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55 Cards in this Set

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The four considerations that a business must address when attempting to market a product.
4P's:
- Product
- Price
- Placement
- Promotion
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
Niche Strategy
The process of identifying various subsets of the venture's overall market
Segment
The activities, interests, opinions, attitudes, and values of the people who comprise a market segment
Psychographic Profile
Internet ads that appear on select websites and that are normally hyperlinked to the advertiser's home page
Banner Ads
Three primary steps in driving volume to acheive revenue goals:
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
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
Demographics
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.
Rate Sheet
An online magazine, usually delivered to customers and potential customers via e-mail.
E-Zine
Unwanted e-mail solicitations
Spam
The practice of using another firm to perform internal business functions such as telemarketing.
Outsourcing
The variety of tools selected to communicate with customers
Marketing Mix
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.
Differentiate
A government-operated registry at which individuals can sign up to prevent telemarketers from calling them.
Do Not Call Registry
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.
Marketing Collateral
Geographic Location
Where the customers are physically located.
Businesses that specialize in making or receiving calls on behalf of other companies.
Call Center
Advertising in restricted sections of newspapers, magazines, and other wide-circulation periodicals.
Classified Advertising
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
Target Market
The features and benefits–in the context of price–that the customer can expect to obtain from the venture's offerings
Value Proposition
Communicating with the target market includes...
- Television
- Radio Advertising
- Magazines, newspapers
- The internet
- Direct mail
The creativity aspect of volume generation
Marketing
Free radio and television announcements of nonprofit services or fund-raising events
Public Service Announcement (PSA's)
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.
Quality Leadership Strategy
Marketing technique, used in e-zines, in which recipients can decide whether or not to subscribe.
Opt-in marketing
Jobs in which employees have direct contact with customers
Customer facing jobs
Involves both logic and creativity; the need to conduct market research and understand consumer needs that drive demand.
Volume
Product-differentiating strategy in which the venture claims to be the low-price leader in the target market for particular products and services
Cost/Price Leadership Strategy
People who make phone calls on behalf of a company to generate a sales lead or to close a sale.
Telemarketers
Price x Volume
= Revenue
The creativity aspect of volume generation is referred to as innovation. (T or F)
False
The 4 Ps in marketing are product, price, placement, and promotion. (T or F)
True
One of the criteria used for segmenting a venture's market is demographics.
(T or F)
True
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)
False
Advertising on cable-only channels will be more expensive than advertising on programming offered by local broadcast stations.
(T or F)
False
The saturation technique uses repetition of the radio ad as a means of getting potential customer attention. (T or F)
True
Nonprofit ventures save money by making public service announcements.
(T or F)
True
E-zine is synonymous with spam. (T or F)
False
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)
True
The first step in determining a venture's target market is to look at the overall market and...
Segment it
Which of the following terms refers to the activities, interests, opinions, attitudes, and values of the people who comprise a market segment
Psychographic Profile
The variety of tools that a venture selects to communicate with customers is called the
Marketing Mix
When target market segmentation by geography does not work, which of the following approaches is more likely to be effective?
Mass Marketing
Research into product differentiation has defined three strategies for differentiating a product; which of the following is not one of them?
Product Value Leadership Strategy
Elements of the marketing mix, (Product)
- Features
- Brand Name
- Packaging
- Service
- Warranty
Elements of the marketing mix, (Price)
- List price
- Discount
- Allownace
- Credit Terms
- Payment Period
Elements of the marketing mix, (Promotion)
- Advertsing
- Personal Selling
- Sales Promotion
- Publicity
Elements of the marketing mix, (Place)
- Outlets
- Channels
- Coverage
- Transportation
- Stock Level
Indentify Market needs and benefits in terms of...
- Product Features
- Expense
- Quality
- Savings in time and convenience
The process of segmenting and targeting markets involves five key steps
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
Everyone that can purchase your product or service
Market
- 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
- Identify various subsets
- Determines which subsets provides the best opportunity
- Criteria
* Geographic
* Demographics
* Socioeconomic
* Phycographics
* Size: Actual and possible
Segment the market
Three strategies for differentiating a product
1) Cost/price leadership strategy
2) Quality leadership strategy
3) Niche Strategy
Marketing scholarship has identified (3) basic value propositions:
1) Operational excellence
2) Product leadership
3) Customer intimacy