Mktg 2270 Condensed

Front 1

Marketing Mix and perspectives (4 P’s)

Back 1

Seller view (Buyer view ) / Product (Customer Satisfaction) / Price (Customer Cost) / Place (Convenience) / Promotion (Communication)

Front 2

Market Targeting Strategy

Back 2

Undifferentiated mass marketing -> differentiated segmented marketing -> concentrated niche marketing -> micro marketing local or individuals

Front 3

Position

Back 3

consumer perception of products

Front 4

Parts of a positioning strategy

Back 4

Identify competitive advantages / select competitive advantage / develop positioning strategy

Front 5

Competitive advantage

Back 5

Differentiating characteristics gained by offering greater customer value / either through lower prices or by providing more benefits that justify higher prices

Front 6

Ways to differentiate

Back 6

Product / services / channels / people / image

Front 7

Possible value propositions

Back 7

More for more / more for the same / more for less / same for less / less for much less

Front 8

Marketing mix efforts do or do not support positioning strategy?

Back 8

they do support it

Front 9

New-Product Development stages

Back 9

Idea gen. -> Idea screening -> concept dev and testing -> mktg strategy dev -> business analysis -> product dev -> test mktg -> commercialization

Front 10

5 Stages of product life cycle

Back 10

Product dev -> introduction -> growth -> maturity -> decline

Front 11

Product mix decisions deal with the 4 dimensions

Back 11

Width / length / depth / consistency

Front 12

3 Major MKTG Tasks to manage

Back 12

service differentiation & quality & productivity

Front 13

Brand

Back 13

the image which stands behind the name / symbol / icon / design / or combination of these / that identifies the maker or marketer of a product

Front 14

3 main branding strategy decisions

Back 14

Brand name / position / and sponsorship

Front 15

Brand equity

Back 15

A financial value attributed to the brand based largely on intangible qualities

Front 16

Brand personality

Back 16

Human attributes and the emotions they inspire toward customers

Front 17

4 choices when developing a brand

Back 17

line extension / multibrand / brand extension / new brand

Front 18

Risks of Line extensions

Back 18

over exposure of name

Front 19

Risks of multi brand

Back 19

may confuse image

Front 20

Risks of brand extension

Back 20

separate brands may be weak

Front 21

Risks of new brand

Back 21

new brands need lots of resources to launch

Front 22

Cost based pricing steps

Back 22

Design a good product -> determine product costs -> set price based on cost -> convince buyers of products value

Front 23

Value-Based pricing

Back 23

Asses customer needs/values -> set target price to match customer perceived value -> determine costs that can be incurred -> design product to deliver desired value at target price

Front 24

Value-Based considerations

Back 24

customer needs/perceptions/price based on perception of value

Front 25

Cost-Based considerations

Back 25

Totals costs (cost plus) / product driven (BreakEven)

Front 26

Competition Based consideration

Back 26

customers frame of reference / competitors offering position etc.

Front 27

Product-line pricing

Back 27

Setting price steps between various products in a product line based on cost differences / customer evaluations of features / and competitors’ prices (e.g. QuickTax products)

Front 28

Optional-product pricing

Back 28

Pricing optional or accessory products sold with the main product (e.g. GPS navigation system with a car)

Front 29

Captive-product pricing

Back 29

Pricing products that must be used with the main product (e.g. blades for razors)

Front 30

By-product pricing

Back 30

Pricing by-products to make a main product’s price more attractive (e.g. wood by-products)

Front 31

Product bundle pricing

Back 31

Combining several products and offering the bundle at a lower price (e.g. fast food combo meals)

Front 32

Price adjustment strategies

Back 32

Discounts and Allowances (Trade-ins)

Front 33

Segmented pricing

Back 33

selling product at 2 or more different prices but doesn’t reflect difference in cost

Front 34

Psychological Pricing

Back 34

considers consumer though process not just economics (Ryan Air)

Front 35

Value delivery network

Back 35

producers / suppliers / distributors / and customer who improve the performance of the entire system in delivering customer value

Front 36

Channel partners do what for the company?

Back 36

bridge time / place / and possession gaps that separate products from those who use them

Front 37

Direct marketing channels deliver

Back 37

products to consumers directly from a producer

Front 38

Indirect marketing channels involve

Back 38

intermediaries b/w the producer and consumer

Front 39

Vertical Marketing system (VMS)

Back 39

channel structure in which producers / wholesalers / and retailers act as a unified system

Front 40

Intensities of distribution in channels

Back 40

Intensive / selective / exclusive

Front 41

Retail trends

Back 41

experiential / instore tech / gift cards / shopper mktg / social media & mobile

Front 42

Role of supply chain management in distribution system

Back 42

Companies can gain a competitive advantage / Improved logistics can lower costs / Increased product variety has created a need for improved logistics management / Improvements in information technology have created gains in distribution efficiency / Logistics affect the environment and the company’s sustainability efforts

Front 43

Promotion mix consists of

Back 43

Ads / sales promo / PR / personal selling / Direct Marketing

Front 44

Integrated Marketing Communication (IMC)

Back 44

integration of communication channels to deliver a clear consistent and compelling message about the company and its products

Front 45

Advertising pros

Back 45

reach masses at low cost / repeat message / create trust

Front 46

Advertising cons

Back 46

impersonal / cost are sometimes high

Front 47

Personal selling pros

Back 47

communicate personally / build preferences actions / allow relationship building

Front 48

Personal selling cons

Back 48

requires long term commitment / most expensive

Front 49

Sales promotion pros

Back 49

wide assortment of tools / attract attention / offer incentives / quick responses

Front 50

Sales promotion cons

Back 50

effects are short lived

Front 51

PR pros

Back 51

legitimizes credibility / reach people resisting ads / save money

Front 52

PR cons

Back 52

usually an afterthought

Front 53

Direct MKTG pros

Back 53

communicate directly with target customers / interactive / one-one relationships

Front 54

Direct MKTG cons

Back 54

junk mail or spam

Front 55

Push strategy

Back 55

Producer -> retailer/wholesaler -> consumer / uses sales force to promote through channels

Front 56

Pull Strategy

Back 56

(Producer) <- retailer/wholesaler <- consumer <- (Producer) / directed towards final customers

Front 57

Advertising objective

Back 57

build relationships by communicating value

Front 58

Proactive PR

Back 58

obtain favorable publicity / communicate trustworthy image

Front 59

Reactive PR

Back 59

manage unexpected occurence (pos and neg)

Front 60

Corporate Social Responsibility (CSR)

Back 60

Organizations must DO the right thing but also must SAY what they are doing

Front 61

Cause Related Marketing

Back 61

Specific programs developed in collaboration with not-for-profit organizations to raise awareness / funds / or both

Front 62

6 steps in sales force MGMT

Back 62

design sales force strategy -> recruit sales people -> train salespeople -> compensate salespeople -> supervise salespeople -> evaluate salespeople

Front 63

Steps in selling process

Back 63

prospecting and qualifying -> pre approach -> approach -> presentation -> handling objections -> closing -> Follow-up

Front 64

Consideration in developing sales promotion program

Back 64

Decide on the size of the incentive -> Set conditions for participation -> Decide how to promote and distribute the promotion program -> Determine the length of the program -> Evaluate the promotion program

Front 65

Direct Mktg

Back 65

Connecting directly with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships / fast growing

Front 66

Buyer Benefits of Direct MKTG

Back 66

Convenient / easy to use / private / greater control / access to products / comparative info / available to all / immediate / interactive

Front 67

Seller Benefits of Direct MKTG

Back 67

Builds customer relationships / low cost market reach / flexible / access to all buyers

Front 68

Direct Mail MKTG Pros and Cons

Back 68

P-Largest medium/One-One &C-Junk Mail/In Decline

Front 69

Catalogue MKTG Pros and Cons

Back 69

P-Drive web traffic/convert to online easily & C-High Cost

Front 70

Telephone MKTG Pros and Cons

Back 70

P-High Success & C-Intrusion

Front 71

Direct Response TV MKTG Pros and Cons

Back 71

P-visual & C-perception of cheap