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28 Cards in this Set
- Front
- Back
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Name the 5 Organizational Philosophies (Concepts) |
1) Production Concept: available & affordable 2) Product Concept: Quality,Performance,Features 3) Selling Concept: Sales & Promotion 4) Marketing Concept: Needs/Wants of consumers 5) Societal Marketing Concept: Market & Societal Value |
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Name the 3 Types of Marketing Environments |
1) Microenvironment: 3C's (company, customer, competitors) 2) Macro environment: socio-cultural, economic, political-legal, technological 3) External Environment: macro + competitive environment |
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Name the 5 External Environments |
1) Socio-Cultural 2) Economic 3) Technological 4) Political-Legal 5) Competitive |
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Name the 6 Popcorn Faith Trends |
1) 99 Lives: people with busy lifestyle, can market with bundle packages 2) Save Our Society: responsibility towards ethics, education, environment 3) Fantasy Adventure: emotional escape from daily routine 4) Cocooning: people staying in their home, rely on technology 5) Cashing Out: leaving careers and stages of life to start new 6) Anchoring: consumers reaching back to simpler times |
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Name the 5 steps in the Consumer Decision Making Process: |
1) Need Recognition: why do I need this product 2) Information Search 3) Evaluation of Alternatives 4) Purchase Stage 5) Post-Purchase Behaviour |
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3 Influences That Affect Consumer Decisions |
1) Situational Influences 2) Socio-Cultural Influences 3) Pyschological Influences |
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5 Parts of Socio-Cultural Influences |
1) Personal Influence: Celebrities, Athletes 2) Reference Groups: Friends, Coworkers 3) Family 4) Cultural 5) Social-Class: if everyone in my neighbourhood shops at store X then.... |
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5 Parts of Situational Influences: |
1) Purchase Task: what am I buying? payment options? 2) Physical Surroundings: Smells, Colors, Lighting, Music 3) Social Surroundings: If a restaurant is busy, you want to eat there 4) Antecedent State: preexisting feeling (Retail Therapy 5) Temporal Effects: something is only on sale till tuesday so I'll buy it now |
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5 Psychological Influences |
1) Motivation: force that causes to satisfy a need 2) Perception: how you process and interpret the world 3) Learning: how to make purchase decisions 4) Attitudes: tendencies/evaluations of a product/company 5) Lifestyle: activities, interests, opinion |
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3 Purposes of Market Research: |
1) Assess consumer attitudes 2) inform about consumer needs 3) improve decision making |
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5 Things Needed for The Right Research Design |
1) Nature of the Problem: discover and define it 2) Preciseness of Research Questions: inquiring, testing 3) Time & Money: finite timelines and budget 4) Internal and External Resources: in house vs. research providers 5) Management Cooperation: company culture |
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5 Stage Marketing Research Process |
1) Identify the Problem 2) Design the Study 3) Collect the Data 4) Interpret the Findings 5) Report the Findings |
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5 Criteria for a Good Market Segment |
1) Homogenous within: shared attributes in segment 2) Heterogenous between: The segment is definable 3) Substantial: segment is big enough to create profit 4) Accesible: ways to communicate to segment 5) Responsive: segment responds to marketing |
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4 Parts of a Positioning Statement |
1) Target Consumers 2) Frame of Reference 3) Point of Difference 4) Reason to Believe |
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4 steps to success in B2B Markets |
1) Identify Customers: know them in as much detail as possible 2) Differentiate Customers: by their needs and value to company 3) Interact with Customers: find ways to improve interaction 4) Customize: the aspects of products offered |
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Name the 3 buying situations |
1) Straight Rebuy 2) Modified Rebuy 3) New Task Buy |
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Name the 6 Positions in the Buying Centre |
1) Initiator 2) Influencer 3) Decider 4) Purchaser 5) User 6) Gate Keeper |
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5 Different Types of Products (SIPPE) |
1) Service 2) Ideas 3) Person 4) Places 5) Experience |
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4 Layers of the Product Model |
1) Core Product: product features or attributes 2) Functional Product: How the product functions 3) Augmented Product: augmentation done to basic product 4) Potential Product: solution customer gets from product |
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4 Types of Consumer Products (Goods) |
1) Convenience goods: purchased on a regular basis (groceries) 2) Shopping Goods: spend a little more time, do some comparison shopping 3) Specialty Goods: very unique, few companies produce this, not a lot of options (rolex) 4) Unsought Goods: Products people don't want or know about (adult diapers, funeral homes) |
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3 Key Benefits of Branding |
1) Product identification: distinguish a product from competition 2) Repeat Sales: identify brands the consumer wants to re-buy 3) New Product Sales- well known brands make new product introduction easier |
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4 Parts of a Good Brand Name |
1) Suggests Product Benefits 2) Distinctive and Positive 3) Fit the Company and Product Image 4) Simple Yet Creative |
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4 Ways to Measure Brand Equity |
1) Differentiation: what makes brand stand out? 2) Relevance: how well it meets consumers needs? 3) Knowledge: how much consumers know about brand 4) Esteem: how highly consumers respect brand |
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6 Functions of Packaging |
1) Protect: to keep it intact 2) Inform: ingredients contact info 3) Provide Convenience: easy to use/carry 4) Promote 5) Advise Price: MRSP 6) Meet Language Guidelines |
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5 Ways to Extend the PLC |
1) Modify the Product 2) Create Accessories to keep product popular 3) New Market Segments 4) Reposition product on an existing feature 5) Change the value offered, up or down |
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5 Rate of Adoption Factors CCROT |
1) Complexity: degree of difficulty in understanding product 2) Compatibility: Degree to which new product is compatible with others 3) Relative Advantage: Degree to which product is perceived to be superior to existing substitutes 4) Observability: degree to which benefits can be observed and communicated to target market 5) Trial ability: degree to which product can be trailed on a basis |
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4 I's of Service: |
1) Intangibility: cannot be held, touch or seen 2) Inseparability: consumer has to be present 3) Inconsistency: quality is always different 4) Inventory: Difficult to manage supply... if an appt. is missed then it cannot be made up |
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Name 5 things that Affect Consumer Involvement |
1) previous experiences 2) interests 3) perceived risk of negative consequences 4) situation 5) Social visibility |
