Marketing Midterm 2

What is a perceptual map? What are the elements of a perceptual map (i.e. - what are the various things shown on the map?) How do companies use perceptual maps to help them select a position?

is a diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers.

occasion segmentation

is the process of dividing the market into groups according to specific occasions related to the customer.

bottom of the pyramid

largest, but poorest socio-economic group.

Briefly describe each of the criteria that marketers use to determine if a segment is attractive enough to target.

1. Substantial 2. identifiable 3. reachable 4. responsive 5. Profitable

Describe the four components of a country market assessment. For each, identify and briefly explain the key factors that marketers must consider and any metrics that marketers typically use in their assessment. (Make sure to include any metrics listed in the vocabulary list below.)

1. Economic analysis using metrics 2. Infrastructure and technology 3. Government actions 4. Sociocultural analysis

What are the five steps of the STP process? In one or two sentences each, briefly describe what marketers do in each step.

1. Establish strategy and objectives 2. Use segmentation methods 3. Evaluate segment attractiveness 4. Select target market 5. Identify and develop positioning strategy

Describe two primary categories of consumer needs.

1. Functional needs 2. Physiological needs

There are several different ways to segment a consumer market. Briefly describe each of the possible methods of segmenting consumers.

1. Geographic 2. demographic 3. Psychographic 4. Benefits 5. Behavioral

List the steps of the consumer decision process and briefly describe what consumers do in each step.

1. Need recognition 2. Information Search 3. Alternative Evaluation 4. Purchase & Consumption 5. Post Purchase

The business buying process is usually more formalized than the consumer buying process. For instance, the business buying process often includes product specification, and may include formal RFP process andorder specification steps. Describe these three steps of the business buying process. In addition, explain how the vendor performance assessmentstep in a B2B purchase is different from the post-purchasestage in the consumer buying process.

1. Need recognition 2. Product specifications 3. RFP process 4. Proposal analysis and supplier selection 5. Order specification 6. Vendor performance assessment using metrics

List and briefly describe the four types of business markets.

1. Resellers 2. instituions 3. Manufacturers/services 4. Government

List six aspects of the shopping situation which can influence consumers' purchase decisions.

1. Store atmosphere 2. crowding 3. promotions 4. in store demonstrations 5. Sales people 6 Packaging

What are five factors identified in your text that may significantly impact marketers' communication strategies when entering an international market?

1. literacy levels 2. Media availability 3. Privacy regulations 4. language 5. customs and culture

List and briefly describe the four key factors that influence consumers' decisions.

1. marketing mix 2. psychological factors 3. Social factors 4. Situational factors

Trading bloc

A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade are reduced or eliminated among the participating states. Trade blocs can be stand-alone agreements between several states or part of a regional organization

Briefly describe each of the three sources of secondary data mentioned in your textbook. In the context of marketing research, to what does the term "big data" refer?

Big data refers:

What are reference groups, and why is it important for marketers to understand the reference groups of the consumers they wish to influence?

Comparison information exchange with people around you. Social medial friends, coworkers, classmates, celebrities and tv characters

What is an attitude? Describe each of the three components of an attitude. Why do marketers care about consumers' attitudes?

Consistant positive or negative evaluation, feeling and tendency towards something Includes: Cognitive, affective, behavioral

What are five things to avoid when designing a marketing research questionnaire?

Avoid leading questions, which steer respondents to a particular response, irrespective of their true beliefs. Avoid one-sided questions that present only one side of the issue. Avoid questions the respondent cannot easily or accurately answer. Avoid sensitive questions unless they are absolutely necessary. Avoid double-barreled questions, which refer to more than one issue with only one set of responses.

Describe the relationship between expectations and post purchase satisfaction. What can marketers do to increase the likelihood that customers will be satisfied? What can marketers do to decrease any post purchase cognitive dissonance?

Can increase the customer experience and this will make customers more satisfied

What is a value proposition? Describe the value proposition as a relationship between customer needs, firm benefits, and competitor benefits. In other words, what space does the value proposition occupy when one considers how these three things overlap (or don't)? What question does the value proposition answer for consumers? [We will talk about this last question in class.]

Customer needs and firm benefits

In business markets, demand is "derived." What does this mean?

Derived from somewhere. Consumers buy from > Car dealers >buy from Manufacturers> Part suppliers > Raw material suppliers

What is a buying center? Describe the various roles in the buying center.

Initiators users influencers buyers deciders gatekeepers: Pam

Briefly describe each of the five strategies for entering a new international market. For each, what are the degrees of risk and control relative to other strategies?

Joint venturing: Company joins with a foreign company in joint ownership; control and profits are shared Direct investment: the development of foreign based offices, assembly or manufacturing facilities

market positioning

Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors.

Quota

a fixed share of something that a person or group is entitled to receive or is bound to contribute.

Tariff

a tax or duty to be paid on a particular class of imports or exports.

self-concept

an idea of the self constructed from the beliefs one holds about oneself and the responses of others.

geodemographic segmentation

combination of geographic, demographic and lifestyle characteristics

sentiment mining

data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitter

a. Determinant attributes

features important to the buyer

a. Conversion rate (notice that the general definition is slightly different than the one used in the context of social media, which you learned in Chpt 3)

how well you translate purchase intentions into actual purchases

a. Evaluative criteria

important atributes in a product

syndicated data

refers to general market data that isn't specific to any one client.

trade deficit

the amount by which the cost of a country's imports exceeds the value of its exports.

trade surplus

the amount by which the value of a country's exports exceeds the cost of its imports.

Infrastructure

the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise.

value (this is a repeat from Chapter 1)

the regard that something is held to deserve; the importance, worth, or usefulness of something.

psychographics

the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research.

Gross Domestic Product (GDP)

the total value of goods produced and services provided in a country during one year.

Exchange rate

the value of one currency for the purpose of conversion to another.

lifestyles

the way in which a person or group lives.

self-values

things that are important to us, the characteristics and behaviours that motivate us and guide our decisions.

loyalty segmentation

when you break your fan base into groups based on how they interact and engage with your content.