Marketing Foundations
The 4 P's.
What are product, promotion, place and price?
Before setting the price of a product, a company must consider factors such as customer demand, competitor pricing, economic conditions, government regulations, and the nature of the product itself.
What are factors that affect pricing decisions?
Need recognition, search for information, product evaluation, product choice and purchase, post-purchase use and evaluation, and disposal are blank.
What are the stages in the buying process.
These pathways describe how products flow from producers to consumers or businesses and include direct channels, indirect channels, and business-to-business (B2B) channels.
What are types of marketing channels?
This approach coordinates all promotional messages across TV, radio, print, online, social media, and other channels to deliver a consistent message about a product or brand.
What is integrated marketing communications (IMC)?
Broadly describing the offerings and their value to the potential customers, as well as learning from the customers, is what element of the marketing mix?
What is communication?
These types of products or services, such as funeral services or towing, are ones consumers don’t usually think about or want to shop for until the moment they actually need them.
What are Unsought Offerings?
This term describes buying decisions that are routine, require little thought, such as purchasing bread or milk, and may include automatic purchases and impulse buys.
What is Low Involvement Decision Making?
Nonprofit organizations such as hospitals, churches, private colleges, and charitable groups are part of this market, which buys goods and services to help provide services rather than to resell for profit.
What are institutional markets?
This promotional strategy involves paying a fee to have a company’s name associated with venues, events, athletes, causes, or other platforms to increase brand awareness and strengthen corporate image.
What is sponsorship?
This statement explains why an organization exists and what it aims to achieve.
What is the Mission Statement?
This term describes the fact that services cannot be touched, held, or physically possessed, making them harder for consumers to evaluate before purchasing.
What is an Intangible Offering?
Purchasing descisions that are complex, carry high risk or cost and require extensive comparison and evaluation are referred to by this term, often causing post-purchase analysis.
What is High Involvement Decision Making?
These are companies or service providers that buy goods and services to transform them into other products, such as General Motors, McDonald’s, and Delta Airlines.
What are producers?
This promotional tactic involves including a company’s product in a TV show, movie, video game, book, or event, sometimes for a fee and sometimes for free if it’s needed for the plot, as seen with FedEx in Cast Away.
What is product placement?
This short "elevator speech" explains the specific benefits a product or service offers to buyers and shows why it's superior to competitors. It also answers the question "why should I buy from you?"
What is value proposition
This concept describes how an offering moves from introduction to growth, maturity, and possible decline, helping marketers make strategic decisions throughout each stage.
What is the product life cycle?
When customers automatically buy the same product repeatedly with little thought, such as ordering a Diet Coke at lunch every day, they engage in this type of behavior.
What is Routine Response Behavior?
While this strategy focuses on getting products into retailers’ hands regardless of consumer demand, this other strategy focuses on creating demand among consumers so retailers want to sell the product. (2 part answer)
What are push and pull strategies?
Companies can obtain this type of data from internal records, marketing intelligence, syndicated research firms like J.D. Power or Nielsen, or from research aggregators such as MarketResearch.com.
What is secondary data?
This framework helps organizations analyze direct and indirect competitors within their industry and allows them to anticipate future threats.
What is Porter's Five Forces Model?
Feature Specification is a step in this process.
What is The New Offering Development Process?
Henry Ford promoted the Model T by advertising in every major newspaper and reaching as many consumers as possible with one broad message. This type of promotional strategy is known as this.
What is Mass Marketing?
Conflict between different levels of a marketing channel, such as manufacturers versus retailers, is called this, while conflict between organizations at the same level, like two manufacturers competing for the same wholesaler, is called this.
What are vertical and horizontal conflict?
This model—standing for Attention, Interest, Desire, and Action—guides companies in creating marketing objectives that move consumers from awareness of a product to ultimately purchasing it.
What is the AIDA model?