Marketing 101 Final Exam

Front 1

Four Ps

Back 1

Price
product
placement
promotion

tactical!

Front 2

5 Cs

Back 2

Customer
competitors
context
collaborators
company

Front 3

evolution of marketing (order)

Back 3

product orientation
sales orientation
classic "marketing concept"
competitor orientation
relationship management
customer centricity/value marketing era

Front 4

value imperatives

Back 4

market-driven organization
delivering customer value (CLV)
brand equity (promise)

Front 5

consumer decision making process

Back 5

need recognition
information search
evaluation of alternatives
purchase decision
post-purchase behavior

(**neidermeir isnt even pretty perfect)

Front 6

need recognition

Back 6

discrepancy between actual and ideal state
utilitarian and psychological
delivering value/solving problems

Front 7

information search

Back 7

internal
- consideration (evoked) set

external
- word of mouth
- interpersonal search

Front 8

basic needs

Back 8

esteem -> self image
control -> having control over life/decisions
belonging -> societal id
meaningfulness -> cheating death, immortality

Front 9

evaluation of alternatives

Back 9

depends on what motivation do you have to search, high/low motivation

Front 10

multi attribute model

Back 10

sum of all (a*b)
a --> each attribute of product ranked from 1-7 for importance
b --> ratings on -3, 3 scale of how good it is

multiply the two terms and sum for each company

Front 11

heuristics

Back 11

rules of thumb/choice tactics

price
habit
normative (what other people do)

Front 12

post purchase processes

Back 12

disappointment
satisfaction (f(perceived performance--expectation)
- value
- equity
- performance/quality

disconfirmation

Front 13

disconfirmation

Back 13

the idea that something is different about a product than what was perceived prior
can be good or bad
if better - satisfaction
if worse - dissatisfaction

Front 14

STP

Back 14

segmenting
targeting
positioning

Front 15

mass marketing

Back 15

same product and same marketing mix for everyone
efficient from supply side

Front 16

segmentation

Back 16

determining which consumer segments are differentiated/worth targeting (targeting)
different product maybe or marketing mix for each (positioning part)

Front 17

why is segmentation beneficial

Back 17

can tap into niche
can reposition existing product
can allow for expansion into new markets
can help determine what media channels to use
identify specific wants/needs of customers

Front 18

segmentation variables

Back 18

geographic
demographic
psychological
psychographic
sociocultural/economic
use related (usage rate/awareness/brand)
use scenario
benefits to segment
hybrid

Front 19

what makes a good segment?

Back 19

homogeneous within
heterogeneous between different groups
substantial
operational
stable

Front 20

factor analysis

Back 20

survey customers on what attributes they think most important for product
take huge list of adjectives and make into broader categories

Front 21

cluster analysis

Back 21

have people rank different attributes on numerical scale
graph 2 attributes on x/y
see where clusters of people are
three iterations of center picking
used to max homo/hetero qualities

(i.e. perceptual maps)

Front 22

CRM

Back 22

customer relationship management
moving to segment of one (microsegmentation)
individual relationship with customer to create lifetime value
interact + customize

Front 23

targeting

Back 23

who to target?
depends on:
company position
competitor position
PLC
value of segment

Front 24

positioning

Back 24

marketing mix
how will segment perceive as compared to other comp.

Front 25

positioning statement

Back 25

"to (target segment/customer) our (brand) is the (concept) that (points of difference/reasons to believe)"

Front 26

brand

Back 26

proprietary trademark for company
contract between customer and company
expectation of quality/care

Front 27

brand equity

Back 27

$$ value for what the brand is worth

Front 28

interbrand equity calculation

Back 28

financial performance
role of brand (how much influence in purchase decision)
brand strength (in finan. terms what risk associated?)
brand value

Front 29

brand ladder

Back 29

awareness
associations
relationship

Front 30

customer value imperative

Back 30

performance superiority (something)
relational intimacy (ritz carlton)
operational excellence (walmart)

seek differentiation in one, parity on others

Front 31

experiential branding

Back 31

creating an experience specific to your brand
dynamic
multi-sensory
example. Wynn Hotels

Front 32

five brand personality dimensions

Back 32

competence
ruggedness
excitement
sincerity
sophistication

(**cress)

Front 33

brand structure

Back 33

bottom up:
reasons to believe
brand/experience benefits
emotional benefits
brand personality
core value

Front 34

brand name/package: easy tests

Back 34

spell, say, read, remember

Front 35

brand name/package: fit tests

Back 35

target market, benefits, culture, legal

Front 36

brand relationship spectrum

Back 36

house of brands --> sub-brand --> endorsed brand --> branded house

Front 37

house of brands

Back 37

ex. P+G
brand has no visual presence on sub brands

Front 38

sub-brand

Back 38

ex. GE Monogram, GE appliances
brand has some visual presence, but doesn't really do antyhing

Front 39

endorsed brand

Back 39

ex. Marriot Courtyard
parent brand has some association for quality on product

Front 40

branded house

Back 40

ex. Virgin Mobile, airlines, etc.
parent brand is very much the only brand

Front 41

marketing research process

Back 41

define the problem
analyze the situation (situational analysis)
collect relevant data
interpret data
potentially solve the problem

Front 42

research criteria

Back 42

current
valid
representative
reliable (replic)

Front 43

diagnostic analysis

Back 43

where does the comp/product stand? what does market look like? what are the current standings? how do perceptions shape current performance?

Front 44

opportunity analysis

Back 44

are there new exploitable markets? how to exploit a new market?

Front 45

diagnostic protocol

Back 45

availability
awareness
perceptions
history
competition

Front 46

direct elicitation

Back 46

direct surveys with numerical likert scales
asking directly what they think

Front 47

indirect elicitation

Back 47

situational questions
asking them to rank preference of certain situations

Front 48

perceptual mapping

Back 48

starts with direct elicitation (likert scales)
consistent visual representation of:
- relative perceived positions of competitor products
- relative perceived positions of ideal products

Front 49

issues with perceptual mapping

Back 49

specific tactical advice for how to succeed
forecast of how consumers will respond new offerings

Front 50

issues with customer feedback

Back 50

customer might not know what they want
customer may be reluctant to reveal
cross customer differences
dimensions are often not independent/ideal offering might not be simple sum of parts

Front 51

conjoint analysis

Back 51

starts with indirect elicitation
relatively determines attribute importance for each segment
part-worth utilities

Front 52

IMC

Back 52

integrated marketing communications
marketing plan
promotional goals
promotional strategy
communications mix
execute/evaluate

Front 53

communications mix

Back 53

advertising
sales promotion
personal selling
public relations
word of mouth

top down -> high control to low control
bottom up --> high influence to low influence

Front 54

benefits of IMC

Back 54

extend brand relationship
higher ROI
improve overall marketing effectiveness
conserve marketing resources
increase message relevance

Front 55

advertising

Back 55

objective
budget
media + message
evaluation

Front 56

advertising objectives

Back 56

inform
persuade
remind

Front 57

budget methods

Back 57

% of sales (top down)
objectives and then allocate certain amounts (bottom up)
parity with competition

Front 58

guerrilla marketing

Back 58

field marketing
unique techniques/event marketing
requires time/energy

Front 59

interactive media

Back 59

social media, blogs, online video, etc.

Front 60

push

Back 60

incentives to channels

Front 61

trade marketing

Back 61

increase demand at the wholesaler/channel level instead of consumer

Front 62

spiff

Back 62

extra bonus given to salesperson/entity for selling products

Front 63

pull

Back 63

excite customers
(incentives: rebates, coupons, sweepstakes, etc)

Front 64

personal selling

Back 64

direct person to person selling
high cost per action
business to business
high training

Front 65

public relations

Back 65

FREE
public media

Front 66

word of mouth

Back 66

internet buzz
communities talking
most influential in decision making

Front 67

PLC

Back 67

product life cycle:
introduction
growth
maturity
decline

Front 68

profits in PLC

Back 68

might be negative in introductory phase
highest in late growth
then declines down

Front 69

# of firms

Back 69

highest right after introduction
try to claim market share

Front 70

introduction stage

Back 70

profits low
skim vs. penetration
demand must be created
product might not be fully ready yet
high risk
not too many competitors

Front 71

growth stage

Back 71

market expands rapidly
sales steady
product differentiation starts to occur
many firms could enter
profit increasing
risk is moderate

Front 72

mature stage

Back 72

market stops expanding as rapidly
sales steady
competition on all 4 ps
extract as much sales - niches, specific targeting, cost cutting
market share maybe more important than profit

Front 73

decline stage

Back 73

virtually no new customers
sales start to decline
four strategies:
harvest
niche
withdraw
market leadership

Front 74

adopter categories

Back 74

innovators (2.5%)
early adopters (13.5%)
early majority (34%)
late majority (34%)
laggards (16%)

Front 75

trial vs. repeat sales

Back 75

trial - have to get buy in from user, first time using, etc
repeat - already have bought before, assume certain quality

Front 76

skim

Back 76

start slow then grow
attack innovators/early adopters
can maybe charge at a premium, but big money comes later

Front 77

penetration

Back 77

big bang - all at once
number of new adopters peaks early
requires lots of resources but can have high ROI

Front 78

ACCORD model

Back 78

relative advantage
compatibility
complexity
observability
risk
divisibility of trial-ability

high, low, high, low, high, low --> skim
medium, high, low, high, low, high --> penetration

Front 79

strategies for declining industries

Back 79

favorable market:
possess competitive skills -> leadership or niche
doesnt -> harvest or withdraw

unfavorable market:
posess comp. skills -> niche or harvest
doesn't -> withdraw quickly

Front 80

problems with PLC

Back 80

sales patterns aren't often smooth (noisy data, hard to know which stage in)
conflicting factors in skim vs. penetration
cause and effect questions
level of analysis

Front 81

price planning

Back 81

develop objectives
estimate demand
determine costs
evaluate environment
choose strategy
choose tactics

Front 82

pricing objectives

Back 82

sales or market share
profit
competitive effect
customer satisfaction
image enhancement

Front 83

estimating demand

Back 83

downward sloping demand
luxury goods --> will have a curved demand curve

Front 84

determining costs

Back 84

MARKETING MATH

Front 85

pricing environment

Back 85

economic factors
competitive factors
channel concerns
consumer trends
governmental concerns

Front 86

pricing strategies

Back 86

cost based
competition based (going rate, price leadership)
demand based (target costing, yield management)
value based (EDLP, EVL)
new product (skim, pen, trial)

Front 87

pricing tactics

Back 87

individual products
multiple products
channel-based
e-commerce pricing
psychological

Front 88

channel

Back 88

path that enables products and services to flow to end users

Front 89

value delivery network

Back 89

manufacturers, suppliers, distr., customers all working together to make system better

Front 90

intermediaries

Back 90

agent/broker
retailer
wholesaler
facilitating agency

Front 91

agent/broker

Back 91

negotiates sales without taking title of the good
generally paid by commission or fees

Front 92

wholesaler

Back 92

takes title to the goods and resells them

Front 93

retailer

Back 93

sells to end user

Front 94

facilitating user

Back 94

moves the goods (post office, mail, etc)

Front 95

transactional functions

Back 95

buying, selling, risk taking

Front 96

logistical functions

Back 96

transporting, sorting, storing,

Front 97

facilitating functions

Back 97

financing, information/research, promoting, inspecting/testing

Front 98

density of coverage

Back 98

intensive - distribution through every reasonable channel
selective - through only a few select channels
exclusive - through one channel

ranges from high to low coverage, but low to high stability

Front 99

disintermediation

Back 99

move toward direct to consumer marketing (ex. hybrid systems, ecommerce, channel conflict)

Front 100

integration

Back 100

combines stages of production and distribution under a single ownership

Front 101

Detroit model

Back 101

tightly clustered and controlled suppliers

Front 102

HI PENNY

Back 102

LOVE SNEH