Marketing 3310 review for test 1

What are the criteria for analyzing potential market segments?
*Ability & willingness to buy.
per Payne
What do we mean when we referred to the term “exchange” in marketing?
Trade of things of value between buyer and seller where each is better off
What is a core aspect of marketing
1. Helps create value. 2. Is about satisfying customer needs and wants. 3. Entails an exchange. 4. Requires product, price, place, and promotion decisions. 5. Can be performed by both individuals and organizations. 6. Occurs in many settings.
How do markets determine the price of the product?
On the basis of the potential buyers belief about the value of the product. Marketers must figure out how much consumers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit
Marketers involved in value – oriented marketing are constantly balancing what?
Satisfying needs, keeping costs down, and developing loyalty.
What are the goals of promotion
Remind, inform, and persuade
List the stages of the evolution of marketing
1. Production-Oriented,
2. Sales- Oriented,
3. Market-Oriented,
4. Value-Based, and
*5. Social Media-Oriented Marketing
Describe each of the eras of marketing
1.Production – mainly concerned with innovation not customer satisfaction.
2. Sales – more products produced than consumed
3. Marketing – buyers market – customer is King example shopping centers.
4. Value-based marketing – satisfying customers wants and needs.
*5. Social Media-Oriented – using social media to monitor and advertise.
What do we mean by “relational orientation” in marketing
Firms that focus on the lifetime profitability of their relationships with their consumers as opposed to how much money they can make in each transaction
What is the primary purpose of the marketing plan
Marketing activities for a specific period of time.
Describe what the process of Co-creation is
Co-created value arises in the form of personalized, unique experiences for the customer (value-in-use) and ongoing revenue, learning and enhanced market performance drivers for the firm
Define marketing
Creating, capturing, communicating, and delivering offers that have value for customers and society at large
Which elements of the marketing mix is most relevant to the activity of “capturing value”
Price captures value
product creates value
Define sustainable competitive advantage and give an example
It is not easily duplicated and can be maintained for a long period of time.
How do firms achieve operational excellence
Strong through efficient operations, excellent supply chain management, and strong relationships with suppliers. They develop sophisticated distribution and information systems as well as strong relationships with vendors
What is least likely to provide a sustainable competitive advantage
Price
Explain the SWOT model
S stands for strengths, W stands for weakness, O stands for opportunities, and T stands for threats.
If situation analysis, it assesses internal versus external environment the internal strengths and weaknesses external is opportunities and threats
What is a key component of target marketing
Market segmentation or segments?
Positioning involves what
The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Explain the STP process
Segregating, targeting, positioning. Identify and evaluate opportunity to increase sales and profits. Divide into groups, determine which group to target or pursue and position products to meet the needs of targets.
Explain the BCG matrix/what does it measure
Stars – high growth, high market: they are new products
Cash cows – low growth, high market: the MP3
?’s – high growth, low market – the iPad
Dogs – low growth low market
Explain the four growth strategies
1.Market development – putting current product in a new market or a new area demographic.
2. Product development – offer new product in current market.
3. Diversification- New product to market not currently being served.
4. New product Newmarket
Give an example of locational excellence
McDonald’s, Starbucks…
How do “place” decisions create value
Without a strong and efficient marketing channel, merchandise is not available when customers want it. Sales and profits suffer.
Give an example of a positioning strategy
Market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Example – Hertz positions itself is a quality car rental company that is the first choice for each of its target segments.
Describe what is the 4E framework
Excite customer, educate about offers, experience products, engage with the media.
Give an example of a corporate blog
Starbucks
What is location-based gamification
Apps used by companies to build loyalty by making patronage and a game. Example- foursquare users can check in at their favorite restaurants and stores sharing the location on Facebook.
What is the appeal of Pinterest to marketers
Marketers can receive unlimited exposure to their products and services as like-minded people share pinned items and services.
How do marketers benefit from using media sharing sites such as YouTube and Flickr
To highlight how consumers can experience their goods or services as well as encourage consumers to engage with the firm, it’s other social media outlets, and other consumers
Explain sentiment analysis
Allows marketers to listen and analyze data from Facebook, twitter, online blogs and reviews to collect consumer comments about companies and their products.
How do marketers use keyword analysis
marketers use it to determine what the keywords are that people use to search on the Internet for products and services.
What do conversion rates measure
The percent of visitors or customers who act as a marketer whether by clicking or buying or donating
What do we mean by bounce rates
Percent of time visitor leave site almost immediately after viewing only one page.
What does a Klout score measure
How important you are in society
Influence refers to what
In social media context, the extent to which the person influences others (for example how much do the people in a person’s network read that person is content?)
What did Johnson & Johnson sacrifice during the Tylenol crisis
*Sacrificed short-term profits for long-term profits.
per Payne
What are the steps in the ethical decision-making framework
1. Identify issues
2. Gather information and identify stakeholders
3. Brainstorm and evaluate alternatives
4. Choose a course of action
What are the responsibilities of multinational corporations doing business in other countries
*When firms outsource production to manufacturers in other countries, it does not absolve them of responsibility for the working conditions in the factory.
per Payne
Give an example of a firm that pursues corporate social responsibility
Toms shoes, Burts bees, Dannon yogurt, etc.