Chapter 1 (Intro) and 2 (Co.& Mktg. Strategy)
The process of creating value for customers and building strong customer relationships in order to capture value from customers in return.
What is marketing?
Suppliers, competitors, marketing intermediaries, and customers are all part of this environment.
What is the microenvironment?
The first and often most difficult step in the marketing research process.
What is defining the problem and research objectives?
This psychological factor describes how consumers select, organize, and interpret information to form a meaningful picture of the world.
What is perception?
Toothpaste, snacks, and other inexpensive products consumers purchase frequently with little comparison are this type of consumer product.
What are convenience products?
This marketing orientation begins with understanding the needs and wants of target customers and satisfying them better than competitors
What is the marketing concept?
Age, income, occupation, gender, and family life cycle are commonly used for this type of segmentation.
What is demographic segmentation?
A researcher stands in a supermarket and records which displays shoppers stop to examine. This type of research is being used.
What is observational research?
The first stage of the consumer decision-making process, when a consumer realizes there is a difference between their current and desired state.
What is need recognition?
A company sells several groups of related products, including shoes, clothing, accessories, and sports equipment. All of these product lines together are known as this.
What is a product mix?
[Know the difference between product mix and product line]
A company encourages its current customers to purchase more of its existing products. This growth strategy is being used.
What is market penetration?
Artificial intelligence, new mobile devices, and advances in automation are examples of changes in this macroenvironmental force.
What is the technological environment?
A company shows two groups different advertisements and compares their purchase intentions. This type of research can help establish cause-and-effect relationships.
What is experimental research?
After repeatedly having good experiences with a brand, a consumer begins choosing it automatically. This psychological factor helps explain the behavior.
What is learning?
This characteristic of services means that consumers cannot physically examine a service before purchasing it.
What is intangibility?
A strong brand reputation would appear in this part of a SWOT analysis.
What is a strength?
A major change in consumers' values, lifestyles, or attitudes would fall under this macroenvironmental force.
What is the cultural environment?
After defining the research problem and objectives, marketers move to this next major step in the marketing research process.
What is developing the research plan?
A consumer knows about a new product but has not yet looked for additional information about it. This is the first stage of the adoption process.
What is awareness?
Coca-Cola introducing a new flavor of Coke under the Coca-Cola name is an example of this brand development strategy.
What is a line extension?
The four major steps of strategic planning, in order.
What are defining the company mission; setting objectives and goals; designing the business portfolio; developing marketing strategies?
A company focuses all of its marketing efforts on one narrowly defined group of consumers with specialized needs.
What is niche/concentrated marketing?
Unlike observation, this research method directly asks consumers questions about their attitudes, preferences, or behaviors.
What is survey research?
A consumer researches several laptops and compares their prices, features, reviews, and warranties. This stage of the CDM process is occurring.
What is evaluation of alternatives?
Costco's Kirkland Signature is an example of this type of brand, which is owned by a retailer rather than the manufacturer.
What is a private brand?