Marketing 1010 Exam 1
What can influence every individual
His/her culture, upbringing, genes, and various other influences
Who is a constant and effective practitioner of benefit segmentation
Hollywood; film producers know that people visit the theater or rent movies to obtain a vast variety of benefits and market them accordingly
What is on the horizontal axis and vertical axis of the BCG matrix
Horizontal - relative market share vertical axis - the market growth rate
What does the market growth rate measure
How attractive a particular market is
Ultimately what is social media all about
Social media may be all about relationships, but ultimately, firms need to use their connections to increase their business. They may use it for a campaign, an active blog, or to provide mobile offers
Marketers rely on three types of social media. What are they
Social networking sites, media sharing sites, and thought sharing sites (blogs)
Consumers who are primarily motivated by self expression desire what
Social or physical activity, variety, and risk
From who are consumers increasing their purchases at
Socially responsible companies, they may even be willing to pay more if they can be assured that the companies are truly ethical
What is marketing
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that HAVE VALUE for customers, clients, partners, and society at large
What must corporate social responsibility programs do when looking at customers
Take shifts and trends into account and react to them quickly
What is an example of market development strategy
Targeting older customers who used to be purchasers in the past and who are now reminiscent of the past years
What made step five of the marketing plan indicate
That the business may need to reconsider their implementation programs and their strategy
What is a product that was created during the production orientated era
The Henry Ford cars (the only color available was black)
What helps to facilitate and cut costs of micromarketing/one to one marketing
The Internet
What is market growth rate
The annual rate of growth of the specific market in which the product competes
How can you describe the audience for marketers with social media
The audience could be bigger on social media sites than through other more traditional forms of media
What happens with unrelated diversifications
The business does not capitalize on either core strengths associated with markets or with products; they are viewed as very risky
What can still happen even though a firms employees may conduct their activities in ethically acceptable manner
The business is not considered socially responsible because it's activities have little or no impact on anyone other than its closest stakeholders: its customers, employees, and stockholders. This business is ethical but is socially irresponsible
What do media sharing sites explicitly rely on
The capability to enable users to share content that they have generated
True or false: the majority of app revenue is generated from ad supported apps
False; the majority of app revenue is generated from the other three pricing models (freemium, paid, and paid with in app purchases)
True or false: value means low priced
False; value does not necessarily mean low priced, offerings can be rare and expensive (especially when brands are promoting luxury)
True or false: CSR ultimately can benefit the firm that under takes it
True
True or false: Google plus is not an effective competitor thus far
True
True or false: a firms attempt to apply sound ethical principles must be a continuous and dynamic process
True
True or false: analysis has little use to a firm if they fail to implement what they have learned
True
True or false: apps can meet several needs at once
True
True or false: companies can learn a lot about their customers by listening to and monitoring what they say on their social networks, blogs, review sites, and so on
True
True or false: different social media websites are used differently
True
True or false: during the implementation phase of the marketing strategy, firms must consider several ethical issues
True
True or false: in value cocreation, the customer is involved as a collaborator in the creation of a product or service, which provides additional value to the customer
True
True or false: it is becoming increasingly important that the marketing environment expand to include advanced technology and brand new methods for collecting data
True
True or false: it is unwise to use only one metric because it really tells the whole story
True
True or false: sentiment analysis is fundamentally transforming how companies interact with and engage their customers
True
True or false: the Internet simplifies customer identification
True
True or false: the data collected on line represent a major source of revenue for targeted advertising firms that sell consumer data, even though this information collection could potentially be serious intrusions into people's privacy
True
True or false: the group of firms that makes and delivers a given set of goods and services is known as a supply chain
True
True or false: understanding a customer's needs and wants is fundamental to marketing success
True
True or false: value is what you get for what you give
True
True or false: value-based marketing helps to build long-term customer loyalty
True
True or false: people use various sites for different purposes
True: Twitter is sometimes used for wide broadcasts, Instagram is sometimes used for visual sharing, WhatsApp is for more personal interactions
True or false: good marketing is not a random activity
True; It requires thoughtful planning with an emphasis on the ethical implications of any decisions on society in general
Two or false: marketers might wish to sell their products to everyone, but is not practical to do so
True; Marketing costs money and a good marketer seeks out potential customers who have both an interest in the product and an ability to buy it
True or false: strategic planning is not sequential
True; because with the corrective step, step five, you can go back and forth among steps
True or false: rethinking some stereo typical ideas about who is buying has become a relatively common trend among firms that once thought their target market was well defined
True; even some of the most well-known companies in the world must continually reconsider the true identity of their prime targets
True or false: it is important to distinguish between ethical business practices and corporate social responsibility programs
True; firms should implement programs that are socially responsible and its employees should act in and ethically responsible manner
True or false: advertisers have already embraced that short time limits appeal to consumers
True; people ready to share a quick video far more so than a longer commercial. Which enhances the chances of a campaign going viral
True or false: many company symbols are registered trademarks that are legally protected
True; that's why you want to make sure you differentiate yourself from the competitor or there may be a trademark infringement lawsuit
True or false: firms must constantly and closely monitor their competitors offerings
True; they need to make sure that they know what is important to the customer so they do not lose sales (you don't want to have the completion have a (large) value proposition)
True or false: gender plays a very important role in how most firms market products and services
True; this is kept in mind for advertising and packaging as well
What is the most popular micro blogging site and what does it offer
Twitter; it provides another option for companies to educate their customers by providing corporate and product information(helps showcase the broad spectrum of expertise), and to engage them by providing a platform for two way communications
What enables firms to make appropriate adjustments
Understanding the causes of the performance, regardless of whether the performance exceeded, met, or fell below the firms goals
What kind a targeting strategy is used when everyone might be considered a potential user of a product
Undifferentiated targeting strategy/massmarketing
What are some general ethical lapses
Unethical advertising and the promotion of shoddy products
According to the value-based marketing era, how do you compete successfully
You would have to give customers greater value than their competitors; the importance of value is appropriately incorporated into the AMA definition of marketing
What are you doing for step for when using perceptual mapping
You're determining the idea product or service that appeals to each market and potentially recognizing other markets
How has YouTube helped marketers
YouTube is most useful for the contributions that provide information about a firms goods and services - how they work, how do use them, and where they can be obtained; YouTube and similar sites can come relatively close to simulating real experiences
What are some examples of media sharing sites
YouTube, Instagram, Flickr and other photo sites
What is the result when using multiple sources of excellence in order to maintain a competitive advantage
Your wall is as high as possible; you become the value player in your industry which results in a huge loyal customer base
what defines the competition and how can you attract customers
firms compete on the basis of value; By providing them with better value than the capitation does
Why are personal blogs useful to marketers even though they have the lowest level of control over this type of blog
They are useful for monitoring what is going on in the marketplace and for responding to customer complaints or complements
What kind of social media related offers are marketers using to excite customers
They are using mobile applications and games to get customers excited about an idea, product, brand, or company
What is the fundamental purpose of marketing
To create value by developing a variety of offerings including goods, services, ideas, to satisfy customer needs
Why do modern marketers rely on sophisticated data analytics
To define and refine their approaches to their customers and their markets
What is the most basic corporate social responsibility to employees
To ensure a safe working environment, free of threats to their physical safety, health, or well-being
What can happen if staff have been inundated with so much data
They are unable to make profitable decisions
When looking at segment attractiveness, what does looking at that substantial characteristic measure
The size of the market
What happens once consumer responses get monitored when using YouTube
They are measured against hourly sales goals
What happens if firms are ethical but are socially irresponsible
They are not involved with the larger community
What does a product do
Creates value
What is the key to the success of any marketing program
Creation of about you, firms attempt to develop products and services that customers perceive as valuable enough to buy
When looking at segment attractiveness, what is being looked at with the profitable characteristic
Current and future profitability
What is Geodemographic segmentation based on
"Birds of a feather flock together"; Consumers in the same neighborhood tend to buy the same types of items
What does the profit margin percentage look at
(selling price - variable costs) / selling price
Why are countless marketers steadily embracing new technologies and social media
Because it allows them to connect better with their customers and there by serve their needs more effectively
What is a relative market share
A measure of the products strength in a particular market, defined as the sales of the local product divided by the sales achieved by the largest firm in the industry
What is a metric
A measuring system that qualifies a trend, dynamic, or characteristic
What is locational excellence
A method of achieving excellence by having a strong physical location and/or Internet presence
What is relational orientation
A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
True or false: Marketing is an activity that only large firms with specialized departments can execute
False; marketing can be completed by individuals and organizations
What are the seven primary needs that apps meet
1. " me time" 2. Socialize 3. Shop 4. Accomplish 5. Prepare 6. Discover 7. Self express
What are the four basic ways of generating revenue from apps
1. Ad supported apps 2. Freemium apps 3. Paid apps 4. Paid apps with in app purchases
What are the two trends receiving the most attention
1. Consumer privacy 2. Ensuring healthiness of products, especially those aimed at children
There are four macro strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages. What are they
1. Customer excellence - focuses on retaining loyal customers and an excellent customer service 2. Operational excellence - achieved through efficient operations and excellent supply chain and human resource management 3. Product excellence - having products with high perceived value and effective branding and positioning 4. Locational excellence - having a good physical location and Internet presence
What are the five steps of the marketing plan
1. Define the business mission 2. Conduct a situation analysis/SWOT analysis 3. Identify and evaluate opportunities using STP 4. Implement marketing mix and allocate resources 5. Evaluate performance using marketing metrics
What are the six steps when positioning using perceptual mapping
1. Determine consumers perceptions and evaluations of the product or service in relation to competitors 2. Identify the market idea points and size 3. Identify competitors positions 4. Determine consumer preferences 5. Select the position 6. Monitor the positioning strategy
When you select a position when using perceptual maps, what are the three options that you have to appeal to the target market
1. Develop a new product to meet the needs of the market 2. Adjust/re-position it's marketing approach - it's product and promotion - to sell original product to the market 3. Ignore the target market desires and hope consumers will be attracted to the original product, because it is closer to their ideal product than anything else on the market
Who are the key CSR stakeholders
1. Employees and their families 2. Current and potential customers 3. Society - the community and environment 4. The market place - partners and competitors
What are the five steps of the segmentation, targeting, and positioning process
1. Establish strategy or objectives (segmentation) 2. Use segmentation methods (segmentation) 3. Evaluate segment attractiveness (targeting) 4. Select target market (targeting) 5. Identify and develop positioning strategy (positioning)
What is included with the 4E framework for social media
1. Excite customers with relevant offers 2. Educate them about the offering 3. Help them experience products, whether directly or indirectly 4. Give them an opportunity to ENGAGE with their social network
What is an example about how marketing can be performed by both individuals and organizations
1. GM sells a car to dealerships, B2B marketing 2. The dealerships sell to consumers, B2C marketing 3. Consumer sells the car to another consumer, C2C marketing
What are the five segmentation methods
1. Geographic 2. Demographic 3. Psychographic 4. Benefits 5. Behavioral
What 5 characteristics are looked at when evaluating segment attractiveness
1. Identifiable 2. Substantial 3. Reachable 4. Responsive 5. Profitable
What are the steps to the ethical decision making framework
1. Identify issues 2. Gather information and identify stakeholders 3. Brainstorm and evaluate alternatives 4. Choose a course of action
What are the three parts of the social media engagement process
1. Listening to what customers have to say 2. Analyzing The information available through various touch points 3. Do /Implement social media tactics to excite customers
What are the core aspects of marketing
1. Marketing helps create value/worth 2. Marketing is about satisfying customer needs and wants 3. Marketing entails an exchange 4. Marketing requires the four P's (product, price, place, and promotion) 5. Marketing can be performed by both individuals and organizations (and occurs in many settings) 6. Marketing affects various stakeholders
Why do you marketers rely on the three types of social media. What are the three objectives
1. Members promote themselves to gain more friends 2. The sites promote to get more members 3. Outside companies promote their products and services to appeal to the potential consumers who are active on the sites
What are the six main missions of a social media mission control center
1. Monitor online discussions 2. Monitor the landscape 3. Engage in proactive social media out reach 4. Track media performance 5. Track brand attitudes 6. Track trends and buzz
What are two ways to build customer loyalty
1. Providing your target market with something unique 2. Creating an emotional attachment through loyalty programs, which constitutes a part of an overall customer relationship management (CRM) program (with loyalty programs firms can obtain the identity and information of members which helps implement special retention programs to keep them and tailor their offerings to better meet the needs of their loyal customers)
Generally what is the over all three steps of the STP process (what does STP stand for and explain alittle)
1. Segmentation - outline a firms overall strategy and objectives, methods of segment in the market, and which segments are worth pursuing 2. Target - choose a target market or markets by evaluating each segment attractiveness, and on the basis of this evaluation choose which segment to pursue 3. Positioning - firms develop its positioning strategy
What are the four activities that firms focus on to become value driven
1. Share information about their customers and competitors across their own organization and with other firms that help them get the product or service to the marketplace 2. Strive to balance their customers benefits and costs 3. Concentrate on building relationships with customers 4. They need to take advantage of new technologies and connect with the customers using social and mobile media
What are the four main value proposition components
1. Target market - targeted customers 2. Offering name or brand - name 3. Product/service category or concept - industry 4. Unique point of different/benefits Dash what you're doing
What do the metrics used to evaluate a firm depend on
1. The level of the organization at which the decision is made 2. The resources the manager controls
What are two ways that social media can help marketers excite customers
1. They can have consumers provide some content 2. Content from the more traditional television channel constantly makes it on social media
What are the three main categories of analysis, when looking at how firms engage their customers using social media
1. They need to determine the amount of traffic using their sites, visiting their blogs, or tweeting about them (measures include hits, visits to a particular site/page, any unique visitors to the site, and page views) 2.It is critical to learn who those visitors are, what they are doing, and what engages and excites them (to analyze use metrics like the bounce rate) 3. Analyze the data that come from other sites, such as measuring where people have come from to get to the company site (did they use Google or Amazon? Did they receive a referral? Which keywords were used to find them?)
Why might companies need to be more environmentally conscious
1. When resources become scarcer, the competition for them increases, which means higher costs 2. Rising energy costs mean that production costs would rise even further 3. If it could divorce it's own growth from reliance on such scarce resources, it would not be limited in its expansion
What are the five questions to ask when making an ethical decision making metric
1. Would I want to see this action described on the front page of the local paper? 2. Would the person I admire most engage in this activity, and would I want him or her to see me engage in this activity? 3.Can I give a clear explanation for my action, including an honest account of my motives? 4. Will I be able to look at myself in the mirror and respect what I see? 5. Would I want to be on the receiving end of this action and its consequences?
True or false: the four P's include product, promotion, planning, and place
False; the four P's include product, promotion, price, and place
What are the steps to a social media marketing campaign and describe
1.Identify strategies and goals- The firm has to determine exactly what it hopes to promote and achieve through it's campaign; it might focus on developing, creating, or hosting 2. Identify target audience- determine whom the firm is targeting, you need a big enough audience to reach those who may buy without being so big that they end up trying to appeal to someone not in the target audience 3.Develop the campaign: experiment and engage- develop the communications (a clear and compelling cal to action/copy AND strong and eye catching images/designs. THESE MUST BE UPDATED CONSTANTLY WITH SOCIAL MEDIA (because people expect changing content online) 4.develop the budget- budget is key and budgets demand nearly constant review 5. Monitor and change- review the success of the campaign and make changes as necessary
What age demographic is famously appealing to television networks and why
18-45 because it appeals the most to advertisers
How has Jimmy Fallon shown his social media dominance and persistence
He keeps viewers excited and willing to contribute and engage with him through social media
In a recent Gallup survey, which of the following professions was rated lowest in ethical standards A - car sales people B - lawyers C - senators D - Real estate agents E - medical doctors
A - car sales people
Which of the following is the definition of social media? A - content distributed through online and mobile technologies B - a collection of websites that supports the posting of videos and photos C - a group of websites that allow users to establish formal connections D - the practice of users forwarding video and photo links to each other E - web services that allow users to share their physical locations
A - content distributed through online and mobile technologies
What is a mission statement
A broad description of the firms objectives and the scope of activities it plans to undertake; attempts to answer two main questions 1) what type of business is it? 2) what does it need to accomplish its goals and objectives
What is customer relationship management (CRM)
A business philosophy and set of strategies, programs, and strategies that focus on identifying and building loyalty among the firms most valued customers
What does the AMA provide
A code of ethics to help the greater economy and society
What are lifestyles
A component of psychographics; refers to the way a person lives his or her life to achieve goals
What is a cookie
A computer program, installed on hard drives, that provides identifying information (like who visits a site and how they search)
What characteristic is ideal for place (in the marketing mix)
A creative location (kiosks, drive thru, booths, etc)
What has the changing role of traditional media, sales proteins, and retail, coupled with new social/mobile/online media lead to
A different way of thinking using the objectives of marketing communications using the 4E framework
What is a strategic business unit (SBU)
A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives
Why can companies not ignore societal demands for them to act responsibly
A firm that fails to do so causes damage to all the previous stakeholders as well as to itself
What is marketing strategy
A firms 1. target market, 2. marketing mix, and 3. method of obtaining a sustainable competitive advantage; it outlines the specific actions a firm intends to implement to appeal to potential customers
What can ethical Mission statements guide
A firms swot analysis
What are sales
A global measure of a firms activity level
What is a market segment
A group of consumers who respond similarly to a firms marketing efforts
What is the market penetration strategy
A growth strategy that employs the existing marketing mix and focuses on the firms efforts on the existing customers; looks at current products and current customers/market
What is the market development strategy
A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international; looks at current products and new markets
What is the product development strategy
A growth strategy that offers a new product or service to the firms current target market; looks at new products and the same market
What is the diversification strategy
A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve; you're looking at a new product and a new market
What is unrelated diversification
A growth strategy whereby a new business LACKS any common elements with the present business
What is related diversification
A growth strategy whereby the current target market and/or marketing mix SHARES something in common with the new opportunity
What is undifferentiated targeting strategy (mass marketing)
A marketing strategy a firm can use if the product or service is perceived to provide The same benefits to everyone, with no need to develop separate strategies for different groups
What is concentrated targeting strategy
A marketing strategy of selecting a single primary target market and focusing all energies on providing a product of fit that markets needs
What is SWOT analysis
A method of conducting a situation analysis with any marketing plan in which the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats are examined
What is psychographic segmentation
A method of segmenting customers based on how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world in which they live
What does education constitute
A method to develop a sustainable competitive advantage. Several social media tools are crucial in helping marketers educate their potential customers, such as blogs and blogging tools
What is an example of how psychographics influences the products a person buys
A person might have a strong need for inclusion or belonging, which motivates them to seek out activities that involve others, which in turn influences the products he or she buys to fit in with the group
What is deceptive advertising
A representation, omission, act, or practice in an advertisement that is likely to mislead consumers acting responsibly under the circumstances
What is a hit
A request for a file made by web browsers and search engines. Hits are commonly misinterpreted as a metric for website success; however, the number of hits actually is much larger than the number of people visiting a website
What is loyalty segmentation
A strategy of investing in loyalty initiatives to retain the firms most profitable customers
What is differentiated targeting strategy
A strategy through which a firm targets several markets segments each with a different offering for each
What is needed to align personal and corporate goals
A strong ethical climate, explicit rules for governing transactions including a code of ethics, and a system for rewarding and punishing inappropriate behavior
What is sentiment analysis
A technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products
What is occasion segmentation
A type of behavioral segmentation based on when a product or service is purchased or consumed
What does Facebook offer to marketers
A variation on more traditional forms of promotion, with the promise of more accurate targeting and segmentation
What is operational excellence
A way to achieve sustainable competitive advantage do the efficient operations, excellent supply chain management, and a strong relationships with their suppliers; It involves a firm's focus and efficient operations and excellent supply chain management
What is a blog
A webpage that contains periodic posts; corporate blogs are a new form of marketing communications
What is a corporate blog
A website created by a company and often used to educate customers
What is a personal blog
A website written by a person who receives no products or renumeration for his or her efforts
What is a professional blog
A website written by person who reviews and gives recommendations on products and services
What is imperative to educate the customer
A well-designed social media marketing offer that has a clear call to action to draw the customers through their devices and on to online websites or traditional retail stores
What is a marketing plan
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategies specified in terms of the four ps, action programs, and projected income/financial statements; It specifies the marketing activities for a specific period of time - how the product or service will be conceived or designed, how much it cost, where and how it will be promoted, and how it will get to the consumer
What is a marketing plan
A written document composed of analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategies specified in terms of the four P's, action programs, and projected income/financial statements
When a shirt manufacturer states, "we only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," it's statement reflects the views that were popular in which era of the evolution of marketing? A- production oriented B- sales oriented C- market oriented D- value based marketing E- economics oriented
A- production Oriented
Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks whether they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A- satisfying customer needs and wants B- the exchange function of marketing C- marketing mix decisions D- decisions about the setting in which marketing takes place E- creating value
A- satisfying customer needs and wants
What do market intermediaries do and what is an example
Accumulate merchandise from producers in large amounts and then sell it to you in smaller amounts; an example is a retailer
What is the primary motivation for achievers and strivers
Achievement
What comes with engaging the customer
Action, the potential for a relationship, and possibly even loyalty and commitment
What is an example of product development strategy
Adding new shows/products/concepts to increase spending/buying and viewing
What are some sample segments when using demographic segmentation
Age, gender, income, education
What happens during step three of the ethical decision making framework
All parties relevant to the decision should come together to brainstorm any alternative courses of action. Management then reviews and refines these alternatives
How can providing outstanding customer service help maintain a sustainable competitive advantage
Although it may take considerable time and effort to build such a reputation for customer service, once a marketer has earned a good customer service reputation it can sustain this advantage for a long time because a competitor is hard pressed to develop a comparable reputation
What does AMA stand for
American marketing Association
What does a product safety issue demand
An apology and a recall no matter where it takes place
Why can management use to choose a course of action when dealing with the ethical decision making framework
An ethical decision making metric
What is marketing about
An exchange
What is micromarketing (or One to one marketing)
An extreme form of segmentation that tailors a product or service to suit an individual customers wants or needs
What must happen in order to excite customers
An offer must be relevant to its target customers
What is a valuable tool for helping manufactures understand the relationship their customers have with their brands
Analytics
What is keyword analysis
And evaluation of what keywords people use to search on the Internet for their products and services
What does psychographics involve
Knowing and understanding self values, self-concept, and lifestyles
Why do firms embrace differentiated targeting
Because it helps them often obtain a bigger share of the market and increase the market for their products over all (market differently to appeal to different people)
How does CSR lead to better brand equity and sales in the long run
Because it often increases consumer awareness of the firm
Who is typically included as stakeholders
Current/retired employees, suppliers, the government, consumer groups, stockholders, members of the community, future generations, the natural environment; anyone involved in the company/issue
What does the relational orientation approach use
Customer relationship management, CRM
What is showrooming
Customers visit a store to touch, feel, and even discuss a product's features with the sales associate, and then purchase it online from another retailer at a lower price
What do thought sharing sites consist of
Different types of blogs: corporate, professional, personal, and micro
True or false: because ideas, opinions, and philosophies are neither goods nor services, they cannot really be marketed
False; ideas can be marketed
Why is benefit segmentation a very powerful tool
Because marketing is all about satisfying consumers wants and needs, so dividing a market into segments who's needs and wants are best satisfied by the product benefits can be very useful and helpful when finding communication strategies
What is a service
Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer
How do apps allow people to socialize
Apps enable people to stay connected, allowing people to meet their needs to socialize. Allows users to send videos, photos, messages, web links, status updates, and news (like Facebook and Twitter)
What is a freemium app
Apps that are free to download, but include in app purchases
What is an ad supported app
Apps that are free to download, but place ads on the screen when using the program to generate revenue
What is a paid app
Apps that charge the customer an upfront price to download the app, $.99 is the most common, but offer full functionality once downloaded
What are apps with in app purchases
Apps that require the consumer to pay initially to download the app and then offer The ability to buy additional functionality
What is the first step in the segmentation process
Articulate the vision or objective of the company's marketing strategy clearly
How does a business want to be positioned
As a firm that develops a variety of products that match the wants and needs of different market segments and incorporates some convenient options to appeal to more markets
How can marketers introduce ethics
At the beginning of the planning process they can include ethics in their firms mission or vision statements
Why is YouTube appealing
Because it allows companies to express themselves in a different way (a company's YouTube can contain content relevant only to the company's own products) and it is racially reflective of the wider US population. And marketers can use the information gathered from YouTube to target it's direct mail campaign
Segmentation, targeting, and positioning A - are terms that can be used interchangeably in developing marketing plans B - are a part of a firms marketing strategy C - should be done simultaneously so synergies can help streamline the effort D - are part of the marketing plan but they bear little direct relationship to the marketing banks E - are optional elements of the marketing plan
B - are a part of a firms marketing strategy
Carol loves to experiment with unique uses of computer animation. Every time she finishes the project, she uploads a video to YouTube and then post the link on a variety of social networks where she participates. What segment of social networking users does carol belong to? A - bonders B - creators C - listeners D - professionals E - shares
B - creators
The 4E framework for social media guides marketers in using social media effectively to build and deepen the customer relationships. Which of the following is not one of the 4E's in this framework? A - engagement B - energy C - excitement D - experience E - education
B - energy
Charges that firms are using sweatshop labor to produce their products are likely to occur during the _____________ phase of the strategic marketing planning process? A- planning B - implementation C - control D - evolution E - marketing mix
B - implementation
Deceptive advertising and promotion of inferior products are examples of ___________ ethical issues? A - accounting B - marketing C-social D - finance E - economic
B - marketing
Karlie likes to post fancy cupcakes and cookies on Pinterest. She also posts pictures of fun kitchen equipment and sherbet colors, and looks for baking ideas and equipment. What type of social media site is currently using A - microblogging B - media sharing C - thought sharing D - social networking E - social bookmarking
B - media sharing
why did the federal trade commission (FTC) create guidelines for blogging and tweeting
Because a firm can pay a blogger or tweeter to increase the likelihood that a positive review will be written; Now people have to disclose any compensation that they may have received for talking about the product and if there's a connection between the endorser and the marketer
Why might a competitive advantage not be very sustainable
Because competitors would attempt to copy the important product or service attributes and therefore begin to encroach on the firms value proposition
Why are marketers still using cookies and other tracking technologies even when customers are discontent and there's legislative threats
Because of the outstanding value that the information collected can provide. Knowing how, when, and where people browse online, marketers can make sure that they target customers accurately
Why do consumers buy products and services
Because of their primary motivations - how they see themselves in the world and how that image governs their activities
Why segmenting by demographics and geography easy
Because the information about who the customers are and where they are located is readily available
Why is value a popular positioning method
Because the relationship of price to quality is among the most important considerations for consumers when they make a purchase decision
Why is it more challenging to determine ROI for social media and what is a solution
Because the revenue generated by social media is often not directly related to the expenditure; To help with this issue marketers can look at correlations regarding the impact on sales
Why do marketers have less control of professional blogs
Because they do not own them; consumers seem to trust professional bloggers reviews much more than corporate blogs and advertising, but such trust maybe fleeting since people realize that professional bloggers are often compensated for positive reviews
Why do consumers appreciate custom made goods and services
Because they meet the person's needs exactly
Why have marketers begun to develop relational orientation during the past couple of decades
Because they realize that they need to think about their customers in terms of relationships rather than transactions. They focus on the lifetime of profitability not how much money is made during each transaction
Why do corporate blogs offer the highest level of control
Because to a large degree they can control the content posted on them. Since blogs allow many customers to respond to posts, the content can never be completely controlled
What is important to successful marketing and to long-term profits
Behaving ethically
What can marketing aim at
Benefiting entire industry or society at large (like providing awareness)
What is the result of happy employees
Better service is provided to customers, which ensures better outcomes for the firm. ALSO the employee families are happy, which makes productive employees
How can you determine consumers perceptions and evaluations of the product or service in relation to competitors
By asking consumers a series of questions about their and competitors products (how the customer uses the product or service, what items the consumer regards as alternative sources to satisfy his or her needs, what the person likes or dislikes about the brand in relation to competitors, and what might make that person choose one brand over another)
How is the market penetration strategy achieved
By attracting new consumers to the firms current target market, or encouraging current customers to shop the firm more often, or by more merchandise on each visit
How can a company add value to its products
By custom designs and enlisting celebrity endorsements
How are firms able to achieve operational excellence
By developing sophisticated distribution and information systems as well and strong relationships with vendors. These relationships must be developed over the long term so they cannot be easily offset by competitor; It needs to have the technology to coordinate the personal buyers and also have an effective human resources hiring program that selects and trains employees capable of going the extra mile to please its customers
How do most firms want/plan to maximize their stockholders wealth
By increasing the value of the firms stock and paying dividends
How some companies been able to achieve product excellence to maintain their sustainable competitive advantage
By positioning their product or service using clear, distinctive brand image; constantly reinforcing that image through their merchandise, service, and promotion; and investing in their brand itself
How can relevancy be achieved
By providing personalized offers, which are determined through insights and information (like previous purchases) obtained from customer relationship management, location based software, and/or customer loyalty programs
The first step in the STP process is A - identify the segmentation methods to be used B - produce a list of strengths and weaknesses of the firm's past marketing strategies C - clearly articulate the firms vision or marketing strategy objectives D - select target markets E - develop a marketing mix, so that an appropriate segment can later be identified
C - clearly articulate the firms vision or marketing strategy objectives
If a firm wants to develop a sustainable competitive advantage, it should: A - begin an aggressive campaign to buy up competitors B - copy the innovative features of another firm that are attractive to customers C - examine its operations and customer relations to identify significant things competitors cannot easily copy D - increase its marketing budget so that it out spends its competitors E - arrange to meet with competitors to discuss how do I avoid direct competition
C - examine its operations and customer relations to identify significant things competitors cannot easily copy
Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified ______________blank that respond similarly to his marketing efforts A - mass customization consumers B - geographic segments C - market segments D - self-concept customers E - geodemographic segments
C - market segments
__________ involves defining the firms marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the firms offerings relative to the competitors offerings A - processing B - perceptualizing C - positioning D - proportioning E - prospecting
C - positioning
When discussing the marketing planning process, STP stands for A- strategies, tactics, and plans B - strategize, target, and promote C- segmentation, targeting, and positioning D - situation analysis, transparent, and planning E - a sustaining, trending, and positioning
C - segmentation, targeting, and positioning
When someone brags about how many Facebook friends he or she has, which measure Measure of individual social media influence is he or she talking about? A - influence B - extended network presence C - social reach D - target audience impact E - information flow
C - social reach
In addition to swot analysis, what should a company also assess during step two of the marketing plan and why
CDSTEP (culture, demographic, social, technological, economic, and political forces) ; so firms can anticipate and interpret change so they can allocate appropriate resources
How do apps help people meet their need to prepare
Calendars, flight trackers, and a trip planning apps help consumers meet their needs to prepare
What does price do
Captures value
What can lead to unethical behavior during the implementation phase
Choice of a target market and how it pursues it can lead to charges of unethical behavior
What does tapestry segmentation do
Classifies all US residential neighborhoods into 65 distinctive segments based on detailed demographic data and lifestyles (firms can then segment further)
What can be an especially effective tactic for marketers
Collaborative promotions (pair with teams, famous people, etc)
What do firms that employ CRM systematically do
Collect information about their customers needs and then use that information to target their best customers with the products, services, and special promotions that appear most important to them
What does a promotion do
Communicate value
What is a promotion
Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response
What are some sample segments using the benefit segmentation method
Convenience, economy, prestige
Essentially what happens with vals
Companies use a questionnaire in surveys or focus groups. Then Vals provides robust segmentation descriptions, linkages with consumer product and media use data, and communication tools to create consistent messages that build brand awareness and customer loyalty
What could be a significant threat when following through on a new marketing opportunity
Competitive retaliation
What is value Cocreation
Consumers act as collaborators with a manufacturer or retailer to create the product or service
What has happened through social media tools such as blogging and microblogging
Consumers actively engage with firms on their own social networks, this can be positive or negative (positively engaged customers tend to be more profitable customers and negative engaged customers have the potential to be even more damaging than any positive benefits)
What can businesses do with search engine optimization and brand building
Control most of what people see online, so consumers must work harder to find the criticisms
What happens once a strategy is implemented
Controls must be in place to be certain that the firm has actually done what it has set out to do
What has happened since online travel agencies have become popular
Customers who book hotels using travel agencies become loyal to the agency that gives them the lowest prices, rather than to any particular hotel brand. SO Hotels are now using apps and social media that allows customers to buy directly through the app or social media, and customers are then providing information to help narrow results down, which helps marketers find good targets and apply marketing appropriately and provide promotions
Since marketing can also affect various stakeholders. Who are some stakeholders
Customers/clients, supply-chain partners (wholesalers, retailers, or other intermediaries like warehousing), society at large
Ironically, while the leaders of Enron corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston charity. Enron had unethical business practices but was also a - practicing marketing ethics B - falsifying the company's finances through charitable donations C - creating a local ethical business climate D - demonstrating corporate social responsibility E - manipulating the public sentiment for its own benefit
D - demonstrating corporate social responsibility
Janine was tired of her winter coat, so she sold it to her friend Marissa. This is an example of __________ A- B2B B-B2C C- C2B D- C2C E- BBC
D-C2C
What are some examples of individual consumer issues
Deceptive advertising or the marketing of a dangerous product
What has a firm done during the first four steps of the marketing plan
Decided what to do, how to do it, how many scarce resources should be allocated to it, And implement the actual marketing mix
What does place entail
Delivering the value proposition, everything it takes to get there; It represents all the activities necessary to get the product to the right customer when that customer wants it
What does a place do
Delivers value
What must the firm do once it decides which segment to pursue
Determine how wants to be positioned with in those segments, They are so must evaluate each of its strategic opportunities
What is a perceptual map
Displays, in two or more dimensions, the position of products or brands in the consumers mind
The perceptions of ___________ are being measured in a perceptual map A - competitors B - strategic planners C - the companies executive team D - the current research and development team E -consumers
E - consumers
In mid 2010, HP acquired palm computing Inc., Before deciding to acquire the company, strategic cleaners at HP spent time thinking about how palm and HP would fit together, and how the acquisition might change HP core goals and objectives. The strategic planner's were engaged in the ___________ step of the marketing planning process
E - define the business mission
The Johnson and Johnson credo A-was a response to the Tylenol incident B - proved ineffective when the company needed to act in the Tylenol crisis, which was a clear listen to other companies to update similar documents C - was copied by all other pharmaceutical companies D - Offers an extremely detailed description of potential problems for the company E -has guided the firm since it was written in 1940s
E - has guided the firm since it was written in the 1940s
In it's discussion of Nike and Adidas, two major athletic shoe manufacturers, the text mentions that Nike has purchased umbro, a sports brand that has appealed to mainly soccer enthusiasts in the past. This action suggest that Nike intends to compete head-to-head with Adidas, which got it start designing soccer shoes. In SWOT analysis for Adidas, how should Nikes acquisition of umbro be categorized? A - strength B - opportunity C - weakness D- segment E - threat
E- Threat
Which element of the marketing mix is most relevant to the activity "delivering value" A- promotion B- purchasing C- product D- price E- place
E- place
Which of the following is not one of the four over arcing strategies to create and deliver value and to develop a sustainable competitive advantage? A - locational excellence B - customer excellence C - operational excellence D - product excellence E- planning excellence
E- planning excellence
Marketing involves all of the following except A- conducting exchanges B- satisfying customer needs and wants C- creating value D- efforts by individuals and organizations E- production scheduling
E- production scheduling
What are thought sharing sites effective at
Educating and engaging users, and they may enhance their experience
What happens when a firm is socially responsible
Employees have the great satisfaction of giving back to society, various charities benefit from donations, and customers enjoy good products/services with a clear conscience
What is required for a company to act in a socially responsible manner
Employees of the company must also maintain high ethical standards and recognize how their individual decisions lead to optimal collective actions of the firm
What is a creative way to provide value to customers
Engage in value cocreation to add value
With CSR, how do firms spend their time and energy
Engaging in activities aimed at improving the overall community and physical environment
How can marketers expand the overlap of benefits they provide with the benefits consumers require
Engaging in appropriate education
What do excite, educate, and experience all lead up to
Engaging the customer
What is marketing primarily responsible for
Enhancing the value of the company's offerings
What is the most popular need of an app
Entertainment and relaxation - "me time" (looking at fun videos and games)
Who benefits most from concentrated targeting strategy and why
Entrepreneurial start ventures, because they can employ their limited resources more effectively
What is key to long-term financial performance
Establishing a sustainable competitive advantage (it can help produce a strong brand and a loyal customer base)
Today, companies are undertaking a wide range of corporate social responsibility initiatives. What are some examples
Establishing corporate charitable foundations/donations, supporting and associating with existing nonprofit groups, supporting minority activities, meeting global diversity standards, fuel conservation/alternative energy sources, and following responsible marketing/sales/production practices
What remains as an ongoing crucial component of the strategic marketing planning process and should be incorporated into all the firms decision making down the road
Ethics
What is an example of societal influence
Even the organization such as the American diabetic Association and the US food and drug administration have affirmed that diet sodas are safe, but the broader shift and societal opinions demand that beverage companies seek new options
What is characteristic about everything
Everything has a price, but it doesn't always have to be monetary.
What is price
Everything the buyer gives up - money, time, and/or energy - in exchange for the product
What happens if both you and the competitor provide benefits that are somehow not meeting customer needs
Expending significant efforts to educate customers by the focal firm about these needs but also benefit the competitors, so they are likely lower on the priority list of spending; It's the excess of you and the competitor
What are three examples of social network sites
Facebook, LinkedIn, and Google+
For marketers, what is the key to determining prices
Figuring out how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit
What happens with geodemographic segmentation
Firms are employing a combination of segmentation methods; they use demographics and geography to identify a target marketing and communications to their customers. then they use benefits or lifestyles to design the product or service and the substance of the marketing message
What essentially happens during geographic segmentation
Firms can provide the same basic goods or services to all segments, but marketers make adjustments to meet the needs of smaller geographic groups ( different store arrangements, different percentage of the products, different way of marketing the product)
What does value-based marketing require
Firms charge a price that customers perceive as giving them a good value for the product of the receive
When looking at segment attractiveness, what is being looked at when looking at the identifiable characteristic
Firms must be able to identify who is within their market to be able to design products or services to meet their needs (markets must be distinct of there's wasted effort and money)
What do modern listening and analysis tools allow
Firms to identify trends and customer input through social media
What is segmentation, targeting, and positioning (STP)
Firms use these processes to identify and evaluate opportunities for increasing sales and profit
When is geographic segmentation most useful
For companies whose products satisfy needs that vary by region
What do marketers often offer professional bloggers
Free products or provide modest remuneration in the hopes of getting good product reviews
What is the best app pricing model that millions of apps Incorporate
Freemium apps make up the vast majority of revenue
What is One of the biggest hurdles in mobile marketing
Getting customers to engage frequently with it on their mobile devices
What is an example of a service
Getting money from your bank, using either an ATM or a teller; cash machines usually add value to the banking experience because they are conveniently located, fast, and easy to use
What are self values
Goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life
What does being socially responsible generally mean
Going above and beyond the norms of corporate ethical behavior
What is the market penetration strategy generally require
Greater marketing efforts, such as increased advertising and additional sales/promotions, or intensified distribution efforts in geographic areas in which the product or service is already sold
What is demographic segmentation
Groups consumers according to easily measured objective characteristics such as age, gender, income, and education
What are product lines
Groups of associated items, such those that consumers use together or think of as a part of a group of similar products; complementary goods /are used together
How can retaining loyal customers help maintain a sustainable competitive advantage
Having a strong brand, unique merchandise, and superior customer service will help you solidify a loyal customer base. Having loyal customers is an important method of sustainable competitive advantage over customers, because it means that customers are reluctant to shop at competitive firms
What are some questions that marketers must ask themselves during step five of the marketing plan
How quickly were plans adjusted? How rapidly and appropriately were pricing and promotional policies modified? Did I react to salvage in adversity waiting, or did my reactions worsen the situation?
What may be a Key goal or objective often embedded any mission statement
How the firm is building it's sustainable competitive advantage
What is the primary ethical dilemma facing managers
How to balance a shareholder interests with the needs of society. Especially when consumers seek greater protections, where is marketers want to access more and better data about individual consumers (in order to target them with appealing products at the right time, in the right place, at the right price in order to make more sales)
What kind of information do companies collect
How, when, why, where, and what people buy. They use this information/data to inform their choices
What does sustainable marketing allow
Humans and nature to exist in productive harmony, that permit fulfilling the social, economic and other requirements of present and future generations
What is the primary motivation for thinkers and believers
Ideals
What are the three primary motivations of US consumers
Ideals, achievement, and self-expression
What does Vals enable firms to do
Identify target segments and their underlying motivations; It allows them to draw correlations between psychology and lifestyle choices
What is an example of unrelated diversification
If Nike ventured into the child daycare service industry
When is the only time a value proposition can be sustained an alarm term
In monopoly or monopolistic competition situations
When looking at segment attractiveness, what is being looked at with the responsive characteristic
In order to be successful, the customers in the segment must react similarly and positively to the firms offering (or else it should not target this market)
What is important for designing an overall marketing strategy
Knowing what benefits consumers are seeking or how the product or service fits a particular lifestyle
What can the implementation of the marketing mix do
Increase customer value
What do relative measures look at
Increases/decreases and comparisons to other competition/benchmarking
What can affect the ability of the firm to act ethically
Individual employee behavior
How can consumers be classified using the Vals framework
Innovators and survivors, thinkers and believers, achievers and strivers, experiencers and makers
What are ideas
Intellectual concepts - thoughts, opinions, and philosophies
How has marketing traditionally been divided
Into a set of 4 into related decisions and consequent actions known as the marketing mix/four P's
How can manufactures divide massive markets
Into sub markets or segments
What are investors expressing more and more desire in
Investing in firms that are socially responsible
What is market positioning
Involves the processes of defining the market mix variables so that customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
What is customer excellence
Is achieved when a firm develops value-based strategies for retaining loyal customers and provide outstanding customer service
How can you describe a sustainable competitive advantage
It acts like a wall that the firm has built around its position in a market. This one makes it hard for outside competitors to contact the marketers target market
How can the insights gathered from social media affect businesses
It affects their marketing communications, their products, and their brand
What is the reach that marketers have to their customers from blogs
It can be categorized by the level of control they offer; corporate blogs have the highest level of control. Professional blogs have less control. Personal blogs have the lowest control
What can having a framework for ethical decision making help with
It can help move people to work towards common ethical goals
What happens if firms use profit as the sole guiding light for corporate actions
It can lead the firm towards short-term decisions that can cause the firm to lose customers in the long run
In the long run what CSR do for company processes and what is the result
It can streamline its supply chain processes and therefore provide additional financial benefits to its suppliers and customers
What happens to what constitutes as value
It changes constantly, so businesses must be able to rapidly responded to change
How is sustainability incorporated into CSR
It combines considerations from all stakeholders because the survival and well-being depends, either directly or indirectly, on our natural environment
What is a microblog
It differs from a traditional black in size. Consists of short sentences, short videos, or individual images. Twitter is an example of a microblog
What is behavioral segmentation
It divides consumers into groups on the basis of how they use the product or service
What is the downfall of demographic and geographic segmentation
It doesn't help marketers determine customer needs
How does Facebook help marketers
It gives companies a forum for interacting with their fans/gives marketers the ability to target their audiences carefully. They can post updates, photos, and videos or participate in a discussion board. Only fans of the page generally have access to such information so the company can specifically target it's fans. After interacting with fans there is a multiplier effect(friends see the actions of other friends). And marketers can use Facebook ads to display advertising to target specific groups of people according to their profile information, browsing history, and other preferences
What is benefit segmentation
It groups consumers on the basis of benefits they derive from products or services
Since firms have been naming stadiums, providing gear, and calling themselves the "official product of" popular sporting events and teams for years, what does the sponsorship have to do with
It has very little to do with television. Instead the focus is on in-store and social media efforts
What are the limitations to using psychographic segmentation
It is a more expensive means to identify potential customers
What is the downfall of the BCG matrix approach
It is difficult to implement in practice because it is hard to measure both relative market share and industry growth. And other measures could be used as substitutes to better measure attractiveness and other issues. We also do not want to reach the self-fulfilling prophecy of placing a product or service into a quadrant because it has profound implications on how it is treated and supported with in the firm
What is characteristic about international expansion
It is generally riskier than domestic expansion because firms must deal with differences in government regulations, cultural traditions, supply chains, and language
How can you describe mobile marketing
It is significant and growing
What happens since differentiated targeting strategy helps A business diversify
It lowers the overall risk of the company (because a decline in profitability of one thing can be offset by the revenue of another)
What is geographic segmentation
It organize his customers into groups on the basis of where they live; and market could be grouped by country, region, or areas within a region (like cities, states, ZIP Codes, and neighborhoods)
What is business ethics
It refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or applications that apply to persons engaged in commerce
What is value
It reflects the relationship of benefits to costs; what the customer gets for what he/she gives
What happens when some consumer needs are still unmet
It represents an important marketing opportunity and that the firm could create a new product or change existing services to satisfy these needs; it's what you could do
What is a click path
It shows how users proceed through the information on the website - not unlike how grocery stores try to track the way shoppers move through their isles
What is Geodemographic segmentation
It uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers
What happened during the sales orientated era
It was between 1920 and 1950, distribution techniques became more sophisticated. The great depression and World War II conditioned customers to consume less or manufactured items themselves. Manufactures had the capacity to produce more than customers really were able or wanted to buy. Firms found an answer to their overproduction in becoming sales orientated: they depended on heavy doses of personal selling and advertising
What is one of the most popular portfolio analysis methods and what does it require
It was developed by the Boston consulting group (BCG), requires that firms classify all of their products or services in a 2 x 2 matrix. In the matrix brands and their sizes are represented in direct proportion to the brands annual sales.
What happens if a market is too small or it's buying power is insignificant
It won't generate sufficient profits or be able to support the marketing mix activities
What is appealing about Instagram and vine
It's a sort of modern day, immediate telegram. It has the most famous names in media sharing. And advertisers can use the short time limit to appeal to consumers
What have the changes and Invanz in social/mobile/online technologies affected consumers and businesses
It's forcing firms to change how they communicate with their customers; it's allowing marketers and customers to share information of all forms and improve their connections
How has the Internet analytics impacted the world
It's made it convenient and safer
What happens when one firm in the industry leads the way towards CSR
It's partners and competitors often have no choice but to follow - or run the risk of not doing business or being left behind
How is an competitive advantage helped by locational excellence
It's sustainable because it is not easily duplicated
What happens when looking at the competitors value proposition
It's the needs of customers that are being met by your competitor, but not by you; only the competitor and customer is involved. If more customers start to make mentions for these benefits, you can monitor developments carefully and match some benefits if possible
What is special about psychographic segmentation
It's the only segmentation process that looks into how consumers actually describe themselves
What is a good
Items that can be physically touched
People are primarily motivated by ideals are guided by what
Knowledge and principles
What does the vertical dimension of the Vals framework indicate
Level resources, including income, education, health, energy level, and degree of innovativeness; upper/1st segments have more resources and are more innovative
What are some sample segments when using psychographic segmentation
Lifestyle, self-concept, self values
What is an example of related diversification
MTV making new shows that focus on more positive social messages; MTV making new teen shows that have different focuses
What does place entail
Making the product or service readily accessible when and where the customer wants it
What happens during the control phase when integrating ethics into the marketing strategy
Managers must be evaluated on their actions from an ethical perspective. Systems must be in place to check whether each potential ethical issue raised in the planning process was actually successfully addressed and whether there is a need to react to the change
What happens because an attempt to maximize one metric may therefore lower another
Managers must understand how their actions affect multiple performance metrics
What happens if there may be extenuating circumstances in marketing
Managers often have to face a choice of doing what is beneficial for them and possibly the firm in the short run, and doing what is right and beneficial for the firm in society in the long run
What happened during the market orientated era
Manufacturers turned from focusing on the war effort to making consumer products. The shopping center began to replace the city central business district as the head of retail activity and hang out place. Supply was plentiful in the United States, and we entered a buyers market where the consumer became king. Consumers made purchasing decisions on the basis of factors such as quality, convenience, and price. Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. Firms discovered marketing during this period
Why is it hard to find a single metric to evaluate performance
Many factors contribute to a firms overall performance
What are some key factors keep in mind when looking at probability
Market growth (current size and expected growth rate), market competitiveness (number of competitors, entry barriers, product substitutes), and market access (developing or accessing distribution channels and brand familiarity)
What does step five of the STP process involves
Market positioning
What has happened since recent technologies have made it easy for viewers to speed past or completely skip the advertising messages
Marketers are revisiting the idea of live advertising, they want consumers to be interested in the new content and determine the new content
What has happened as a result of moving toward mobile commerce
Marketers can turn into cutting-edge technologies to locate customers through their smart phones and other devices, determine their collective behaviors, and target them incredibly specific advertisements. And they can even differentiate users and advertise them accordingly
What happens during step two of the STP process
Marketers use a particular method or combination of methods to segment the market. They also develop descriptions of the different segments which helps firms better understand the customer profiles in each segment
What profession is often singled out among business disciplines as the root cause of a host of ethical lapses
Marketing
What is also involved during the implementation phase
Marketing strategy
During recent decades, what has experienced its prevalence increasing rapidly
Social marketing and corporate social responsibility
What do value orientated marketers constantly do
Measure the benefits that customers perceive against the cost of their offerings. They use available data to find opportunities to satisfy their customers needs better, keep costs down, and develop long-term loyalties
Who is a great example that uses occasion segmentation
Men's Wearhouse; they use it to develop its merchandise selection and promotions (especially for wedding and prom season)
What happens even though many types of customers appear in any market
Most firms cannot satisfy everyone's needs, So the market gets divided up into market segments (market segmentation)
What happened during the production orientated era
Most firms were production oriented and believed that a good product would sell itself. Manufacturers were concerned with product innovation that with satisfying the needs of individual customers, and retail stores were typically considered places to hold the merchandise until a customer wanted it
What do the scores mean in an ethical decision making metrics
Mostly yes - the situation is not ethically traveling mostly no- it is ethically troubling and you know it mostly maybe- you need to take a step back and reflect on how you wish to proceed
What makes consumers more likely to try out new innovations
Name/brand recognition
What are threats
Negative aspects of the companies external environment
What are a company's weaknesses
Negative attributes of the firm (internal)
What is an example of differentiated targeting strategy in the marketplace
Niche magazines focused on different aspects of life
Is demographics always useful for defining the target segments for other companies
No
Is undifferentiated targeting strategy/mass marketing a common strategy
No
What are some sample segments when using geographic segmentation
North America, Asia, Europe, Africa, Pacific , mountain, Central, south, mid Atlantic, Northeast
What are some sample segments when looking at the behavioral segmentation method
Occasion and loyalty
What are the two common behavioral segmentation measures
Occasion and loyalty
What is product excellence
Occurs by providing products with high perceived value and effective branding and positioning
What is becoming integral components of any integrated marketing communication strategy
Social media
How must marketers determine the price of a product
On the basis of the potential buyer's believe about its value
What kind of firm tends to be more socially responsible
One with strong ethical climates
What should a manager be held accountable for and what are some examples
Only for the revenues, expenses, and profits that they can control; sales, sales associate productivity, and energy costs
Who is involved when looking at the firms value proposition
Only you and the customer; it reveals which customer needs are effectively mat by the benefits that you provide (there is no overlap between competitors)
What happens with the diversification strategy for growth
Opportunities may be either related or unrelated
What happens if a company has a sustainable competitive advantage in an attractive market
Overtime the advantages Will erode because of these competitive forces
What are some unethical behaviors that have been observed by employees
Participating in high pressure, misleading, or deceptive sales tactics; misrepresenting a company's earnings, sales, and/or revenues; withholding or destroying information that could hurt company sales or image; and conducting false or misleading advertising
What has been the result of long time selling online
People forget that used to be difficult to assess these products before buying them; But now the diffusion of such products and applications has expanded to feature a wealth of new channels in media options (that also help you experience the product or service)
How do apps allow self expression
People have diverse interests and tastes and have a need for apps that allow them to express themselves. Apps make it easy to connect with others who share an interest/hobby
How do apps allow people to accomplish things
People want to manage their finances, improve their health, Or become more productive; Health apps, fitness apps, etc
Why is Vals better than demographics
People who share demographics often have very different psychological traits
What can individuals and organizations both do
Perform marketing. individuals can undertake activities to market themselves, like when they are applying for a job; Service providers also constantly market their services one way or another
What are the three major phases of the marketing plan
Planning, implementation, and control
What are opportunities
Positive aspects of the external environment
What are a company's strengths
Positive internal attributes (internal)
What is the only activity that actually brings in money and therefore influences revenues
Pricing
What are examples of traditional mass media
Print, television, radio
What is the marketing mix/four P's
Product, price, place, and promotion - the CONTROLLABLE set of activities that a firm uses to respond to the wants of its target markets
What does purchase behavior look at
Purchase price * number of times the customer would buy the product/service in a year
What do firms do as a part of their overall growth strategy
Pursue various markets segments
What is social media
Refers to content distributed through online and mobile technologies to facilitate interpersonal interactions; Media content used for social interactions such as YouTube, Facebook, and Twitter
What is corporate social responsibility (CSR)
Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders
What is marketing ethics
Refers to those ethical problems that are specific to the domain of marketing
What kind of information is gathered in step two of the ethical decision making framework
Relevant and important information
What is education all about
Reminding people about what they already know and providing new information
What is integrated marketing communications (IMC)
Represents the promotion dimension of the four P's ; encompasses a variety of communication disciplines - general advertising, personal selling, sales promotion, public relations, direct marketing, and electronic media - in combination to provide clarity, consistency, and maximum communicative impact
Who is YouTube very appealing for
Retailers
Who is locational excellence particularly important for
Retailers and service providers
Who is geodemographic segmentation particularly useful
Retailers because consumers typically shop stores close in proximity (they can tailor each store's assortment to the local preferences). AND it's useful for finding new locations
What happens if manufacture sell merchandise to retailers
Retailers often have to convince manufacturers to sell them
What does place more commonly deal with
Retailing and marketing channel management/supply chain management
What are some commonly used metrics to assess performance
Revenues, sales, and profits (both relative and absolute)
What has social media done
Revolutionized how companies communicate with, listen to, and learn from customers. The influence of marketers is now far reaching, whether they are selling online or in stores, providing products or services, or dealing primarily with customers; Connecting efficiently with customers, controlling social media buzz, and responding to trans as they arise
What are some examples of societal issues
Sale of products or services that may damage the environment and global issues (like the use of child labor)
What are some examples of items that use undifferentiated targeting strategy
Salt or sugar
How can you calculate segment profitability
Segment probability = (segment size * segment adoption percentage * purchase behavior * profit margin percentage) - fixed costs
What is the primary motivation for experiencers and makers
Self expression
What do self values motivate people to develop
Self images of how they want to be and then images of a way of life that will help them arrive at their ultimate goal
How do self values help marketers
Self values help determine the benefits the target market may be looking for in a product. It's the underlying, fundamental, personal need that pushes the person to seek out certain products or brands (it stems from their desire to fulfill their self value)
What essentially happens with an exchange
Sellers provide products or services, then communicate and facilitate the delivery of their offerings to customers. Buyers complete exchange by giving money and/or information to the seller; Sellers provide goods and services, then with supply and promotions they communicate and deliver those products or services, then customers trade money and information for what the sellers are selling
How can lays use occasion segmentation
Selling a small snack size for individual servings but selling a big bag for parties
Why is promotion important
Services will go unsold if marketers cannot communicate through value to customers; they need to communicate the value proposition to sell. It can also generally enhance a product's or service's value
How do apps allow shopping
Shoppers can shop anytime. Customers can also compare the prices online to see whether a better deal is available (showrooming using google and amazon)
What happens because some firm benefits may not overlap with consumer needs
Since consumers express little need or desire for these benefits, you can 1) educate consumers to encourage them to develop a sense of their need (do ads or promos) or 2) you can stop providing these unwanted benefits which would enable you to save money; it's your excess
How can Twitter be beneficial for small companies
Since they have limited marketing budgets, the use of tweeted promotional messages is particularly appealing because there is a huge captive audience available
Who can generally tailor their offerings to individual customers more easily
Small producers and service providers, it's difficult for larger companies
Why should the marketing plan be written
So that everyone involved (all stakeholders) in the implementation of the plan knows the overall objectives for the firm and how they are going to be met AND provides a reference point for evaluating whether not the firm has met its objectives
How has social media hurt images of some businesses
Some brands have hurt their images by launching campaigns that are out of step with social media culture
How can product excellence be hard to achieve
Some have difficulty especially when competitors can deliver similar products or services easily
What is sustainable competitive advantage
Something the firm can persistently do better than its competitors; It's an advantage over the competition that is not easily copied and can be maintained over a long period of time
Who owns and operates the Vals framework
Strategic business insights (SBI)
Where is portfolio analysis typically performed at
Strategic business unit (SBU) or product line level or to analyze brands and even individual items
Those who are motivated by achievement look for products and services that demonstrate what
Success to their peers
What is a company able to do with a strong sustainable competitive advantage
Sustain their advantage, minimize competitive pressure, and boost profits for a longer time
What is used to assess the attractiveness of the market
Swot analysis
What do fixed costs look at
The costs of replacing lost customers; Advertising expenditures, rent, utilities, insurance, and administrative salaries for managers
What happens when both you and your competitor our meeting the needs of consumers
The customer, your firm, and competitors are all involved; so each firm therefore works to compete effectively; Customers can compare firms and specific features because there are substitutable options
What must firms consider, especially as changes in the marketing environment emerge
The effects on customers who currently shop them and future customers whom they are targeting
What has helped consumer to consumer marketing (C2C)
The establishment of various Internet auction sites, like eBay, and social media
What happens with STP
The farm first divides the market place into subgroups/segments, then determines which of those segments it should pursue/target, and then decides how it should position products to best meet the needs of those chosen targets
What may happen with related diversification
The firm might be able to purchase from existing vendors, use the same distribution and/or management information system, or advertise in the same newspapers to target markets that are similar to the current customers
What happens with step three when using perceptual mapping
The firm understand how its customers view it's brand/product, so it must study how competitors position themselves
What happens during the planning stage when you In corporate ethics into the marketing strategy
The firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly
What must the segmentation strategy chosen in the STP process be consistent with and derived from
The firm's mission and objectives as well as its current situation (determined by swot analysis)
What can market positioning help communicate
The firms value proposition; Reasons for wanting to purchase it
What is self-concept
The image a person has of himself or herself; component of psychographics; The way one sees oneself in the context of a goal
What do the best corporate blogs illustrate
The importance of engaging customers around the core brand tenants without being overly concerned with the hard-sell (used correctly they generate loyalty and generate sales; They educate consumers so that way they know all of what they sell; they engage people even if it produces items that some consumers are unlikely to encounter or purchase directly)
What are people buying when they buy concert tickets
They are paying for the experience they gain, they are not paying for the physical ticket stub (they are paying for the service)
What is a limitation of the technology/Internet
The global average Internet penetration rate is below 40%, with massive populations in Africa and Asia still limited in their access
What does the undifferentiated targeting strategy focus on
The similarities of the needs of the customers as opposed to the differences
When looking at segment attractiveness, what is being looked at when evaluating the reachable characteristic
The market must be reached/accessed through persuasive communications and product distribution; so the customer knows where the product or service exists, they understand what the product can do, and how to buy
What happens once a potential customer arrives at the website or a store
The marketer has a golden opportunity to educate them about its value proposition and communicate the offered benefits
What key factor is likely to affect the selection of a target market
The marketers ability to pursue such an opportunity or target segment
What does demographic segmentation represent
The most common means to define segments because the characteristics are easy to identify
What are some examples of self values
The need for self respect, self-fulfillment, or specific sense of belonging
What does segment size look at
The number of people in the segment
What is a page view
The number of times an Internet page gets viewed by any visitor
What is the control phase
The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take necessary corrective actions
What is the planning phase
The part of the strategic marketing planning process when marketing and executives in conjunction with other top management: 1) Define the mission or vision of the business and 2) Evaluate the situation by assessing how various players, both in and outside the organization, affect the firms potential for success (you use SWOT)
What is the implementation phase
The part of the strategic marketing planning process when marketing managers 1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (step three in the plan) and 2) Implement the marketing mix using the four peas (step 4 in the plan)
Which should happen in any exchange
The parties in the transaction should all be satisfied
What is a market share
The percentage of a market accounted for by specific entity; It is usually discussed in units, revenue, or sales
What is a conversion rate
The percentage of consumers who buy a product after viewing it
What does that segment adoption percentage look at
The percentage of customers in the segment who are likely to adopt the product/service
What does a defection rate look at
The percentage of customers who switch on a yearly basis
What is the bounce rate
The percentage of times a visitor leaves the website almost immediately, such as after viewing only one page
What is an ideal point
The position at which a particular market segments idea product would lie on a perceptual map
What is business to consumer marketing (B2C)
The process in which businesses sell to consumers
What is consumer to consumer marketing (C2C)
The process in which consumers sell to other consumers
What is business to business marketing (B2B)
The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers
What is a market segmentation
The process of dividing a market into groups of customers with different needs,wants, or characteristics - who therefore might appreciate products or services scared especially for them
What is target marketing or targeting
The process of evaluating their attractiveness of various segments and then deciding which to pursue as a market; you're deciding who to market to
What is the order of the marketing evolution
The production era, the sales era, the marketing era, then the value-based marketing era
How does location based social media apps influence marketing
The result is that users are driving The way brands and stores are interacting with social media. Location-based services are appealing though they also may create some concerns
What is situation analysis
The second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment, with regard to its Strengths and Weaknesses, and the external environment, in terms of its Opportunities and Threats
What does the horizontal dimension of the Vals framework show
The segments primary psychological motivation for buying
What is supply chain management
The set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, at the right time, while minimizing system costs and satisfying the service levels required by the customers
What can you do in order to avoid consequences that are the result of acting unethically
The short term goals of each employee must be aligned with the long-term goals of the firm
What happens during the implementation stage when integrating ethics into the marketing strategy
The tone of questions switches from "can we" to "should we" when looking at engaging in particular marketing practices
What is an exchange
The trade of things OF VALUE between the buyer and the seller so that each is better off as a result
What is the value proposition
The unique value that a product or service provides to its customers and how it is better than and different from those of competitors
What is value proposition
The unique value that a product or service provides to its customers and how it is better than and different from those of competitors
First position products and services based on different methods. What are some examples
The value proposition, attributes, symbols, and competition
What should price be based on
The value that the customer perceives
What is an ethical issue gathering more and more attention today
The way data are collected/consumer privacy
What does the marketplace refer to
The world of trade; it can be segmented/divided into groups of people who are pertinent to an organization for particular reasons
Why doesn't a good value mean that a good or service is inexpensive
There are customers willing to pay asking prices for all types of goods at the price levels because to those individuals, what they get for what they give is a good value
What happens if a firm is socially responsible but is unethical
There's questionable firm practices, yet it donates a lot to the community
What do many people do every day
They act as a buyer and made a decision whether they should part with their time and/or money to receive a particular product or service. Or they have become a seller. Either way they were engaged in marketing
What does management do after they evaluate the firms various products and businesses (the portfolio)
They allocate resources according to which products are expected to be the most profitable for them in the future
What do blogs allow corporations/companies to do
They allow marketing managers to create a two-way dialogue (engaging) directly to the end-users through the comments section. They allow companies to educate their customers about their offers and offerings by explaining their offerings.
What happens when companies embrace CSR
They appeal not only to their shareholders, but also to their key stakeholders
What is characteristic of many offerings in the market and what is an example
They are a combination of goods and services; When you go to an optical center, you get your eyes examined - a service, and purchase new glasses -a good
In what aspect does social network sites help marketers and why
They are an excellent way for marketers to create excitement, because people can interact and they are widely used
How is LinkedIn beneficial
They are beneficial for small business owners because they are an excellent resource for entrepreneurs to network with like-minded firms, identify the best vendors, or build brand reputation by participation
What happens since the AMA's definition of CSR refers to it as the serious consideration of "the impact of the companies actions and operating in a way that balances short-term profit needs with societies long-term needs"
They are ensuring the company survival in a healthy environment
What is characteristic about Flickr and other photo sites in relation to marketing
They are less popular marketing tools, yet some innovative companies have found ways to engage with customers, such as by hosting picture posting competitions or using Photos to communicate core tenants and values. They provide significant entertainment value
What is characteristic of the most successful firms today
They are market orientated, They generally have transcended a production or selling orientation. they attempt to discover and satisfy their customers needs and wants
What can companies do once they obtain information that sentiment analysis provides
They can allow for a numerous quick changes such as a product rollout, a new advertising campaign, or reactions to customer complaints. Assessment May also prove that there are new online trends that might warrant an online corporation response.
How can marketers use sentiment analysis
They can analyze the content found on sites like Facebook, Twitter, and online blogs and reviews to assess the favorableness or unfavorableness of the sentiments. It also allows them to collect consumer comments which are then analyzed to distill customer attitudes and preferences, reactions to specific products and campaigns, and provide new insights into what consumers really think.
What happens once marketers learn who the visitors are and what they are doing and what engages/excites them
They can analyze which pages are the most frequent entry and exit locations, which provides a direction on how to make a website where effective and/or they could use this information to provide users with an easier navigation experience through the site so they can more quickly find what they're looking for. They can also reveal the conversion rates
How can a better understanding of apps help marketers
They can better understand ways to design and target better that incorporate the 4Es
What happens when marketers can use cookies
They can link their advertisements to the browsing history of any individual user; They can tailor their marketing strategy to be customized in real time, using known and accurate data about the customer
How can market intermediaries help
They can make the world less complicated, so you do not have to buy everything you consume directly from producers or manufactures
How can businesses use geographic data to help with their locations
They can pinpoint ideal locations and types of stores that are likely to attract substantial traffic and so boost sales
What confirms do after they perform keyword analysis
They can refine their websites by choosing keywords to use on their site that customers use and then they can assess the return on investment (ROI) made by improving the site
What can marketers do with obtained personal information
They can use it to personalize recommendations and facilitate future exchanges to solidify is relationship with you
What does a strong business symbol do
They create a position for the brand that distinguishes it from its competition
What happens when people access the web through their computers
They create cookies, or snippets of data that enable marketers to discover where a shopper start the search process, how he/she proceeds, and where the online encounter ends - as well as what the shop revise or doesn't
Why are loyal customers the most profitable in the long run
They feel so strongly that you can meet their relevant needs best and that any competitors are virtually excluded from their consideration; they shop almost exclusively from you
How is Facebook helping with campaign success
They give marketers the ability to home in on target audiences into to track consumer response
With market development, what is characteristic of many US firms
They have an advantage in global markets because US culture is widely emulated for consumer products
How do you marketers implement the actual marketing mix, what is the basis
They look at the basis of what they believe their target markets will value
What has Starbucks done to guarantee that most people can readily find a place to get their coffee fix
They made sure that their stores are easy to find and the logo is familiar and can be seen; they sell a product that is appealing to customers and fulfills their needs
Why do marketers often show their products being used by groups of laughing people having a good time
They make use of self concept, especially for those who wish to belong; They're trying to make a connection between how happy the people are in advertisements and how happy consumer seek to be
How might a firm be socially responsible but unethical
They may be considered socially responsible because it makes generous donations to charities, but it is simultaneously involved in questionable sales practices
What have many large companies realized
They must be perceived as socially responsible by their stakeholders to earn their business
What must a business do to get a complete picture regarding ethical issues
They must identify all the individuals and groups that have a stake in how the issue is resolved
What must firms do in addition to producing different kinds of products or services people want
They must position their offerings in the minds of customers in their target market in such a way that these customers understand why the thing the company is providing meets their needs better than competitive offerings
What is characteristic of successful campaigns
They must tell story, involve/engage users, and connect to the real world
What benefits does google+ offer businesses
They offer Communities which allows brands to join as members so they can easily interact with all members of a group. They also have hang out features, which allows brains to host discussions or focus groups as well as post live product demos
What happened during the Johnson and Johnson credo
They poisoned people with Tylenol and they realized they were responsible for customer, product, and stockholder (other stakeholders). They added a new seal to protect buyers and encourage new customers (helping stockholders)
What is the self concept of a person whose goal is to belong
They see themselves as a fun loving, gregarious type of person whom people wish to be around
What do customers want out of an exchange
They seek a fair return in goods and/or services for their hard earned money and scarce time. They want products or services that meet their specific needs/wants and that are offered at a price that they believe is a good value (which doesn't mean it is inexpensive)
How is it being seen that marketers strive for efficient operations and what does this do/result in
They try to get the customers all the merchandise they want, when they want it, in the required quantities, and at the lower delivered cost than their competitors; This results in the assurance of good value to their customers and earning probability for themselves all because they satisfy their customers needs
What happens as people continue to grow emotionally
They understand what is and what is not ethical behavior
What happens if customers believe that they can no longer trust company or that the company is not acting responsibly
They will no longer support the company by purchasing its products or services or investing in stock. Marketers must maintain the ability to conduct ethical, transparent, and clear transactions in order to maintain consumer trust
Apple has jumped ahead of its competitors in devising and implementing Hypertargeted, micro location-based marketing, what does this mean
This means that Apple or virtually every retailer that invests in the iPad can use the software to send messages (promotions?and track where the customer is (in town, near the parking lot, or where in the store)
What happens if there's only a few customers who desire a certain product
This suggestion should not be ignored, but you might want to consider a niche strategy rather than a mass market strategy
How may a company seek to improve its own performance
Through innovation and in-depth analysis of its competitors
Why do marketers create loyalty programs
To collect personal data/information
What does reacting to attitudes uncovered in sentiment analysis allow companies to do
To counteract negative opinions, maybe influence those perceptions, and perhaps win customer loyalty
What is the key task in the controlling phase when integrating ethics into the marketing strategy
To ensure that all potential ethical issues raised during the planning process have been addressed and that all employees of the firm have acted ethically
Why are metrics used
To explain why things happened and also project the future. They make it possible to compare results across regions, strategic business units, product lines, in time periods
What happens if the price is set too high or too low
To high - it will not generate much volume too low - it may result in lower than optimal margins and profits
How do businesses use media sharing sites
To highlight how consumers can experience their goods or services, as well as encourage customers to engage with the firm
How are performance evaluations used
To pinpoint Problem areas
What is the objective of the last step of the ethical decision making framework
To weigh the alternatives and choose a course of action that generates the best solution for the stakeholders, using ethical practice
What happens because of the high cost of finding new customers and the profitability of loyal customers
Today's companies are using loyalty segmentation and investing in retention and loyalty programs to retain their most profitable customers (like punchcards)
What do the quadrants in the BCG matrix represent
Top left - products that require heavy resource investment, like promotions, and production facilities. They have high rates of both relative market share and market growth rate bottom left - high relative market share but low market growth rate. They received heavy investments and they have access resources that could be given to the products that need it Top right - they have a low relative market share but a high market growth rate. They are often the most managerially intensive products and that they require significant resources to maintain and potentially increase their marketshare. They must decide whether to add resources or withdraw in phase out the product Bottom right - they have a low relative market share and growth rate. They may generate enough resources to sustain themselves but should be phased out unless they are needed to compliment or boost sales of another product for comparative purposes
What is psychographics
Used in segmentation; delves into how consumers describe themselves; Allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices; how people self select
How are companies enhancing the value for loyal customers
Using loyalty programs and mobile apps
What is often more useful for predicting consumer behavior then demographics
Using psychographic segmentation schemes like vals
What is the most widely used to support psychographic segmentation
Vals framework
What do marketers communicate, Using the various disciplines of it IMC program
Value proposition
What is key to modern customer retention programs
Viewing customers with a lifetime value perspective rather than on a transaction by transaction basis. Firms realize the value of achieving customer excellence through focusing the strategy on retaining loyal customers
What is a key decision for firms producing apps
What to charge for them
What do click paths and conversion rates also reveal
What users might have wanted, but did not find
What are in app purchases
When a game or app prompts or allows customers to make small "micro purchases" to enhance an app or game
What can make ethical decision making easier
When decision-makers within the firm become accustomed to thinking about the ethical implications of their actions from a strategic perspective
What is an example of marketing an idea
When groups go to schools in order to promote bicycle safety. They give talks and sponsored bicycle helmet poster contest for the children. The exchange of value occurs when the children listen to the sponsors presentation and wear their helmets, they have adpoted or become purchasers of the safety idea that was marketed
How does apps allow people to discover
When people seek information, due to their need to discover, they turn to informational apps like Weather and News
When are firms typically most successful
When they focus on opportunities to build on their strengths relative to those of their competition
Why is a supply chain management/marketing channel management system important
Without a strong and efficient marketing channel system, merchandise is unavailable when the customer wants it, so then the customers are disappointed so sales and profits will suffer
What are some ways that customers provide their opinions on just about anything, from interests to purchases
Writing blogs and providing opinions via polls
What happens because markets are not stagnant and Consumer tastes shift and competitors react to those shifts
You cannot attend to maintain the same position year after year, you must always review the first three steps of the positioning process as ongoing with adjustments made in step four as necessary
What is important to providing outstanding customer service in order to maintain a sustainable competitive advantage
You must be consistent which is difficult because customer service is provided by employees - humans - that are less consistent than machines. Companies must also instill its importance in their employees over a long period of time so that it becomes part of the organizational culture (extensive training helps provide better customer service)
What happens after you identify the markets idea points and size and you see that the largest market doesn't have a product position close to it
You should consider an introduction
What should you do before you build a marketing strategy that target specific groups
You want to know for what marketplace Segments your product is most relevant for
Who can benefit from CSR sustainability
it allows companies to benefit the environment, marketplace, customers, and employees
What do new technologies ensure
that new ethical issues will continually arise
