Marketing Concepts Overview Quiz

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Questions and Answers

Which of the following represents a marketing approach that is neither mass marketing nor micromarketing?

  • Segment marketing (correct)
  • Local marketing
  • Cross-cultural marketing
  • Individual marketing

What is the correct sequence for developing market segments?

  • Qualitative research → Quantitative research → Analysis → Profiling → Validation (correct)
  • Qualitative research → Analysis → Quantitative research → Validation → Profiling
  • Qualitative research → Quantitative research → Validation → Analysis → Profiling
  • Quantitative research → Qualitative research → Analysis → Validation → Profiling

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

  • Measurability
  • Actionability
  • Profitability (correct)
  • Accessibility

What does 'over positioning' refer to in the context of marketing?

<p>Creating a too narrow perception of a company. (A)</p> Signup and view all the answers

Which of the following does NOT represent one of the primary characteristics affecting consumer behavior?

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

What is NOT a reason why cross-cultural marketing may fail?

<p>Using locally known celebrities for endorsements (A)</p> Signup and view all the answers

What is a 'reference group' in the context of social factors influencing consumer behaviour?

<p>A group that influences a person's attitudes and behaviour. (A)</p> Signup and view all the answers

Which of the following is a psychological factor that does not affect consumer behaviour?

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

Which marketing management philosophy focuses on the idea that consumers prefer products that are both readily available and affordable?

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

What is the term for a short-sighted approach in marketing management, exemplified by companies like Nokia and Kodak?

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

A company that believes consumers will not buy enough unless there's extensive promotion primarily adopts which concept?

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

Which element of a strategic plan defines what the organization wants to achieve in the broader landscape?

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

What is a key requirement for a mission statement to be effective?

<p>It should be based on distinctive competencies (B)</p> Signup and view all the answers

A 'contagious dream' that captures the needs of the time best describes which part of a strategic plan?

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

The examination of markets and competition is a key component of which strategic plan activity?

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

Which of the below is an example of a financial intermediary?

<p>A bank that provides loans to businesses (D)</p> Signup and view all the answers

A company that prioritizes high product quality and invests heavily in R&D is most likely to adopt which pricing strategy?

<p>Product-quality leadership pricing (D)</p> Signup and view all the answers

Which of the following costs remains constant regardless of changes in production volume?

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

In a large corporation, who typically has the authority to set pricing for specific products or divisions?

<p>Divisional and product line managers (B)</p> Signup and view all the answers

What pricing approach starts with identifying customer value before determining production costs?

<p>Value-based pricing (C)</p> Signup and view all the answers

A company setting a premium price initially for a new product is likely using which pricing method?

<p>Marketing-skimming pricing (D)</p> Signup and view all the answers

Which type of discount is offered to customers who make purchases in large amounts?

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

What type of pricing considers how customers perceive price, rather than only focusing on the economics?

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

Setting a price lower than the standard to boost sales over a short period is known as:

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

Which of the following BEST describes the core product level?

<p>The fundamental problem-solving service or benefit a consumer is obtaining. (A)</p> Signup and view all the answers

A car's brand name, quality level, and design are all examples of which product level?

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

Which of the following is NOT an example of an augmented product benefit?

<p>A product's brand name. (D)</p> Signup and view all the answers

How are consumer products generally classified, based on how customers buy them?

<p>Into convenience, shopping, specialty, and unsought products. (A)</p> Signup and view all the answers

Which consumer product is typically purchased infrequently and requires significant thought and comparison before a final decision is made?

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

In the context of product classification, a manufacturing machine would be considered a:

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

What is a generic product?

<p>An unbranded, plainly packaged, less expensive version of common products. (B)</p> Signup and view all the answers

When a company is creating an advertising campaign to get people to visit a city for a tourism, Which type of marketing is being used?

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

In a conventional marketing channel, which entity directly precedes the retailer?

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

Which of the following best describes the primary focus of 'place' within the marketing mix?

<p>Ensuring the product or service is accessible and available to customers. (D)</p> Signup and view all the answers

Which of the following is a defining characteristic of intensive distribution?

<p>Stocking the product in as many outlets as possible (D)</p> Signup and view all the answers

What is the primary function of intermediaries in a distribution channel?

<p>To help producers find customers and facilitate sales. (C)</p> Signup and view all the answers

What type of noise is characterized by a receiver misinterpreting the words used in a message?

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

Which of the following promotion mix elements involves direct interaction with customers?

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

In the context of supply chain, which of the following represents the 'downstream' activities?

<p>The distribution and reaching of the final consumer. (C)</p> Signup and view all the answers

What does the 'D' in the AIDA model of marketing communication stand for?

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

What distinguishes a broker from other types of wholesalers in a distribution channel?

<p>A broker brings buyers and sellers together without taking title to goods. (C)</p> Signup and view all the answers

Which of the following is NOT a typical goal of the marketing channel from an enterprise perspective?

<p>Minimizing production costs of the product. (B)</p> Signup and view all the answers

Which element of the message design is related to the way the message is presented visually or audibly?

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

A manufacturer sells its products directly to a retailer, who then sells them to the end consumer. Which marketing channel is this?

<p>Manufacturer → Retailer → Consumer (B)</p> Signup and view all the answers

Which is NOT a typical message format element?

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

What is the main goal of integrated marketing communication?

<p>To deliver a clear, consistent, and compelling message (D)</p> Signup and view all the answers

In industrial marketing channels, what is the role of a manufacturers' representative?

<p>To represent the manufacturer to industrial distributors on a relatively permanent basis. (B)</p> Signup and view all the answers

What does a 'common goal' typically signify within a marketing channel?

<p>The shared purpose of all member firms depending upon each other to achieve a collaborative outcome. (C)</p> Signup and view all the answers

Flashcards

Production concept

A marketing philosophy focused on producing affordable and readily available products.

Product concept

This marketing philosophy emphasizes offering products with superior quality, features, and performance.

Marketing myopia

A shortsighted marketing approach where companies neglect to understand consumer needs and market trends, leading to decline.

Selling concept

A marketing philosophy that relies heavily on sales and promotion efforts to persuade customers to purchase products.

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Marketing concept

A marketing philosophy based on understanding and meeting the needs and wants of target customers.

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Societal marketing concept

A marketing philosophy that considers the social and ethical impact of marketing decisions.

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Mission statement

A statement that defines the organization's purpose and what it aims to achieve within its environment.

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Vision

An aspirational vision, a widely communicated statement or slogan that captures the needs of the time.

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Market Segmentation

Dividing a market into smaller groups with similar needs and characteristics. Each group is then targeted with tailored marketing efforts.

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Niche Marketing

Targeting a specific, narrow market with products and services tailored to their specific needs. Example: Vegan baking products targeting vegan consumers.

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Geographic Segmentation

Market segmentation based on the geographical location of customers.

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Demographic Segmentation

Market segmentation based on factors like age, gender, income, education, and occupation.

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Psychographic Segmentation

Market segmentation based on lifestyle, values, attitudes, interests, and personality.

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Behavioural Segmentation

Market segmentation based on customer behavior and purchasing patterns.

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Unique Selling Proposition (USP)

A unique benefit (real or perceived) that makes a product or brand stand out from competition.

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Emotional Selling Proposition (ESP)

An emotional benefit or association used to connect with customers on a deeper level. Example: A brand associated with luxury, adventure, or belonging.

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Distribution

The process of making a product or service available to customers.

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Marketing Channel (Distribution Channel)

A set of interconnected companies that collaborate to make a product or service available to the customer.

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Intermediaries

Businesses that help manufacturers reach customers by buying and reselling products.

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Wholesalers

Businesses that sell goods in large quantities to other businesses or for resale.

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Broker

A type of wholesaler who connects buyers and sellers but does not take ownership of the goods.

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Agent

A type of wholesaler who represents buyers or sellers permanently, performing a few functions but doesn't own the goods.

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Retailers

Businesses that primarily sell goods directly to consumers.

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Marketing Channel Levels

The path a product takes from the manufacturer to the final customer, involving various intermediaries.

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Core Product

The fundamental benefit or problem-solving service that customers are seeking when they buy a product. Think of it as the core reason why someone would choose a particular product.

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Actual Product

The tangible elements of a product, including its physical attributes, features, design, packaging, brand, and quality. These elements combine to deliver the core benefits.

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Augmented Product

Additional services and benefits offered alongside the core and actual product, like warranties, installation, delivery, customer support, or financing options.

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Non-durable Products

Products that are consumed quickly, often in one use, and don't last long. Examples include food, drinks, and disposable cleaning supplies.

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Durable Products

Products designed for repeated use, or to last for a significant length of time, like cars, furniture, and appliances.

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Consumer Products

Goods intended for personal consumption. These products are classified based on how consumers make purchase decisions. Examples include food, clothing, electronics, and furniture.

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Industrial Products

Products used in business operations or manufacturing processes, such as raw materials, machinery, and equipment. These products are often more complex and specialized than consumer products.

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Convenience Products

Products purchased with little effort or thought. Usually inexpensive and readily available. Examples include groceries, toiletries, and beverages.

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Value-based pricing

A pricing strategy where the price is set based on the perceived value of the product to the customer. Companies focus on creating value that customers are willing to pay for.

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Cost-based pricing

A pricing strategy where the price is set according to the costs incurred in producing and distributing the product, plus a markup for profit.

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Competition-based pricing

A pricing strategy that considers the prices of competitors. Companies may set prices above, below, or equal to their competitors' prices depending on their strategy.

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Marketing-skimming pricing

A pricing strategy where a high price is initially set for a new product to attract early adopters who are willing to pay a premium for novelty and prestige. The price may gradually decrease as the product becomes more mainstream.

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Marketing-penetration pricing

A pricing strategy where a low price is initially set for a new product to attract a large number of buyers and capture market share quickly.

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Segmented pricing

Offering different prices for the same product or service based on factors like customer segment, product features, or location.

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Psychological pricing

A pricing strategy that takes advantage of consumer psychology by adjusting the price to influence perceptions of value or quality.

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Promotional pricing

A pricing strategy that involves temporarily reducing the price of a product below its regular list price, or even below cost, to stimulate immediate sales and increase short-term revenue.

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Vertical Marketing System (VMS)

A type of marketing system where a manufacturer, wholesaler, and retailer collaborate closely under a unified strategy. This creates a seamless flow from production to consumer.

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Intensive Distribution

A marketing method that aims to distribute a product through as many outlets as possible, ensuring maximum reach and availability.

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Exclusive Distribution

A distribution strategy where a limited number of retailers are granted exclusive rights to sell a product in a specific geographic area.

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Selective Distribution

A distribution approach where a product is sold through a select group of retailers, more than one but not all, to reach a target market.

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Noise

Any interference or interruption that disrupts the clear communication of a message between the sender and receiver.

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Integrated Marketing Communication (IMC)

A marketing strategy that coordinates all communication channels to deliver a consistent and compelling message about a brand and its products.

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AIDA Model

A model that outlines the four stages of consumer response to a marketing message: Attention, Interest, Desire, and Action.

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DAGMAR Model

A model emphasizing the importance of setting clear advertising goals and measuring their effectiveness based on defined objectives.

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Study Notes

Marketing Short Notes 2023/24

  • Adam Zeid (190236)
  • University of Business and Economy in Wroclaw

Summary L1: Basic Terms and Concepts

  • Brand: Name, term, sign, symbol associated with a product or company.
  • Brand Value: Monetary worth of the brand.
  • Marketing: Activity, management process, science, and art.
  • Core Marketing Concepts: Needs, wants, demands; Marketing offers (products, services, experiences); Value and satisfaction; Exchange transactions and relationships; Markets; Human Needs (physical, social, individual); Wants (shaped by culture and personality); Demands (wants backed by ability to pay); Value proposition (set of benefits sellers promise); Value & customer value (difference between customer gain and cost).

Summary L2: Basic Terms and Concepts

  • Exchange: Obtaining an object by offering something in return.
  • Exchange Conditions: Two parties, something of value, willingness to accept or reject, communication, and delivery.
  • Transaction: Trade between two parties involving at least two things of value.
  • Market: Set of actual and potential buyers.

Summary L3: Market Analysis, Planning, Implementation, and Control

  • Segmentation, Targeting, and Positioning: Segmenting markets; target segment; positioning maps & strategy; communication & delivering the chosen position.
  • Types of Plans: Annual, Long-range, Strategic.
  • Strategic Plan: Mission, vision, strategic objectives, strategic audit, SWOT analysis, objectives, & strategies.
  • Mission statement: Organisation's purpose & goals.
  • Vision: Contagious dream; usable for 10-20 years.
  • Distinctive competencies: Organisation's best skills.

Summary L4: Consumer Behaviour

  • Consumer Behaviour: Cultural, social, personal, and psychological factors; dissonance-reducing, habitual, and variety-seeking buying behaviour; buyer decision process.
  • Consumer Behaviour Factors: Cultural (values, beliefs, customs); Social (groups, family, roles, status); Personal (age, lifestyle, occupation); Psychological (motivation, perception, learning, beliefs, attitudes).
  • Buyer Decision Process and Interactions: Stimuli, internal and external influences, responses.

Summary L5: Customer-Driven Marketing Strategy and Marketing Mix - Part 1

  • Product: Anything offered to a market for attention, acquisition, use, or consumption to satisfy a want or need.
  • Product Classification: Durability (non-durable, durable), tangibility (consumer, industrial).
  • Product Levels: Core benefit, actual product, augmented product
  • Product mix: Different products offered by a company.

Summary L6: Customer-Driven Marketing Strategy and Marketing Mix - Part 2 (Pricing)

  • Price: Amount charged for a product or service.
  • Factors Affecting Pricing Decisions: Internal (marketing objectives, mix strategy, costs, organisational); External (market, demand, competition, environmental).
  • Pricing Objectives: Survival, current profit, market-share maximization, and product-quality leadership.
  • Cost-based pricing: Cost + Markup
  • Value-based pricing: Value perceived by customers.
  • Competition-based pricing: Pricing based on competitor strategy.

Summary L7: Customer-Driven Marketing Strategy and Marketing Mix - Part 2 (Place)

  • Place: Distribution of products or services to customers.
  • Marketing Channels: Set of interdependent organisations involved in making product or service available; types of channels (manufacturer-consumer, manufacturer-retailer-consumer, etc).
  • Channel Levels: Number of intermediaries between producer and customer; different channel levels.
  • Logistic Management: Physical flow of goods; different types of retailers (department store, convenience store etc.)
  • Promotional strategies: Pull strategies (direct to consumers), and Push strategies (distributors encourage retailers)

Summary L8: Customer-Driven Marketing Strategy and Marketing Mix - Part 4 (Promotion)

  • Promotion: Communicating with target audience about products or services; includes advertising, personal selling, public relations, and direct marketing.
  • Communications strategy: Communications environment; target audience; communication objectives; message design; media selection; message source; integrated marketing communications; promotion mix.

Summary L9: Customer-Driven Marketing Strategy and Marketing Mix - Part 4 (Public Relations)

  • Promotion mix: Advertising, personal selling, public relations, direct marketing, and sponsoring
  • Stakeholders: Anyone/institution affected by business activity, Internal (employees, managers) and External (suppliers, society, etc.)
  • Stakeholder Mapping: High influence/low stake, high influence/high stake, etc.
  • PR models (RACE): Press agent, public information, two-way asymmetrical, and two-way symmetrical.
  • PR Tools: Press conferences, Media interview, Press kits, Social media, and websites.
  • PR Principles: Mutually beneficial relationships, clarity over cleverness, etc.

Summary L10: Promotion Mix- Personal Selling

  • Personal Selling: Face-to-face sales techniques
  • Direct Marketing: Targeted promotions (text messages, emails, phone calls).
  • Types of Direct Marketing: Text messages, emails, phone calls, direct mail, online ads, flyers, kiosks, and door-to-door sales.
  • Retargeting: Targeted advertisements to customers based on previous website browsing.

Summary L11: Service Marketing

  • Service: Activities, benefits, or satisfactions offered for sale; intangible and do not result in ownership.
  • Service Characteristics: Intangibility, inseparability, variability, perishability
  • Service Marketing Triangle: Internal Marketing, Interactive marketing, External marketing

Summary L12: Marketing Control and Productivity

  • Contextualize Metrics: Past, present, and future performance.
  • Operating Control (checks ongoing performance): Basic strategy matches opportunities and strengths.
  • Challenges of Marketing Measurement: Long-term effects, separation of marketing activities from others, non-financial metrics needed; time, business model, type and maturity of marketing, and market conditions.
  • Marketing mix modelling: Statistical analysis to estimate the impact of marketing tactics.
  • Metrics: Market, customer, competitiveness.

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