Marketing

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Author:
Alejoss
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2598
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Marketing
Updated:
2009-12-09 18:03:38
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marketing
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Description:
final exam Principles of Marketing
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  1. Five Cs of Pricing
    Psychological Factors Affecting Pricing.
    • 1. Company Objectives. (Profit, Sales or Competitor orientation, Marketing Penetration Pricing)
    • 2. Customers. ( Demand Curve, Elasticity etc..., Psychological Factors)
    • 3. Costs. (Variable, Fixed etc...)
    • 4. Competition. (Oligopolistic, Monopolistic, Pure, Price War, Price Fixing)
    • 5. Channel Members. (Manufacturers, Wholesalers, Retailers)

    • Psychological Factors
    • Reference Price (Price against buyers compare)
    • External Reference Price (A higher price to compare)
    • Internal Reference Price (Price in consumer's memory)
    • Everyday Low Price (Strat to emphasize continuity of discounts)
    • High/Low Pricing.(Strat to temporarily discounts)
  2. Differences Between Services and Goods
    4 fundamental Differences.
    Ways to Improve Services.
    5 ways.
    • Differences Services / Goods
    • Intangible
    • Inseparable (produced and consumed at the same time)
    • Variable (quality varies becouse its provided by humans)
    • Perishable (cannot be stored)

    • Ways to improve services.
    • 1. Reliability. (Ability to perform services formaly and accurately)
    • 2. Responsiviness. (Prompt Service)
    • 3. Assurance. (Courtesy)
    • 4. Empathy. (individualized attention)
    • 5. Tangibles. (Appearence of Physical facilities)
  3. New Product Developing Process.
    Types of Buyers.
    • 1. Observation
    • 2. Brainstorming.
    • 3. Prototyping.
    • 4. Refining.
    • 5. Implementation.

    • Types of Buyers.
    • Innovators - Early Adopters - Early Majority - Late Majority - Laggards
  4. Value of Branding.
    Brand Equity.
    • Value of Branding.
    • ● Facilitates Purchasing
    • ● Establishes Loyalty
    • ● Protects from Competition
    • ● Reduces Marketing Costs
    • ● Represents an Asset
    • ● Impacts Market Value

    • Brand Equity.
    • 1. Brand Awareness. (How many customers are familiar with thw product)
    • 2. Perceived Value (Benefits - Costs)
    • 3. Brand Association. (Links with Key product attributes)
    • 4. Brand Personality. (Set of Human Charecteristics associated with a brand)
    • 5. Brand Loyalty. (Repeated Buying)
  5. Product Line Depth, Breath. Category Depth and SKUs.
    Branding Elements
    • Product Line Breadth - #of product lines (line = associated items)
    • Product Line Depth - # of Categories in each line.
    • Category Depth - # of SKUs withing a Category.
    • SKUs - smalles unit aviable for inventory control.

    • Branding Elements.
    • Name.
    • Domain URL.
    • Characters.
    • Slogans.
    • Jingles.
  6. Research Process 5 Steps . Step 3-Data Collection Process.

    How Retailers create Value
    • Research Process
    • Step 1 Defining Objectives.
    • Step 2 Design Research Process. (Secondary, Primary, Syndicated Data)
    • Step 3 Data Collection Process.
    • Exploratory Research. (Observation, In Depth Interviews, Focus Group Interviews)
    • Conclusive Research (Survey, Questionaire, Estatistics)
    • Step 4. Analyzing Data.
    • Step 5 Presenting Results.

    • How retailers create Value
    • Pulling it together for you.
    • Succesfully Competing on a Value driven World
    • Using the Four Ps to create Value (Product, Price, Place, Promotion)
  7. STP. Segmentation, Targeting and Positioning.
    5 Steps + Positioning steps
    • Step1. Establish overall objectives. (Segmentation Types: Undifferentiated, Differentiated, Concentrated, Micromarketing)
    • Step 2. Describe Segments.
    • Step 3. Evaluate Segment Attractiveness.
    • Step 4. Select Target Market.
    • Step 5. Develop Positioning Strategy.

    • Positioning Steps:
    • 1. Determine Consumer perceptions in relatrion to competitors.
    • 2. Identify competitors positions.
    • 3. Determine consumer preferences.
    • 4. Select the position.
    • 5. Monitor the positioning strategy.
  8. Consumer Behavior.
    *Decision Process Steps.
    *Types of buying decitions.
    • Decision Process Steps.
    • Step 1 Need Recognition. ( Functional, Psychological Need)
    • Step 2 Search for Information. (Internal Information Search, External Information Search)
    • Step 3 Evaluation of Alternatives. (Mental shortcuts: - Price, - Brand, - Product presentation)
    • Step 4 Purchase and Consumption (Value based consumption, Ritual consumption)
    • Step 5 Post Purchase. (Satisfaction and Loyalty)

    • Types of Buying Decisions
    • Limited Problem Solving
    • Extended Problem Solving
    • Habitual Buying.
  9. Marketing Scenario Planning Process
    • Step 1 Assess
    • current situation by examining the firm’s strengths and weaknesses.

    • Step 2 Assess
    • what would impact firm by examining the firm’s opportunities and threats

    • Step 3 Identify
    • the alternative scenarios that might happen in the next three to five years.

    • Step 4 Apply
    • the marketing mix to the different scenarios

    • Step
    • 5 Assess the profitability of each
    • scenario
  10. *Marketing growth strategies.
    *Macro envoromental factors.
    • Types of growth strategies:
    • 1. Market Penetration Strategy – Use the existing market mix and focus on existing customers.
    • 2. Market Development Strategy – Use the existing product to new markets both domestic and international
    • 3. Product Development Strategy – Offer a new product to the current market of the company.
    • 4. Diversification Strategy – Introducing a new product to a new market.

    • Macro Environmental Factors:
    • ● Culture
    • ● Demographics
    • ● Social Trends
    • ● Technological Advances
    • ● Economic Situation
    • ● Political/Regulatory Environment
  11. Planning process.
    1. Planning Phase
    2. Implementation Phase
    3. Control Phase
    • Planning Phase
    • Step 1 – Define Mission Statement
    • Step 2 – Conduct a Situation Analysis (SWOT)
    • Step 3 – Identify and Evaluate Opportunities using STP (Segmentation-Targeting-Positioning)
    • Step 4 – Implement Market Mix (Product - Price - Place - Promotion), and Allocate Resources
    • Step 5 – Evaluate Performance and Make Adjustments
  12. Marketing creation of value - Evolution of Marketing
    Why marketing is Important
    • Evolution of marketing
    • Production Era – Before 1930 all focus was on production with the belief that products would sell themselves
    • Sales oriented Era – From 1920 to 1950 manufacturing capacity exceeded demand so companies had to become much more sales oriented
    • Market Oriented Era – After world war II consumers had choices so they began making decisions based on quality, convenience and price
    • Value Based Marketing Era – By 1990 the emphasis moved to building relationships, serving long term needs and creating alternatives that match customer needs.

    • Why Marketing is Important
    • Expands global presence
    • ● Requires understanding customers
    • ● Often promotes same product in different countries
    • Is pervasive across the organization
    • ● Marketing works with all functional areasIs pervasive across the supply chain
    • ● Each step in the supply chain involves marketing
    • ● All members in supply chain must focus on creating value for end user consumer
    • Provides choices and opportunities
    • ● Expands product choices to consumers
    • ● Creates employment opportunities in diverse fieldsEnriches society
    • ● Fosters participating in the community
    • Can be Entrepreneurial
  13. What marketing is and its core aspects.
    Marketing is an organizational function and a set of processes for creating, capturing, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders.

    • 1. Satisfying customer needs and wants.
    • 2. Creating an exchange or trade.
    • 3. Making Ps decitions. product, price, place and promotion.
    • 4. Performing by individuals and organizations.
    • 5. Occurring in many settings.
    • 6. Helping create value.

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