BA 311 - Marketing Management
Terms in this set (95)
Marketing Mix: 4Ps
Product, Price, Place, Promotion
7 Marketing Types
Social Media Marketing
It has the primary goal of achieving "social good" - Ultimate objective is to influence action and change behavior
Caused related marketing
corporate social responsibility, in which a company's promotional campaign has the dual purpose of increasing profitability while bettering society
Cause-Related Marketing Vs Social Marketing
Profit + non profit = business for mutual benefits
Social marketing = Social good
Focus public welfare and generally is sponsored by nonprofit institutions.
Unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways.
Social Media Marketing
the practice of using social media to generate consumer interest in a product, service, or idea
multi-channel online marketing technique focused at reaching a specific audience on their smart phone, tablets, or any other related devices through websites, E mail, SMS and MMS, social media or mobile applications.
the digital version of word-of-mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends
Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
Situation Analysis (SWOT)
Internal Origin: strengths, weaknesses
External Origin: opportunities, threats
Identify and Evaluate Opportunities Using STP
What is STP?
Segmentation, Targeting, Positioning
geographic, demographic, psychographic, benefits, behavioral
segmenting markets by region of a country or the world, market size, market density, or climate
dividing the market by age, gender, income, education, and occupation
lifestyle, self-concept, self-values
convenience, economy, prestige
4 targeting strategies
undifferentiated, differentiated, concentrated, micromarketing
undifferentiated (mass) targeting strategy
appealing to a broad spectrum of people, ignore segments
Differentiated (segmented) Marketing
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Concentrated (niche) marketing
Targets one or a couple of small segments. Niches have very specialized interests.
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
market penetration, market development, product development, diversification
a marketing strategy that tries to increase market share among existing customers
a marketing strategy that entails attracting new customers to existing products - Enter new markets
company growth by offering modified or new products to current market segments - Add Services or Products
introduces a new product or service to a market segment that currently is not served
Add supported Apps
Apps that are free to download, but place ads on the screen when using the program to generate revenue
Apps that are free to download, but include in-app purchases
apps that charge the customer an up-front price to download the app, but offer full functionality once downloaded
paid apps with in-app purchases
Apps that require the consumer to pay initially to download the app and then offer the ability to buy additional functionality.
2 types of products
products and services used by people for their personal use
Types of Consumer Products
convenience, shopping, specialty, unsought
items that the consumer makes a special effort to search out and buy
items for which the consumer compares several alternatives on criteria such as price, quality, or style
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
items that the consumer does not know about or knows about but does not initially want
all products that an organization sells
Groups of associated items or a group of similar products.
BMW, MIMI, Rolls-Royce
The number of items offered within each product line
types of perceived risk associated with purchase decisions
Physical or Safety
risk that the product will not perform as intended
Risk that a product will not be worth its cost
the fears that consumers suffer when they worry others might not regard their purchases positively
Physical or Safety Risk
refers to the fear of an actual harm should the product not perform properly
associated with the way people will feel if the product or service does not convey the right image
Social vs Psychological Risk
Social risk: Consumers ask themselves whether they will earn the approval or disapproval of their social group by their purchase.
The Psychological Risk: It defined as whether the product or service is consistent with the prospect's sense of self-identity.
A buying decision made by customers on the spot when they see the merchandise
the added value a brand name gives to a product beyond the functional benefits provided
Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers.
the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality
consistent preference for one brand over all others
the relationship between a product's or service's benefits and its cost
What is Brand Indentity
the visual and verbal expression of a brand
Brand identity vs Brand Image
Identity: The way you want folks to perceive you
Image: The ways that they actually perceive you
different components of a brand that identify and differentiate it
Logo, Symbol, pattern, shape, front, color, smell, sound, physical, taste
Symbol or Icon
product mix breadth
The number of product lines, or variety, offered by the firm.
product line depth
the number of items in the product line
when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
Cheeto lip balm
the practice of marketing two or more brands together, on the same package or promotion
a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee
Data that have been collected prior to the start of the research project.
Data collected to address specific research needs.
External - secondary data
Purchase more specific or applicable secondary data from specialized research firms
Inexpensive and Syndicated
Internal - Primary Data
Company's sales invoices, customer lists, and other reports generated by the company itself.
Data Mining Techniques
Quantitative - Primary Data
Experiments, Surveys, Scanner, Panel
Qualitative - Primary Data
Observation, In-depth interview, focus groups, social media
personal selling process
1. Generate and qualify leads
3. Sales presentation and overcoming reservations
4. Closing the sale
Seeks to educate or entertain
Blogging, social media, SEO, podcasting, email blasts to opt-in lists
OUTSIDE SALES - Relationship focused
PUSH MARKETING (INTERRUPTION)
Has no interest in educate or entertain
Broadcast and print ads, cold calling, telemarketing, tradeshows, email blasts to purchased lists
INSIDE SALES -
the buying center participant who first suggests buying the particular product or service
whose views influence other members of the buying center in making the final decision.
who determines any part of or the entire buying decision—whether to buy, what to buy, how to buy, or where to buy.
who handles the paperwork of the actual purchase
who consumes or uses the product or service purchased
who controls information or access to decision makers and influencers.
the values, beliefs, and attitudes shared by organizational members
one person makes the decision alone
A buying center in which the majority rules in making decisions.
one person makes the decision but he or she solicits input from others before doing so.
all members of the team must reach a collective agreement
a situation requiring the purchase of a product for the first time
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers
Pioneers or Breakthroughs
New product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market.
those buyers who want to be the first to have the new product or service
the second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review
individuals who adopt a new product just prior to the average person. After most bugs are worked out
the last group of buyers to enter a new product market; when they do, the product has achieved its full market potential
consumers who like to avoid change and rely on traditional products until they are no longer available
Product Development Process
1. idea generation
2. concept testing
3. product development
4. market testing
5. product launch
6. evaluation of results
Product Life Cycle
The stages through which goods and services move from the time they are introduced on the market until they are taken off the market.
introduction, growth, maturity, decline
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