BUS-M 311 : EXAM 1
67 Cards in this Set
Front | Back |
---|---|
Evoked Set
|
brands which come to mind in a particular situation, "top of mind awareness"
|
Heuristics
|
Shortcuts (rules of thumb or informal guidelines) used to reduce the amount of thinking that is needed to make decisions.
ex: Swiss chocolate is good
|
Marketing Mix
|
The unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market.
(4 ps)
|
Integrated Marketing Communications
|
A strategic business process designed to influence consumer perceptions to drive behavior and achievement of corporate strategy
|
The 4Ps of Marketing
|
Product
Price
Place (distribution)
Promotion - advertising; PR; events; freebies; direct mail sales; online sales
|
The 5Rs of Marketing
|
Responsiveness
Relationship
Recognition
Relevancy
Receptivity
|
Interactive Media
|
media such as the internet and interactive television that permit consumers to give instantaneous, real-time feedback on the same channel used by the original message sender
|
80/20 Marketing rule
|
A typical business earns approximately 80 percent of its profits from the top 20 percent of its customer base
|
Mass Media Advertising
|
reaching a large amount of people at one time. Ex: superbowl commercials.
|
The promotional mix
|
the combination of promotional tools--including advertising, public relations, personal selling, sales promotion, and social media--used to reach the target market and fulfill the organization's overall goals
|
interpersonal marketing communication
|
direct, face to face, 2 or more people
|
marketing planning
|
defining the target market. challenges, insights, strategy, and ideation.
Frame of reference, Point of difference, and Reason to Believe
|
Situation Analysis
|
Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
|
Consumer Behavior: What prompts their purchase patterns and behavior?
|
-Cultural, individual, psychological, and functional factors.
-Culture, subculture, social class, reference groups, family, and situational
|
SWOT
|
Strenths, Weaknesses, Opportunities, Threats
used to understand the environment; S & W internal, O & T external
|
Targeting strategy: Point of entry
|
-non-users who are likely to enter category because of some life stage or event
-targeting new parents with disposable diapers
|
category build targeting
|
when companies target the people who already use their brands or use a competitive brand
|
Market segmentation selection criteria
|
geography, demographics, psychographics, benefits sought, and usage rate
|
Competitive advantage
|
The creation of a unique advantage over competitors
|
Segmentation steps
|
1.) Identify market segments
2.) Describe market segments
3.) Evaluate market segments
4.) Select market segments
5.) Design a product to meet market's needs
6.) Develop marketing mix for each segment
|
Steps in Positioning
|
Stage 1: Analyze the competitors' positions
Stage 2: Offer a good or service with a competitive advantage
Stage 3: Finalize the marketing mix
Stage 4: Evaluate responses and modify as needed
|
Steps in Targeting
|
Inform, persuade, remind
|
When to use market segmentation vs. Mass marketing
|
Mass marketing is used for items that are undifferentiated ex: Toilet paper-- everyone needs it
Market segmentation is used for items that are differentiated and can target users differently
|
Heterogeneous Marketing Strategy
|
Markets made up of individuals or organizations with diverse product needs (concentrated strategy)
ex: niche marketing
|
basis for identifying viable market segments
|
substantial, identifiable & measurable, accessible, and responsive
|
Geographic Segmentation
|
-country
-region
-state
-city
-neighborhood
-geodemographic (neighborhoods)
|
Demographic segmentation
|
advertisers’ appeal to audiences composed of varying personal and social characteristics such as race, gender, and economic level
|
sociocultural segmentation
|
family life cycle
social class
culture
subculture
cross-culture
|
Behavioristic Segmentation
|
Segments consumers based upon purchase behavior. Brand loyalty, usage rate- how often they buy product. Difficult to obtain
|
psychographic segmentation
|
dividing consumer markets into groups with similar attitudes, values, and lifestyles.
|
lifestyle segmentation by benefit
|
based on the specific expectations of a product or service by the consumer
|
Reaggregation of segments
|
reintroducted to society in a new status, social recognition of new status
|
Concentrated Marketing
|
offering one or more products to a single segment (niche)
|
Undifferentiated Marketing
|
Targets the whole market with one offering.
|
multisegment marketing
|
strategy that chooses two or more well-defined market segments and develops a distinct market mix for each
|
differentiated marketing
|
organization simultaneously pursues several different market segments with unique marketing strategy for each
|
Niche Marketing
|
The process of finding small but profitable market segments and designing or finding products for them.
|
Repositioning
|
Changing consumers perceptions on a brand.
|
Mallows hierarchy of needs
|
From top to bottom:
1.self actualization
2. Esteem needs
3. Belonging and love needs
4. Safety needs
5. Physiological needs
|
Psychological Needs
|
Need Class in Hierarchy of Needs; basic to survival and must be satisfied first
Food, water, shelter, oxygen
|
social needs
|
need for love, affection, belonging
|
5. Self-Actualization Needs
|
the highest level of need, self-actualization is self-fulfillment - the need to develop one's fullest potential, to become the best one is capable of being.
|
Self Esteem Needs
|
Liking and respecting yourself. Feeling important and useful.
|
Safety Needs
|
The need for a safe/secure environment
|
5 Stages in Consumer Decision Making
|
Problem Recognition
Information Search
Alternative evaluation
Purchase decision
Post-purchase evaluation
|
problem recognition
|
occurs when consumer sees a significant difference between current state and ideal state
|
Internal/ external search for information
|
(Consumer decision process; info search) internal=own knowledge, external=outside sources
|
Alternative Evaluation and selection
|
Evaluative Criteria- the standards and specifications used to compare different products and brands. Attributes
|
Outlet selection and purchase decision
|
Decision about which brand to purchase
|
Post purchase evaluation
|
determining whether a purchase has been a satisfactory or unsatisfactory one
|
psychological processes associated with each stage in the decision process
|
problem recognition-motivation
Information search - perception
Alternative evaluation - attitude
Purchase decision - integration
Post purchase eval - learning
|
Social influences that motivate the purchase
|
culture, subculture, social class, reference groups, family, and situational
|
situational determinants for decision making
|
specific usage occasion, time available, and the ability of key influencers to communicate key benefits
|
selective exposure
|
you seek messages and meanings that correspond to your beliefs
|
Selective attention
|
ability to screen and process relevant sensory input about the task and environment
|
Selective perception
|
the tendency to notice and accept objects and information consistent with our values, beliefs, and expectations, while ignoring or screening out inconsistent information
|
selective comprehension
|
interpreting info so that it is consistent with your beliefs
|
Selective retention
|
is the process when people more accurately remember messages that are closer to their interests, values and beliefs, than those that are in contrast with their values and beliefs, selecting what to keep in the memory, narrowing the informational flow.
|
purchase decision criteria
|
- brand loyalty
- level of involvement
- formal integration rules
- heuristics
|
Cognitive Dissonance
|
exists when related attitudes or beliefs are inconsistent that is when they contradict each other
|
Promoting High Involvement and Low Involvement Purchases
|
High - make informative and extensive promotions
Low - need in-store promotions and attractive package design
|
Classical Conditioning
|
Learning through association
|
Cognitive Conditioning
|
Learning through observation
|
Operant Conditioning
|
Learning associations between behaviors and consequences.
|
frame of reference
|
past experiences that affect every aspect of communication and interaction
|
Points of Difference
|
why your brand is superior to others in the frame of reference
attributes or benefits others
Based on performance, attributes or imagery
|
Points of Parity
|
Traits that all products have - they are very simliar between products
|