Marketing
First Rule of Marketing
What is Customers don't buy products, they buy solutions to problems?
Time factor slide featured what famous sandwich.
What is a McRib?
Movie from which a character says, "For it is money they have and peace they lack".
What is Field of Dreams?
Comedian wanting his car reservation
Who is Jerry Seinfeld?
Example of Discovered Opportunity.
What are cure for disease or smart phone?
Purchasing power is held today by ____
What is customer?
Study of personality, values, attitudes, lifestyles and interests.
What is Psychographics?
Aggregating customers that have common needs and will respond to similar marketing message.
What is Segmentation?
MOST important segmentation question.
What is Why?
The reason the Oceanography Red Market is Red
What is competition/bloody?
Two primary changes in AMA definition of Marketing.
What Delivering Value and Customer Relationships?
Largest sphere of influence. Most impact on our purchasing.
What is Culture?
Product used to explain Created Opportunity.
What are Beanie Babies?
Primary challenge with surveys, especially with students in my class.
What are honest responses?
The primary source of information regarding the Target Market.
What is Voice of the Customer?
Real or perceived value customer experiences
What are benefits?
The two types of searches consumers do during the information search phase of the consumer purchase process.
What are internal and external?
SHU
What is Super Heavy User?
Consumer consideration dealing with facts not feelings
What is objective?
Statement where a company promises to deliver to customers should they choose to buy their product.
What is Value Proposition?
The fictional company used to better understand Segmentation, Target Market and Positioning.
What is Wine Specialty Store?
Name the 4 Attributes consumers make in their purchasing decisions.
What are Aesthetic, Brand, Price, Benefits/Features?
What product was used to help introduce segmentation?
What are Blue Jeans?
5 steps of Consumer Buying Process
What are Problem Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Post-Purchase Evaluation.
The 3 views of opportunities
What are recognized, discovered or created?