market and a related marketing mix

The B2B decision-making process is longer and more formal than the B2C decision-making process The emphasis of B2B buying criteria is on psychological benefits of the product or service

Statement 1 is true

Which of the following is not generally considered a key situational influence?

beliefs and opinions

Demographic Dimensions

income, sex or age, family size or family life cycle, occupation or education, ethnicity or social class

Behavioral Dimensions

needs, benefits sought, thoughts, rate of use, purchase relationship, brand familiarity, kind of shopping, type of problem solving, information required

The most significant factor in influencing consumer purchasing decisions is

psychological needs

In a video conference call we discussed a model of influences on customer behavior that highlighted 4 primary factors: economic needs, psychological vars, purchase situation and

social influence

A target marketer who uses a single marketing mix strategy to appeal to both office tablet computer users and home tablet computer users is applying

the combined market approach

A person who purchases flowers will select different floral arrangements for a retirement party, a funeral, and a Valentine's Day date. This illustrates the impact of _____ on purchase decisions

the purchase situation