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162 Cards in this Set
- Front
- Back
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what is marketing?
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the process of developing, pricing, promoting, and distributing products, services, and ideas that satisfy targeted customers needs
tangible and intangible satisft individual customer needs |
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how long has marketing been around?
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the last 100 - 150 years
industrial revolution made it possible to mass produce products -- need to then market/sell them in order to get people to buy them railroad system ability to distribute products beyond local communities |
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product selling approach
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businesses developed products and then tried to sell them
can include: - products that wre easiest or most cost effective for the manufacturers. - products that were packaged and distributed for he ease of manufactureres -- not concerned about the ease of consumers - products that were deemed "bst" for consumers selling was a mater of convincing consumers and businesses to buy -- often with aggressive tactics --- making the sale was the goal |
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marketing approach
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conducting research to discover consumer and business needs
-- look at the environment, the needs of the customers, the demands relative to: -- the 4 P's of marketing/the marketing mix goal of marketing approach is developing long-term relationships with customers -not just making the one sale -- sort of brand loyalty - involves developing a strategy and managing its implementation. steps: -- initial and continuing marketing research --> look at how you need to change you r product asthe environment changes --monitoring the environment --looking for ways to innovate --monitoring customer feedback --revising strategy as necessary |
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The 4 P's/Marketing Mix
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the product/service (includes packaging)
the price the place the promotion |
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the promotion
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advertising, direct mailers, catalogues, postcards, fliers, email solicitations, sampling at stores, sales efforts (representatives calling on customers)
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the place (distribution)
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where is it going to be distributed? How will it be distributed?
ideal location of product |
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The product/service (includes packaging)
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companies do research and see what the consumer needs, even if they do not know they want one
packaging -- too difficult to open, less likely to buy it again. Marketers do research to find out how important the packaging is, and how it should look. |
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the price
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low enough so consumers can afford it.
high enough so that consumers are still attracted to it? and see it as more than junk. |
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role of communication
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marketing approach is a two way conversation -- want feedback
-- relationship marketing - two way conversation with consumer, but also the consumer with other people |
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Managements Role
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must ensure elements work together:
the organizations mission organizational objectives |
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the organizations mission
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what the company wants to do
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organizational objectives
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help company reach mission
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organizational strategies (4 growth strategies) to expand business
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market penetration
market development product development diversification |
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market penetration
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selling more of a product to people who already purchased your product
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market development
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get people who have not purchased product before to purchase product
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product development
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introducing new products into product lines
(Pepsi introduces another soft drink) |
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diversification
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enter into a new type of product line
helps deal with lows in other markets |
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organizational portfolio plan
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identifying strategic business units -- where do we want to invest our time, reputation, and money
Boston Consulting Group General Electric Model |
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Boston Consulting Group
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market penetration and market growth chart
growth -- will people be buying product in the future penetration - how much of the market share do we have dog, ?, cash cow, star |
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dog
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not a market leader, and not a lot of market growth - should probably sell
(bottom left box) |
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?
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do more research, some growth but not a lot of penetration
(top left box) |
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star
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lots of growth potential, market leader
top right |
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cash cow
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markte leader, but not a lot of growth - dont invest more, but get what you can out of it
bottom right |
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General Electric Model
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Business strength (what are the strengths of the business compared to)
industry attractiveness (is the industry a good one to get in to?) an organization should examine organization strength and attractiveness of industry/product - determine if it is something worth investing in |
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marketing management and communication
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involves planning and executing business with a marketing persepective
marketing plans must coincide with the organizations overall strategic plan communication with stakeholders must reflect that planning the mission of the company is key! |
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marketing research
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an aid to marketing decision making
tells us about our environment and how our environment is changing |
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steps to marketing research
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assessing what type of research you need
determining how to obtain the information and in what format (primary or secondary data) collecting data analyzing and interpreting the data report findings |
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primary data
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collect for your particular study, collect it yourself
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secondary data
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info you get from other sources
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dog
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not a market leader, and not a lot of market growth - should probably sell
(bottom left box) |
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?
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do more research, some growth but not a lot of penetration
(top left box) |
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star
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lots of growth potential, market leader
top right |
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cash cow
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markte leader, but not a lot of growth - dont invest more, but get what you can out of it
bottom right |
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General Electric Model
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Business strength (what are the strengths of the business compared to)
industry attractiveness (is the industry a good one to get in to?) an organization should examine organization strength and attractiveness of industry/product - determine if it is something worth investing in |
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marketing management and communication
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involves planning and executing business with a marketing persepective
marketing plans must coincide with the organizations overall strategic plan communication with stakeholders must reflect that planning the mission of the company is key! |
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marketing research
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an aid to marketing decision making
tells us about our environment and how our environment is changing |
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steps to marketing research
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assessing what type of research you need
determining how to obtain the information and in what format (primary or secondary data) collecting data analyzing and interpreting the data report findings |
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primary data
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collect for your particular study, collect it yourself
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secondary data
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info you get from other sources
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social influences
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influences buying behavior
culture and subculture, social class, reference groups and families subculture/co-culture = different cultures that exist within a country -- age, region (different buying habits from people living in different regions) social class - income level, education level reference groups and family - friends into trendy clothing, we will be more influenced to do the same all of influences values, which influences what types of products people by |
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psychological influences
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influence on consumer behavior
product knowledge, product involvement - knowledge -- knowledge on the product will affect how you purchase - you know a lot about them - involvement -- relation to how important a product is to us personally involvement/knowledge are related but different |
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marketing mix 4 P's
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influence buying behavior
packing/product is so intriguing, you ahve to have it promotion - sales person is very influential? price -- so great that you had to make the purchase |
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situational influences
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affects consumer behavior
if you have to buy a gift for someone, it will affect consumer behavior |
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consumer decision making 3 types:
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extensive decision making
limited decision making routine decision making |
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extensive decision making
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products that are very costly/have a large and lasting impact on lives
do a lot of investigation before making decision - consumer reports, research, etc. - often rely on sales people to help - they have product knowledge to help guide ex: Car, house, pet, college |
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limited decision making
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give a little consideration
shop around a little for the best product, compare pricing ex: clothing, airline tickets, relatively high price tag |
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routine decision making
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decisions that we give hardly any mental energy to buy
- buy the same brand of milk while shopping -buying gas -- not much cognitive effort |
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elaboration likelihood model
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central processing
peripheral processing influenced in two different ways depending on how important the decision is to us |
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central processing
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motivated, cognitive resources available, argument quality considered
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peripheral processing
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less motivated -- don't care as much, not as much time and energy
few cognitive resources available peripheral cues most important |
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left brain processing
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rational, wants to seek out information, sensibility, comparative shopping
will have a lot more product info, logic based, argument will be rational |
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right brain processing
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emotional, sensory, more impulsive
appeal to our senses - desire to be loved, sexy, empowered, etc |
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buying behaviors
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need recognition
alternative search alternative evaluation purchase decision post-purchase evalutation |
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post-purchase evaluation
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indicate if you will buy product again (loyal product purchaser), lead to word of mouth advertising (social networking, reviews online, tell friends)
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relative to need recognition
Maslow's Hierarchy of needs |
Physiological
safety belongingness (social) esteem self-actualization can be interrelated individual hierarchies may differ different cultures value different things |
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diffusion of innovations
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a theory by Everett Rogers -- book about soy beans and farmers
different types of people will adopt different products at different times adoption categories -innovators -early adopters -early majority -late majority -laggards |
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innovators
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venturesome, want to be known as the person who owns technology - adopt it first
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early adopters
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social leaders - take a little longer then innovators - trend setters, people follow them, more social
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early majority
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deliberate - very social, make decisions based on informal info that they gather
-this is the point where half of the population has adopted the product |
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late majority
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skeptical, traditional - lower socioeconomic status, not as wealthy, not as educated, buy because they feel like they need to because everyone else has them
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laggards
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neighbors and friends are main information sources -- only buy when they feel like they have no choice, only buy if its the lowest price it will ever get to
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diffusion of innovation depends on...
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knowledge - person has some idea how it functions
persuasion - person forms an opinoin decision - person engages in activities that lead to a choice implementation - person puts an innovation into use confirmatio - person evalutate the results of adoption - not just a product, can be an idea |
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why gather market research
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cause marketers to consider what they hadn't known before
consumers want you to know what they want better quality decisions better than winging it -- without data, you really are just guessing |
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start marketing research by?
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defining purpose of the research
research questions |
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sources
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primary: customized -- go out and gather own data/hire someone to gather data because you questions cannot be effectively answered using secondary data
advantage: competition may not have access to your data. an get the exact data that you are looking for secondary: off the shelf -- rely on existing data base (free or purchased). gathered by someone else and is available to a lot of other people advantage: this data could help you focus on what exactly you need to research. Already gathered = faster to get to data, and may be cheaper than gathering own data ex of secondary databases -- neilsen, arbitron, simmons market research, state and metropolitan area data book |
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how is market research performed?
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quantitative - mathematical analysis to derive statistically significant differences -- online survey, telephone survey
-- can generalize to a large population qualitative -- provides a base for quantitative research design and development. Examines personal beliefs and opinions to uncover hidden issues (focus groups, one-on-ones, dial tests (a hybrid of qualitative/quantitive research). based on word, not numbers. Not easy to generalize to a larger population - can sometimes transfer to others - transferability |
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methods for gathering data
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surveys
focus groups experiments interviews observation |
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surveys
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can gather a large amount of data
can use statistical inferences to generalize to a larger population issues: limits participants in how they can respond, especially if the questions are close-ended. Have to know what questions to ask. |
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focus groups
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large or small - interviews done in a group fashion
enables people to feed off of each others ideas kids and tweens are studied in focus groups often helps people relax --> feels more controversial rather than an interview |
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experiments
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retailer/marketer can set up an artificial environment and watch people's purchasing behaviors
marketing research firms have "stores" (fake stores in buildings) that they study shoppers in - what will attract the attention of purchasers, product labels, placement in stores, shapes of stands etc websites -- experiment all the time with the first thing that they put on their site |
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interviews
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rich data
can ask many questions, probe, follow-up, why, what, what they like, etc. easier to respond to a verbal interview type question rather than writing it out in a survey essential for exploratory research - when you don't know enough to make a survey, you can do interviews first and et enough data so that you know what to ask on a survey, then get a larger sample thru the survey |
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observation
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marketers and consumers do not know enough about the issue to be able to ell you about it
watching consumers in store -- see what you do - size of the shopping cart effect what you put into it? - how long do you stand in front of products? also commonly done at fast food restaurants and gas stations watch websites |
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testing
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product testing - selcting a target market and testing a product a limited way in that area
introducing a product in a select market |
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surveys
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phone and online surveys
pro's: large sample, projectable to large population, widely respected cons: expensive (online less expensive than phone), less depth (can't probe why's) --can only ask questions that you think are important, which can leave out info that may be important |
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traditional focus groups
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in person focus groups
online focus groups provide answersto in-depth "why" questions that are sometimes tougher to get at in a quantitative survey larger expanded group interviewers |
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in person focus groups
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moderated, in-depth discussion with pre-recruited individuals
-detailed discussions of material -inexpensive -client can watch -"disaster check" --find issues that could cause serious profit problems ex: Wii game w/women entering weight |
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online focus groups
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inviting participation in an online discussion (can't see the interactions, so it may be a little less good data)
-larger sample and more diverse -geographic representation -less expensive - quick results |
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label attractiveness
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put different labels on product and test it with consumers in different cities
- different cities, different consumers like different labels |
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dial testing (online and Face-to-face)
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done with movies/TV shows
used for pilot testing, ad tests, show maintenance, talent testing and more Respondents move dial slider using mouse or keyboard to indicate their second-by-second rating of the video seconf-by-second rating capture plus responses to closed ended questions identifies highs and lows in a program shows first-hand viewer reactions and responses can follow up with focus groups relatively small sample can be more expensive |
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dial response analysis
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client can see the video context that causes ratings to peak or fall
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social networking applications
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provides an immediate pipeline to specific audience targets. can reach highly engaged entertainment consumers in an environment where they are already sharing, commenting, and exploring their favorite TV shows/games/movie/sports teams.
this method works very well for show premiers, DV relaeses, or TV shows that may be appearing soon on DVD -- by quicly and inexpensively reaching out to the fan base... |
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how can social networking applications help find a target audience?
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use social networking applications:
current fans of the program new fans of a specific show viewers of competitive shows within the tie period viewers of a specific genre viewers of a specific type of show |
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what do viewers do on social networks?
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harness all this passion and energy and convert it into meaningful information and strategy
rate every episode discuss trivia/quizzes |
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decision making
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important to collect data
important to spend a little save a lot -- do the research and save the money down the road important to consider whats important -- think about what you need to know, what you need to put on the survey important to act promptly - act on the data -- data changes!! -- consumer behvaior changes, as well as the environment (economy, society), values, competitors products change example: Ford Edsel |
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market segmentation
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based on the idea that different consumers/organizations have different needs and preferences
marketers group purchasers to better focus their effort, to better satisfy needs and increase profitability from these groups (or segments), target markets are identified - segment according to gender, age, finances market towards a specific segment and make product that that target market will have a strong desire/need for can decide if you want multiple products for multiple markets ,or just with one |
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features vs. benefits
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product features: characteristics of the product
product benefits: benefits consumers realize from the product people typically think about the benefits - features are related, but he benefits are the important aspects segmenting (and product positioning) should focus on the benefits |
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product feature
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characteristics of the product
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product benefits
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benefits consumers realize from the product
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steps involved in segmenting a market
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determine consumers' needs and wants
determine how the market should be segmented based on the wants and needs assess your organizations capabilities (and desire) to serve different segments |
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a priori segmentation
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segment market before hand, figure out target audience
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post hoc segmentation
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through research you discover that the market is already segmented in a particular way
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how to segment
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segmentation by demographics (age, income)
segmentation by benefit sought after by the consumer segmentation based on psychographics |
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segmentation by demographics
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age, income
census bureau -- determine how many people are buying by city/state/region private market research - Simmons (ex) who you can hire to do market research |
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segmentation by benefits sought after by the consumers
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what is it that people are looking for in a product
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segmentation based on psychographics
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VALs approach
PRIZM approach |
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VALs approach
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segmentation based on psychographics
cognitive approach looking at people's attitudes consumers mindset and attitudes about topics relative to your product |
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PRIZM approach
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segmentation based on psychographics
based on lifestyle and demographics of neighborhoods behavioral approach look at active lifesyle vs. not active, urban v. rural, working adults v. not working adults. |
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product positioning is determining...
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how your product is positioned in the minds of consumers (compared to competitors;what do consumers think when they think of your product)
how your product fits into a particular market segment how does the marketing mix engage the desired segment |
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strategic circles
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list all benefits consumers desire in the product
list all benefits your product offers draw circles to represent the two lists including the overlap -- comparing the benefits list all benefits offered by your competition and similarly represent it with a third circle |
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product positioning circles
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what consumers want, what we offr, what competitors offer
shows us what we can improve upon tom ake our product more attractive consumers than our competition want to shift lines so that competition isn't offering more than u tells ush ow we compare to competition |
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positioning map
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plots dimensions related to benefits that are important for consumers
decide segmentation strtegy -to segment of not to segment too much competition the segment is not worth it benefits to marketers: - fund where underserved markets are - find out where it is in its lifecycle -- change how you promote it? design market mix strategy |
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integrate market communications
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to develop marketing communication programs that coordinate and integrate all elements of promotion...presents a consistent message
reflective of original goal consistent look all of marketing should have the same sort of feeling figure out what they main thing is that is trying to be communicated to ocnsumers, make sure you have it consistently shown in every thing we do and say communicate message differently to consumers at different stages unified messages in the right place at the right time |
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ways to categorize products
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agricultural/raw materials
organizational consumer goods |
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agricultural/raw materials
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commodities
- have not been processed in any sort of way - raw product that goes into making something else ex: timber, grain, oil, gold - things that don't typically brand associated with it |
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organizational
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(products that are sold to organizations) can be materials used in production or materials used by the organization in the course of doing business. 2 types of markets:
- vertical markets - horizontal markets |
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consumer goods
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3 types
- convenience goods (items purchased often such as food) - shopping goods (items that aren't purchased often e.g., cell phones, cars) - specialty goods (uniqu goods that require some effort to purchase e.g., wills, builder to build a home) ---- consumers don't purchase often ---- requires some effort - shop around a lot. ex: homes, expensive jewelry ---- important purchases that can have lots of ramifications if purchased wrong ---- promotions often don't work on these purchases because consumer is already thinking about making this type of purchase |
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vertical markets
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restricted to a few buyers but almost all in a market use the product (semi conductors)
-select types of orgnaizations buy products, not a lot of corporations that purchase the item - product goes into making other products |
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horizontal markets
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goodsa re purchased by many different types of users (paper)
- products used by organizations, but there are LOTS of different buyers --not directly used in the production of other products (pens, pencils, paper, carpets) - lots of different types of orgs. buy them, not directly used in the course of manufacturing |
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product mix
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the full set of products offered for sale by the organization
may consist of several product lines everything an organiztion has for sale ex: all the products sold by Proctor and Gamble |
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product line
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products that share common characteristics, distribution channels, customers or uses (laundry detergents)
characteristics of width and depth |
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width of a product line
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number of product lines handled by the organization
ex: Proctor and Gamble has a wide product line - Many different types of products -- toothpaste, laundry detergent, skin care, etc. |
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depth of a product line
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average number of products in each line (how many different laundry detergents
- number of individual products in each product line - general/generic kind of category |
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brand
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name, term, design, symbol or other feature that distinguishes it from others
name of the prodcut that has been assigned |
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trademark
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legal term for brand
property that hey own that is associated with the brand synonymous but the trademark is the legal entity |
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brand equity
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if a brand is valuable is has this
value placed on the brand |
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brands
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recognition
trust - familiar with it, so we trust the consistency, value - willing to pay a little more because we know it well be a consistently good product short hand for what the product is |
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going generic
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means everyone is using your brand to describe a class of products -- even wen they are from your competitors
others can capitalize onyour brand when this happens ex:Thermos, refrigerator, band air, xerox, escalator, etc. brand loses value when this happens |
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What to do when a brand goes generic?
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it is a gradual process for consumers to being treating the brand like a product category
brand managers have to constantly monitor the consumers perception of the brand to avoid this must rebrand of reposition -- phase out the product and re-do it |
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manufacturers use brands to...
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extend their lines
brand extension franchise extension or family branding dual branding multi-branding |
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extend their lines
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uses the name to reach a new market segment
- reach people who have not used their product -expand their market by offering products that fit different markets -- different than diversification == this is about getting to a new market segment, not creating a new product --> starbucks blonde roast |
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brand extension
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enter a new product class
not a different variety of item, but using the brand name to get into an entirely new product category (more like diversification) brand name to get into a different type of product so that people who already trust/like the brand buy their new stuff |
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franchise extension or family branding
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using corporate name and attaching it to a new type of product because corporation wants to get into a new product line
entering a ne wproduct class used if brand name doesn't exist that is recognizable to consumersmore than the corporate name lots of overlap with diversification ex: Apple - corporate name; iPhone, MacBook, iPad - brand name -- if they used Apple as the name of their new sneaker category that would be brand extension |
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dual branding
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when two companies unite to create a product
attach brand naems to a given product when its part of the name of the actual product oreo cookies in Dreyers ice cream |
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multi-branding
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multiple brands
corporation has multiple brands that hey use for the products, products that are all within one product line targeted to different target audiences - have a product for each target audiences |
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product packaging
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packaging often is the competitive edge of a product
- smaller or larger size (travel size) - more convenient to use or to keep fresh - more attractive (not always the most functional, but because it is packaged in a way you like - more environmentally friendly |
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product life cycles
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introduction - costs are high for marketing and production - not selling much at this stage
growth - sales and profits increase maturation - increased competition means that profits don't keep pace with sales. New marketing strategies to spark new interest. --- competition starts making products simliar to yours -- new marketing needed decline - may drop the product, seek new uses, seek new markets, change the product, or continue the same but invest less in it (relates back to the Boston consulting group model |
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the product audit
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current product offerings are reviewed to ascertain whether each product should be continued as is, improved, modified, or deleted
deletions or product improvements |
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deletions
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consider sales trends, profit contributions, product life cycle, customer migration patterns
- customers desire to use other products - no longer interested in your type of product |
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product improvements
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decisions can be made about how to change the products attributes
part of product audit |
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five elements of the promotional/communication mix
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second "p" - promotions
advertising sales promotion public relations direct marketing personal selling |
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advertising
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paid form of non-personal communication
done in a mass type of communication has to be a placement in air or space air = billboard, display ad in nwspaper or magazine, etc. space = broadcast, radio, digital space |
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sales promotion
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activity or materail that attempts to induce customers to buy (coupons, sweepstakes, display)
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public relations
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non-personal, nonpaid communication
form of news/press releases promotions that are done by an organization in a non-personal way -- everything from sponsorships to press conferences |
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direct marketing
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direct forms of communicating with customers (online, catalogs, letters, flyers, telemarketing)
if a flyer is handed to someone directly its direct marketing, if it is hung up somewhere it is a promotion |
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personal selling
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face-to-face communication with potential buys
-personal communication -effective in organizational types of sales |
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stages of buying
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need recognition
alternative search alternative evaluation purchase decision post-purchase decision must choose which type of promotional communication is most effective during each of the stages. |
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promotional strategies
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push strategy
pull strategy |
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push strategy
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promotional strategy
aiming promotional efforts at distributors, retailers, and sale personnel togain their cooperation in ordering ,stockig, and accelerating sales get them to push your products at their customers involves someone else in the distribution chain |
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pull strategy
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promotional strategy
aiming promotional efforts directly at customers to encourage them to ask for the product pull consumers off the street into the store to make purchase of onto your website marketing directly to the people who will buy the product |
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merchandising
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simply has to do with sales of products
creates a profit, but has an underlying value of promoting a brand |
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retail merchandising
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environment, display, in-store offers tha influence consumers in retail locations
environment has to match consumers expectations has strong influence on consumers in the place where they can decide to buy examples: -store layouts (macy's, nordstroms -- stores within stores); grocery stores go thru all aisles -promotional displays how they are displayed to sell product,s but to also make them more attractive to consumers in order to sell more product |
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cosmetics at front of department stores
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part of merchandising
cosmetics are pretty attractive smell nice |
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grocery store layouts
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strategically place produce/bakery near the front
part of merchandising attract consumers |
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sales promotion
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coupons, sales, samples - get you to buy it right away
gets you to make an immediate ornear immediate decision to buy the product increasignly popular b/c - offers short-term results - new purchase technology |
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problems with promotional strategies
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can cheapen the product - not value asm uch cause you didn't pay the full price
consumers may begin to expect promotions - will onyl buy when on-sale or have a coupon short-term only -- typically not seen as building a brand name- will not create brand loyalty |
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public relations
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promotional strategy
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news release
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PR
most popular document a company puts out about a product/service generated by an org. that is sent out to the various news media - written by the organization as if it was written by a journalist way of getting publicity but has to be something that has news worthy element media loves them -- aware of events/products they can do storeis on usually use parts of them |
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news conference
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PR
invite people of the media to come out and hear about the new product/event only works when it really seems news worthy sometiems media wont show up because of the other stories |
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sponsorship
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PR
sponsoring an event putting name and attaching it to some sort of an event different than advertising b/c it is not necesarily placig your name in a givn place |
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public service announcements
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PR
publicity/type of ad broadcast companies devote a certain amount of airtime/space to charities as donations an ad that organization did not have to pay for associated with different causes |
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pro's of PR
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can seem more credible than paid for advertising
- more so if you are able to get it into a news story - seems less subjective than an advertisement might be - more like actual news can be less expensive (not always) |
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cons of PR
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little control over coverage and content
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product placements
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when products are featured in the media usually in exchange for payment
association with products and characters |
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pros of product placement
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can gain valuable recognition and associations in the mind of consumers
subtle, can be viewed with more credibility |
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cons of product placement
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less control
don't know how the show/film will do usage of the product in the scene and whether or not people will find it favorable |
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well placed product placement
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favorable
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blatant product placement
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unfavorable
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multi-tasking + subtle/well placed product placement
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unnoticed
not effective |
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blatant + multitasking product placement
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favorable
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direct marketing
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marketer is directly trying to reach a consumer
- catalogs, mailings, telemarketing, internet (emails) can be more targeted |
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Stone's List of princoples
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ten important ones!!
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