marketing exam 2

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ktunks
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141757
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marketing exam 2
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2012-04-17 23:08:25
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marketing byu busm 241
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marketing exam 2
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  1. A good brand name should..
    • Suggestive of Benefits
    • Simple - Easy to Remember
    • Distinct
    • Extendable
    • Translates easily into other languages
    • Legally Defensible
  2. Brand Development chart
    • Product Category
    • existing New
    • brand existing: line extension brand extension
    • name new: multibrands new brand
  3. Brand Design Schematic
    visual elements
    • picturing
    • symbolizing
    • animating
  4. brand design schematics
    verbal elements
    • naming
    • wording
    • describing
  5. brand schematics
    visceral elements
    • sound
    • texture
    • scent
  6. brand schematics
    • visual elements
    • verbal elements
    • visceral elements
  7. Marketing services
    intangibility, variability, inseparability perishability
  8. intangibility
    sercives cannot be seen, tasted, felt heard or smelled before purchase
  9. variability
    quality of services depends on who provides them and when, where and how. due to inseprability
  10. inseparability
    services cannot be separated from their providers. varability people vs things
  11. perishability
    services cannot be stored for later sale or use. how does one even out demand.
  12. new product development process
    idea generation, idea screening, concept deveopment and testing, market strategy development, business analysis, product development, test marketing, commercialization
  13. brainstorming techniques
    • defer judgement (no buts)
    • encourage wild ideas
    • build on ideas (only ands)
    • be visual
    • stay focused on the topic
    • one conversation at a time
  14. product adoption curve
    risk takers/innovators(2.5), opinion leaders/early adopters(13.5), deliberte adopters/early majority(34), skeptical/late majority(34), tradtion bound/laggards(16)
  15. Product life cycle strategies
    • market modifying
    • Product modifying
    • marketing mix modifying
  16. market modifying
    finding new uses, and new markets for your product
  17. product modifying
    creating new products with your brand
  18. marketing mix modifying
    changing one of the 4ps
  19. Gross Margin
    Revenue (net sales)-VC(COGS)
  20. Unit Gross Margin
    Price/unit-VC/unit
  21. Margin
    Gross margin as a percent of net sales
  22. Mark-up
    Gross Margin as a percent of VC (COGS)
  23. Break even
    Break even (in Units)= fixed costs/per unit GM
  24. pricing process
    • determine your pricing objective
    • estimate demand
    • estimate costs
    • analyze competitors prices
    • select a final price
  25. calculating elasticity
    % change Q/% change P

    (Q2-Q1/q1) /(P2-P1)/P1
  26. E>1
    Elastic
  27. pricing strategies
    • product line pricing (basketball shoes)
    • optional product pricing (computers)
    • captive product pricing (movie theaters)
    • by-product pricing
    • poduct bundle pricing (value meals)
  28. Illegal Pricing strategies
    • Predatory pricing
    • Price Maintenance
    • price fixing
    • 1st degree price discrimination
  29. Competitive analysis
    • identifying the companys competitors
    • assesing competitors SWOT
    • Selecting which competitors to attack
  30. How to identify competitors - industry
    point of view that looks at the specific products or services a company produces
  31. How to identify competitors - market
    point of view that looks at customer groups that the company services
  32. Share of Wallet/share of stomach diagram
    • Form competition - diet sodas
    • category competition - carbonated beverages
    • generic competition - all beverages
    • budget competition - all food/drink
  33. How to assess competitors
    • what are their objectives?
    • how do you match up against them (plan + 4P's, Swot)
    • What are their weaknesses? SWOT
    • What is their current strategy? Annual plan + 4Ps
  34. competitive myopia
    • tunnel vision
    • worrying about product enhancements instead of the problem the product solve
    • drill bit=hole
  35. Competitive Sweet Spot
    In the competitvie environment: Maximizes customer's needs with company's capabilities while avoiding competitors offerings
  36. Customer Driven Marketing process
    • Basis for segmentation
    • Basis for Segmentation
    • Develop Profils
    • measure attractiveness
    • Choose taget
    • choose position aka differentiate
  37. Ways to segment
    • Geographic (Most Used)
    • Demographic
    • Psychographic: lifestyle, pesonality, attitudes, values
    • Behavioral: usage situations, benefits (Most Useful)
  38. Segmentation Criteria
    • Differntiable
    • substantial
    • identifiable and measurable
    • accesible
    • responsive
  39. Differentiable
    segments must behave differently
  40. Substantial
    segments must be large enough to warrant special marketing mix, profit potential?
  41. Accesible
    Membes of target segments must reachable with marketing mix (4P's)
  42. Responsive
    unless segment responds to a marketing mix differently, no spearate treatment is needed
  43. Person by usage occasion segmentation
    • Usage situation top
    • person: age, gender, income lifestyle side
  44. Targeting
    • Depends on the 4c's
    • profitabilty potential
    • market size
    • anticipate market growth
    • current and anticipated competition
    • consumer behavior and expectations
  45. Position
    how the product is view by consumers on important attributes relative to the competition.. not how it's viewed by you.
  46. positioning
    the actions a marketer takes to influence a products position
  47. positioning tactics
    • How you are just as good as the competition MOST USED
    • how you beat all the competition
    • How you are loved by popular people
    • how you fit consumers lifestyles
    • how you deliver what is most valued MOST USEFUL
  48. POSITION 101
    • stand for something
    • stand for something that's different
    • stand for something that's different that's important
  49. Unique Selling Proposition USP
    For TARGET MARKET the NAME OF THE PRODUCT is the SINGLE MOST IMPORTANT CLAIM among all COMPETITIVE FRAM because REASON TO BELIEVE
  50. Perceptual map
    • Horizontal: conservative to sporty
    • Vertical : classy distinctive to practical affordable with dots in boxes
  51. Product
    anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a want of a need
  52. Experiences
    Represent what buying the product or service will do for the customer
  53. Levels of Customer care
    • Core customer care (center)
    • Actual Product: brand name, quality level, packaging, design, features (second ring)
    • Augmented Product: Delivery and credit, product support, warranty, after sale service
  54. Steps in product decisions
    • product attributes
    • branding
    • packaging
    • labeling
    • product support and services
  55. Roles of the package
    • functional
    • protect and inform
    • strategic
    • influence choice
    • reinforce brand
    • differentiate
    • advertise
  56. Brand
    A brand is NOT your brand symbols. Your brand is a PERCEPTION that exists in the MINDS of your of your CONUMERS about your RELEVANCE and promise of VALUE. your brand is the SUM total of impressions formed through exposure to you TOUCHPOINTS.
  57. Brand Pyramid
    • Top
    • personality
    • value of user
    • emotional benefits
    • functional benefits
    • attributes
    • increase in level = increast in brand loyality
    • top three are toughes but most important

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