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Dr. Shelton's definition of marketing
What is the totality of the process of getting products of value into people’s hands?
This important first component of a marketing plan provides a broad description of a firm’s objectives and the scope of activities it plans to undertake.
What is a mission statement?
Selling more Coca-Cola to current buyers represents this growth strategy.
What is market penetration?
Age, income, and family size are examples of this macroenvironmental factor.
What are demographics?
Store smells and atmosphere are examples of this type of situational influence on consumer behavior.
What is sensory/atmosphere (situational factor)?
A local restaurant introduces a new summer menu item. Which “P” of the marketing mix does this reflect?
What is "product"?
Waiting in line overnight for a new iPhone is an example of paying this kind of “price.”
What is a non-monetary price (time)?
Launching new Oreo flavors that are intended for the same audience is this growth strategy.
What is product development?
Shared values, customs, and beliefs of a group define this macroenvironmental factor.
What is culture?
The subset of brands a consumer actually considers purchasing is called this.
What is the evoked set?
In marketing, value is:
The tradeoff of what a customer gets vs. gives up
This is an important precursor to a SWOT analysis and important component of a marketing plan assesses things such as the industry, competition, company, product, consumers, etc.
What is a situation analysis?
Coca-Cola entering the insurance business is an example of this type of diversification.
What is unrelated diversification?
This is the first stage of the consumer decision process.
What is need recognition?
You’re craving Chipotle and look up their menu online, checking calories and prices before deciding what to order. This is an example of this stage.
What is information search?
Price in marketing only refers to the money exchanged for a product.
What is false?
This term describes the “what and why” of marketing, while the plan focuses on “how.”
What is a marketing strategy?
Patagonia is often cited as a company that practices this form of marketing that emphasizes purpose over profit.
What is conscious marketing?
Buying Gatorade for hydration reflects a _____ need, while buying it because an athlete endorses it reflects a _____ need.
What is functional and psychological?
A shopper who refuses to spend more than $500 on a phone is using this type of decision rule.
What is a noncompensatory rule?
Provide a branded example of the complete use of the 4 P’s.
What is product, price, place, promotion?
A SWOT analysis separates internal from external factors. What are internal and what are external?
What are strengths and weaknesses = internal; opportunities and threats = external?
When a company exaggerates environmental efforts in ads without meaningful action, this practice is called _____.
What is greenwashing?
You just bought an expensive new laptop and later wonder if you should have picked a cheaper brand. This feeling of doubt is called this.
What is cognitive dissonance?
A grocery store placing healthy snacks at eye level is an example of this type of “nudge” in choice architecture.
What is choice architecture (a nudge)?