MKT 291 Chapter 1-5 Questions

Positioning as a follower

- Any positioning for a product that is preceded by a similar product - Usually benefits from working with a niche market - Finding differentiation is the most important piece of this strategy

Marketing after the sale

-Send a letter of thanks and remind the customer of the value he or she received Send a thank-you note with details about how a donation helped a cause -Send a note following the purchase to show appreciation of the customer's support -Mail details outlining the new product's warranty -Ask the customer if he or she needs any help with the product installation

Important positioning notes

-a positioning statement is not an advertising copy -good positioning statements are short and succinct -products that are positioned well occupy a niche uniquely, and the -positioning statement therefore must identify what makes a product different or unique -positioning statements that are effective are realistic -the best positioning statements are more specific than general

Ways to increases marketing in the reaction stage

-give a promotional discount for the consumer's next purchase (repurchase) -Offer a subscription service so that the customer would receive the product on a regular basis (repurchase) -Have a "recommend to a friend" option for a special coupon (word of mouth) -Provide a "wow factor" that the customer would want to share (word of mouth)

Common Survey Design Mistakes

1. Failing to build the survey around the research question 2. Failing to understand the survey population 3. Forgetting to introduce the survey 4. Asking too many questions 5. Asking too few questions 6. Structuring questions poorly 7. Putting the most important questions at the end of the survey 8. Requiring participants to answer all the questions

Steps to creating an effective survey

1. Reexamine the research question 2. Specify what information the survey must collect 3. Identify who should take the survey 4. Develop the questions to ask 5. Create "dummy" tables to show how you will use the data 6. Devise a way to recruit people to take the survey 7. Build and test the survey 8. Field the survey

demographic, geographic, psychographic, usage behavior

4 ways to segment the market

just one characteristic or a combination of several

A marketer can create a segment based on

purchase options

Along with the decision to purchase the product, you also must decide upon the

separately; together

Although all of the pieces of the 7 Ps function _____, but they should all align and work _______ cohesively

positioning products around features or technical aspects of products

Another mistake that marketers make is

Awareness, intention, motivation, demographics, attitudes, psychographic/lifestyle

Behavioral data is derived from....

focused targeting to a segment and the ability to clearly see consumers motivations and needs

Benefits of creating a buyer persona

trying to position products to appeal to everyone instead of a specific segment

Companies also make the mistake of

research to a relatable format

Creating a persona helps translate the data from

identifiable, sizable, stable, accessible, and congruent

Desirable markets are

No, a research might need to study a specific question for something that hasn't been fully studied

Does the ideal set of secondary data exist for every marketing research project?

store shelf, endcap at retail location, the company's own website, a third-party website such as Amazon, and a kiosk at a local mall

Examples of place characteristics

pricing frameworks (such as cost-based, value-based or competitor based) luxury pricing buy-one-get-one frequent customer discounts odd pricing (.99) bundle pricing volume discounts

Examples of price characteristics

product quality, packaging, color, flavor, multi-packs, trial size or family size, features of the service, or size of product

Examples of product characteristics

television advertisements, public relations, social media advertisements, direct mailers, launch team buzz marketing, sponsorship, and billboards

Examples of promotion characteristics

Positioning Statement Template

For (target audience), product/service is (concise description). It is ideal for (best use or application) because (primary benefit or differentiation)

examples of segmenting by usage situation

Holidays Birthdays Time or work schedule Way in which a product is used

depth interviews, focus groups, case analyses and projective methods

How can primary data be collected?

Literature search and data mining

How can secondary data be collected?

subtract the percent of decorators from the percent of promoters

How do you find a brand's NPS

Research Questions

How satisfied are our customers? Which new products would customers most likely purchase? How aware are potential customers of our solutions? What attributes of our service or product do customers find most valuable? What criteria do customers use when making purchase decisions?

Examples of segmenting by usage rate

Light/occasional usage: target to increase sales medium/heavy usage: target the most loyal or frequent customers with the current product or with custom product offering no usage: targeting those who not yet tried the product

physiological, safety, social, esteem, and self-actualization needs

Maslow's Hierarchy of Needs

Steps of the Buyer Behavior Process

Need Recognition Information Search Evaluation Alternatives Purchase Reaction (Post-purchase behavior)

Steps for the Services Buyer Behavior Process

Need Recognition, Information Search, Purchase, Evaluation of Alternatives, and Reaction

to make consumers aware of how your product matches the attributes they value

One key to marketing in the evaluation of alternatives stage is

position it well

One of the most important things a marketer can do to create success for a product is

focus group results

Primary qualitative data is collected from

survey data

Primary quantitative data is collected from

Customer B2B Purchasing Characteristics

Purchases with trust and security in mind Seeks to minimize risks

Descriptive Research Factors

Quantitative in Nature Determines how often something occurs or how two things are related Quantifies feelings, attitudes, or opinions uses a set of structures questions and response options Most online surveys fall into this category

Causal Research

Quantitative in nature Focuses on finding the cause-and-effect relationship between variables Often takes on the form of experiments Only a few research projects require causal research

Technical B2B Purchasing Characteristics

Requires expertise Products are often customized Purchases are often larger and subject to negotiation Packaging not important for adding value Judged more on technical merits

Technical Consumer Purchasing Characteristics

Requires little expertise Products are standardized Packaging can be important in branding and adding value

low-involvement purchase

Routine purchases and impulse purchases

census data

Secondary quantitative data is collected from

Demand Generation

The person in this role has the responsibility of generating new business prospects, usually called "leads" in marketing parlance

Digital Marketing

The person in this role is responsible for the online marketing efforts of the team. Managing the website, performing SEO, developing and managing pay-per-clicl advertising (PPC) campaigns, and managing the corporate social media presence are some of the many things this role oversees.

Marketing Management

The person(s) in this role implements the marketing strategy defined by the CMO in the day-to-day activities of the marketing team.

content marketing

The person(s) with the role is responsible for the online marketing efforts of the team. Managing the website, performing Search Engine Optimization (SEO), developing and managing pay-per-clicl advertising (PPC) campaigns, and managing the corporate social media

the customer needs

The pieces of the 7Ps should work together to bring value to the customer and provide what ______

Marketing Operations

This person is the technology and project manager of the team.

undifferentiated, differentiated, and concentrated

Three main approached for target marketing strategies are

they are not advertising copy or product slogans but the statement should influence the creation of those and other marketing elements

What are positioning statements

being first, positioning as a follower, and repositioning

What are the different positioning strategies

customer segment, customer needs, and long-term profits through customer satisfaction

What are the three aspects of the marketing concept

company, existing products, and short-term profits through sales volume

What are the three aspects of the selling concept

exploratory, descriptive, and casual

What are the three types of research?

training and qualifications, years of experience, well-known clients, customer reviews, certifications and awards

What can a marketer include to ensure that the person performing the service is credible

problem

What do marketers usually formulate research questions around some sort of _____ that needs solving

increase ROI, bring more value and satisfaction to customers

What does segmenting the market allow?

a product's market position and positioning statement

What does the output of the positioning process include

marketing, sales, and product management teams

What does the positioning process involve

the marketing mix of the Ps of Marketing

What is a good framework to understand the marketing management process?

quantifying the feelings, thoughts, attitudes, or opinions of a specific population

What is descriptive research ideal for?

funneling broad research questions into more precise ones

What is exploratory research particularly helpful for?

strategic and provides value to the consumer instead of taking advantage of them

What is marketing in its truest form

drivers of consumer behavior

What is the main focus or marketing research

Why should I buy from you

What question does positioning answer

if a marketer can clearly identify the segments and can describe their characteristics

When is a market identifiable

if it is predictable in its purchasing ability and behavior

When is a segment stable

a series of casual conversations with customers and is usually unstructured data in the form of thoughts, opinions, reasons or motivations

Where is exploratory research found?

his or her own firm's data warehouse

Where is the first place a marketer should look for secondary data?

everyone in the population isn't the same and doesn't have the same needs

Why is it important to divide the market?

it is little or now cost and there is no delay since it is pre-existing

Why is secondary data valuable

warrantees and money-back guarantees

With high-involvement purchases, what two things should be included

prospect

You position the product in the mind of the _____

differentiated targeting strategy

a company targets more than one market segment and develops a unique marketing mix to target each segment separately the most common Example: Schick razors

undifferentiated targeting strategy

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix used when: the product is widely consumed by the population similar product needs exist among customers profit margins are lower for the product, so a high sales volume is needed Example: Pepsi

Purchase

at the point in the buyer process, the consumer makes the purchase decision of which product to purchase and also chooses where, when, and how to purchase the product

Repositioning

changing consumers' perceptions of a brand in relation to competing brands example kutol to play-doh

meaningful characteristics

characteristics that are relevant in determining which consumers have similar/dissimilar product needs

Business customer examples

companies, government entities, academic institutions, organizations, associations, distributors

looking online through search engines, asking for information on social networks, checking review sites, and asking friends for recommendations

consumers often conduct an external search by

age, gender, ethnicity, income, martial status, number of children, and occupation

demographic segmentation factors

Best Use of Application

describe why the product is ideal for the target audience

customer-facing employees, customer service representatives, and salespeople

examples of people characteristics

signage, uniforms, lighting, decor, color scheme, certain elements of the layout, and music

examples of physical evidence characteristics

a service blueprint to outline the process, standards set for points in the process, supply chain, distribution channels, marketing research, content creating, and layout

examples of process characteristics

Primary Benefit or Differentiation

explain why the product is perfect for the intended use or application. This is the part of the statement where the words should give the customer a reason to believe the claims made about the product

marketing in the low-involvement buying process

for this type of purchasing, marketers need to make sure that the items are available and stocked where consumers shop. Promotions such as advertising and coupons are especially helpful to aid with the need recognition

Commons items included in the buyer persona

general demographic information, goals, values, challenges, a day in the life, sources of information, pain points, fun facts, and marketing message

country, city/rural, zip code, population density, region within the country, mountains/desert/tundra

geographic segmentation factors

Positioning Matrix

graphical representation of where your business and your competition fit into the marketplace

high-involvement purchases

less frequent and more expensive and risky

Customer Consumer Purchasing Characteristics

less well informed, less accountable to others, more emotional in decision

Market Segment Consumer Purchasing Characteristics

many different segments and target markets exist with high variations

Exploratory Research Factors

mostly qualitative in nature many research projects begin with this focuses on gaining ideas or insights usually collected by asking open-ended questions helpful in funneling broad research into more precise ones

Stages of low involvement purchase

need recognition, evaluation of alternatives, purchase, reactions

to assist consumers in making the purchase decision so that they can actually follow through on the purchase

one of the goals of marketing in the purchase stage is

being first

products that consumers recognize as the first to provide some functionality or deliver a key benefit enjoy special recognize and status.

concise description

provide a brief, but complete definition or description of what you are positioning

values, beliefs, attitudes, feelings, personality, lifestyle activities and interests, religious/political beliefs, and affiliations

psychographic segmentation factors

magazine articles

secondary qualitative data is collected from

Market Segment B2B Purchasing Characteristics

the four segments are price focused, quality and brand focused, service focused and partnership focused

clarify the consumer's motivations and needs

the goal of the buyer persona is

Marketing Analytics

the person in this role helps the company take advantage of all the data that is produced and stored about campaigns and customers. Sometimes referred to as a data scientist, this roles has the technical skills to find and use customer data, has the analytical skills to get the meaning from data, and has the communication skills to explain the implications of the findings from the data.

congruent

the segment aligns with the company's objectives and resources. Questions to ask are Does our company have the resources to meet the needs of this segment? Does targeting this segment match our company's core values and mission

market positions

they are created using a strategic planning process that considers the merits of competing products, who the ideal customer is, what the target customer needs, and how the "positioned" product uniquely fits.

target auidence

this is the ideal customer segment or market niche you selected for the product you are positioning

Marketing research

this person is tasked with conducting research about customers, competitors, and the market. The insights gained from research are applied to making products better meet customer needs, producing content that helps move customers through their buying journeys, and improving the performance of marketing campaigns and other activities

Chief Marketing Officer (CMO)

this person is the leader of the corporate marketing effort. He or she reports to the company executives, usually the CEO, and most of the time is an executive as well. The _____ leads the team and is responsible for developing the marketing strategy, ensuring that it is effective and that it aligns with corporate objectives

surveys

what do brands commonly create to understand how well target brand recognition and recall among customers

what the customer need to satisfy them by providing value to the customer

what does a long-term profitability for a company depends on?

experiments

what does casual research usually take the form of?

population sample in the form of numerical responses or ratings

what does descriptive data yield data from?

a brand can have a product positioning that is inconsistent with the brand's position

what is one of the most common positioning mistake that can be made?

good differentiation

what is the source of product positioning

the customer

who is ideally at the center of what a marketer does