Questions and Answers
Which of these are key customer markets? (Select all that apply)
What are core marketing concepts? (Select all that apply)
What is the difference between customer needs and customer wants?
Needs are basic necessities, while wants are how one chooses to satisfy those needs.
Which of the following is NOT part of the Marketing Mix (4 P's)?
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Which strategy applies to Business to Business (B2B) marketing?
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What does CRM stand for?
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What is the first step in the Strategic Marketing Planning Process?
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What does SWOT stand for in the context of situation analysis?
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What is segmentation in the STP process?
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Which of these is NOT a recognized type of consumer sales promotion?
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What are the five steps of the Consumer Decision Process?
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Study Notes
Key Customer Markets
- Consumer Market: Target individuals and households for personal use.
- Global Market: Markets encompassing international consumer bases.
- Business Market: Focus on transactions between businesses.
- Government Market: Transactions involving government entities.
Core Marketing Concepts
- Marketing Channels: Pathways for delivering products to consumers.
- Supply Chain: Network of entities involved in producing and distributing products.
- Marketing Environment: External factors influencing marketing decisions.
- Competition: Rival firms vying for market share.
Customer Needs vs. Wants
- Needs: Essential requirements to fulfill basic human necessities.
- Wants: Specific preferences for fulfilling those needs influenced by culture and personality.
Marketing Mix (4 P's)
- Price: Amount charged for a product or service.
- Product: Goods or services offered to meet consumer needs.
- Place: Distribution channels to deliver products to consumers.
- Promotion: Communication strategies to inform or persuade customers.
Types of Marketing
- B2B (Business to Business): Transactions involving businesses (e.g. Costco).
- B2C (Business to Consumer): Direct sales to individual consumers.
- C2C (Consumer to Consumer): Peer-to-peer transactions (e.g. eBay).
Customer Relationship Management (CRM)
- Focuses on maintaining and enhancing customer relationships through loyalty programs (e.g., air miles, shopper loyalty cards).
Strategic Marketing Planning Process
- Step 1: Define the business mission and objectives.
- Step 2: Conduct a SWOT analysis.
- Step 3: Identify market opportunities through segmentation, targeting, and positioning.
- Step 4: Implement the marketing mix.
- Step 5: Evaluate performance using metrics.
Business Mission and Objectives
- Concentrate on a limited set of goals.
- Emphasize key policies and values.
- Define competitive sectors clearly.
Situation Analysis (SWOT)
- Strengths: Internal advantages.
- Weaknesses: Internal drawbacks.
- Opportunities: External prospects for growth.
- Threats: External challenges.
Identifying Opportunities (STP)
- Segmentation: Dividing broad markets into manageable segments.
- Targeting: Selecting specific segments to serve.
- Positioning: Creating a distinct image in the customers' minds.
Implementing the Marketing Mix
- Craft strategies across promotion, place, product, and pricing to target the chosen market.
Evaluating Performance Metrics
- Performance Objectives Metrics: Assess the progress toward goals.
- Financial Performance Metrics: Examine financial outcomes.
- Social Responsibility Metrics: Evaluate contributions to society.
Growth-Share Matrix (SBU Types)
- Stars: High growth, high market share.
- Question Marks: Low market share in high growth.
- Cash Cows: High market share in low growth.
- Dogs: Low growth, low market share.
Growth Strategies
- Market Penetration: Existing markets and products.
- Product Development: Existing markets with new products.
- Market Development: New markets with existing products.
- Diversification: New markets and products.
Environmental Factors
- Macroenvironment: Larger societal factors (CDSTEP: Culture, Demographics, Social, Technology, Economic, Political).
- Microenvironment: Immediate environment factors (3 C's: Company, Competition, Corporate Partners).
Marketing Research Process
- Clearly define research problems and objectives.
- Design the research project incorporating both primary and secondary data sources.
- Collect and analyze data.
- Present actionable insights.
Ethics and Social Responsibility
- Both concepts govern behaviors and accountability in business practices.
- Organizations are expected to act responsibly to society.
Consumer Decision Process
- Stages from Need Recognition to Post-purchase Evaluation, affecting future decisions.
Types of Risks Affecting Consumer Decisions
- Performance, financial, social, physiological, and psychological risks.
B2B Marketing Participants
- Engages resellers, institutions, government, and manufacturers in the buying chain.
B2B Buying Process
- Series of steps from need recognition to vendor assessment, emphasizing the structured approach to B2B transactions.
Segmentation, Targeting, and Positioning (STP)
- Include strategy formulation, segment attractiveness evaluation, and positioning strategies development.
VALS Consumer Segments
- Identifies eight segments (e.g., Innovators, Thinkers, and Survivors) based on values and lifestyle.
Product Development Needs
- Driven by shifting consumer needs, market saturation, risk management, and fashion cycles.
Diffusion of Innovation
- Describes the adoption sequence of innovations (Innovators to Laggards).
Product Types
- Categorized into specialty, shopping, convenience, and unsought products.
Brand Equity Components
- Encompasses brand awareness, perceived value, associations, and loyalty.
Brand Ownership Strategies
- Differentiates between manufacturer brands, private labels, and generics.
Pricing Concepts
- Involves understanding the 5 C’s: Competition, Costs, Company objectives, Customers, and Channel members.
Competition Types
- Ranges from monopoly to pure competition, defining market dynamics and strategies.
Pricing Strategies and Tactics
- Determined by cost, value, competitor standards, and specific tactics like price bundling or leader pricing.
Distribution Strategies
- Incorporates intensive, selective, and exclusive distribution intensity approaches.
Integrated Marketing Communications (IMC)
- Manages the message delivery through various tools, adapting based on audience feedback.
Steps in Planning an IMC Campaign
- Ranges from identifying the target audience to assessing campaign impact through objectives and media selection.
AIDA Model
- A framework outlining promotional goals from generating Attention to ensuring Action from consumers.
Types of Consumer Sales Promotions
- Utilizes offers like coupons, deals, premiums, and contests to stimulate demand and engagement.
Personal Selling Process
- Includes generating leads, sales presentations, and closing sales, followed by post-sale follow-up.
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Description
Test your understanding of key marketing concepts with these flashcards for MKT 100. Covering important terms like consumer markets, core marketing concepts, and customer needs vs. wants, this quiz will enhance your marketing knowledge. Perfect for students looking to reinforce their learning.
