Marketing: Preguntas y Respuestas

Marketing: Questions and Answers

• Marketing's role in the economy is to ensure an effective connection between supply and demand, requiring activities like organization, exchange, and communication. These actions ensure products/services reach consumers efficiently, meeting market needs.

Market Definition and Focus

• Market orientation emphasizes promoting aggressive sales and advertising tactics to stimulate demand and boosted sales.

• There are variables that are not controlled by companies including consumers.

Market Analysis

• A viable market necessitates a group of people needing/wanting or potentially wanting a product, coupled with their buying power.

Information Sources

• Secondary information refers to existing, previously collected and published data, whereas primary information comes from original sources like customer surveys.

Consumer Behavior Analysis:

• Complex buying behavior involves a detailed evaluation of options due to significant perceived differences between choices.

• Habitual buying behavior implies regular product purchases with little conscious thought, while routine purchases involve less consideration and comparison.

• High-involvement purchases can include extensive research and evaluation of alternatives compared to low-involvement options.

Marketing Environment

• External factors impacting a company include suppliers, customers, and competitors which fall in the Microenvironment, and broader environmental forces are part of Macroenvironment.

Product Differentiation and Decisions

• Product differentiation involves highlighting product features to stand out; including service quality, design, or customer service.

• Product and service strategies involve creating lasting and timely strategies that influence organizational success.

Branding Strategies

• Individual branding means each product carries its own distinct brand, whereas umbrella branding features a single brand across various product lines. A brand extension from one product to another may not always be successful.

• Private labels, or white labels, are products distributed under a retailer's brand name instead of the manufacturer's.

Product Life Cycle and BCG Matrix

• The maturity stage of a product's life cycle exhibits slowing sales growth and companies focus on differentiating and retaining customers.

• The BCG Matrix is a tool used for strategic planning, analyzing products based on market share and growth rate.

Pricing Strategies

• Pricing strategies should aim for profitability, considering market conditions and competitor pricing.

Promotional Strategies

• Sales promotions like contests or discounts can stimulate consumer interest and demand.