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77 Cards in this Set
- Front
- Back
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Name the 6 Primary Functions of Marketing
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1 Environmental analysis
2 Consumer analysis 3 Product Planning 4 Price Planning 5 Promotion Planning 6 Physical Distribution Planning |
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Name the Four P's of the "Marketing Mix"
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Product
Price Promotion Physical Distribution |
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What is product positioning?
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How you deal with consumer perception of your product vs the opponent
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What factors does the Product/Market Opportunity Matrix look at?
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Market Penetration
Product Development Market Development Diversification |
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What does the Boston Consulting Group Matrix use?
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Industry Growth Rate and market share to categorize into
STAR PROBLEM CHILD CASH COW DOG |
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Give 4 Examples of "Personal Demographics"
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age - sex - family size - income - education - occupation
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Give 4 examples of "Geographic Demographics"
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town - cities - states - country size
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What is "Psychographics"?
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factors that influence consumer choices.
AIO - Activities, Interests, Opinions |
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What are the 3 conditions for Maket Targeting?
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The dimensions of bases used to segment must be measureable
Must be accessible or reachable through existing channels The segment must be large enough to be profitable |
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Single Segment
or Concentration Strategy |
the decision to focus on one segment as a target market
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multiple segmentation marketing strategy
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the choice to pursue more than one target market with the marketing mix
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Mass Marketing
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Where you don't differentiate the markets...treating them as one vast market
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High Involvement Process
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1 - need or problem recognition
2 - search for relevant information 3 - identification and evaluation of alternatives 4 - purchase decision 5 - post purchase behavior |
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Cognitive Dissonance
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mental anxiety where the consumer continues to evaluate the purchase after the sale has been made
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Low Involvement Process
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1- need or problem recognition
2- purchase decision 3- Post purchase behavior Very low cognitive dissonance |
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INDIVIDUALS THAT AFFECT THE BUYING PROCESS
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BUYERS
USERS INFLUENCERS GATEKEEPERS DECIDERS |
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BUYERS
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IDENTIFY SUPPLIERS, ARRANGE TERMS OF SALE
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USERS
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PEOPLE ON THE INSIDE WHO USE THE PRODUCT
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INFLUENCERS
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PEOPLE WHO DETERMINE WHAT PRODUCTS WILL BE USED IN THE PROCESS
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GATEKEEPERS
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PEOPLE WHO CONTROL RELEVANT PURCHASE PURCHASE RELATED INFORMATION
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DECIDERS
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PEOPLE WHO MAKE THE FINAL PURCHASE DECISION
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What are the phases of product adoption?
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Innovators - 3%
Early adopters - 13% Early Majority - 34% Late Majority - 34% Laggards - 16% |
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What are the 4 phases of the product life cycle?
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Introduction
Growth Maturity Decline |
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PLC
Phase Introduction |
rate of product failures is high
sales = 0 Profit is still negative Very little competition |
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PLC
Phase Growth |
This stage is marked by the beginning of PROFIT
New firms enter the market because of profit potential |
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PLC
Phase Maturity |
Marked by the slow down in sales
Consumer demand peaks Price competition is great Some companies are forced out because market share decreases |
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PLC
Phase Decline |
Industry sales decline and many firms are forced out
Length of the PLC is getting shorter and much of the shrinkage happens in the Decline Phase |
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Product Classification
Convenience Goods |
Purchased frequently with minimal shopping effort
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Product Classification
Shopping Goods |
Shop around for the best price
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Product Classification
Specialty Goods |
Strong Brand Loyalty
Accept No Substitutes |
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Product Classification
Unsought Goods |
Goods that have no demand
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Stages of New Product Planning
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Idea Generation
Product Screening Concept Testing Business Analysis Product Development Test Marketing Commercialization |
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NPP
Product Screening |
Sorting out ideas to find a good one...that meets the firms standards
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NPP
Concept Testing |
Potential customers are asked their opinion of the new product
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NPP
Business Analysis |
Evaluation of the NP commercial viability
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NPP
Product Development |
Products are introduced to the market
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NPP
Test Marketing |
Series of commercial experiments to test the acceptance of the product
Usually done in isolated markets |
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NPP
Commercialization |
Full Scale production begins
Implementation of the full marketing plan |
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Brand Insistence
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Brand Loyalty - accept no substitues
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Brand Preference
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Consumer will choose one brand over another
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Brand Recognition
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Consumer will remember brand name
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Brand Non-Recognition
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They don't know the brand
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Brand Rejection
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they recognize the brand...but refuse to buy
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Accumulation
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pooling small shipments so they can be transported more efficiently
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Sorting
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separating by color, quantity or size
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Assorting
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Typically done at the retail level...process of trying to get the right things to the right people
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Direct Channel
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Things get there without a middleman
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Indirect Channel
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NOT DIRECT
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Channel Width
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The number of members at any given level of the process
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Channel Depth (length)
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Number of levels used in the process
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Intensive Channel
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Use every possible outlet
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Selective Channel
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Use many, but not all of the possible outlets
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Exclusive Channel
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one or two intermediaries in each market
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Multiple Channels
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when a firm sets up more than one large distribution channel
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PUSHING
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Use different ways of motivating the sellers to move the product through the channel
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PULLING
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Create a demand which pulls the products through the channels
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NPP
Protocol |
Imperitive for success
-identify customer needs to be satisfied -usually includes a statement of wants and preferences |
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INNOVATION
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New product or concept on the market
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DYNAMICALLY CONTINUOUS INNOVATION
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A slight behavior modification is needed to use the product
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CONTINUOUS INNOVATION
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No new behavior is required to use the product
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DISCONTINUOUS INNNOVATION
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Makes the consumer establish entirely new consumption patterns
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Clayton Act
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Designed to reduce or stop the lessening of competition in the United States
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Sherman Act
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Designed to reduce monopolies
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Magnuson-Moss Act
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Written to deal with shoddy warranties
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SIC
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Standard Industrial Classification
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Discretionary
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Money to spend on luxury items
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Disposable Income
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Money used by a family on necessities
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Logistics
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another name for the physical distribution of a product
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Social Classes and their percentages...
there are 5 |
Upper Class - 1.5
Upper Middle - 12.5 Lower Middle - 32 Upper-lower (working class) 38 Lower-Lower Class - 16 |
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F.O.B. Pricing
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means it is the buyer's responsibility to select the mode of transporting the goods, choose the specific carrier, handle all claims, and pay all shipping charges.
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Delivered Pricing
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- A form of geographical pricing in which the price quoted by the manufacturer includes both the list price and the transportation costs.
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Zone Pricing
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- The delivered cost based on factory price plus averaged freight rate for the section or territory to which goods are shipped (same delivered cost to all in the zone).
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Oligopoly
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A market situation in which there are so few sellers that each anticipates the impact of its marketing actions on all competitors. The products can be either differentiated or undifferentiated.
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Federal Trade Commission Act
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This act placed a blanket prohibition against "unfair methods of competition" and created the FTC to enforce it.
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Variable Cost
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The sum of all costs directly incurred by production and marketing of a given number of units.
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Value in use Pricing
perceived-value pricing demand-oriented pricing |
- A method of setting prices in which an attempt is made to capture a portion of what a customer would save by buying a firm's product.
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target return pricing
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- A method of pricing that attempts to cover all costs and achieve a target return.
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