MKTG 4204 EXAM 1
Promotion Strategy
-Analyze consumer product relationship (FCB grid high/low involvement vs thinks and feels) -Determine Objective and budget (inform remind influence behaviors) -Design and implement strategy (ads) -Evaluate effect of strategy
Pricing Strategy
-Analyze what the value means for each consumer -Analyze environment situation (elastic/inelastic economy) -Regulatory environment (laws-- NY L soda) -Economic Environment -Social Environment
Develop Product Positioning
-Attribute -Use or Application -Product user -Product class -Competitors
Analyze consumer product relationship
-Brainstorm products and figures to see how the consumer uses the product -Identify the differences between the consumers -Primary research & Secondary research
Promotion Affect and Cognition
-Central vs Peripheral routes -Intentional vs Incidental
Consumer Affect
-Feeling -Favorable vs un favorable -mild vs intense
Pricing Behaviors
-Fund access - how do you get your money -Type of transaction
Who uses knowledge about consumer behavior?
-Marketing organizations -Marketing strategies -Public policy -Government and political organizations(for profit & non profit)
Consumer Behavior
-Open observable action -observed and measured -critical for organizational outcomes
Product Behavior
-Product Contact -Brandy Loyalty
Product Environment
-Product attributes -Packaging
Investigate segmentation basis
-Psychographic (AIO Activities and Interest and Opinions,VALS Values and Lifestyle) -Geodemographic (PRIZM)
Pricing Environment
-Reference price -internal/external referencing
Promotion Mix
-advertising -sales promotion -personal selling -publicity
Promotion Environment
-clutter -level of competition
Product strategy is based on...
-consumer characteristics (innovator or laggard) -product characteristics (comparability, triability, observability, speed, simplicity, competitive advantage, symbolism, marketing strategy)
consumer environment
-external to consumers -physical and social stimuli -influence affect, cognition and behavior
Competitive Environment
-number -market share -location -conditions of entry -financial strength -products sold by competitors
Consumer Cognition
-thoughts -beliefs understanding and interpreting -conscious vs automatic
5 task in a market segmentation
1. Analyze consumer product relationship 2. Investigate segmentation basis 3. Develop production positioning 4. Segmentation strategy 5. Design Marketing Mix
SELF ACHIEVEMENT- Achievers & Strivers
Achievers- wants to keep moving up on the scale Strivers- remains stagnant
Interpretive
Cultural Anthropology, understanding consumption and it's meaning. Long Interviews and focus groups
Marketing Science
Economics and Statistics. Predicts consumer choice and behavior. Math modeling and simulations
Pricing Stages
Price Information (Price stated) Sensation and Price (Visual, audio) Comprehension (What does that price mean) Integration (comparing price to others) Attitude (use rule of thumb) Consumer behaviors
Traditional
Psychology and Sociology. Explains consumer's decision making and behavior. Experiments and surveys
Value Equation
Quantity/Cost
Product Affect & Cognition
Satisfying the customer with the product. -Pre-purchase expectations -post purchase expectations
Promotion Communication
Source, message, transmission, receiver, action, feedback
SELF EXPRESSION-Experiencers & Makers
Spends money on travels plays Creative but doesn't have the means IKEA
Consumer Behavior
The dynamic interaction of affect and cognition, behavior and the environment by which humans exchange aspects of their lives
IDEALS- Thinkers & Believers
Thinkers-need facts and statistics (if I eat organic food I can lower my carbon foot print by 20%) Believers- They just do something for no reason. I eat organic because.
Select Segmentation Strategy
mass market, one segment, don't launch product, different segment strategies for different product