Theories and Strategies
This theory states that people will purchase products that give them a good feeling and buy products that will help them avoid a negative feeling.
What is Thorndyke's Pleasure/Pain Theory?
When consumers are grouped according to similar characteristics it is called this:
What is a consumer segment?
This is a broad product description ( i.e. beverages).
What is a market category?
This is a short, catchy phrase that goes with a brand name.
What is a slogan?
This is a group or business which is organized for social, religious, charitable, educational, athletic, literary, political or other such activities.
What is a not-for-profit organization?
This strategy has the advantage of being flexible, close to local markets, and culturally sensitive.
What is a decentralized marketing strategy?
This important marketing tool is made up of demographics, psychographics, geographics, and product use stats.
What are consumer profiles?
Marketers can compare themselves directly to their competition by breaking down broad categories of products into this:
What are market segments?
This is the identifying image, monogram or symbol that identifies a brand.
What is a logo?
This occurs when two forces work together to produce an effect that is greater than the sum of their individual effects. For example, when KFC and Pepsi appear in the same advertisement.
What is synergy?
This theory states that people buy on impulse and feeling or through thoughtful, logical analyse.
What is the Emotional/Rational Theory?
This is the group of people that the business most wants to attract and therefore gears their marketing strategy towards this group.
What is the target market?
This is the percentage that one company’s product takes of the total dollars spent by consumers on products within a specific market category.
What is market share?
This is the term used when a business develops a product locally to compete in the local market. It can cost millions of dollars to do and take years.
What is brand development?
This is gathered directly from potential customers, employees, and suppliers (Surveys, Interviews, Focus Groups)
What is primary research?
This marketing strategy allows markets to create broad international campaigns that appeal to a diverse group of people all around the world.
What is a centralized marketing strategy?
This refers to consumers going shopping for enjoyment, to improve one's ego or boost morale.
What is retail therapy?
Methods by which a business holds on to its customers, in spite of competition, for example by getting a patent for their product, is called this:
What is sustainable competitive advantage?
This is when a business purchases an existing company in a foreign country or acquires the right to distribute the brand locally.
What is brand acquisition?
This is when businesses use lots of different information to target customers and make their business more competitive. Businesses look for patterns in the information and make predictions.
What is data mining?
This theory states that people have certain needs that must be met before other needs can be met. These needs form a pyramid that ranks their importance with the most basic needs being on the bottom.
What is Maslow's Hierarchy of Needs?
The stages of need recognition, information search, evaluating alternatives, purchasing, and post-purchase evaluation all part of this process.
What is the buying process?
The idea that businesses must consider their consumers and competition in every decision they make is referred to as this:
What is the marketing concept?
If these are successful it is because they communicate a strong attitude or promote a certain lifestyle.
What is a brand?
This is compiled by a source other than you like a Government Census Report, Small Business Center, or Chamber of Commerce.
What is secondary research?