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Concept of Marketing - correct answer ✅Marketing is engaging customers and managing profitable customer relationships. The goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction. customer needs - correct answer ✅State of felt deprivation. (Such as food, clothing, safety,...) Customer Wants - correct answer ✅The form human needs take as they are shaped by cultural and individual personality. Customer Demands - correct answer ✅wants backed by buying power Market Myopia - correct answer ✅The mistake of paying too much attention to the specific product rather than the benefits and experiences produced by these products What are the 5 different marketing orientations? - correct answer ✅Production, Product, Selling, Marketing, and Societal Production - correct answer ✅The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. Product - correct answer ✅The idea that consumers will favor products that offer the most quality, performance, and features;
therefore, the organization should devote its energy to making continuous product improvements Selling - correct answer ✅The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large- scale selling and promotion effort. Marketing - correct answer ✅A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Societal - correct answer ✅The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long- run interests. what are the 4P elements in marketing - correct answer ✅Product, Price, Place, Promotion Product (4ps) - correct answer ✅The good or services a company offers its customers Price (4ps) - correct answer ✅Amount of money that would be asked in exchange for the product or service. Must consider cost of production, competitor's price and what customers are willing to pay
-Meaningful and specific yet motivating -Emphasizing company's strength BCG Matrix - correct answer ✅a portfolio strategy developed by the Boston Consulting Group that categorizes a corporation's businesses by growth rate and relative market share and helps managers decide how to invest corporate funds the vertical axis has the Marketing growth rate, which provides a measure of market attractiveness. On the horizontal axis, relative market shares serves as a measure of company strength in the market. Star - correct answer ✅has high market growth rate and high relative market share Question Mark - correct answer ✅Has high market growth rate and low relative market share Cash Cow - correct answer ✅Has low market growth rate and high relative market share Dog - correct answer ✅Has low market growth rate and low relative market share Market Penetration - correct answer ✅Company growth by increasing sales of current products to current market segments without changing the product.
Market Development - correct answer ✅Company growth by identifying and developing new market segments for current company products. Product Development - correct answer ✅Company growth by offering modified or new products to current market segments. Diversification - correct answer ✅Company growth through starting up or acquiring businesses outside the company's current products and markets. Market Segmentation - correct answer ✅Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Market Targeting - correct answer ✅Evaluating each market segment's attractiveness and selecting one or more segments to serve. Positioning - correct answer ✅Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Geographic Segmentation - correct answer ✅Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. Demographic Segmentation - correct answer ✅Dividing the market into segments based on variables such as age, life-cycle
Intermarket (cross-market) segmentation - correct answer ✅Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries. Measurable - correct answer ✅The size, purchasing power, and profiles of the segments can be measured. Accessible - correct answer ✅The market segments can be effectively reached and served. Substantial - correct answer ✅The market segments are large or profitable enough to serve. A segment should be the largest possible homogeneous group worth pursuing with a tailored marketing program. Differentiable - correct answer ✅Differentiable. The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs. Actionable - correct answer ✅Effective programs can be designed for attracting and serving the segments. (Company resources has to be taken into account) 5 criteria for an effective segmentation - correct answer ✅measurable, accessible, substantial, differentiable, and actionable
undifferentiated (mass) marketing - correct answer ✅A market- coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. Differentiated (segmented) marketing - correct answer ✅A market-coverage strategy in which a firm targets several market segments and designs separate offers for each Concentrated (niche) marketing - correct answer ✅A market- coverage strategy in which a firm goes after a large share of one or a few segments or niches. Product position - correct answer ✅- The way a product is defined by consumers on important attributes—the place it occupies in consumers' minds relative to competing products Ex: Tide is "a washing miracle," an all-purpose, heavy-duty family detergent that gets out grime and tough stains. Positioning statement - correct answer ✅A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference) Core customer value - correct answer ✅the most basic level which addresses the question "What is the buyer really buying?" Actual Product - correct answer ✅turning core benefit into actual product. develop product and service features, design, a quality level, a brand name, and packaging
Product Depth - correct answer ✅Number of versions/variations offered for a product. two major brand strategies - correct answer ✅brand extension and line extension Line extension - correct answer ✅Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category Brand extension - correct answer ✅Extending an existing brand name to new product categories. Intangibility - correct answer ✅the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed Variability - correct answer ✅Quality of services depend on who provides them and when, where, and how Inseparablility - correct answer ✅Services can not be separated from their providers Perishability - correct answer ✅services cannot be stored for later sale or use
