Exam 1 Marketing ch.1,3,4,5

Undifferentiated targeting strategy

- a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product

Competitive analysis

-Identify competitors (primary/secondary) -Identify competitors Strategies -Access competitors Strengths and Weaknesses -Estimate competitors reactions -Select companies to: Attack, defend against, Avoid

wholesaler

A company that sells to other businesses, such as retailers and other industrial companies. Is the thing that comes between the manufacture and the company

Demographics

Age, gender, household income, education level, race.

Total Market

All consumers or businesses, depending on the market, who purchase a particular item.

Monopolies

Are regulated

Heterogenous Customers (diversity)

Concentrated strategy (niching), Divided total market into segments, select 1 segment and create a set of 4p's for each one

Societal Marketing philosophy

Conduct marketing but with consideration for people, their safety, resources, the environment

Geographics

Country, region, population density

Positioning

Creating an image of your product in relation to the competition, in the mind of the customer

Secondary Data Collection

Data that has been collected by someone else for their own purposes, not the most reliable; must be adapted.

Primary Data Collection

Data that is being collected by the researcher for their own reasons, More reliable; No need for adapting; specific to the issue being researched COST WAY MORE$$$

The Research Process

Define the problem~~> design the research project~~> collected data~~> analyze the data~~> prepare the report

Differentiated Strategy

Divided total market into segments, select 2+ segments and create a set of 4p's for each one VERY EXPENSIVE APPROACH$$$

Product Philosophy

Focus on producing the highest quality goods

Politics

In the business world you see businesses playing both sides instead of showing who they support, because it could be hurtful to the business

Niching

Is pulling someone into your market form offering something the competitors are lacking

Psychographics

Lifestyle, attitudes, interests, activities

Competitive Strategies (Phillip Kotler)

Market leader- defends against, attacks itself. Market challenger- Direct attack, Indirect attack. Market follower- peacefully co-exists Market Nicher- chooses a part of the market that is ignored by others

Selling Philosophy

Must use gimmicks to "create" the need or desire

Competitive Strategies (Michael Porter)

Overall cost leadership, differentiation, Focus, middle-of-the-road

Business market

People who purchase products in order to use them in manufacturing their product, providing their service, running their businesses for resale

Consumer Market

People whole purchase products for their own good or for their households ex: the government is a business customer, Madonna university would be a producer, and Institutions are business customers

4 P's

Product, placement, price, promotion

forecast sales

Sales forecast - the amount of a product a company expects to sell during a specific period at a specified level of marketing activities •Used in many ways: •Planning •Organizing •Implementing •Controlling activities

Benefits

Specific to the product and the need

Microenvironment

Suppliers, company, competitors, public's, resellers, and consumers

Methods of Data Collection

Surveys, observations, experiments

Macroenvironment

Technology, politics, economy, demographics, social and cultural trends, natural resources

Target strategies **Homogenous Customers**

Undifferentiated Strategy, target the total market with one set of 4p's- product, placement, price, promotion

Behaviors

Usage rate, payment method, situational purchasing.

How do we collect and analyze data

We collect and analyze data through quantitative or qualitative analysis.

Concentrated targeting strategy -

a market strategy in which an organization targets a single market segment using one marketing mix

Segmentation Variables

geographic, demographic, psychographic, behavioral, benefits

Production Philosophy

produce what you can and make it widely available

Marketing Philosophy

research first, then create what is wanted/needed

SWOT analysis

strengths, weaknesses, opportunities, threats

Differentiated targeting strategy

targets two or more segments by developing a marketing mix for each segment

Environmental Analysis

the process of assessing and interpreting the info gathered through environmental scanning

environmental scanning

the process of collecting information about forces in the marketing environment

Marketing Research

the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.