Marketing
Criteria for Determining Segments
(1) people in the segment are roughly alike, along some important consumer dimension(s) (2) people in the segment are different from people in other segments (3) the segment is large enough to be profitable (4) the segmenting dimensions should be useful for identifying customers and designing the marketing mix (5) if chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment
All 4 P's Contribute to the Whole
-Understanding the Target Market Leads to Good Strategies -Product, Place, Promotion, Price → Selection of Target Market
Price Element of the Marketing Mix
-price objectives -price flexibility -price over the life cycle -discounts and allowances -geographic pricing terms -competition
Marketing Plan + Other Marketing Plans
A firm's marketing program
Competitive Advantage
A marketing mix the target customer sees as better than the competition's mix
Strategy
A set of ideas that outline how a product line or brand will achieve its objectives
Tactic
A specific action or method that contributes to achieving a goal
Segmentation
An aggregating process that clusters people with similar wants and needs into a market segment
Which of the following is not part of the five levels of branding
Brand domination
Marketing Strategy
Controllable variables the company uses to satisfy the target group Group of customers a company wishes to reach
Strategy 5Cs
Customers, Collaborators, Competitors, Company, Context
Economic Environment
Global Economy, Rapid Change, Interest Rates --> Key Economic Forces
A differentiated product may be unique in the marketplace but it will only be successful under which of the following circumstances
If it satisfies customer needs
The Promotion Element of the Marketing Mix
Informing and Selling the Customer · Personal selling · Mass selling · Sales promotion
Marketing Strategy + Time-Related Details
Marketing Plan
Target Market + Marketing Mix
Marketing Strategy
Controllable variables that the marketer has to create and harvest demand are referred to as the
Marketing mix
Avoid hit-ot-miss Marketing
Marketing strategy planning Sound market research
Product Development
New/unique benefits Create new markets
The product element of the marketing mix
Physical characteristics, warranties, application benefits
Creating differentiation applies specifically to which component of the marketing mix?
Product, price, place, promotion
Geographic Dimensions
Region of world, country Region in a country Size of city
Customer Lifetime Value
Relationships that develop satisfied customer + time = Return Business
Production-oriented manager
Sees everyone as basically similar and practices mass marketing
Marketing-oriented manager
Sees everyone as different and practices 'target marketing'
Segmenting vs. Combining
Segmenting develops a different marketing mix for each segment Combining aims at two or more submarkets with the same marketing mix
Marketing
The creation and satisfaction of demand for a product or service
Which of the following is a key function of positioning in marketing campaigns
To provide a reason why the customer should buy the product
Breakthrough Opportunitiesq
Difficult to copy Profitable for a long time
Buyer Journey
Discovery --> Consideration --> Decision
Market Penetration
Drive increased sales of current product in existing markets Enhance customer relationship
Marketing Strategy
Specifies a target market and a related marketing mix
The B2B decision-making process is longer and more formal than the B2C decision-making process The emphasis of B2B buying criteria is on psychological benefits of the product or service
Statement 1 is true
Which of the following is not generally considered a key situational influence?
beliefs and opinions
Demographic Dimensions
income, sex or age, family size or family life cycle, occupation or education, ethnicity or social class
Behavioral Dimensions
needs, benefits sought, thoughts, rate of use, purchase relationship, brand familiarity, kind of shopping, type of problem solving, information required
The most significant factor in influencing consumer purchasing decisions is
psychological needs
In a video conference call we discussed a model of influences on customer behavior that highlighted 4 primary factors: economic needs, psychological vars, purchase situation and
social influence
A target marketer who uses a single marketing mix strategy to appeal to both office tablet computer users and home tablet computer users is applying
the combined market approach
A person who purchases flowers will select different floral arrangements for a retirement party, a funeral, and a Valentine's Day date. This illustrates the impact of _____ on purchase decisions
the purchase situation