Marketing Fundamentals and Goals

Consumer Journey

• Trial stage is followed by the Loyalty stage.
• The Loyalty stage is described as consumers consistently choosing a specific brand over others.

Marketing Concepts

• Needs in a marketing context refer to the basic requirements or desires of consumers.
• Marketing strategies primarily focus on understanding and meeting consumer needs.

Marketing Mix

• Crocs might need to assess their Product element of the marketing mix for improvement.

Marketing Context

• Context primarily relates to the environment in which marketing activities take place and the factors that influence consumers’ decisions.

Brand Benefits

• Consumers primarily gain functional benefits and emotional benefits from using a brand.
• Functional benefits are practical and tangible, while emotional benefits are subjective and personal.

Brand Awareness

• Top-of-mind awareness is characterized by brands that a consumer can recall without any prompting.

Buying Decision Behavior

• Extensive decision-making behavior involves significant consideration before making a purchase.

Market Segmentation

• Demographic segmentation is concerned with characteristics like age, gender, and income.
• Consumers in the D & E socio-economic classification in the Philippines are primarily characterized by having low income levels.

Consumer Behavior

• Variety-seeking behavior is exemplified by consumers trying out different brands despite being satisfied with their current option.

Brand Awareness Sources

• Experiential brand awareness typically involves direct interaction with the brand.

Psychographics

• Personality is the psychographic attribute least likely to influence consumer motivations.

Marketing Goals

• The primary goal of marketing is to create and maintain profitable customer relationships.

Marketing Definition

• According to Philip Kotler, 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.

Marketing Exchanges

• Promotion is NOT considered a component of marketing exchanges.

Marketing Ideas & Experiences

• The idea or experience of the Milo Energy Drink is its energy boost.

Marketing Service

• In the context of marketing, service refers to intangible products that benefit customers.

Marketing Misconceptions

• Marketing is not just about advertising or sales; it involves a wide range of activities to create value for customers.

Marketing Definition

• According to Louie Lee, marketing is the process of attracting, engaging, and retaining customers through the creation and delivery of value.

Starbucks Marketing Strategy

• Starbucks Coffee provides a unique experience as part of its marketing strategy, that includes comfortable atmosphere and friendly service.

Brand Roles

• The primary role of a brand manager is to develop and implement strategies to build and maintain a strong brand.

Situational Analysis

• A brand situational analysis primarily helps brand managers to understand the current state of a brand.

Masterbrands

• A masterbrand is defined as a brand that has achieved strong recognition and loyalty in a specific market.

Brand Extension

• Brand extension refers to using an established brand name to launch a new product in a different category.

Market Analysis

• One of the first steps in market analysis is to define the target market.

Brand Manager Responsibilities

• Developing pricing strategies is NOT a responsibility of brand managers.

Marketing Strategy Timeframe

• Marketing strategies should be viewed as dynamic and constantly evolving.

Market Analysis Focus

• A brand's market analysis assesses the competitive landscape, consumer behavior, and market trends.

Market Targeting

• “Size of Prize” refers to the size and potential of a target market.

Segment Attractiveness Evaluation

• “Cultural fit” is NOT a factor in evaluating segment attractiveness.

Qualitative Market Research

• Qualitative market research primarily focuses on understanding consumer perceptions, motivations, and attitudes.

Consumer Profiles

• A "Character Study" in consumer profiles aims to understand the personality, lifestyle, and values of target customers.

Market Segmentation Strategies

• Concentrated marketing involves focusing on a single, well-defined market segment.

Consumer Motivation

• An "Indulger" might express a desire for pleasure or enjoyment as an internal motivation regarding their consumer behavior.

Targeting Market Segments

• “Right to Win” means having the resources, capabilities, and strategies to effectively compete in a target market.

Safeguard Business Objective

• The business objective of Safeguard in their case study was to increase brand awareness and market share.

Explore the essential definitions and goals of marketing in this quiz. Learn how marketing facilitates exchanges and creates value for consumers, going beyond misconceptions about profit and advertising. Test your understanding of key concepts and leading definitions in the field.