Marketing Management Revision

Marketing Research

100

A good research plan should produce results that are both ____________ and ____________

valid and reliable

200

What are the two primary research methods 

Quantitative data and Qualitative data

300

What is the marketing research process?

1. Define the problem and research objectives

2. Develop the research plan

3. Collect the information

4. Analyze the information

5. Present the findings

6. Make the decision

400

What is marketing research?

–The systematic identification,design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities

500

What are the benefits of marketing research?

1.Helps firms stay in touch with customers’ changing attitudes and purchase patterns

–Specifying the information necessary to address issues concerning markets, consumers, demand, etc

2.Assists in better understanding                       market opportunities

3.Determines the feasibility of                                          a particular marketing strategy

4.Aids in the development of
marketing mixes to match
the needs of customers

5.Improves marketer’s ability
to make decisions

Marketing Environment

100

What is marketing environment?

All the actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful relationships with its target customers.

200

What are the six factors in the marketing environment?

• Political-Legal Environment

• Economic Environment

• Technological Environment

• Natural Environment

• Socio-cultural Environment

• Demographic Environment

300

Define Socio-cultural and Demographic environment

• Socio-cultural Environment:

  • This encompasses the social and cultural aspects that affect consumer behavior and preferences. Factors include demographics, lifestyle changes, cultural values, social trends, and consumer attitudes towards products and services. Understanding these elements helps businesses tailor their marketing strategies to meet the needs and preferences of their target audience.

• Demographic Environment:

  • This involves the study of population characteristics such as age, gender, income, education, occupation, family size, and ethnic background. Demographic trends can influence market demand and help businesses identify and target specific consumer segments.

400

Define Political-Legal and Economic Environment

• Political-Legal Environment:

  • This factor encompasses the influence of government policies, regulations, and legal issues on business operations. It includes trade regulations, tax policies, labor laws, environmental laws, consumer protection laws, and political stability. Businesses must navigate these aspects to ensure compliance and adapt their strategies accordingly.

• Economic Environment:

  • This involves the economic conditions that affect consumer purchasing power and spending patterns. Key elements include inflation rates, unemployment rates, economic growth, interest rates, and overall economic stability. The economic environment influences pricing, demand for products, and overall market potential.

• Technological Environment:

  • This factor includes the impact of technological advancements and innovations on businesses. It covers areas like automation, research and development (R&D), new product development, and the influence of digital technologies and e-commerce. Keeping up with technological changes can provide a competitive edge.

500

Define Technological and Natural environment.

• Technological Environment:

  • This factor includes the impact of technological advancements and innovations on businesses. It covers areas like automation, research and development (R&D), new product development, and the influence of digital technologies and e-commerce. Keeping up with technological changes can provide a competitive edge.

• Natural Environment:

  • This relates to the physical environment and natural resources that businesses utilize. It includes environmental sustainability, climate change, resource scarcity, and environmental regulations that businesses must adhere to. Companies must consider their environmental impact and implement sustainable practices.

Pricing Strategies

100

What are the pricing strategies for new products?

Penetration pricing - Set a low price to penetrate the market and quickly attract a large number of buyers.

Market-skimming pricing where prices start high and slowly drop over time.

200

What is the difference between pricing and the other 3Ps of the Marketing Mix?

Price is the only element in the marketing mix that produces revenue; all other elements represent costs

300

How can prices be decreased without lowering the prices?

1.Give more product ( 10% more for the same price)

2.Offer free refills

3.Attach a gift

4.Give coupons or rebates

5.Increase trade allowances

6.Lower interest charges or interest rates

7.Defer payments until later

8.Offer value packs

400

Identify some pricing strategies

Premium pricing

Economy pricing

Psychological pricing

product line pricing

Optional Product Pricing

Captive Product Pricing

Product bundle pricing

Promotional pricing

500

What are some pricing mistakes?

•Pricing strategy is too cost oriented and not sufficiently customer oriented

•Pricing strategies are not revised often enough to reflect changes in the market

•Pricing strategy do not take the entire marketing mix into account

•Pricing strategies  are not varied enough for different products, different market segments, and different purchasing occasions

Promotional Tools

100

Characteristics of Advertising

–Pervasiveness

–Amplified expressiveness

–Control

200

Characteristics of Public relations and publicity

–High credibility

–Ability to reach hard-to-find buyers

–Dramatization

300

What are the promotional tools/Marketing Communications Mix

•Advertising

•Sales promotion

•Events and experiences

•Public relations and publicity

•Online and social media marketing

•Mobile marketing

•Direct and database marketing

•Sales force

400

What is marketing communications?

–The means by which firms attempt to inform, persuade, and remind consumers about the products and brands they sell

500

Characteristics of Personal Selling

–Customized

–Relationship-oriented

–Response-oriented

Retailing and Wholesaling

100

store retailers, nonstore retailers, and retail organizations.

Types of retailers

200

All the activities in selling goods or services to those who buy for resale or business use.

Wholesaling

300

Merchant wholesalers, full-service wholesalers, brokers and agents

Major wholesaler types

400

–All the activities in selling goods or services directly to final consumers for personal, nonbusiness use

Retailing

500

It excludes manufacturers and farmers because they are engaged primarily in production

Wholesaling