Chapter 1& 2
Which factors are meeting a customer’s needs are controllable? Which are less controllable?
The marketing mix is controllable factors and environmental forces are uncontrollable. Environmental forces consist of social, economic, technological, competitive and regulatory forces.
This process involves continuously acquiring information on external events to identify and interpret potential trends
What is environmental scanning?
This type of marketing involves selling products or services to other businesses rather than individual consumers
What is B2B marketing?
What is Marketing?
The process of discovering and satisfying consumer needs.
What is Marketing Myopia and give an example of it
Marketing myopia is a nearsighted focus on selling products and services and not seing the "big picture" on "what consumers really want"
Example: businessmen staying in the mindset that they were in the railroad business rather than in the business of transportation
Other Ex: Blockbuster --> Netflix
Taxi Cabs --> Uber/Lyft
What is the marketing mix (4 P's)
The marketing mix is the 4ps or element of controllable factors.
What are the 5'Cs
Company
Customers
Collaborators
Context
Competition
This type of research involves gathering data directly from the source through methods like surveys, interviews, and focus groups
What is primary research?
What is the one-word definition of strategy mentioned in lectures.
CHOICES
What is insight?
It is a deep truth, relevant to your brand and audience, that if solved has the power to move the customer to a desired future state.
The really, really behind what people do and say.
Focuses on the "Why"
In a SWOT analysis for Amazon, this component would identify external factors such as the rise of e-commerce trends or advancements in technology that the company could leverage to enhance its market position. This is a(n)
OPPURTUNITY
In the lecture vids, how did Wallick Communities used environmental scanning to drive strategy?
Used data, more than half of middle income seniors would not be able to afford senior living.
Capitalized off that creating new senior living called The Ashford.
Its is now 32% lower than the competition
This company uses content marketing on various social media platforms to promote its brand, as highlighted in a case study on the lecture vids
What is IBM?
This type of marketing involves understanding and influencing the purchasing decisions of individual consumers, often requiring emotional appeals and mass advertising strategies.
What is B2C marketing?
Fact: The average age of retirement has increased 3 years since 2020.
What is your understanding and insight in regards to why someone would want to live and work in the Villages?
Insight- I'm of retiring because my job is who I am and I feel like I may lose my identity.
(Other examples accepted)
What is the BCG Matrix? Explain the symbols
In this strategic tool,
“Star” represents a product with high market growth and high market share
“Cash Cow” signifies a product with low market growth but high market share
“Question Mark” indicates a product with high market growth but low market share,
Dog” denotes a product with low market growth and low market share.
This stage of the purchase decision process involves the consumer comparing different products or brands based on attributes like price, quality, and features before making a final choice.
What is the evaluation of alternatives?
This stage of the organizational buying decision process involves the formal selection and purchase of a supplier, often including contract negotiations and finalizing terms.
What is Purchase Decision?
Jimbo cracked the glass on his smartphone. He had hoped it was just the screen protector, but he saw that he really could not do much with his phone in that condition. Jimbo knew he'd need to get a new one; he had just begun what process?
What is the purchase decision process?
What is Derived demand?
Demand that is derived from a source other than the primary buyer of the product.
This quadrant of Ansoff’s Growth Matrix involves introducing new products into new markets, representing the highest risk strategy due to the dual challenge of unfamiliar products and markets.
What is Diversification?
This type of buying decision involves significant investment and high involvement from the consumer, often seen in purchasing a car or a house, and requires marketers to focus on extensive information provision, risk reduction strategies, and post-purchase support to ensure customer satisfaction.
What is a high-involvement decision?
What is the 5-step marketing approach?
1) Define the problem
2) Develop a research Plan
3) Collect relevant information
4) Develop findings
5) take marketing action
This company capitalized on the trend of high-quality, American-made products by revitalizing its brand and emphasizing its Detroit manufacturing roots, leveraging socio-cultural and psychological influences.
What is Shinola?
Intel Derived Demand Case Study
1) Intel goes to Dell and say use our chips in your product. Dell says no we aren't going to do that
2) Intel then markets to consumers saying you need our chips in your product because it's beneficial
3) Now consumers are asking stores like Best Buy, "Hey do you guys have that intel chip?"
4) Best Buy goes to Dell saying customers are looking for intel chips then Dell goes back to Intel saying we want your chips in our product.
5) In the end Intel got what they wanted