Marketing Concepts Review - Chapters 2 & 6
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International Marketing Key Concept

Seek local help is the most critical aspect to remember in international marketing.

Marketing Definition

Creating value through the 4Ps.

STP in Marketing

Segmenting, targeting, and positioning.

Value

Benefit minus cost.

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Satisfaction

Expectations minus perceived performance.

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4Ps of Marketing

Product, price, promotion.

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Demographic Segmentation

Dividing the market based on age, gender, income, or other observable characteristics.

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Psychographic Segmentation

Dividing a market based on lifestyle, values, and other attitudes.

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Consumer Persona Components

Title, demographics, pictures, and description of a target customer.

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Product Definition

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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Brand Definition

A promise.

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PLC Phases

Introduction, growth, maturity, decline.

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Fixed Costs

Costs that remain constant regardless of production volume.

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Variable Costs

Costs that change based on production volume.

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Price/Quality Heuristic

Higher price generally suggests higher quality.

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Internal Reference Price

An individual's pre-existing price expectations.

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External Reference Price

Price expectations based on comparative information from external sources.

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Intensive Distribution

Making a product available in as many outlets as possible.

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Integrated Marketing Communications

Various forms like advertising, sales promotion, public relations, personal selling, and direct marketing.

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Market Segmentation Types

Demographic, psychographic, and geographic segmentation.

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International Marketing Tip

The most important thing in international marketing is to seek local help.

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Ethics vs. Morals vs. Laws

Ethics are personal beliefs about right and wrong. Morals are societal standards of right and wrong. Laws are enforced rules by a governing body.

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What is Marketing?

Marketing is the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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What is STP?

STP stands for Segmentation, Targeting, and Positioning. It's a marketing strategy that helps companies focus their efforts on specific customer groups.

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What is Value?

Value is the perceived benefits a customer receives from a product or service minus the cost of obtaining it.

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What is Customer Satisfaction?

Customer satisfaction is a measure of how happy customers are with a product or service based on their expectations and perceived performance.

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What are the 4Ps?

The 4Ps of marketing are Product, Price, Promotion, and Place (Distribution).

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Consumer Persona Elements

A consumer persona is a fictional representation of a target customer. It includes a title, demographics, pictures, and a detailed description.

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What is a Product?

A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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What is a Brand?

A brand is a promise that a company makes to its customers.

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Internal vs. External Reference Price

Internal reference price is a price expectation based on your personal memories. External reference price comes from comparing prices with other options.

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Study Notes

Exam Review 3 - Chapters 2 & 6 Key Concepts

  • International Marketing: Seek local help is crucial.

  • Ethics, Morals, and Laws: Not defined in this document.

  • Marketing: Creating value through the 4Ps (Product, Price, Promotion, Place).

  • STP: Segmentation, targeting, and positioning.

  • Value: Benefit minus cost.

  • Satisfaction: Expectations minus perceived performance.

  • 4Ps: Product, price, promotion, and place.

  • Segmentation: Demographic and psychographic examples needed.

  • Consumer Persona Components: Title, demographics, pictures, and descriptions.

  • Product Definition: Anything.

  • Brand Definition: A promise.

  • PLC Phases: Introduction, growth, maturity, and decline.

  • Fixed vs. Variable Costs: Examples of fixed and variable costs are needed. Fixed costs remain the same; variable change. For example, rent is fixed, while noodles are variable.

  • Price/Quality Heuristic: High price often correlates with high quality.

  • Internal vs. External Reference Price: Internal reference is the fixed price you have in your head; external examples include buy-one-get-one-free promotions.

  • Intensive, Selective, and Exclusive Distribution:

    • Intensive: Paired with self-service, distributed widely.
    • Selective: Shop by brand, like car dealerships
    • Exclusive: Shop by brand, like going to car dealerships to buy a car (protected areas)

  • Integrated Marketing Communications: Advertising, sales promotions, public relations, personal selling, and direct marketing.

  • Market Segmentation: Based on demographic, psychographic, and geographic factors.

  • Brand: A promise.

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Exam Review 3 - Chapters 2 & 6

Description

This quiz reviews key concepts from Chapters 2 and 6 of International Marketing, focusing on essential elements like the 4Ps, STP, and consumer satisfaction. Test your understanding of topics such as ethics in marketing, brand definitions, and pricing strategies. Perfect for students preparing for an exam in marketing fundamentals.

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