Marketing 101
A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
What is Marketing?
The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions.
What is Marketing Research?
These are the four types of segmentation strategies.
– Geographic
– Demographic
– Psychographic
– Behavioral
A goal of marketing is to:
- attract new customers by promising superior value
- grow current customers by delivering satisfaction
“Activities people undertake upon obtaining, consuming and disposing of goods and services, including the decision processes that preceed and follow these actions.”
The set of all products and items of width (number of product lines), length (total number of items in the mix), depth (number of product variants), and consistency (product line similarity regarding end use)
What is Product Mix?
New data that marketers compile for a specific research project.
What is Primary Data?
Dividing potential customers into groups of similar people, or segments.
What is Market Segmentation?
The attributes that make a good or service different from other products that compete to meet the same or similar customer needs.
What is differentiation?
Three characteristics that affect consumer behaviour.
Cultural
Social
Personal
Psychological
Products are anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
What is a Product?
This is a small number of people brought together for an in-depth discussion of a particular topic.
Focus Group
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?
A marketing strategy that aims to make a brand occupy a distinct place in the mind of the customer.
What is positioning?
The tendency for people to interpret information in a way that will support what they already believe.
Selective Distortion (a part of how we perceive things, a psychological factor that affects how we buy things).
The blend of marketing strategies for product, price, distribution, and promotion.
marketing mix
Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.
Dividing the market into smaller groups based on consumer attitudes, interests, values, and lifestyles.
psychographic segmentation
These are 3 brand personality trait examples:
- sincerity
- excitement
- ruggedness
- competence
- sophistication
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. They can also include persons, places, organizations and ideas.
Market offerings
Existing data that marketers gather or purchase for a research project.
What is Secondary Data?
Dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender
What is demographic segmentation?
A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.
What is Target Market?
State the 5 consumer decision-making stages in order.
Need recognition
Information search
Evaluation of Alternatives
Purchase Decision
Post-purchase Behavior
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
It believes that focusing on customers and satisfying their needs is a path to profits.
The Marketing Concept
Marketing research that does not require the researcher to interact with the research subject.
observation research
🌟Double Points 🌟
This company segments its target market using demographic segmentation. Explain how
-Open Answer-
These are the 5 types of differentiation:
– Product differentiation: feature, performance, design
– Services differentiation: Speed, convenience, careful delivery
– Channels differentiation: Smooth functioning, direct channels
– People differentiation: Competent, friendly, well-trained staff
– Image differentiation: Conveying distinctive benefits and position
These are the four types of buying decision behavior. 🌟Double points if you explain each!🌟
- Complex buying behavior: highly involved in a purchase and perceive significant differences among brands. Product is expensive, risky, purchased infrequently, and highly self-expressive.
- Dissonance-reducing buying behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
- Habitual buying behavior occurs under conditions of low-consumer involvement and little significant brand difference.
- Variety-seeking buying behavior in situations characterized by low consumer involvement but significant perceived brand differences. In such cases, consumers often do a lot of brand switching.