Consumer Behavior exam
Card Set Information
Consumer Behavior exam
for CB Exam, principles of marketing
Marketing activities influence
Product, price promotion, place. Mixture of activities a company uses when planing the products it will make and sell.
Product: A company should have a right product for each of the target markets
Price: a company should price its products correctly in ralation to each other product and to competitor's products
Promotion: a company should advertise its products effectively
Place: a company should distribute its products through the right channel and make them available in the right outlets
Place: Physical, Virtual. Group of people. Product category.
Planing + Execution of 4p, to create exchange B > C + Satisfy both.
Business philosophy that customers are king, taking care of customers
Goal of marketing managers
To increase market share, to increase revenues
Characteristics of good Marketing manager
Decision making skills
Marketing people should study CB to:
understatnt consumer satisfaction / needs
Searching for product
To develop a sustainable competitive advantage that delivers long-term profitability higher than industry averages and adequate to attract sufficient capital for growth.
Marketing Strategy includes:
target market, positioning, marketing mix
is a personality that identifies a product
: name, sing, symbol, design.
Psychological aspect - added value.
How to establish price
ROI on equipment
Compare to competitors
Comparison with alternative product
Is an intermediary between manufacturer and consumer.
: Inventory, credit, customer service.
is marketing activity that uses company's sales force and trade promotion to build up consumer demand.
Personal seling by retailer.
Strategy that requires high spending on advertising
Directed to customer
STP - Segmanation, targeting, positioning
process of dividing markets occording to different needs of many customers in to the smaller segment of similar needs of customers.
market segment to which a particular product is marketed.
Which segment to serve.
how to select
: fit abilities,competition, growth.
Process by which marketers try to create an image or identity in the minds of their target market,
Distinctive benefit to consumer
Role of positionsing
positioning guides to create marketing mix
Purpose of the marketing plan
Communicate realistic expectations
get approval for funding