Marketing Chapter 1 and 2
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Questions and Answers

What criteria should Points of Difference (POD) fulfill?

  • Unique, Affordable, Memorable
  • Sustainable, Accessible, Innovative
  • Desirable, Deliverable, Differentiating (correct)
  • Effective, Broad, Recognizable

Which of the following is NOT a brand element?

  • Store Locations (correct)
  • URLs
  • Brand Names
  • Logos

The brand mantra for Disney is best described as which of the following?

  • Dreams come true
  • Fun family entertainment (correct)
  • Imagination and innovation
  • Citizen of the world

Which of the following best describes Points of Parity (POP)?

<p>Shared attributes or benefits with other brands (B)</p> Signup and view all the answers

What is a characteristic of effective brand elements?

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

What is considered a megatrend?

<p>A large change that takes time to develop and impacts society for years. (D)</p> Signup and view all the answers

Which factor does NOT belong in the target market identification?

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

Which term refers to a direction or sequence of events that has momentum and durability?

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

Which of the following is a component of the socio-cultural environment?

<p>Views of organizations (A)</p> Signup and view all the answers

What is the primary purpose of a marketing information system (MIS)?

<p>To gather and analyze marketing data for decision-making (D)</p> Signup and view all the answers

Which characteristic is NOT considered in the natural environment challenges?

<p>Technological advancement (D)</p> Signup and view all the answers

Which of the following best describes an industrializing economy?

<p>A nation in transition to more industrial activities (A)</p> Signup and view all the answers

Which of the following factors influences the economic environment?

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

What is one of the primary goals of database marketing and CRM?

<p>To improve customer retention (A)</p> Signup and view all the answers

Which option is a characteristic of B2B markets?

<p>Multiple buying influences (B)</p> Signup and view all the answers

What is a downside of implementing database marketing?

<p>It may involve high investment costs (B)</p> Signup and view all the answers

Which method is NOT a way to monitor customer satisfaction?

<p>Social Media Monitoring (C)</p> Signup and view all the answers

What role do gatekeepers play in an organization?

<p>They control access to information and decisions. (A)</p> Signup and view all the answers

Which strategy should NOT be used to handle price-oriented customers?

<p>Offer them unlimited credit (A)</p> Signup and view all the answers

Which of the following is NOT a base for segmenting B2C markets?

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

What factor is NOT characteristic of B2C markets?

<p>Multiple sales calls (A)</p> Signup and view all the answers

Who typically acts as the user in the interpersonal forces within an organization?

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

What is a significant criterion for effective market segmentation?

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

Which method is commonly used to identify groups of respondents with similar answers in market segmentation?

<p>Cluster analysis (D)</p> Signup and view all the answers

Which aspect is NOT a role of brands for consumers?

<p>Increases price sensitivity (A)</p> Signup and view all the answers

In brand positioning, which element refers to the distinctive place a brand occupies in the consumer's mind?

<p>Points of difference (D)</p> Signup and view all the answers

Which of the following is NOT a benefit of branding for marketers?

<p>Increased vulnerability to competition (C)</p> Signup and view all the answers

Which of the following best describes market targeting?

<p>Selecting specific market segments to enter (D)</p> Signup and view all the answers

What is the primary purpose of a brand promise?

<p>To communicate what the brand must be and do for consumers (A)</p> Signup and view all the answers

What aspect is NOT considered when classifying brands by distribution and marketing support?

<p>Market leaders (D)</p> Signup and view all the answers

Which strategy focuses on expanding total market demand for a market leader?

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

What is an example of a brand operating under a category extension?

<p>Honda lawn mowers (C)</p> Signup and view all the answers

Which of the following is a characteristic of a mobile defense strategy?

<p>Offering new ecological friendly products first (B)</p> Signup and view all the answers

What branding model emphasizes the long-term relationship between consumers and the brand?

<p>Brand Resonance Model (A)</p> Signup and view all the answers

What is one of the primary objectives for pricing a product aimed at achieving maximum profit?

<p>Maximum market skimming (D)</p> Signup and view all the answers

Which type of costs are considered when calculating total production costs?

<p>Fixed costs and variable costs (B)</p> Signup and view all the answers

When estimating demand, what factor does NOT influence price sensitivity?

<p>Market research techniques (B)</p> Signup and view all the answers

Which pricing strategy is based primarily on the features of a product as assessed by customers?

<p>Celling price pricing (C)</p> Signup and view all the answers

Which promotional pricing tactic involves setting a price lower than cost to attract customers?

<p>Loss-leader pricing (D)</p> Signup and view all the answers

What is an essential factor in determining the final price of a product?

<p>Customer perceptions of quality (C)</p> Signup and view all the answers

Which method of auction pricing involves bids that increase over time?

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

What is a key factor that R.G. Cooper identified for successful new product teams?

<p>Unique and superior product (C)</p> Signup and view all the answers

Which of the following factors is least likely to be considered in identifying a company's target market?

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

Which aspect of the socio-cultural environment is most important for a marketing strategy?

<p>Views of society (A)</p> Signup and view all the answers

What defines a 'fad' in marketing terms?

<p>An unpredictable and short-lived phenomenon (D)</p> Signup and view all the answers

What is a distinguishing feature of a megatrend compared to a trend?

<p>Megatrends have substantial social, economic impacts (A)</p> Signup and view all the answers

Which of the following is NOT a component that contributes to a marketing information system?

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

What is a significant factor that can affect the economic environment faced by a company?

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

Which type of industrial structure is characterized by countries that are primarily focused on extracting and exporting natural resources?

<p>Raw-material exporting economies (B)</p> Signup and view all the answers

Which of the following factors does NOT typically influence customer needs and wants?

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

What type of distribution strategy involves selling through a limited number of specified retailers?

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

Which channel power type relies on the ability to enforce compliance through potential negative consequences?

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

Which of the following represents a key consideration when evaluating channel alternatives?

<p>Economic criteria of transaction costs (A)</p> Signup and view all the answers

Which reason would NOT typically be a motivation for selecting and training channel members?

<p>To increase market competition (B)</p> Signup and view all the answers

What does market potential represent in relation to marketing expenditure?

<p>The theoretical limit of market demand when spending is maximized (D)</p> Signup and view all the answers

What does a higher customer expectation than customer-perceived performance indicate?

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

In Total Quality Management (TQM), what is the primary focus?

<p>Continuous improvement of processes, products, and services (D)</p> Signup and view all the answers

What does Total Customers Cost refer to in the context of customer satisfaction?

<p>The holistic expenditures customers associate with a product (A)</p> Signup and view all the answers

Which analysis method uses the 80-20 rule to assess customer profitability?

<p>Customer-Product Profitability Analysis (A)</p> Signup and view all the answers

In the context of a customer-oriented organizational chart, what is the primary goal?

<p>Shifting the focus from products to customer needs (C)</p> Signup and view all the answers

What drives performance marketing in an organization?

<p>Understanding returns on marketing activities based on KPIs (D)</p> Signup and view all the answers

What is the ultimate objective of focusing on customers-perceived value?

<p>To maximize customer satisfaction and loyalty (C)</p> Signup and view all the answers

What does market forecast indicate?

<p>The market demand under realistic spending conditions (B)</p> Signup and view all the answers

Which of the following bases for segmenting B2C markets focuses on psychological attributes of consumers?

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

What characteristic does NOT belong to effective segmentation criteria?

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

Which step follows the establishment of market segments in the process of market segmentation?

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

Which of the following is considered a consumer benefit of branding?

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

What is a characteristic of a brand promise?

<p>It outlines what the brand must deliver to consumers (D)</p> Signup and view all the answers

Which of the following factors is NOT a base for segmenting B2B markets?

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

Which analytical approach is typically used to identify groups of respondents with similar answers during market segmentation?

<p>Cluster analysis (D)</p> Signup and view all the answers

What is one of the key benefits of strong brand positioning?

<p>Improved product performance perceptions (A)</p> Signup and view all the answers

Which of the following aspects is a crucial benefit for marketers achieved through branding?

<p>Increased licensing opportunities (D)</p> Signup and view all the answers

What is one of the main goals of leveraging detailed information about customers?

<p>To improve customer retention (B)</p> Signup and view all the answers

Which of the following is a disadvantage of database marketing?

<p>High investment costs (B)</p> Signup and view all the answers

Which method is least effective for monitoring customer satisfaction?

<p>Unscheduled price adjustments (C)</p> Signup and view all the answers

What is a characteristic of B2B markets?

<p>Fewer, larger buyers (A)</p> Signup and view all the answers

Which interpersonal role is primarily responsible for making purchasing decisions?

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

What strategy could be used to appease price-oriented customers?

<p>Limit the quantity they can order (C)</p> Signup and view all the answers

Which of the following best describes derived demand in B2C markets?

<p>Demand based on consumer purchasing behaviour (B)</p> Signup and view all the answers

What is a primary role of gatekeepers within a business organization?

<p>To control the flow of information and balance relationships (B)</p> Signup and view all the answers

What is one challenge that companies might face when attempting to implement CRM systems?

<p>Difficulty in finding skilled personnel (C)</p> Signup and view all the answers

Which of the following reflects a characteristic of interpersonal forces within a business organization?

<p>They include roles that can influence product improvements. (A)</p> Signup and view all the answers

Flashcards

Target Market Factors

Five key elements influencing a company's target market: customers, collaborators, competitors, company, and context/climate.

Economic Environment Factors

Key economic factors impacting purchasing power, distribution of income, savings, debt, and credit availability.

Industrial Structures

Different types of economies like industrial, industrializing, raw-material exporting, and subsistence economies.

Megatrend

Large, significant social, economic, political, or technological changes that last 7-10 years or more and affect long-term strategies.

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Marketing Information System (MIS)

A system using people, equipment, and procedures to collect, analyze, and distribute accurate, timely information crucial for marketing decisions.

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Setting MIS

Understanding your needs, decisions, and the information needed for these decisions. How to gather data for decision-making.

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Population & Demographics

Analyzing population size, growth, age distribution, cultural background, education, lifestyle, location, and movement patterns to understand markets.

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Socio-cultural Environment

Analyzing people's views about themselves, others, organizations, society, nature, and the universe to understand consumer perspectives.

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Market Segmentation

Dividing a broad consumer or business market into distinct groups with common needs and characteristics.

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Market Targeting

Selecting specific market segments to focus marketing efforts and resources on.

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Market Positioning

Establishing and communicating the unique benefits of a product or service to a target market, creating a distinct image in their minds.

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Brand

A name, term, design, symbol, or combination that identifies and differentiates a seller's products from those of competitors.

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Brand Positioning

The process of designing a company's offering and image to occupy a specific place in the mind of the target market.

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Brand Promise

The specific promises a brand makes to its customers regarding the product or service.

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B2C Market Segmentation

Dividing consumer markets into distinct groups based on characteristics like geography, demographics, behaviour, use, psychographics, or needs/benefits.

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B2C Market Segmentation criteria

Characteristics used to divide consumer markets into groups for targeted marketing; must be measurable, substantial, accessible, differentiable, and actionable

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Brand Mantra

Short phrases that summarize a brand's essence and positioning, used internally.

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Points of Difference (POD)

Brand attributes or benefits unique to a brand, highly valued by consumers.

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Points of Parity (POP)

Shared attributes or benefits between a brand and its competitors.

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Brand Elements

Visual and verbal components that build brand recognition and recall.

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Customer-Based Brand Equity

How a brand's knowledge influences consumer responses to marketing efforts.

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Database Marketing

Collecting, analyzing, and using customer data (e.g., buying habits, preferences) to personalize messages and offers and improve customer relationships

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Customer Satisfaction Monitoring

Tracking and measuring customer satisfaction using methods like surveys, customer loss rates, mystery shoppers, and competitive performance analysis

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Business-to-Business (B2B)

Business-to-business marketing, involving fewer, larger buyers with close supplier relationships, professional purchasing, multiple influences, and multiple sales calls

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Interpersonal Forces

Roles within an organization influencing purchasing decisions, including initiators, users, influencers, deciders, approvers, buyers, and gatekeepers

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Price-Oriented Customers

Business customers who prioritize cost/price in purchasing decisions

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Business-to-Consumer (B2C)

Sales between a business and individual consumers, often having inelastic, fluctuating demand, and direct purchasing.

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Derived Demand

Business demand that comes from the need to produce goods or services that consumers want.

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Multiple Buying Influences

Multiple people within a business organization participating in the purchasing process.

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Brand Valuation Methods

Methods used to assess the financial worth of a brand.

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Line Extension

Creating new products in the same product category under an existing brand name.

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Market Leader Strategies

Actions a market leader can take to expand their position, or stay ahead.

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Private Label Brand

A brand owned and marketed by a retailer, rather than a manufacturer.

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Market Challenger Strategies

Actions a company in a smaller position in the market might take to challenge a leader.

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Pricing Objective: Survival

The primary goal of a company is to simply stay in business, even if it means making minimal profits or even incurring losses in the short term.

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Pricing Objective: Maximum Current Profit

The goal is to maximize profit in the current period, often by using higher prices and reducing costs.

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Pricing Objective: Maximum Market Share

The objective is to gain the largest possible share of the market, often by using lower prices to attract more customers.

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Pricing Objective: Product-Quality Leadership

The company focuses on delivering superior product quality and features, often justifying higher prices due to perceived value.

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Price Sensitivity

How much the demand for a product changes in response to a change in its price.

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Estimating Demand Curves

Creating a visual representation of the relationship between a product's price and the quantity consumers are willing to buy.

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Price Elasticity of Demand

Measures the responsiveness of demand to changes in price. It tells you how much demand changes for every 1% change in price.

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Fixed Costs

Costs that remain the same regardless of the level of production, like rent or salaries.

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Target Market

The specific group of people or businesses a company aims to sell to, focusing on their needs and wants.

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Economic Environment

The external factors that influence consumer spending, such as income levels, saving rates, and credit availability.

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Market Forecast

The expected level of market demand based on projected marketing expenditure.

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Market Potential

The maximum level of demand that a market could reach when marketing expenditure is maximized.

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Customer Dissatisfaction

When customer expectations exceed their perception of the actual performance of a product or service.

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Customer-Oriented Organization

A business structure where the customer is at the center of all operations and decisions.

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Customer-Perceived Value

The difference between the total customer benefits gained from a product or service and the total customer costs of acquiring and using it.

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Total Quality Management (TQM)

A company-wide effort aimed at consistently improving the quality of products, services, and processes to meet customer expectations.

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Focus on Customer Profitability Analysis

Analyzing customer data to identify the most profitable customers and focusing marketing efforts on them.

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Performance Marketing

Marketing strategies that focus on measuring and improving the return on investment (ROI) for marketing activities.

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Marketing Tactics Modeling

Using data and analytics to predict and optimize the effectiveness of various marketing tactics.

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Customer Needs & Wants

These are the factors that influence a customer's decision to buy a product or service. They include price, convenience, product variety, service backup, and shopping goals.

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Channel Alternatives

These are different ways a company can reach its customers, like selling directly, using retailers, or online platforms.

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Types of Distribution

These describe how widely a product is available. Exclusive distribution limits sales to a few outlets, intensive distribution aims for maximum reach, and selective distribution falls in between.

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Economic Criteria for Channels

These measure the cost of different channels like face-to-face transactions, phone calls, ATMs, or online purchases.

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Channel Power

This refers to the ability of one channel member (e.g., manufacturer or retailer) to influence another. Different types include coercive (force), reward (incentives), legitimate (authority), expert (knowledge), and referent (appeal).

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Geographic Segmentation

Dividing a market based on location, such as country, region, city, or climate.

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Demographic Segmentation

Dividing a market based on characteristics of the population, such as age, gender, income, education, or occupation.

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Psychographic Segmentation

Dividing a market based on consumers' lifestyles, values, interests, attitudes, and personalities.

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Measurable Segmentation Criteria

A good segmentation criterion can be measured and quantified, allowing you to understand the size and potential of each segment.

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Substantial Segmentation Criteria

A good segmentation criterion identifies segments that are large enough to be profitable.

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Accessible Segmentation Criteria

A good segmentation criterion allows you to reach and communicate with the chosen segments effectively.

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Differentiable Segmentation Criteria

A good segmentation criterion creates segments that are distinct from one another, allowing you to tailor your marketing efforts.

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Actionable Segmentation Criteria

A good segmentation criterion enables you to develop marketing programs that are specifically designed to meet the needs of each segment.

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Customer Relationship Management (CRM)

Managing customer interactions and data to improve customer satisfaction, increase loyalty, and drive sales.

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Downsides of Database Marketing

Challenges of using database marketing, such as high investment, difficulty finding skilled personnel, and customer resistance to personalization.

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Monitoring Customer Satisfaction

Tracking and measuring customer happiness using methods like surveys, customer loss rate, mystery shoppers, and competitor analysis.

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Business-to-Business (B2B) Market

Marketing to other businesses, characterized by fewer but larger buyers, close relationships, professional purchasing, and multiple decision-makers.

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Interpersonal Forces in B2B Buying

Different roles within a company that influence purchase decisions, such as initiators, users, influencers, deciders, approvers, buyers, and gatekeepers.

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Derived Demand in B2B

Business demand that is driven by consumer demand for the final product.

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Multiple Buying Influences in B2B

Multiple people within a business organization being involved in the purchasing process.

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Marketing 4.0

A marketing approach that emphasizes customer-centricity, digital transformation, and personalization based on customer data.

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Study Notes

Marketing 1

  • The strategic planning, implementation, and control processes are described.
  • Define the corporate mission.
  • Build corporate culture.
  • Establish Strategic Business Units (SBUs).
  • Assess growth opportunities.
  • Assign resources to each SBU.
  • A good mission statement focuses on a limited number of major goals, stresses the company's policies and values, defines major competitive spheres, and takes a long-term view. It should be short, memorable, and meaningful.

Marketing 2

  • The economic environment includes purchasing power, income distribution, savings rate, debt, and credit availability.
  • Types of industrial structures include industrial economies, industrializing economies, raw-material exporting economies, and subsistence economies.
  • Fad, trend, and megatrend are described.
  • Population and demographics include size, growth rate, population age mix, ethnic mix, educational groups, household patterns, regional characteristics, movements, and lifestyles.

Marketing 3

  • Customer satisfaction is achieved by aligning customer-perceived performance with customer expectations. Dissatisfaction occurs when expectations exceed performance.
  • Customers-oriented organizational charts focus on customer needs as the top priority.
  • Emphasize total customer benefit and total customer cost, and customer-perceived value, in addition to customer satisfaction and loyalty.
  • Total quality management (TQM) is an organization-wide approach focused on improving quality. Quality is the set of features that satisfy customers.
  • Customer profitability analysis using the 80/20 rule (Pareto Principle) identifies high-profit customers and products. This strategy reduces marketing costs and increases value for loyal customers.
  • Customer lifetime value (CLTV) and customer equity are measures of customer profitability.
  • CRM builds stronger relationships, enhances customer loyalty, and improves overall customer satisfaction. Identify, prospects, and customers.

Marketing 4

  • Target marketing requirements include market segmentation, market targeting, and market positioning.
  • Bases for segmenting B2C markets are geographic, demographic, behavioural, user and usage, and psychographic.
  • Bases for segmenting B2B markets are demographic, operating variables, purchasing approaches, situational factors, and personal characteristics.
  • Effective segmentation criteria include measurable, substantial, accessible, differentiable, and actionable criteria.
  • Statistical procedures like cluster analysis identify groups of respondents with similar responses.
  • A brand is a name, term, sign, symbol, or design that distinguishes goods or services from competitors. It provides benefits for consumers and marketers (e.g., improved perceptions, greater customer loyalty).
  • Brand positioning includes competitive frame of reference, points of difference (PODs), and points of parity (POPs). Brand mantras capture the essence of brand positioning

Marketing 5

  • Market members include market leaders, challengers, followers, and nichers.
  • Market leader strategies involve expanding market demand, protecting current market share, and responding to various market forces.
  • Market challenger strategies are designed to attack market leaders on various fronts (i.e., frontal, flank, encirclement, bypass, and guerilla attacks.)
  • Market follower strategies are similar or mimicking market leaders.
  • Market niched strategies identify gaps in the market allowing the company to focus on their strengths.
  • Product life-cycle strategies that coincide with stages of sales and profits. (i.e., introduction, growth, maturity, and decline.)

Marketing 6

  • The 4Ps of marketing tactics are product, pricing, place, and promotion
  • Common pricing mistakes include taking traditional industry margins, setting prices without considering the other "Ps", and failing to adjust prices for product items.
  • Consumer psychology and pricing encompass price-quality inferences, and reference prices.
  • Price endings (last price paid, usual discount, fair price, etc).
  • Pricing objectives include survival, maximum profit, maximum market share, product-quality, and leadership.
  • Methods to determine demand include price sensitivity and estimating elasticity demands.
  • Costs are crucial to the pricing strategy.
  • Various types of costs, e.g., fixed, variable, and total costs, are critical for business owners to consider.

Marketing 7

  • A distribution channel is a set of independent organizations that participate in making a product or service available for consumption.
  • Intermediaries (merchants, agents, and facilitators) are critical to the channel functions.
  • Multi-omnichannel marketing encompasses using several channels for business to connect with consumers.
  • Channel functions include transportation, storage, ownership, communications, and back and forth information, negotiation, finance, and ordering and payment
  • Customer needs and demands should be addressed, with criteria like price, convenience, lot size, waiting and delivery time, spatial convenience, product variety and service backup, shopping goals, economic, social, and experiential aspects considered.
  • Channel management's objectives and constraints are influenced by product characteristics, installations, maintenance, bulkiness, and nonstandard products.
  • Types of strategies for channels include intensive, exclusive, and selective strategies.
  • Cost analysis and evaluation criteria should be applied to each alternative.
  • Motivating channel members involves selection, modification, evaluation, training and motivation in order to improve the efficiency and effectiveness of different selling strategies.

Marketing 8

  • Marketing communication is the way a business informs and connects with their target consumers directly or indirectly.
  • The marketing communications mix includes advertising, public relations, events and experiences, sales promotion, personal selling, word-of-mouth, and social media.
  • The macromodel of the communication process includes the sender, encoding, message, medium, decoding, receiver, and feedback.
  • Perceptual processes include selective attention, selective distortion, and retention.
  • Steps in developing an effective communication include identify target audience, determining objectives, designing communications, establishing a budget, selecting channels, and measuring results.

Additional Information

  • Information about completing an exam, including recognizing the type of questions and the approaches for studying.

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Marketing Notes PDF

Description

This quiz covers the key concepts presented in Marketing Chapters 1 and 2, including strategic planning, corporate mission, and economic environments. Test your knowledge on strategic business units, growth opportunities, and demographic factors influencing marketing decisions.

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