Introduction to Marketing Concepts
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Questions and Answers

Which factor in the ACCORD model refers to how much better a product is compared to alternatives?

  • Compatibility
  • Advantage (correct)
  • Riskiness
  • Observability

A higher perceived risk is likely to encourage product adoption.

False (B)

Name one key component of the 6 M’s Framework for Integrated Marketing Communications.

Market

The purpose of Integrated Marketing Communications (IMC) is to ensure that all promotional tools and channels work together to deliver a _____ message.

<p>cohesive</p> Signup and view all the answers

Match the following marketing communication tools with their descriptions:

<p>Advertising = Paid promotion through various platforms Sales Promotions = Short-term incentives for purchases Public Relations = Activities to enhance corporate image</p> Signup and view all the answers

Which factor of the ACCORD model addresses the ease of use for consumers?

<p>Complexity (B)</p> Signup and view all the answers

Observability is about how the benefits of a product are visible to consumers.

<p>True (A)</p> Signup and view all the answers

What is one goal of promotions in marketing?

<p>Build and maintain strong customer relationships</p> Signup and view all the answers

Which type of ad focuses on maintaining visibility for established products?

<p>Reminder Ads (C)</p> Signup and view all the answers

Digital marketing does not involve customer engagement through social media.

<p>False (B)</p> Signup and view all the answers

What is the primary purpose of 'advertainment' in modern advertising?

<p>To combine ads with entertaining content.</p> Signup and view all the answers

The strategy to combine creative messaging with targeted media planning is an essential part of __________.

<p>advertising strategy</p> Signup and view all the answers

Match the type of media with its description:

<p>Non-Personal = Mass media like TV, print, or digital Personal = Direct interactions such as sales reps or influencers</p> Signup and view all the answers

Which of the following is NOT a function of Public Relations (PR)?

<p>Create advertising campaigns (C)</p> Signup and view all the answers

User-generated content is a type of execution style that involves customer participation.

<p>True (A)</p> Signup and view all the answers

What does the term 'frequency' refer to in media metrics?

<p>The average number of exposures per person.</p> Signup and view all the answers

What pricing strategy involves setting prices based on perceived customer value rather than production costs?

<p>Value-Based Pricing (B)</p> Signup and view all the answers

Price skimming is a strategy that sets a low initial price to attract mass-market adoption.

<p>False (B)</p> Signup and view all the answers

What is the primary goal of penetration pricing?

<p>To attract mass-market adoption and build customer loyalty.</p> Signup and view all the answers

In __________ pricing, different prices are set for products within a product line based on their features or perceived value.

<p>Product Line</p> Signup and view all the answers

Which of the following could be a risk associated with competition-based pricing?

<p>Ignoring unique product value. (B)</p> Signup and view all the answers

Captive product pricing refers to setting a base price for a product, with additional charges for necessary accessories.

<p>True (A)</p> Signup and view all the answers

Name one advantage of using penetration pricing.

<p>Encourages quick adoption and builds market share.</p> Signup and view all the answers

Match the pricing strategies with their descriptions:

<p>Captive Product Pricing = Pricing products that must be used together Product Bundle Pricing = Combining multiple products into a single offering at a reduced price Value-Based Pricing = Pricing based on perceived customer value Penetration Pricing = Setting a low initial price to attract customers</p> Signup and view all the answers

What is a key reason for soliciting consumer feedback during product development?

<p>To avoid assumptions without data (B)</p> Signup and view all the answers

Packaging failure can occur if the packaging is easy to open and visually appealing.

<p>False (B)</p> Signup and view all the answers

Name one internal source of ideas in the new product development process.

<p>R&amp;D Departments</p> Signup and view all the answers

Eliminating outdated alternatives is a strategy to address __________ in product development.

<p>failures</p> Signup and view all the answers

Match the steps in the New Product Development Process with their descriptions:

<p>Idea Generation = Narrowing down the list of ideas Idea Screening = Turning ideas into product concepts Development and Testing = Generating as many ideas as possible</p> Signup and view all the answers

Which of the following is NOT a key evaluation criterion during the idea screening process?

<p>Is it cheap? (C)</p> Signup and view all the answers

Conducting feasibility studies is part of the Development and Testing phase in product development.

<p>False (B)</p> Signup and view all the answers

What is one tool used during the idea screening process?

<p>SWOT analysis</p> Signup and view all the answers

What was one of the initial target audiences for Apple's first Mac computers?

<p>Creative professionals (A)</p> Signup and view all the answers

Increasing usage is one of the strategies to extend the product life cycle.

<p>True (A)</p> Signup and view all the answers

Name one challenge that Pokemon Go faced after its initial launch.

<p>Server Overload</p> Signup and view all the answers

Pokemon Go encourages players to explore real-world locations to capture virtual ______.

<p>Pokémon</p> Signup and view all the answers

Match the following challenges Pokemon Go faced with their descriptions:

<p>Server Overload = Widespread performance issues due to high demand Gameplay Fatigue = Repetitive mechanics without new features Third-Party Cheating Platforms = External tools that provided gameplay advantages Employee Strain = Developers focused on fixing bugs instead of new features</p> Signup and view all the answers

Which revenue source contributed to Pokemon Go's financial success?

<p>PokéCoins through in-app purchases (D)</p> Signup and view all the answers

Pokemon Go's use of augmented reality was a factor in its initial success.

<p>True (A)</p> Signup and view all the answers

What motivated users to want more structured gameplay in Pokemon Go?

<p>Gameplay Fatigue</p> Signup and view all the answers

What is a potential advantage of banning third-party developers in games like Pokemon Go?

<p>Maintained game integrity (A)</p> Signup and view all the answers

The core user base of Pokemon Go suggests that it is solely a fad.

<p>False (B)</p> Signup and view all the answers

Name one type of service that is typically funded by taxes.

<p>Governmental Services</p> Signup and view all the answers

__________ organizations operate to fulfill social, cultural, or educational missions rather than to generate profits.

<p>Private Not-for-Profit</p> Signup and view all the answers

Match the service characteristics with their definitions:

<p>Intangibility = Cannot be seen or touched before purchase Inseparability = Production and consumption occur simultaneously Variability = Quality depends on the delivery context Perishability = Cannot be stored for future use</p> Signup and view all the answers

Which marketing strategy focuses on ensuring that employees embody the firm’s values?

<p>Internal Marketing (B)</p> Signup and view all the answers

The service-recovery paradox suggests that resolving service failures can negatively impact customer loyalty.

<p>False (B)</p> Signup and view all the answers

What is a common cause of new product failure related to its uniqueness?

<p>Insignificant Point of Difference</p> Signup and view all the answers

Which of the following is NOT a component of a marketing strategy?

<p>Creating a product prototype (A)</p> Signup and view all the answers

Marketing only focuses on sales and advertising.

<p>False (B)</p> Signup and view all the answers

What does SBU stand for in marketing?

<p>Strategic Business Unit</p> Signup and view all the answers

The purpose of a mission statement is to define the organization's __________, goals, and values.

<p>purpose</p> Signup and view all the answers

Match the following marketing elements with their descriptions:

<p>Products = Tangible goods offered to customers Services = Intangible offerings for customer satisfaction Organizations = Institutions promoting themselves Causes = Social or environmental initiatives</p> Signup and view all the answers

Which of the following best describes what marketing should focus on?

<p>Identifying and fulfilling a market demand (C)</p> Signup and view all the answers

A business portfolio consists of unrelated businesses managed by a company.

<p>False (B)</p> Signup and view all the answers

What is one key characteristic a mission statement should possess?

<p>Market-oriented</p> Signup and view all the answers

Which of the following is NOT a condition for effective market segmentation?

<p>Negative (C)</p> Signup and view all the answers

The differentiated targeting strategy targets the entire market with a single offer.

<p>False (B)</p> Signup and view all the answers

Name one factor that must be considered when creating customer segments.

<p>Measurable</p> Signup and view all the answers

Psychographic segmentation focuses on __________, beliefs, and personality traits.

<p>opinions</p> Signup and view all the answers

Match the type of segmentation with its description:

<p>Geographic = Based on physical location and climate Demographic = Based on age, income, and education Behavioral = Based on purchase behavior and usage Benefits-based = Based on the desired outcomes of customers</p> Signup and view all the answers

Which targeting strategy involves tailoring marketing efforts to individual customers?

<p>Micromarketing (B)</p> Signup and view all the answers

Actionable segments allow companies to make effective programs for serving those segments.

<p>True (A)</p> Signup and view all the answers

What is the primary purpose of positioning in marketing?

<p>To establish a distinctive place in customers' minds</p> Signup and view all the answers

Which pricing strategy involves setting a high introductory price that decreases over time?

<p>Price Skimming (A)</p> Signup and view all the answers

Value-Based Pricing relies primarily on production costs to set prices.

<p>False (B)</p> Signup and view all the answers

In _____ pricing, multiple products are combined into a single offering at a reduced price.

<p>product bundle</p> Signup and view all the answers

What is a significant risk of competition-based pricing?

<p>Neglects product value (D)</p> Signup and view all the answers

Match the following pricing strategies with their definitions:

<p>Value-Based Pricing = Prices are based on perceived customer value. Price Skimming = Setting a high introductory price that lowers over time. Captive Product Pricing = Pricing products that must be used together. Optional Product Pricing = Base product priced separately with additional features offered at extra cost.</p> Signup and view all the answers

Optional Product Pricing includes the base product and all features at one set price.

<p>False (B)</p> Signup and view all the answers

The process of setting different prices within a product line based on features or perceived value is known as _____ pricing.

<p>product line</p> Signup and view all the answers

What is a primary resolution to horizontal conflict in retail channels?

<p>Service differentiation (C)</p> Signup and view all the answers

Exclusive distribution is designed to maximize product availability across all types of retailers.

<p>False (B)</p> Signup and view all the answers

What term describes the practice of consumers testing products in physical stores but purchasing them online?

<p>Showrooming</p> Signup and view all the answers

In the push strategy, manufacturers __________ products down toward consumers.

<p>push</p> Signup and view all the answers

Match the types of distribution with their descriptions:

<p>Intensive Distribution = Stock products widely in all available outlets Selective Distribution = Limited to specific intermediaries Exclusive Distribution = Highly restricted distribution Widespread Distribution = Available in many locations including bulk outlets</p> Signup and view all the answers

Which retailing strategy involves a high level of customer interaction and personalized service?

<p>Full service (C)</p> Signup and view all the answers

In the pull strategy, consumers are attracted to the product through direct promotions, enhancing brand loyalty.

<p>True (A)</p> Signup and view all the answers

Name one type of retail store mentioned that specializes in a particular category of products.

<p>Specialty store</p> Signup and view all the answers

What is the primary benefit of brand equity for companies?

<p>Improves loyalty (B)</p> Signup and view all the answers

Rebranding requires inconsistency across the marketing mix.

<p>False (B)</p> Signup and view all the answers

What are the four stages of the Product Life Cycle (PLC)?

<p>Introduction, Growth, Maturity, Decline</p> Signup and view all the answers

A product that involves substantial effort and brand loyalty, such as luxury cars, is classified as __________.

<p>specialty</p> Signup and view all the answers

Match the following product classifications with their descriptions:

<p>Convenience = Frequent, low-effort purchases Shopping = Less frequent, involves comparison Specialty = High effort, brand loyalty Unsought = Low awareness, rarely purchased</p> Signup and view all the answers

Which strategy involves expanding product offerings within existing categories?

<p>Line Extension (D)</p> Signup and view all the answers

Product mix refers to a company's total offerings measured by the number of product lines.

<p>True (A)</p> Signup and view all the answers

What is one method companies can use to extend the product life cycle?

<p>Increase usage</p> Signup and view all the answers

What is a common reason for new product failure related to market characteristics?

<p>Insufficient market demand (D)</p> Signup and view all the answers

Poor timing can lead to new product failure if the product is launched during peak demand.

<p>False (B)</p> Signup and view all the answers

What is one example of a product that failed due to poor timing?

<p>Self-heating coffee cans in summer</p> Signup and view all the answers

The lack of a clear target audience in a product's definition, such as Google Glass, can lead to __________.

<p>market failure</p> Signup and view all the answers

Match the following product failure reasons with their examples:

<p>Insufficient Market Attractiveness = Bubble gum-scented air freshener Incomplete Market Definition = Google Glass Poor Timing = Nescafe Hot When You Want Insignificant Point of Difference = Clairol’s Look of Buttermilk</p> Signup and view all the answers

Which of the following describes a product that lacks a significant point of difference?

<p>A new flavor of existing soda (A)</p> Signup and view all the answers

Flawed research on customer needs can lead to a product's failure.

<p>True (A)</p> Signup and view all the answers

Name a product that exemplified the importance of problem-solving and customer-centric strategies.

<p>Pokémon Go</p> Signup and view all the answers

Flashcards

Service Intangibility

Services cannot be physically examined before purchase.

Service Inseparability

Services are produced and consumed simultaneously.

Service Variability

Service quality depends on who and when the service is provided.

Service Perishability

Services cannot be stored for later consumption.

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Service-Profit Chain

A connection between employee satisfaction, customer satisfaction, and profit.

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New Product Failure - Insignificant Point of Difference

A product lacks unique features or benefits that make it desirable compared to competitors.

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Interactive Marketing

Focuses on quality interactions between buyers and sellers.

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Service Recovery Paradox

Effectively resolving service failures can increase customer loyalty.

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Flawed Research (Product Development)

Product development without a deep understanding of customer needs, preferences, or behavior.

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Packaging Failure

Poor packaging (e.g., hard to open, unattractive, unclear value proposition) that reduces product sales.

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Idea Generation (New Product Dev)

Creating many ideas from diverse sources (internal and external), for new product concepts

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Idea Screening (New Product Dev)

Evaluating new product ideas to choose the best ones based on viability.

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Development and Testing (New Product Dev)

Transforming product ideas into detailed concepts, and testing these concepts on potential customers.

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Idea Generation Internal Sources

Internal sources for product ideas, including Research & Development, management, and employee input.

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Idea Generation External Sources

External sources for product ideas, such as customer feedback, competitor analysis and crowdsourcing.

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Feasibility Studies

Process to determine if a proposed product or idea are practically achievable.

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Apple's Strategy

Apple targets creative professionals initially, then expands to general consumers; emphasizes a full product ecosystem and social proof, showcasing benefits and case studies.

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Product Life Cycle Extension

Strategies like increasing usage, targeting new demographics, and finding new uses for existing products to keep them relevant and profitable.

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Pokemon Go Failure Factors

Pokemon Go's initial success was undermined by server overload, gameplay monotony, third-party cheating, and developer burnout.

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Pokemon Go's Success Factors

Pokemon Go's initial success was driven by appealing nostalgia, innovative AR use, encouragement of outdoor activity, and social interaction.

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Server Overload (Pokemon Go)

Exceeding the capacity of the servers, leading to poor performance and user frustration.

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Gameplay Fatigue (Pokemon Go)

Players' loss of interest due to repetitive game mechanics without sufficient variety or engaging features.

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Third-Party Cheating Platforms (Pokemon Go)

External tools that provided illegal advantages, such as tracking Pokémon locations, causing issues with fairness and gameplay.

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Revenue Sources (Pokemon Go)

Pokemon Go generated revenue through in-app purchases and partnerships with companies, such as McDonald's promoting its products in the game.

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New Product Success Factors (ACCORD)

Advantage, Compatibility, Complexity, Observability, Riskiness, Divisibility are key aspects that influence a product's adoption.

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Product Advantage

The better a product outperforms alternatives, which motivates adoption and choosing it over similar options.

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Product Compatibility

How well a product aligns with existing user habits and norms; the more compatibility, the better the product adoption.

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Product Complexity

Simplicity of a product; the easier to understand and use it is, the more likely it's adopted and the less resistance there is towards it.

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Product Observability

How readily a product advantage is visible and apparent to users; the more apparent it is, the faster adoption is.

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Integrated Marketing Communications (IMC)

A strategy where all promotional tools communicate a consistent message across all channels.

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6 M's Framework for IMC

A framework comprising Market, Mission, Message, Media, Money, and Metric for effective IMC strategies.

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Marketing Communication Tools

Various methods such as advertising, sales promotions, and public relations to communicate value and build relationships with stakeholders.

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Personal Selling

Direct interaction with customers by sales representatives.

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Digital Marketing

Customer engagement using digital channels (social media, email).

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Advertising Strategy

Combining creative messaging with targeted media.

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Advertising Types

Informative, persuasive, reminder, and comparative ads.

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Advertainment

Combining ads with entertaining content.

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Media Metrics

Measures of ad effectiveness (reach, frequency, impact, engagement).

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Messaging Strategy

Creating understandable, believable, and distinctive messages.

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PR Crisis Strategies

Reactionary and defensive methods to handle crises.

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Value-Based Pricing

Setting prices based on customer perceived value, not production costs.

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Competition-Based Pricing

Setting prices based on competitor strategies and market offerings.

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Price Skimming

Initially setting a high price and lowering it over time.

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Penetration Pricing

Setting a low initial price to attract mass adoption and loyalty.

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Product Line Pricing

Setting different prices for products within a product line based on features or value.

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Optional Product Pricing

Pricing additional features or upgrades separately from the base product.

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Captive Product Pricing

Pricing products that must be used together, like printers and ink.

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Product Bundle Pricing

Combining multiple products into a single offering at a reduced price.

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What is Marketing?

A process of creating value for customers and building relationships to capture value in return.

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What is Marketed?

Products, services, organizations, people, places, and causes.

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What is NOT Marketing?

Just sales, advertising, or trendy fads; misleading people into buying things they don't need.

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What makes a good Marketing Strategy?

A plan for creating customer value and profitable relationships.

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Define the company mission

A statement defining purpose, goals, and values. Should be market-oriented, meaningful, and specific and highlight unique strengths.

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What are business and marketing objectives?

Business objectives focus on profit, customer focus, and sustainability. Marketing objectives focus on product improvement, customer loyalty, partnerships, and promotion.

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What is business portfolio analysis?

Evaluating products and businesses that make up the company, identifying Strategic Business Units (SBUs) as independent entities with their own strategies.

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What are the steps of Strategic Planning?

  1. Define the company mission, 2) Set Objectives and Goals, 3) Design the business portfolio, 4) Plan marketing and other strategies.
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Segment Differentiable

A segment should be distinguishable from others, responding differently to marketing strategies.

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Segment Accessible

The target segment can be effectively reached and communicated with.

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Segment Actionable

You can create marketing plans specifically for the segment.

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Segment Substantial

The segment is large enough to support profitable marketing efforts.

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Segment Measurable

The segment's size, purchasing power, and characteristics can be quantified.

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Targeting Strategies: Differentiated

Marketing different offerings and messages to various segments.

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Targeting Strategies: Concentrated

Focusing on a large portion of a smaller, niche market.

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Positioning

Creating a distinct and desirable image of your product or service in the minds of customers.

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Brand Management

The process of developing, maintaining, and enhancing a brand's image and value over time. Includes strategies like adapting to market trends, expanding product lines, and updating the brand image.

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Brand Equity

The value and strength of a brand in the marketplace. Measures how well a brand is recognized, trusted, and preferred by customers.

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Brand Value

The financial worth of a brand, based on its ability to generate future profits. This is a challenging but crucial measurement for brand impact.

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Product Classification

Categorizing products based on how consumers purchase them. This includes convenience, shopping, specialty, and unsought types.

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Product Mix

The complete range of products offered by a company, measured by its width, length, depth, and consistency.

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Product Life Cycle

The stages a product goes through from its introduction to its decline in the market. These stages include development, introduction, growth, maturity, and decline.

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Product Development

The early stage where a product concept is created but no revenue is generated yet.

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Introduction

The stage where a product is launched into the market, facing high costs and uncertainty about consumer adoption.

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Horizontal Conflict

Competition between channel members at the same level (e.g., two retailers) vying for the same customers.

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Showrooming

Customers physically inspect products in a store but buy online from a competitor with a lower price.

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Intensive Distribution

Making products readily available in many outlets (e.g., candy, toothpaste).

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Selective Distribution

Restricting distribution to qualified partners (e.g., consumer electronics).

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Exclusive Distribution

Highly limited distribution, often for premium products (e.g., luxury goods).

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Push Strategy

Manufacturers promote products to intermediaries (e.g., retailers) to stock and sell them.

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Pull Strategy

Marketing efforts directly target consumers to create demand and pull them towards the product.

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First Moment of Truth

The customer's decision-making process in a physical store.

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Incomplete Market Definition

A product that lacks a clear problem it solves or a well-defined target audience, leaving marketers unsure of how to reach and communicate its value.

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Insufficient Market Attractiveness

A product targeting a market that is too small, unprofitable, or uninterested in the product, making it unlikely to succeed.

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Poor Timing

Launching a product at a time when there is no demand or market readiness, resulting in poor sales and possibly negative reception.

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Flawed Research

A product developed without a thorough understanding of customer needs, preferences, and behavior, leading to a mismatch between the product and the market.

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Insignificant Point of Difference

A product that doesn't offer unique features or benefits compared to its competitors, making it hard to stand out and attract customers.

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What is an example of an Incomplete Market Definition?

Google Glass is an example of a product that lacked a clear use case and target audience, leading to confusion and limited adoption.

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What is an example of Insufficient Market Attractiveness?

A bubble gum-scented air freshener for children exemplifies a product targeting a niche market that may not be large enough or profitable.

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Study Notes

Introduction to Marketing

  • Marketing is a process companies use to create value for customers and build strong relationships, ultimately capturing value in return.
  • It focuses on understanding customer needs and wants better than competitors.
  • Marketing is not just sales, advertising, or misleading tactics; it's about identifying and fulfilling market demand before a product is even developed.

What is Marketed?

  • Products are tangible goods.
  • Services are intangible offerings.
  • Organizations promote themselves as a product.
  • People use personal branding.
  • Places are marketed (tourism and location branding).
  • Causes can be marketed (social or environmental initiatives).

Marketing Strategy Overview

  • Marketing logic for creating customer value and building profitable relationships with customers.
  • Strategic Planning Steps:
    • Define company mission.
    • Set objectives and goals.
    • Design business portfolio.
    • Plan marketing and other strategies.

Steps of Strategic Planning

  • Define company mission.
    • Mission Statement: defines the organization's purpose, goals, and values.
      • Should be market-oriented, focused on customer needs.
      • Meaningful and specific.
      • Highlight unique strengths.
  • Set objectives and goals.
    • Business objectives examples: profitability, customer focus, sustainability.

Designing the Business Portfolio

  • A collection of businesses or products managed by a company.
  • Portfolio analysis: Strategic planning activity to evaluate existing products and businesses.
    • Strategic Business Units (SBUs): Independent parts of a company.
      • Evaluate market potential for each SBU.
      • Allocate resources wisely.
  • Tools for Portfolio Analysis:
    • BCG Growth-Share Matrix: Categorizes SBUs based on market growth and relative market share.
      • Stars: High growth, high share.
      • Cash Cows: Established, requiring less investment.
      • Question Marks: High growth, but need dominance.
      • Dogs: Low growth, low share.
    • GE/McKinsey Matrix: Analyzes SBUs on market attractiveness and business position.

Marketing Planning and Strategy

  • Segmentation: Grouping consumers based on shared traits.
    • Conditions for segments:
      • Differentiable: React differently to marketing.
      • Accessible: Effectively reached.
      • Actionable: Effective programs designed.
      • Substantial: Large enough and profitable.
      • Measurable: Size, purchasing power, and profiles.
  • Types of Segmentation: Geographic, demographic, psychographic, and behavioral.

Developing the Marketing Plan

  • Key principles for creative marketing: involve customers, identify pain points, create a complete experience.

Marketing Research 1

  • Systematic design, collection, analysis, and reporting of data to solve marketing problems.
  • Information Systems: Components, including internal databases.
  • Research Stages: Define the problem, develop the research plan, collect and analyze data, interpret results, and create recommendations.
  • Qualitative Research: Small samples, unstructured methods (focus groups, interviews, projective techniques).
  • Quantitative Research: Large samples, structured methods (surveys).

Marketing Research 2

  • Survey design; use surveys to collect data on knowledge, attitudes, preferences, and behaviors.
  • Defining the sample, information needs, drafting survey questions.
  • Ordering and Randomization; attention checks; test and re-evaluate survey questions.

Types of Questions

  • Open-ended: Freely answers. Used sparingly due to needed analysis.
  • Closed-ended: predefined responses (yes/no, multiple choice).
  • Scaled-response: Measures intensity (e.g., Likert scales).
  • Rank-order: Ranks preferences and priorities.

Attitude Measurement

  • A predisposition to respond favorably or unfavorably to a product, service, idea, or person.
  • Focus on specificity and context for better responses.

Sampling Methods

  • A sample represents the population for research.
    • Sample size considerations; how to select people to participate.
    • Probability sampling; every member of the population has a known, equal chance of selection.
      • Simple random sampling.
      • Systematic sampling.
      • Stratified sampling.
    • Non-probability sampling; not every member has an equal chance.
      • Convenience sampling.
      • Judgmental sampling.
      • Quota sampling.
    • Sampling losses: Lack of motivation, social desirability bias, disinterest in participation.

Branding

  • Brand Salience: Customers recognize and recall the brand in relevant situations.
  • Brand Performance: Measures how well the brand meets functional needs.
  • Brand Imagery: Brand associations (e.g., personality traits).
  • Brand Judgments: Customer evaluations of the brand's credibility, and relevance.
  • Brand Feelings: Emotional responses.
  • Brand Resonance: Strong relationship and loyalty; community belonging.

Products and Services

  • Products are classified by the consumer: Convenience, shopping, specialty, and unsought.
  • Products are classified by the industry: Materials, parts, capital items, supplies.

Product Life Cycle (PLC)

  • Stages: Introduction, growth, maturity, decline.
  • Technology Adoption Curve: Outlines the rate of new technology adoption.
    • Innovators (2.5%).
    • Early adopters (13.5%).
    • Early majority (34%).
    • Late majority (34%).
    • Laggards (16%).

New Product Failures

  • Insignificant point of difference.
  • Incomplete market, definition.
  • Insufficient market attractiveness.
  • Poor timing.
  • Flawed Research.
  • Packaging failure

Product Development Process

  • Idea generation, idea screening, development and testing, strategy development, business analysis, test marketing, and commercialization.

Promotion

  • Tools to engage, build relationships, communicate value, and manage reputation.
  • Advertising, sales promotion, public relations, personal selling and digital marketing.

Integrated Marketing Communications (IMC)

  • Aligning all communication strategies to drive a unified message.
    • Market research to understand the audience.

Digital Marketing Overview

  • Using digital media, data, and technology to create, communicate, and deliver value.
  • Goals: awareness, lead conversion, engagement, and retention.
  • Benefits: Cost-effectiveness, personalized communication, relationship building, and retention.

Marketing Channels

  • Includes companies, suppliers, distributors, and customers involved in delivery.
  • Direct channels (no intermediaries).
  • Indirect channels (use intermediaries).
  • Channel Decisions: Design choices; distribution intensity: intensive, selective, or exclusive.

Retailing

  • Involves selling directly to final consumers: Activities in physical stores, services (self-service, limited, or full).
  • Store types (specialty vs. department stores, discount stores).

Sustainable Marketing

  • Emphasis on meeting current needs without compromising future generations.
  • Triple bottom line (environmental, social, and financial concerns).
  • Challenges: premium pricing, consumer skepticism, lack of immediate tangible benefits, limited market.

Sales Promotions and Personal Selling and Pricing

  • Sales promotions (incentives for immediate purchase).
  • Personal selling (face-to-face communication).
  • Pricing strategies; value-pricing; cost-based pricing; competition-based pricing.

Additional Information

  • Price Adjustment Strategies: Discounts and Allowances, Promotional Pricing, Segmented Pricing
  • Dynamic Pricing: adjusting prices in real time based on different factors.
  • Participative Pricing: Pay-What-You-Want (PWYW), Pay-It-Forward (PIF).
  • Competition-Based Pricing: Setting prices based on competitor strategies and market offerings.
  • New Product Pricing: Price Skimming, Penetration Pricing
  • Product Line Pricing: Setting different prices for different products within the same product line.

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Description

Explore the fundamental concepts of marketing in this quiz. Understand how companies create value, identify customer needs, and build lasting relationships. Test your knowledge on marketing strategies, product types, and the importance of branding.

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