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COMM 204
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- 1What is MarketingAttracting new customers by promising and delivering superior value
- 2Define: Products- Services- Experiences-products- anything that can be offered for attention, use, or consumption to satisfy a need or want.
Services- activities or benefits offered that are essentially intangible, do not result in ownership
Experiences- Create, stage, and market brand experiences. - 3What is marketing myopiaforgetting about the consumer and their needs and wants
- 4What is the Production Concept-customers favor products that are available and highly affordable
- run the risk of marketing myopia
-customers favor quality, performance and innovative features - 5What is the selling conceptidea that the company has to use large scale promotional efforts to sell their products
- 6what is the marketing conceptKnowing the needs and wants of target markets and delivering satisfaction better than competitors. Taking into consideration
-company - profits
-consumers- want satisfaction
-society - human welfare - 74 steps of the selling concept1) Starting point - factory
2) Focus - existing products
3) Means - selling and producing
4) Ends - profits through sales volume - 84 steps in the Marketing concept1) Starting point - market
2) Focus - customer needs
3) Means - integrated marketing
4) Ends - profits through customer satisfaction - 9Customer Relationship Management - - perceived value - satisfaction - delight What % of customers create 80% of the profit?20 %
- 10Customer Relationship groups
- 11What is strategic planning?process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
- 12What are the 4 steps in strategic planning1) define company mission
2) set objectives and goals
3) design business portfolio
4) plan marketing and functional strategies - 13what is a mission statementstatement of the organizations purpose
- 14what is a business portfoliocollection of businesses and products that make up the company
- 15The product market expansion grid identifies which four potential growth areasMarket penetration
market development
product development
diversification - 16WELCOME TO LECTURE 2BITCH
- 17What are the 3 different types of needs1) Physical
2) social
3) individual - 18What are the 5 concepts- production
- product
- selling
- marketing
- societal - 19* Growth Share Matrix * problems - difficult, time consuming, costly to implement1) Fix or abandon
2) Nurture to feed cash to?
3) Use case to make into star
4) Defend position
- 20What does SBU stand for and what does it do?Strategic Business Unit - separate mission and objectives that can be planned independently from company business
- 21What does Barney's "VRINE" stand for If everything is YES to VRINE, do itValuable
Rare
Inimitable
non-substitutable
exploitable - 22Paper tower challenge:To understand how resources/capabilities can lead to superior performance using Barney's VRINE Framework
- 23What does PEST stand forPolitical/Legal (taxation etc)
Economic Factors (Interest rates, inflation)
Sociocultural Factors (population, lifestyle)
Technological Factors (government research, speed of technology) - 24The Marketing Environment What is the Microenvironment? What is the Macroenvironment?Microenvironment- actors close to the company that affect its ability to serve its customers, unique to the company
Macroenvironment- larger societal forces that affect the microenvironment, considered to be beyond the organizations control. - 25Components of the Microenvironment
- 26components of the Macroenvironment
- 274 different types of environmentsNatural - raw materials, increased population, government intervention, environmental strategies
Technological - changes rapidly, creating markets and opportunities
Political-fair competition, fair trade, pricing
cultural - learned from family and community, core beliefs - 28You've reached Lecture 3You're still a cunt
- 29**4 Factors that influence customers to make decisions ** *KNOW*1) Cultural Factors- culture, subculture, social class
2) Social Factors - reference groups, family, roles, status
3) Personal Factors- age, lifecycle, occupation, income
4) Psychological factors- motivation, perception, learning, beliefs, attitudes - 30Cultural factorsoften learned from family members
- 31social factorssocial network, family, roles and status, opinion leaders
- 32personal factorsage n life cycle stage
occupation
economic situation
lifestyle
personality - 33List the 5 Needs in order in Maslow's Hierarchy of needs
- 343 different ways to perceiveselective attention- selecting some inputs to attend while ignoring others
selective distortion - changing or twisting of information when it is inconsistent with personal feelings or beliefs
selective retention - remembering information that supports personal feelings and beliefs and forgetting inputs that do not - 35Define: Drive Define : CuesDrive- strong internal stimulus that calls for action
Cues- minor stimuli that determine where, when and how the person responds - 36Factors influencing customer behavior
- 37What are the 5 steps in the consumer buyer decision process
- 38what are the 4 sources of informationPersonal (family, friends)
Commercial (advertising, sales people)
Public (mass media)
Experiential (handling the product) - 39Post Purchase Behavior Cognitive dissonance - ?cognitive dissonance - buyer discomfort caused by post-purchase conflict
-anxiety of not knowing if the right choice was made
-customer follow ups tend to reduce this problem - 405 steps in new product adoptionAwareness - become aware of product
Interest - seek information on product
Evaluation - decide if trial makes sense
Trial - Try product on small scale
Adoption - decide to purchase product - 41What are the 5 adoption rate influencesRelative advantage -compared to alternatives
Compatibility - fit with current values/experiences
Complexity- ease of understanding
Divisibility - ability to trial on limited basis
Communicability- ability to communicate benefits - 42** List the 4 concepts of the BCOS ModelBenefits
Costs
Others
Self-Efficacy - 434 steps of the decision processPrecontemplation
Contemplation
Preparation and action
Maintenance - 44What does the occasion strategy entailto maximize the number of desired behaviors elicited.
-ensure attractive, convenient occasions
-emotionally positive experience
-rewarding and reinforcing - 45You've reached Lecture #4Not bad.. Not bad
- 463 components of the Customer Buyer Behavior model
- 47What is Marketing Researchthe systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation
- 48What are the steps of the Marketing Research Process-Define the problem, do research, develop a hypothesis
-Develop the research plan for collecting information
-implement the research plan
-interpret and report findings - 49What are the two types of data and the differences between themPrimary Data
- collected for your own purpose
Advantages: answers specific questions, current, known source
Disadvantages: time consuming, expensive
Secondary Data
already exists for another purpose
Advantages: rapidly available, inexpensive
Disadvantages: may not address your problem, may be dated, difficult to determine quality - 50What methods can be used to collect Primary data?Observation Method - no interaction, just observation, no bias, good description of behavior
Qualitative Interviews- exploratory or descriptive, gives deeper understanding and insight
Two Types: Individual depth interviews
focus group interviews - 51What happens in an experiment. How many things changeOne variable is changed while keeping the others constant. (Like adding one new item to your menu)
- 52You have made it to lecture 5You're almost done... JK you have for more midterms this week
- 53What are the 4 segmentation variablesGeographic - area, population density, climate etc.
Demographic - age, sex, lifecycle, income, job, etc
Psychographic - lifestyle, personality
Behavioural - benefits sought, status, usage rate, loyalty, attitudes, etc. - 54what are the 5 segment success variablesMeasurable - ability to measure numerically
Accessible - ability to reach segment
Substantial - ability to support the business
Differential - ability to find unique position in segment
Actionable - ability to pursue and capture the segment. - 55How to evaluate market segments 3 ways:Segment size and growth
-analyze growth rates, segment sales and expected profitability
segment structural attractiveness
- consider effects of competitors, existence of substitute products, the power of buyers/suppliers
company objectives and resources
- examine company skills and resources needed to succeed in that segment, offer superior value/gain competitive advantage - 56What are the 4 levels of segmentationMass Marketing - no segments and single marketing mix, difficult to develop a brand of product that will satisfy all consumers.
Differentiated marketing- large segments with specific marketing mixes
Concentrated (niche) marketing- small segments with specialized marketing mixes
Micromarketing - customized marketing to individuals. Local, individual, collaborative filtering - 57rate the levels of segmentation from targeting broadly (1) to targeting narrowly (4)1) undifferentiated marketing
2) differentiated marketing
3) concentrated marketing
4) micromarketing - 58What is "positioning"distinct place in target customer's mind relative to competitive offerings.
- 59what is a product positionhow a product is viewed by consumers relative to competing products
- 60what are the 3 positioning steps1) identify competitive advantages on which to build a differentiated position
2) choose the right competitive differentiation
3) select an overall positioning strategy - 61What would you consider putting on the x and y axis of a positioning map(performance, price)
(quality, price)
etc. - 62What 5 types of differentiation do you use to identify competitive advantagesProduct Differentiation (consistency, durability)
Services Differentiation (speed, convenience)
Channel Differentiation
Image Differentiation (convey benefits, positioning)
People Differentiation (hiring, training) - 63What are the key components of successful differentiation (7)important- of value to customers
distinctive- obvious and clear
superior- better value than competitors
communicable - explainable
pre-emtive- defendable and unique
affordable- delivers value for cost
profitable- company can make moeny - 64what are the 3 positioning errorsunder-positioning - failing to really position the company at all
over-positioning - giving buyers too narrow a picture of the company
confused positioning - leaving buyers with a confused image of a company. - 65what is communicating positioningtake steps to deliver and communicate the desired position to target customers
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- Bachelors Degree Environmental Engineering Karteikarten am COMM 204, erstellt von graham_22_18 am 24/10/2015.
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