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What are the 3 types of markets?
How do companies assess the needs of the market(s)?
They look at a product or service and ask themselves why does a customer purchase it and for what reason.
Why is positioning so important in the design of a marketing strategy?
Gives direction to the marketing plan
What are some of the benefits of having a marketing plan?
- Establish goals
- Terms of reference
- Budget resources
- Measure success
What is the difference between a strategic and operational marketing plan?
One is long term and one is short term
Why do companies segment markets?
To satisfy different needs and wants of different groups of people.
What are the various ways to segment the consumer
Why is geographic segmentation usually the first basis of segmentation?
This is because geographic segmentation forms the basis of the marketing size.
Why is demographic segmentation used by most businesses?
- This is used by most businesses because it is the easier to measure than most other types of variables. (e.g.
- age, sex, life cycle, income, job)
What is the basis of psychographic segmentation?
Divides the market into groups according to customers’ lifestyles, personalities and etc.
Why is it useful to combine various segmentation variables to describe a market?
- It is useful to combine segmentation together because to sell to a demographic you need a geographic
- area and psychographic because you need to know what they like and want to use or have.
What criteria should a business consider
when trying to decide which segment to target?
- A business should consider to which segment it has the capability to make itself attractive to a
- target market
What does positioning mean?
- A communication strategy to establish an image for a product or service in relation to others in the
- minds of consumers.
How can companies trigger a consumer need?
- By finding out what a consumer wants and making a product that consumers will think they can’t live
Where is the first place that consumers go
for information when considering a purchase?
Source of information
What do consumers use to evaluate different
Consumers weight positive and negative aspects of the purchase.
What factors influence where and when a
purchase decision is made?
is cognitive dissonance and how can a company lessen its impact?
- A customer’s uncertainty after making a purchase a company can lessen this from happening by doing a
- follow up call to a customer about the product or service they just bought.
What are the 4 types of influences that
could impact a consumer’s behavior?
Cultural, Social, Physical, and Psychological
What is the difference between push and
Push motivators is a need and want such as adventure and a pull is attributes such as a beach at a hotel.
How do psychological factors influence
They motivate them they alter their perception
What is the main advantage of tracking the success of
your marketing strategy?
- To see if your idea worked and if that is a marketing idea
- that you should go through with again.
What is a SWOT analysis and how does it relate to designing a marketing strategy?
SWOT is= Strengths, Weaknesses, Opportunities, Threats and it relates to designing a marketing strategy by pointing out the strengths and weaknesses of the marketing strategy as well as new opportunities and possible threats to your marketing strategy.