Marketing 101
Step 1 in the marketing research process.
What is identify and formulate the problem or opportunity?
Processes consumers use to make purchasing decisions, as well as to use and dispose of purchased goods or services and factors that influence purchasing decisions.
What is consumer behavior?
The category a product, brand, or group of products occupies in consumers’ minds relative to competing offerings.
What is Position?
When a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than the competition offers.
What is a product/service differentiation competitive advantage?
DOUBLE JEOPARDY:
The degree to which the price of a product affects consumers' purchasing behaviors
Price Sensitivity
Dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products.
What is behavioral segmentation?
Follow-up
What is step 7 of the marketing research process?
Dividing potential customers into groups of similar people, or segments.
What is Market Segmentation?
The set of all products and services of width (number of product lines) and depth (number of product variants).
What is Product Mix?
The competitive advantage seeking to target and effectively serve a single segment of the market
What is niche competitive advantage?
DOUBLE JEOPARDY:
Price multiplied by the number of units sold equals this.
What is total revenue?
1. At least 2 parties
2. Each party has something of value to the other party.
3. Each party is capable of communication & delivery.
4. Each party is free to accept or reject the offer.
5. Each party believes it is appropriate or desirable to interact with the other party.
What are the conditions of an Exchange?
Specify the sampling procedures.
What is step 3 of the marketing research process?
Dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products.
What is the behavioral segmentation?
The process of influencing potential customers’ overall perception of a brand, product line, or organization in general.
What is positioning?
The value of a company or brand name.
What is brand equity?
DOUBLE JEOPARDY:
Leader pricing (also know as loss-leader pricing) is an attempt to attract customers by selling a product near or even below cost in the hope that shoppers will do this.
What is buy other items once they are in the store?
Market orientation focused on the satisfaction of consumer wants and needs while maintaining organizational (business) objectives.
What is Marketing Concept?
A formal written document that acts as the guidebook of marketing activities.
What is a Marketing plan?
Describes how people act when they are buying products to use either directly or indirectly to produce other products.
What is buyer behavior?
The primary source of revenue (profits), it is often the most flexible component of the marketing mix—the element quickest to change.
What is price?
A particular group of consumers at which a product or service is aimed and those who are most likely to by from you.
What is Target Market?
DOUBLE JEOPARDY:
Pricing at odd-numbered prices to connote a bargain and pricing at even-numbered prices to imply quality.
What is Odd–even pricing (or psychological pricing)?
A philosophical attitude, perspective, or management orientation stressing consumer satisfaction; and an organizational function and process used to implement this philosophy.
What is Marketing?
Data collected for a purpose other than the current application.
What is Secondary Data?
Value derived from a product or service that helps a consumer solve problems and accomplish tasks.
What is Utilitarian Value?
Promotion
The means by which organizations communicate with customers about the merits and characteristics of their organization, products, and services.
This type of organization looks inward, focusing on selling what the organization makes rather than making what the market wants.
What is Sales-Oriented?
DOUBLE JEOPARDY:
The practice of ending prices in numbers below even dollars and cents in order to create a perception of greater value.
What is odd pricing?
Value
A customer perception that a product has a better relationship than its competitors between the cost and the benefits.
The components of marketing research.
What are planning, collecting, and analyzing data relevant to a marketing decision.
Value that acts as an end in itself rather than a means to an end - rooted in emotion.
What is hedonic value?
Place
Often referred to as distribution, place refers to making products available when and where customers want them.
Utility
The ability of goods and services to satisfy consumer needs and wants.
DOUBLE JEOPARDY:
The gap between the cost and the price of an item on a per-product basis.
What is profit margin per dollar?