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

Access the best Study Guides, Lecture Notes and Practice Exams

Login

Join to view and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?