Marketing Exam 2

Multibrands

a way to establish different features that appeal to different customer segments, lock up more reseller shelf space, and capture a larger market share

Factors that influence needs

Culture vs. Subculture Word-of-mouth influence Opinion leader Age & Lifecycle Personality & Self-concept

Stages in the Adoption Process

Awareness Interest Evaluation Trial Adoption

Boston Harbor Cruises has found marketing historic excursion tours to international tourists very lucrative. The company has committed significant resources to online marketing campaigns designed to increase ticket sales to vacationing families. In this scenario, "vacationing families" represents a key _____________ for Boston Harbor Cruises.

target market

Motive (& motivation)

the reason that a character does something, says something, or acts a certain way

According to the video, Goodwill adjusts its merchandising and store formats in Northern California to better match the __________ of individuals living within those neighborhoods, as expressed by their respective daily activities, interests, and opinions.

lifestyle

service perishability

services cannot be stored for later sale or use

Products/Service Differences

Service intangibility Service inseparability Service variability Service perishability

Service inseparability

Services are produced and consumed at the same time and connot be separated from their providers

Service intangibility

Services cannot be seen, tasted, felt, heard, or smelled before they are bought.

What three broad categories of boating services does Boston Harbor Cruises provide

Speed boat Whale watching Boat tours

New brands

a company might believe that the power of its existing brand name is waning, so a new brand name is needed. Or it may create a new brand name when it enters a new product category for which none of its current brand names is appropriate

"Brand" Defined

A name, term, sign, symbol, or design, or a combination of these, that identifies the make or seller of a product or service.

What tier of Maslow's hierarchy of needs is met by the market offerings at Goodwill? Is more than one tier potentially met?

Physiological

"Maslow's Hierarchy of Needs"

Self-actualization Esteem Social Safety Physiological

The video suggests that a key challenge for Goodwill's marketers is to change the view of many consumers that secondhand stores are musty, low-class operations with poor-quality merchandise. This exemplifies the psychological concept of __________, which is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

perception

The founders of Life is Good started their business by hawking T-shirts on the street and selling them door-to-door in college towns. As the organization grew, the number of different lines of products it offered grew, too. Collectively, these assorted product lines, in total, represent Life is Good's ________.

product mix

Life is Good utilizes a percentage of its profits to support its own charitable foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of "Do well by doing good" is encapsulated by which of the following concepts?

social marketing

Brand extinction

Extending an existing brand name to new product categories

Market segmentation

Benefit segmentation Geographic segmentation Demographic segmentation Occasion segmentation

Consumer Product Types

Convenience products Shopping products Specialty products Unsought products

Convenience products

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Unsought products

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

Shopping products

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

Specialty products

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Co-branding & Licensing

Different products associations fused into one final product Allowing another company to use the image of your brand

By designing different marketing mixes for multiple market segments, Boston Harbor Cruises is practicing what type of target marketing strategy?

Differentiated marketing

Line extinction

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

Consumer vs. industrial products

Industrial goods are bought and used for industrial and business use. Consumer goods are ready for the consumption and satisfaction of human wants. While industrial goods are made up of machinery, plants, and raw materials, consumer goods are commodities purchased by a buyer like clothing, food, and drinks

Integrated Marketing Communications

It ensures that all forms of communications and messages are carefully linked together. At its most basic level, Integrated Marketing Communications, or IMC, as we'll call it, means integrating all the promotional tools, so that they work together in harmony.

Brand Development Strategies

Line extinction Brand extinction Multibrands New brands

Buyer Decision Process

Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior

Actual vs. Augmented product

The actual product is what the average person would think of under the generic banner of product. The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium

Service variability

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Market-targeting Strategies

Undifferentiated (mass) marketing Differentiated (segmented) marketing Concerned (niche) marketing Micromarketing

Market targeting or target market

a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service

If Boston Harbor Cruises sought to attract business from young, single professionals in the Boston area by marketing a monthly singles cruise during the summer, this would be an example of __________ segmentation.

age and life-cycle

Brand Image & Schema

associations capturing what brand stands for

The cartoon character "Jake" embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The "Jake" logo is an important symbol of the company's __________.

brand

Jim Laughlin, the director of communications for Life is Good, emphasized the importance of spreading awareness of the organization's goal of helping children through the sale of products to both customers and employees. If consumers rate Life Is Good more favorably because of these efforts, the company has increased its ____.

brand equity

For many of Life is Good's customers, understanding of the company's positive message and social role makes a significant difference in terms of their response to the company's products and marketing. If this improves the company's financial position, it has increased its _____.

brand value

How does a very bad economy (external environment) affect donations to Goodwill? Use Maslows hierarchy to further explain this.

decreases donations

Terminal values

desirable end-states of existence; the goals a person would like to achieve during his or her lifetime

According to the video, Goodwill has often had to cut prices due to poor ______ conditions.

economic

Boston Harbor Cruises uses mobile and digital technology to reach vacationers in their home locales. They then use more traditional marketing methods to reach the local community and visiting tourists. This represents ___ segmentation.

geographic

Goodwill adapts its store formats and merchandise plans to match the innovativeness and disposable income of shoppers in nearby neighborhoods. For instance, customers of its boutique store in the Haight-Ashbury neighborhood of San Francisco are more likely to demonstrate greater __________ for trendy fashions.

great rate of adoption

Boston Harbor Cruises markets its water-based transportation and excursion services to meet the needs of a variety of distinct commercial and tourist groups. This practice is known as _____________.

market segmentation

According to the video, some individuals living in trendy neighborhoods choose to shop at Goodwill boutiques in order to find fashionable clothing and "shabby chic" furniture. According to Maslow's theory of __________, such shoppers are likely seeking to satisfy social or esteem needs.

motivation