MGMT 105: CHAPTERS 11, 12
22 Cards in this Set
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What is Marketing?
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Gives value and satisfaction
-either getting a good value or getting satisfaction out of this product.
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Marketing Plan
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Part of the Marketing Mix
A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It is a strategy to fulfill customers needs and wants
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Marketing Mix
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The marketing mix is composed of the four controllable factors of marketing managers: price, promotion, product, and place (Kern, 2003).
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Product
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What is my product or service?, what is it that I am going to market?, who is my target market?
target market, market segmentation, demographic variables
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Target Market
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A target market or target Audience is the market segment which a particular product is marketed to.
- Group of people with similar wants and needs
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Market Segmentation
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segment it according to different things, single, retiree, income (eg. music industry-genre)
- divide market into smaller entities
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Demographic Variables
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Age, Education, Family life cycle (young single-young married...etc), family size, income, nationality, race, religion, sex
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Price
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How am I going to Price this product-Psychological pricing-odd/even pricing-made an impulse buy for something dont need but because of price-really dont need it but 3 for a dollar-may not ever use it (pricing in odd amounts-$20 less than its really $19.99) -under pricing to make it look c…
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Promote
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least expensive way and most powerful-word of mouth
most expensive-television-wide audience-millions of customers, extremely costly-am i going to use television newspaper- still see signs for politcal ads billboards-advocacy advertising-promoting a certain cause (lady in evening gown-car…
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Place
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place for the item-for the consumer to buy product or utilize service
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Consumer Behavior
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Brand loyalty and family influence on buying
Brand loyalty (ford trucks, bounty, jif, t.p.)
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The Consumer Buying Process
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* Personal environmental factors-lot of psychological impacts-buy a certain way or refrain from buying a certain way
Personal social and cultural factors as well
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Stages of the Consumer Buying Process
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Problem need/recognition-->information seeking-->evaluation of alternatives-->purchase decision--> post purchase evaluation
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Marketing Factors
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product, pricing, promotion, place
(say doctors recommend-influence your decision to buy it) Opinions are critically important, one based on rationality other on emotion-base it on when you buy it, is this rational or not? post purchase: reserve reactions of others, observation or reacti…
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What is a Product?
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Convenience goods and services, shopping goods and services, specialty goods and services
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Convenience goods and services
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consumes rapidly and regularly, inexpensive (may be sometimes depending on where buy it), purchased often and with little input of time and effort (milk, newspaper, fast food)
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Shopping goods and services
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purchased less often, more expensive, consumers may shop around and compare products based on style, performance, color, price,and other criteria (ex. television set, tires, car insurance)
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specialty goods and services
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purchased infrequently, expensive, consumer decides on a precise product and will not accept substitutions and sends a good deal of time choosing the "perfect" item (ex. jeweltry, wedding gown, catering)
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top consulting firms
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boston consulting firm-fortune magazine-the growth-share matrix
Star, cash cow, question mark, dog
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Philosphy of marketing
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bottom left hand corner where question mark-is this product going to take off-will people purchase this product
(product life cycle-intro, growth, maturity, decline, and termination)
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...
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?-just put on market-is this going to survive
Dog-death stage-this did not go over people did not buy it (green ketchup) Out of 50 new ideas generated how many will make it to ? Mark-one will make it When an item gets to be a star-price goes up A LOT (serious hunting needed to bad a bean…
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etc
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High star and cash cow- item that’s still on market-don’t need to change product-bringing in consistent cash-ex. Milk-don’t see a lot of change on how its marketed-(there is a comp. in manhattan-that’s been doing something that was popular in late 50s-blossuming-deliviring in glass jars a…
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MGMT 105: EXAM 3