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Questions and Answers

What was the primary strategy used by Shreddies to boost sales?

  • Changing the target market criteria
  • Enhancing the nutritional value of the cereal
  • Increasing advertising spend significantly
  • Altering the shape of the product (correct)

Which aspect of the Shreddies campaign played a crucial role in consumer engagement?

  • Highlighting health benefits in advertisements
  • Utilizing social media influencers for promotion
  • Offering discounts on bulk purchases
  • Involving customers in a voting system (correct)

What concept does the Shreddies campaign exemplify regarding product marketing?

  • Product differentiation (correct)
  • Price competition
  • Market saturation
  • Innovation through technology

In terms of brand identity, how did Shreddies facilitate a change in consumer perception?

<p>By introducing the idea that different shapes signify different experiences (B)</p> Signup and view all the answers

What was the underlying idea behind Shreddies' marketing approach?

<p>To sell an idea rather than just a product (D)</p> Signup and view all the answers

How did shifting from square to diamond shape serve the Shreddies brand?

<p>It created a unique selling proposition. (D)</p> Signup and view all the answers

Which marketing element was particularly emphasized through the Shreddies campaign?

<p>Innovative design and presentation (C)</p> Signup and view all the answers

What can be inferred about consumer behavior from the Shreddies campaign?

<p>Consumers are influenced by the novelty and creativity of product marketing. (B)</p> Signup and view all the answers

What is the main purpose of mystery shopping?

<p>To check service quality and compliance (A)</p> Signup and view all the answers

Which technique is NOT commonly associated with exploratory research?

<p>Surveys (B)</p> Signup and view all the answers

Which of the following best describes the goal of exploratory research?

<p>To discover ideas and insights (A)</p> Signup and view all the answers

What is a characteristic feature of qualitative research techniques?

<p>Flexibility and unstructured formats (D)</p> Signup and view all the answers

What should be avoided when constructing questionnaires?

<p>Including multiple ideas in one question (B), Asking sensitive questions at the beginning (D)</p> Signup and view all the answers

Which method emphasizes the quantitative aspect of data collection?

<p>Surveys (B)</p> Signup and view all the answers

What is the primary purpose of conducting a pilot study?

<p>To assess feasibility and refine study design (D)</p> Signup and view all the answers

Which statement about open-end questions is accurate?

<p>They allow for qualitative data collection. (A)</p> Signup and view all the answers

Why might marketers create needs for consumers?

<p>To foster brand identity and positioning (A)</p> Signup and view all the answers

Which of the following is a common misconception about closed-end questions?

<p>They gather qualitative information. (B), They allow for complicated data analysis. (C)</p> Signup and view all the answers

What is the primary goal of market segmentation?

<p>To divide a market to address distinct buyer needs effectively (C)</p> Signup and view all the answers

Which segmentation variable includes factors like age and income?

<p>Demographic (C)</p> Signup and view all the answers

What is a characteristic of psychographic segmentation?

<p>It assesses lifestyle, values, and preferences (C)</p> Signup and view all the answers

In targeting, what defines a niche market?

<p>A narrowly defined group often within a sub-segment (C)</p> Signup and view all the answers

Which criterion is NOT considered when evaluating a market segment's viability?

<p>Confidentiality (A)</p> Signup and view all the answers

How can behavioral segmentation be best defined?

<p>By analyzing consumer knowledge, attitudes, and response to products (B)</p> Signup and view all the answers

What is a key benefit of using sustainable packaging in marketing?

<p>It enhances brand identity among environmentally aware customers (B)</p> Signup and view all the answers

Which element of STP helps in creating distinct space in the market?

<p>Positioning (C)</p> Signup and view all the answers

What does the term 'self-decision' in decision-making imply?

<p>Making informed choices based on personal preferences and assessment (B)</p> Signup and view all the answers

What is an example of a targeted offer for stressed individuals?

<p>Magnesium-infused products aimed at promoting relaxation (A)</p> Signup and view all the answers

What is the primary goal of the STP framework in marketing?

<p>To maximize usability by offering limited solution options (D)</p> Signup and view all the answers

Which of the following best describes the distinction between a payer and a purchaser in consumer roles?

<p>The payer provides the money, while the purchaser physically buys the product. (A)</p> Signup and view all the answers

Which type of risk in food purchases relates to the possibility of financial loss due to overpaying?

<p>Financial risk (B)</p> Signup and view all the answers

In Maslow's hierarchy, which term is defined as a desire that satisfies a need?

<p>Want (A)</p> Signup and view all the answers

What is often a consequence of providing consumers too many choices?

<p>Increased difficulty in making a decision (A)</p> Signup and view all the answers

Which consumer role is typically focused on the product’s functionality after purchase?

<p>User/Consumer (D)</p> Signup and view all the answers

Which of the following risks may occur when a food product does not meet safety standards?

<p>Physical risk (B)</p> Signup and view all the answers

What does the term 'motive' refer to in the context of consumer behavior?

<p>An activated need driving action (B)</p> Signup and view all the answers

Which of the following would NOT typically be considered a consumer's expectation?

<p>Intent to buy based on social influences (A)</p> Signup and view all the answers

In consumer decision-making, which stage involves recognizing that a problem exists?

<p>Problem recognition (A)</p> Signup and view all the answers

Which classification of products refers to items that are frequently replaced and typically have a habitual purchase pattern?

<p>Nondurable goods (C)</p> Signup and view all the answers

In marketing, which element primarily fulfills the need for customer engagement and relationship management?

<p>Promotional strategies (C)</p> Signup and view all the answers

What aspect of product classification focuses on items that can substitute for one another?

<p>Substitutionary products (A)</p> Signup and view all the answers

What is one of the primary goals of having a significant marketing budget in a business strategy?

<p>To increase sales and boost engagement (D)</p> Signup and view all the answers

Which of the following best describes a durable good?

<p>A product that lasts longer and involves significant purchase risk (D)</p> Signup and view all the answers

Flashcards

Product Differentiation

Creating ways to make a product seem different from similar products, even if the difference is small.

Marketing Campaign

A set of activities to promote and sell a product or idea.

Shreddies Cereal Shape Change

A marketing campaign where Shreddies changed the shape of its cereal from square to diamond, to potentially boost sales.

Consumer Value

The benefits a consumer receives from a product or service, including features, quality and perceived value.

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Marketing Research

The process of gathering and analyzing information about consumer needs, preferences, and behavior to inform marketing decisions.

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Marketing Mix

A combination of controllable marketing variables (Product, Price, Place, Promotion) to achieve specific marketing goals.

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Segmentation

Dividing a broad consumer base into smaller, more manageable groups based on shared characteristics.

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SWOT analysis

A strategic planning method that evaluates the internal strengths and weaknesses, and external opportunities and threats to improve business strategy.

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Mystery Shopping

A method to evaluate service quality, compliance, and product information.

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In-Hall Test

Qualitative testing performed in a controlled setting.

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Exploratory Research

Research to discover ideas and insights.

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Descriptive Research

Research to determine frequency of occurrences.

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Casual Research

Research to determine cause and effect.

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Focus Group Interview (FGI)

Qualitative research technique involving group discussions.

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Individual Depth Interview (IDI)

Qualitative research method using in-depth conversations with individuals.

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Questionnaire Construction Rules

Guidelines for creating effective questionnaires.

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Open-ended Questions

Questions without pre-defined answer choices (Qualitative data).

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Pilot Studies

Small-scale preliminary tests to evaluate research effectiveness, before larger-scale studies.

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STP Marketing

A strategic framework that involves Segmenting, Targeting, and Positioning to create effective marketing strategies.

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Market Segmentation

Dividing a market into smaller groups with similar needs and behaviors, allowing companies to address them more effectively.

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Niche Marketing

Focusing on a narrow, specific group of customers with unique needs or interests.

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Target Market

The specific group of customers a company aims to reach with its marketing efforts.

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Segmentation Variables

Characteristics used to divide a market into segments, such as geography, demographics, psychographics, and behavior.

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Measurability (Segment Criteria)

The ability to quantify the size and characteristics of a segment.

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Substantiality (Segment Criteria)

The segment is large enough and profitable to justify marketing efforts.

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Accessibility (Segment Criteria)

The segment can be effectively reached and served through marketing channels.

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Differentiability (Segment Criteria)

The segment responds uniquely to different marketing strategies, making it easier to tailor campaigns.

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Actionability (Segment Criteria)

The company has the resources and capability to target the chosen segment.

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Product

Anything that can be offered to satisfy a need or want, including physical goods, services, events, information, and ideas.

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Durable Goods

Goods that last a long time and are typically more expensive, like appliances or furniture.

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Nondurable Goods

Goods that are consumed quickly or have a short life span, like groceries or toiletries.

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Services

Intangible activities or benefits offered to satisfy needs or wants, like haircuts or financial advice.

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Substitutionary Products

Products that can replace each other, like Coke and Pepsi.

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Needs vs. Wants

Needs are essential for survival or well-being, while wants are desires that satisfy those needs.

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Motive

A force that drives a consumer to action, often triggered by an unfulfilled need.

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Expectations

The desired level of satisfaction a consumer hopes to achieve from a product or service.

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Problem Recognition

The initial stage of the decision-making process where a consumer recognizes a need or want.

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Information Search

Gathering information about products or services to help make a decision.

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Evaluation of Alternatives

Weighing the pros and cons of different product or service options.

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Post-Purchase

The stage after purchasing a product, where a consumer evaluates their satisfaction and potential future actions.

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Influencer

A person who influences a consumer's decision, such as family, friends or celebrities.

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Decision-Maker

The person who makes the final purchase decision, even if they are not the user.

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STP Framework Goal

To maximize usability by offering a limited number of product options, finding the sweet spot between too many and too few choices.

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Study Notes

Food System Marketing Index

  • Essence of marketing
  • Immutable laws of marketing
  • Environment analysis
  • Company potential analysis
  • SWOT analysis
  • Marketing research
  • Segmentation
  • Marketing mix
  • Consumer value

Literature

  • Kotler, P., & Keller, K. L. (2015). Marketing management. Pearson.
  • Fuller, G. W. (2011). New Food Product Development -From Concept to Marketplace. CRC Press.
  • Cavicchi, A., & Santini, C. (2017). Case Studies in the Traditional Food Sector. Woodhead Publishing.
  • Schaffner, D. J. ( ). Food Marketing Management. An International Perspective.
  • Solomon, M., Russell-Bennett, R., & Previte, J. (2012). Consumer Behaviour.
  • Nie, C., & Zepeda, L. (2002). A Lifestyle Segmentation Study of US Food Shoppers to Examine Organic and Local Food Consumption.

Manipulation or Persuasion?

  • Shreddies cereal shape change campaign
  • Campaign focused on product differentiation
  • Example of marketing campaign that focused on an idea rather than a product
  • Persuasion methods in marketing

How to Define Marketing

  • Set of integrated instruments
  • Integrated decision-making process
  • Integrated enterprise function
  • Business organizational and management concept
  • Concept and way of thinking (philosophy)

Outstanding Marketing Thinkers

  • Peter Drucker (1909-2005)
  • Marketing is a business management philosophy
  • The goal of marketing is to know consumers and their needs so well that products and services sell themselves
  • The only business goal is to create a customer.

What About Profit?

  • Profit is a measure of business legitimacy, not the rationale
  • Marketing is a management process that recognizes, anticipates, and meets customer needs.

American Marketing Association

  • Marketing definitions are revised every three years
  • Definitions focus on planning and executing the creation, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
  • Marketing is the process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

The Nature of Marketing Activities

  • It is an administrative and social process.
  • Observers and analysis of phenomena.
  • Foundation in economics, statistics, sociology, psychology, and anthropology.
  • Long-term goals, strategy for market environment and consistency with company strategy
  • Systemic nature of marketing activities.

Evolution of Company Orientation

  • Production-centric
  • Product-centric
  • Selling-centric
  • Marketing-centric

Dominent Logic

  • Goods-Dominant Logic
  • Service-Dominant Logic
  • Customer-Dominant Logic
  • Value is co-created by multiple actors
  • All social and economic actors are resource integrators

Value in Marketing

  • Percieved value
  • Value proposition
  • Value-in-use
  • Value-in-context
  • Value-in-experience

Immutable Laws of Marketing

  • Law of Leadership: better to be first than to be better
  • Law of the Mind: better to be first in the mind
  • Law of Exclusivity: two companies cannot own the same word
  • Law of Perspective: marketing effects take time
  • Law of the Opposite: if you are shooting for second place, your strategy is determined by the leader.
  • Law of Resources: Ideas without money are worthless

Market Environment

  • What is a market?
  • What is a transaction?
  • Components of the macro and micro environment
  • How to identify competitors?
  • Types of competitors

Environment Analysis

  • Industry definition: Group of companies that produce similar or identical products within a specific geographic area
  • Sector definition: Broad area of the economy where businesses share similar products/services.
  • Porter's Five Forces Model
    • Threat of new entrants
    • Bargaining power of suppliers
    • Bargaining power of buyers
    • Threat of substitute products or services
    • Industry rivalry

Value Chain

  • Primary activities: Inbound logistics, operations, outbound logistics, marketing and sales, service
  • Support activities: Infrastructure, technology, human resources, procurement

BCG Matrix

  • A framework for evaluating a company's business units or products
  • Categories: Stars, cash cows, question marks, and dogs
  • Uses market growth and market share

Marketing Research

  • Converting management dilemmas into research questions
  • Determining data sources and research methods
  • Selecting a research sample
  • Designing research instruments
  • Carrying out pilot studies
  • Collecting information
  • Analyzing information
  • Presenting findings

Types of Research

  • Comprehensive research (census)
  • Non-exhaustive studies (sample)
  • Target population
  • Sample unit
  • Research sample
  • Sampling procedures (probability and non-probability)
  • Data sources (secondary and primary)
  • Participants in research process (pollster and respondent)
  • Research methods (surveys, interviews, focus groups, etc.)

Additional Topics

  • Marketing Mix
  • Product
  • Price
  • Place
  • Promotion
  • Brand Equity
  • Brand Positioning (Objective vs subjective)

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