Podcast
Questions and Answers
What do Points-of-Difference (PODs) provide for a brand?
What do Points-of-Difference (PODs) provide for a brand?
How do Points-of-Parity (POPs) function in brand positioning?
How do Points-of-Parity (POPs) function in brand positioning?
What does the normative dimension of marketing behavior refer to?
What does the normative dimension of marketing behavior refer to?
Which brand is associated with a universe of childhood nostalgia?
Which brand is associated with a universe of childhood nostalgia?
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Which of the following is a topic within critical marketing?
Which of the following is a topic within critical marketing?
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Which emotion is associated with the color blue in brand messaging?
Which emotion is associated with the color blue in brand messaging?
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What aspect does brand resonance primarily focus on?
What aspect does brand resonance primarily focus on?
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How do proponents defend the role of marketing in society?
How do proponents defend the role of marketing in society?
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What does the term 'consumer space' refer to?
What does the term 'consumer space' refer to?
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Which brand adopts a humorous approach to its negative reputation to maintain its brand identity?
Which brand adopts a humorous approach to its negative reputation to maintain its brand identity?
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What is a key component of achieving a flow state during an activity?
What is a key component of achieving a flow state during an activity?
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In the context of marketing, how can 'needs' be defined?
In the context of marketing, how can 'needs' be defined?
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What is the primary purpose of a brand's salience within the brand resonance pyramid?
What is the primary purpose of a brand's salience within the brand resonance pyramid?
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Which of the following is NOT typically seen as a benefit of creating flow states in marketing?
Which of the following is NOT typically seen as a benefit of creating flow states in marketing?
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What negative mindset might some consumers hold towards certain brands?
What negative mindset might some consumers hold towards certain brands?
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How does social presence affect the digital experience?
How does social presence affect the digital experience?
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Critical marketing aims to problematize which of the following?
Critical marketing aims to problematize which of the following?
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What is one effect of marketing described in critical marketing theory?
What is one effect of marketing described in critical marketing theory?
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Which factor contributes to the sense of immersion in an environment?
Which factor contributes to the sense of immersion in an environment?
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What is a characteristic of telepresence?
What is a characteristic of telepresence?
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Which philosophical approach heavily influences critical marketing?
Which philosophical approach heavily influences critical marketing?
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What is the primary goal of value chain analysis?
What is the primary goal of value chain analysis?
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In what way has virtual reality been utilized by marketers since the 1990s?
In what way has virtual reality been utilized by marketers since the 1990s?
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Which of the following is NOT a primary activity in the value chain?
Which of the following is NOT a primary activity in the value chain?
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Which component is part of the microenvironment affecting company performance?
Which component is part of the microenvironment affecting company performance?
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Which statement best describes the concept of presence in a digital environment?
Which statement best describes the concept of presence in a digital environment?
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What aspect is NOT a factor related to presence?
What aspect is NOT a factor related to presence?
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What does Porter's 5 forces analysis primarily help with?
What does Porter's 5 forces analysis primarily help with?
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What are support activities in the value chain primarily aimed at?
What are support activities in the value chain primarily aimed at?
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According to Kotler, what is the essence of a marketing strategy?
According to Kotler, what is the essence of a marketing strategy?
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Which of the following is a step in conducting a value chain analysis?
Which of the following is a step in conducting a value chain analysis?
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Which of the following factors is NOT considered part of the performance environment?
Which of the following factors is NOT considered part of the performance environment?
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What does the term 'self-concept' in marketing primarily refer to?
What does the term 'self-concept' in marketing primarily refer to?
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What is the primary purpose of market segmentation?
What is the primary purpose of market segmentation?
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Which of the following is a psychological criterion used in consumer segmentation?
Which of the following is a psychological criterion used in consumer segmentation?
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What is a significant effect of losing possessions on a person's self-concept?
What is a significant effect of losing possessions on a person's self-concept?
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Which statement accurately describes a market segment?
Which statement accurately describes a market segment?
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How is self-esteem commonly defined in relation to self-concept?
How is self-esteem commonly defined in relation to self-concept?
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What is an example of targeting different segments effectively?
What is an example of targeting different segments effectively?
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What role do marketers play in the context of self-esteem?
What role do marketers play in the context of self-esteem?
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Which of the following illustrates the STP process?
Which of the following illustrates the STP process?
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What does 'actual self' refer to in the context of self-concept?
What does 'actual self' refer to in the context of self-concept?
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In business markets, which criteria is relevant for segmentation?
In business markets, which criteria is relevant for segmentation?
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What is meant by 'impression management'?
What is meant by 'impression management'?
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In terms of self-concept, what does cognitive dissonance often lead to?
In terms of self-concept, what does cognitive dissonance often lead to?
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What is a potential benefit of segmentation for marketers?
What is a potential benefit of segmentation for marketers?
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How does body image relate to self-concept?
How does body image relate to self-concept?
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Which segmentation criterion would relate to a consumer's media usage?
Which segmentation criterion would relate to a consumer's media usage?
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Study Notes
Marketing Key Concepts
- Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers.
- Also involves the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
- Marketing is an organizational function and a set of processes for creating communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Evolution of Marketing
- Production period (1890s - 1920s)
- Sales period (1920s - 1950s)
- Marketing period (1950s - 1980s)
- Societal marketing period (1980s - Present)
Adding Value
- Brands add value to persuade customers to choose their product over others.
- This is often done by adding features, loyalty schemes, or emphasizing luxury.
The 4Ps of the Marketing Mix
- Product - what is being sold/offered.
- Place - location of the product.
- Price - cost for the customer.
- Promotion - strategies to stand out from competitors
Extended Marketing Mix
- People - individuals involved in the process.
- Process - focused on customer service.
- Physical evidence - evidence to show growth (e.g., target audience reach)
Marketing Relationship with Society
- Marketing exchange process = when the organization takes something of value from customers, giving value in return (e.g., university exchange money for education).
- Changing to a relationship-focused approach.
Marketing Strategy and Analysis
- Corporate strategic planning drives marketing strategy.
- Situational analysis is a critical component of strategic marketing planning.
Environmental Scanning
- Process of collecting, analyzing, and interpreting information about an organization's external environment.
- Sources include media, industry reports, government reports, marketing intelligence reports.
Internal Analysis
- Analyzing portfolio (e.g., Stars, Question Marks, Cash Cows, Dogs) helps compare market growth rates and relative market share.
- Value chain analysis identifies sub-activities for each primary and support activity, analyzes value and cost, and identifies competitive advantages.
Porter's Five Forces
- Analyzes competitive forces within an industry to understand intensity of competition and profitability.
- The five forces include competitive rivalry, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, and threat of substitutes.
SWOT Analysis
- Identifies an organization’s strengths, weaknesses, opportunities, and threats.
Consumer Behaviour
- Study of how individuals or groups select, purchase, use or dispose of products, services, ideas, or experiences.
- Needs vs Wants (pyramid structure): Physiological, safety, love/belonging, esteem, self-actualization.
- Consumer proposition acquisition processes: motive development, information gathering, proposition evaluation, proposition selection, acquisition/purchase, re-evaluation.
Attitudes (ABC Model)
- Affect (feelings)
- Behavioural (intentions)
- Cognition (beliefs)
Effects Models
- Standard learning hierarchy (cognition -> affect -> behaviour).
- Low-involvement hierarchy (cognition -> behaviour -> affect).
- Experiential hierarchy (affect-> behaviour -> cognition).
How do brands enter the mind of consumers?
- Through perceptions, learning and memory.
- Advertising messages affect this entry
The Self-Concept in Marketing
- Consumers use consumption as a means of expressing identity.
- The self-concept summarizes beliefs and evaluations of one's attributes.
- Products can be bought to highlight or hide aspects of an individual's self.
Multiple Selves
- People play different roles in various situations.
- Our social environment can influence how we see ourselves.
Symbolic Consumption and Self + Product Congruence
- Symbolic meaning is attached to products.
- Symbolic meaning is used through product selection.
- Products can be selected based on emotional response or rational needs.
Predicting and Dictating Trends
- Predicting trends in consumer behaviour and preferences.
- Helps in market segmentation and target marketing
Segmentation and Target Marketing
- Separating consumers into groups to identify likely buyers of a product.
- Helps boost sales and appeal to individual customer needs.
STP Process
- Market segmentation, target market, brand positioning
- Helps identify similar groups of customers as a target market.
Segmentation Criteria
- Behavioural, psychological, and profile criteria.
- Help to identify groups with similar needs and preferences.
Segmentation in Business Markets
- Organizational, firmographic, economic and geographical criteria.
- Consider what the customer is (not necessarily the end consumer).
Differentiation Approach
- Multiple distinct & attractive market segments.
Positioning
- Final stage in the STP, involves differentiating offerings from competitors.
- Helps provide consumers' reasons to buy.
Products
- Anything offering attention, acquisition, use, or consumption that satisfies a want or need.
- Classifications: Non-durable/Durable, Convenience/Shopping/Specialty/Unsought.
Product Classification
- Non-durable products are typically used in one or a few uses
- Convenience products are bought frequently with minimal effort, and easily accessible.
- Durable products are used for an extended period.
- Shopping products are compared thoroughly on aspects like quality, price, and style.
- Unsought products aren't actively sought out by the consumer.
B2C vs. B2B Products
- B2C (Business-to-Consumer) products are purchased by individuals for personal use, and are further classified by factors like durability, tangibility.
- B2B (Business-to-Business) products are used in further processing, or for use in conducting business (materials & parts, capital items, supplies, and services.)
Product Offering (Total Product Concept)
- Product — total package including supporting features.
- A marketer should consider the entire offering around the product and how it surrounds it.
- Includes all supporting features like branding, packaging and servicing
Product Decisions
- Decisions focusing on attributes and features of a product. • Attributes • Packaging • Labeling • Product support service
Product Line Decisions
- Collection of products that function similarly and are aimed at the same customer groups.
- Length of product line is important (how many different offerings).
Product Mix Decisions
- Decisions about overall product range offered by a company
Product Life Cycle
- Stages products go through when introduced to the market
- Introduction, Growth, Maturity, Decline - changes in sales and profit affected by how consumers respond to new products or trends.
Services
- Actions performed for another party (recipient, object)
Types of Services
- People processing
- Possession processing
- Mental stimulus processing
- Information processing
- Intangible actions
Product - Service Spectrum
- Goods-dominated offer (pure tangible goods and items)
- Service-dominated offer (offering more services to the actual and tangible items)
Service Characteristics
- Intangibility
- Heterogeneity
- Inseparability
- Perishability
Place (Distribution Channels)
- Geographical locations of where products/services purchased.
Atmospheres of Place
- Feeling one gets when visiting a place.
- Can affect consumer behaviour positively or negatively
Retailing
- Traditional physical stores, online purchasing.
- Role and advantages: Product availability, reducing customer search time/travel, providing more information for purchase, important for marketing decisions, being a social gathering place and entertaining option.
Distribution Channels
- Intermediaries: Agents, distributors, retailers, wholesalers (refinements to offerings from manufacturers).
- Intensity of channel strategy (intensive, selective, exclusive).
- Supply chain management (SCM) is the management of the flow of products from manufacturers and distributors to customers.
Cost and Demand-Oriented Pricing
- Cost-oriented, the price of the product/service will depend on the costs of production.
- Demand-oriented, the price of a good will depend on the demand for the product.
- Competitor-oriented, set prices around offerings at similar prices or slightly above in the industry.
Pricing Strategies
- Penetration pricing
- Premium pricing
- Skimming pricing
Pricing Tactics
- Promotional pricing
- Loss leader pricing
- Behavioral pricing
- Freemium pricing
- Dynamic pricing
Immersive Technology
- Blend of real and virtual worlds for customer interactions. • Augmented Reality • Virtual Reality • Mixed Reality
Flow Theory
- A psychological state of full immersion in an activity; a sense of fun, focus, feeling involvement, and enjoyment
Branding
- Communicates why an organization is distinct from others.
- It is a means of differentiation.
- Components/elements: Logo, language, sound, symbolism, taste, social interface, Physical, color
Social Identity
- Humans as social animals want to identify with individuals or groups to satisfy their needs/motives.
International Marketing
- Understand social, cultural, technological, economic, political, and/or institutional factors.
- Some key concepts: socio-cultural factors, technological factors, economic factors, political factors, legal factors
- Strategies - developing products to fit the needs of different markets
Sustainability Marketing
- Creating, communicating and delivering value to customers in ways that protect and improve the environment and human well-being/preserving natural and human capital. •Three pillars: Ecology, Equity, Economy •Auxiliary, reformative and transformative approaches —Various methods of introducing and executing sustainability in daily business operations.
- Different types of companies and people are interested in this.
Critical Marketing
- Critical analysis of commercial marketing.
- Examining how it affects society and the issues. (example: ethical issues)
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Description
Explore the foundational concepts and evolution of marketing through different periods. This quiz covers essential elements like the marketing mix, value addition, and the roles of branding in persuading consumers. Test your knowledge and understanding of how marketing strategies have developed over time.
