4 Overarching Strategies to create and deliver value & to develop sustainable competitive advantage
Locational, Customer, Operational, Product
Assessing your competitors, strengths, weaknesses, and likely reaction to your promotional activities
Consumer Decision Process Model
Steps that consumers go through before, during, and after making purchases
1) Define Mission and Objectives
2) Finish a situation analysis
3) Identify and evaluate opportunities by creating a STP analysis
Colgate Palmolive's Oral Care, Personal Care, Household Care, Fabric Care, and Pet Nutrition product lines are...
What is critical to developing successful pricing strategies?
Knowing how customers arrive at their perceptions of value
The benefits the product delivers
The sacrifice necessary to obtain it
Emergence of websites, text messaging, and blogging as new IMC alternatives, the question of how to best reach target audiences has....
become more complex
IMC communication process
Sender, Transmitter, Communication Channel, Receiver
Goal of Competitive Intelligence
To enable companies to react to market developments rather than merely anticipate them
One problem of a differentiated marketing strategy is that it is...
Differentiated Segmentation Strategy
Targeting several market segments with a different offering each
One benefit of a differentiated marketing strategy is that it...
helps to obtain a bigger share of the market
Benefits of adding new product lines
Creating diversification and reducing risk
How do a company succeed?
Companies succeed by providing value to its customers
STP refers to
Segmentation, Targeting, and Positioning
What strategy are online universities using if they target older, middle-income adults?
Where do successful marketing firms focus their efforts on?
They focus their efforts on satisfying customer needs that match their core competencies
First factor that affects the consumer in the Immediate Environment
Three participates in consumers' immediate environment are...
Company, Competition, and Corporate Partners
If you want a new car that is dependable transportation, you want to satisfy your ____ need
If you want a new car that is looks good, you want to satisfy your ____ need
When does global expansion begin?
It begins when a firm receives an order for its product from another country
What strategy should markets use for products like pencils and paperclips?
Undifferentiated Segmentation Strategy
What strategy was Dr. Dick engaged on? He promoted his new medical oncology center to six physicians who would likely refer patients
Concentrated Segmentation Strategy
A syndicated study is (primary or secondary) data
The more familiar customers are with a brand, the (easier or harder) their decision making process will be
What is important for rapid diffusion?
What is the key to successful pricing?
Matching the product with the consumer's perception of value
Why is IMC needed?
Consumers are not likely to buy products they are not aware of
What P does IMC represents?
"Don't Cell Phone and Drive." "Buy Flood Insurance before it's too late" What are those ADs designed to do?
Persuade consumers to take action
Postscript on Political Advertising is an example of
Making the source known or knowable aspect of advertising
Being a salesperson causes you to be
Flexibile with creating your own schedule
Companies seek to develop a sustainable competitive advantage that....
Can be maintained over a long period of time and is difficult for competitors to copy