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55 Cards in this Set
- Front
- Back
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The four considerations that a business must address when attempting to market a product.
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4P's:
- Product - Price - Placement - Promotion |
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Product-differentiating strategy in which a venture identifies a niche market such as a particular ethnic group and claims that its offerings uniquely meet that market's needs
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Niche Strategy
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The process of identifying various subsets of the venture's overall market
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Segment
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The activities, interests, opinions, attitudes, and values of the people who comprise a market segment
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Psychographic Profile
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Internet ads that appear on select websites and that are normally hyperlinked to the advertiser's home page
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Banner Ads
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Three primary steps in driving volume to acheive revenue goals:
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1) Indentify the venture's target market
2) Communicate with the target market 3) Persude the target market to do business with the company rather than a competitor or substitute |
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The characteristics of the target market, usually defined in terms of noncontroversial categories such as age, gender, ethnic background, household income, and number of children
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Demographics
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An outline of a radio station's charges for ads of varying lengths and for varying times of day or for the different shows that air on the station.
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Rate Sheet
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An online magazine, usually delivered to customers and potential customers via e-mail.
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E-Zine
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Unwanted e-mail solicitations
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Spam
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The practice of using another firm to perform internal business functions such as telemarketing.
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Outsourcing
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The variety of tools selected to communicate with customers
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Marketing Mix
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In this text, to make one's product or service stand out from those of existing competitors and at the same time accurately communicate the offering.
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Differentiate
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A government-operated registry at which individuals can sign up to prevent telemarketers from calling them.
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Do Not Call Registry
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The material that a company develops to communicate with the target market; usually consists of such items as brochures, handbills, and business cards that can be physically distributed and left behind.
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Marketing Collateral
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Geographic Location
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Where the customers are physically located.
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Businesses that specialize in making or receiving calls on behalf of other companies.
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Call Center
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Advertising in restricted sections of newspapers, magazines, and other wide-circulation periodicals.
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Classified Advertising
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The subset of potential customers that can be made aware of the venture's products and services and that can be persuaded to purchase those offerings.Those who can be persuaded to purchase your to buy your product or service
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Target Market
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The features and benefits–in the context of price–that the customer can expect to obtain from the venture's offerings
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Value Proposition
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Communicating with the target market includes...
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- Television
- Radio Advertising - Magazines, newspapers - The internet - Direct mail |
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The creativity aspect of volume generation
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Marketing
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Free radio and television announcements of nonprofit services or fund-raising events
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Public Service Announcement (PSA's)
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Product-differentiating strategy in which the venture makes no claims about price but rather caters to a market that prefers upscale, luxury, or prestigious offerings and brands.
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Quality Leadership Strategy
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Marketing technique, used in e-zines, in which recipients can decide whether or not to subscribe.
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Opt-in marketing
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Jobs in which employees have direct contact with customers
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Customer facing jobs
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Involves both logic and creativity; the need to conduct market research and understand consumer needs that drive demand.
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Volume
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Product-differentiating strategy in which the venture claims to be the low-price leader in the target market for particular products and services
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Cost/Price Leadership Strategy
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People who make phone calls on behalf of a company to generate a sales lead or to close a sale.
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Telemarketers
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Price x Volume
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= Revenue
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The creativity aspect of volume generation is referred to as innovation. (T or F)
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False
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The 4 Ps in marketing are product, price, placement, and promotion. (T or F)
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True
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One of the criteria used for segmenting a venture's market is demographics.
(T or F) |
True
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Once the target market has been identified, the next step in the volume process is to choose the design of the product.(T or F)
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False
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Advertising on cable-only channels will be more expensive than advertising on programming offered by local broadcast stations.
(T or F) |
False
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The saturation technique uses repetition of the radio ad as a means of getting potential customer attention. (T or F)
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True
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Nonprofit ventures save money by making public service announcements.
(T or F) |
True
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E-zine is synonymous with spam. (T or F)
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False
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The term marketing collateral refers to the material that a company develops to communicate with the target market and to be physically distributed to the target market. (T or F)
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True
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The first step in determining a venture's target market is to look at the overall market and...
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Segment it
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Which of the following terms refers to the activities, interests, opinions, attitudes, and values of the people who comprise a market segment
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Psychographic Profile
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The variety of tools that a venture selects to communicate with customers is called the
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Marketing Mix
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When target market segmentation by geography does not work, which of the following approaches is more likely to be effective?
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Mass Marketing
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Research into product differentiation has defined three strategies for differentiating a product; which of the following is not one of them?
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Product Value Leadership Strategy
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Elements of the marketing mix, (Product)
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- Features
- Brand Name - Packaging - Service - Warranty |
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Elements of the marketing mix, (Price)
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- List price
- Discount - Allownace - Credit Terms - Payment Period |
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Elements of the marketing mix, (Promotion)
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- Advertsing
- Personal Selling - Sales Promotion - Publicity |
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Elements of the marketing mix, (Place)
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- Outlets
- Channels - Coverage - Transportation - Stock Level |
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Indentify Market needs and benefits in terms of...
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- Product Features
- Expense - Quality - Savings in time and convenience |
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The process of segmenting and targeting markets involves five key steps
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Identify market needs, then..
1) Form prospective buyers into segments 2) Form products to be sold into groups 3) Develop a marketing product grid and estimate size of markets 4) Select target market 5) Take marketing actions to reach target market then, Execute marketing program |
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Everyone that can purchase your product or service
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Market
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- Who are the customers
- Why do they buy? - What are we selling? * Product or service * Product or peace of mind * Service or convenience |
Defining the target market
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- Identify various subsets
- Determines which subsets provides the best opportunity - Criteria * Geographic * Demographics * Socioeconomic * Phycographics * Size: Actual and possible |
Segment the market
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Three strategies for differentiating a product
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1) Cost/price leadership strategy
2) Quality leadership strategy 3) Niche Strategy |
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Marketing scholarship has identified (3) basic value propositions:
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1) Operational excellence
2) Product leadership 3) Customer intimacy |
