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