MKT Quiz 1

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MKT Quiz 1 9/17/13

Marketing

an exchange relationship between a firm and its customers

5 C's

Customer, Company, Context, Collaborators, Competitors

STP

Segmentation, Targeting, Positioning

4 P's

Product, Price, Place, Promotion

Company

a firm's capabilities/resources

Customer

firm's current and potential customers

Competitor

firm works against and how they compare to the firm in terms of resources, capabilities

Collaborators

companies/people a firm works with

Context

macro-environmental factors facing firm

Segmenting

grouping customers with similar needs

Targeting

pursuing segment who makes most sense for firm

Position

communicating benefits of product to intended target

Product

benefits, what to make

Price

how much

Place

where to distribute product

Promotion

how to communicate to targets

Prepurchase

identify need/want, search possible solution, build consideration set

Purchase

narrow consideration set, decide on retail channel

Postpurchase

customer satisfaction, likelihood to repeat, generate word of mouth

B2C

Business to Consumer;

B2B

Business to Business;

Business Customer

an agent buying something on behalf of an organization

Straight Rebuy

Low involvement; purchase what was purchased last time with little or no thought

Modified Rebuy

Medium involvement; something about the purchase is altered requiring some thought

New Buy

High involvement; purchase something that hasn't been purchased before requiring much thought and planning

B2C and B2B

Low Involvement: Convenience, Straight Rebuy
Medium Involvement: Shopping, Modified Rebuy
High Involvement: Specialty, New Buy

Selective Attention

consumers block out what is not relevant

Sensation/Perception

hear, taste, smell, touch

Subliminal Advertising

ad that is shown so quickly that is doesn't meet the threshold of liminal recognition

Mere Exposure

repeated exposure to an ad brings familiarity and a positive feeling

Perceptual Fluency

Customers may pay the most attention to the content of a message

Brand Associations

brands are attached to specific attributes in consumers' memory

Attitudes

a mix of beliefs and importance weights (beliefs, importance)

Decision Making

Stage 1: Determine consideration set; Stage 2: Determine brands in detail

Non-compensatory method

if a brand doesn't have important attributes, it is cut

Lexicographic method

compare all brands on most important attribute

Compensatory model

cost/benefits; One excellent attribute can compensate for a poor attribute

Psychologists Segmentation

Consumers have different motivations that drive their purchases

Economists Segmentation

Imperfect competition exists; consumers have heterogeneous needs

Marketers Segmentation

The market is comprised of different segments

Segmentation

Breaking the market into more homogeneous consumer groups

Market Segment

A group of customers who share similar inclinations toward a brand

Marketers' Goal

Create marketing mixes that meet the segment's needs

Marketing Segmentation

One-to-one Marketing (not profitable)
Marketing Segmentation (just right)
Mass Marketing (low customer satisfaction)
Niche between One-to-one and MKT Segmentation

Easier to keep customer or find new?

6 times more expensive to find new

One-to-one marketing

Each customer serves as his own segment
Product is tailored for each person's desires
Difficult to be profitable

Marketing Segmentation

As segment size increases, segments become more heterogeneous
As segment size decreases, segments become less profitable

Demographics

Marketers may change marketing mix

Geographic

Cultural differences can exist between countries or within a country
Hot climates require different products than cold climates

Psychological Segmentation

get inside the heads and hearts of customers

Vals

psychographic segmentation tool
Marketers determine people's attitudes and what they value and use this knowledge to communicate effectively

Behavioral Segmentation

behaviors people engage in
Attitudes can't be observed; behaviors can

2 Approaches to Segment Market

Managerial: top down ideation
Customer-Based: bottom-up customer needs assessment

Breadth Segmentation Strategy

serve more than one segment

Depth Segmentation Strategy

serve one segment well

Tailored Segmentation Strategy

different products for different segments

Top Down Targeting

strategic fit (corporate vision)

Bottom Up Targeting

profitability (data-informed)

SWOT

Strengths, Weaknesses, Opportunities, Threats

Estimate Growth

Use census to determine size of next cohort
Obtain sales data for previous years and extrapolate using a moving average

Profitability

Need to determine pricing

Competition

How fierce is the competition? Is there one firm or 30 firms?

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