Mike Marketing Fall 2008 Midterm

Front 1

marketing segmentation

Back 1

the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products of marketing programs

Front 2

market targetingctive, and

Back 2

evaluating evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 3

marketing strategy

Back 3

the marketing logic by which the company hopes to achieve profitable relationship with customers

Front 4

4 Ps

Back 4

product, price, promotion, placement

Front 5

marketing mix

Back 5

the set of controllable tactical marketing tools that firm blends to produce the response it wants in the target market.

Front 6

market positioning

Back 6

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Front 7

Product

Back 7

the good sand services combination the company offers to the target market

Front 8

Price

Back 8

the amount of money customers have to pay to obtain the product

Front 9

Place

Back 9

Includes company activities that make the product available to target consumers

Front 10

Promotion

Back 10

Activities that communicate the merits of the product and persuade the target customers to buy it

Front 11

Positions statement

Back 11

For (target audience), (brand name) is the (frame of reference) that delivers (benefit/point of difference) because only (brand name) is reason to believe).

Front 12

Bases for segmentation and segmentation variables

Back 12

Demographic (age, gender, family size, income, religion, race)
Pyschographic (social class, lifestyle, personality characteristics)
Behavioral (knowledge, attitude, response, uses of a product) (Occasions, Benefits Sought, User Status, Usage Rate, Loyalty Status)

Front 13

Advantages and risks of brand extensions

Back 13

Advantage: Reach new markets, increase sales revenue, defend against competitors, save marketing $, increase consumer brand confidence

Negatives: risk of cannibalization, failure tarnishing brands, dilute brand, alienate original customers, lose management focus

Front 14

Product attributes decisions

Back 14

customer needs, company considerations, differentiation

Front 15

Brand elements; Brand equity; Advantages of brand equity

Back 15

Elements: logo, name, slogan, jingle
Equity: buyer behavior: pay premium price, brand loyalty, higher profit margins, less room for competition, access to shelf space, distribution

Front 16

Buying decision-making unit and buying decision-making process

Back 16

need recognition, information search, evaluation of alternatives, purchase decision, postpurchase behavior

Front 17

Distinctive characteristics of services and appropriate marketing strategies

Back 17

1. intangible - experience
2. variability - personal/customized/human
3. inseparability - no separation between production and consumption
4. inventory- perishable

Market:
-Physical Evidence - environment, equipment
-People - training, customer interface, incentives, evaluation, culture
-processes - protocol/procedure, customer feedback, mystery shoppers
-capacity planning and demand shift

Front 18

B2B versus consumer buying behavior and implications for B2B marketing strategies

Back 18

problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order routine specification, performance review

-market to final customer due to derived demand
-market specific qualities of product to appeal to reason
-market to emotion

Front 19

Marketing concept (customer-oriented marketing strategy)

Back 19

Culture, Social, Personal, Psychological