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