Business Test #4

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Marketing

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32 Terms

1

Marketing

The activities involved in getting goods and services from the businesses that produce them to the consumers

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2

Marketings 2 Fundamental Goals

  1. to sell what a business makes

  2. to manage a brand

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3

Branding

The process of creating an identity for a product or group of products. Is intended to differentiate a company’s product from its competitors

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4

Brand Name

should be distinctive, stand out, and memorable

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5

Logo

A symbol that is associated with the company or product. It can take the following forms:

  • Monogram – stylized writing initials

  • Abstract symbol – not representative of actual things

  • Visual symbol – represents something

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6

Trademark

A word, symbol, design, or a combination of all three that a business uses to distinguish its goods or services from others

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7

Slogan

A short or catchy advertising phrase associated with a company or product

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8

Brand Loyalty vs Brand Insistence

Customers prefer your brand vs a customer is completely loyal and will not accept a substitute

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9

The Product Life Cycle

  1. Introduction

  2. Growth

  3. Maturity

  4. Decline

  5. Decision Point

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10

Introduction

  • Product launch / Introduction into the marketplace

  • Low sales

  • Consumers are unaware of the product

  • Low cash flow

  • Selling for early adopters in the hope that they will influence others to buy the product

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Growth

  • Once early adopters find it others soon try

  • Sales increase rapidly

  • The market grows,

  • Competitors appear

  • Products are managed very carefully(advertising to promote brand awareness.)

  • At the top of the growth cycle, only a few winners survive.

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Maturity

  • Growth is flat: neither increases or decreases

  • Intense competition

  • Brand equity is at its highest

  • High profits for those with high market share.

  • Weaker competitors will leave the market place

  • Competitor based pricing

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Decline

  • Falling Sales = weaker profits

  • May be temporary decline – seasonally driven or new competition

  • More competitors leave the market.

  • Little spent on marketing the product

  • If brand equity drops, the business has a serious problem.

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Decision Point

  • Whatever brand equity is left is used to reposition the product and make it popular again

  • Reformulate, repackage, and reintroduce.

  • Introduce the product to a new market

  • If decline continues product is removed from the marketplace.

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15

Fads

A product that is extremely popular with a select market for a short time, usually less than a year

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16

Niche

A section of the market in which a product dominates and into which few competitors enter

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Seasonal

Some products are popular during a specific time or season. Balancing product quantity with seasonal sales is called inventory management.

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18

The 4 P’s of Marketing

Product Concept (effective marketing)

  • Price

  • Product

  • Place

  • Promotion

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19

Product

The development of good products and services considers quality, design, features, and benefits

*The Product/Service Mix

A retail store provides services, A service business sells a product. The resulting product/service mix can increase sales to existing customers and attract new ones

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Price

  • Prices for products must be set with care to ensure their success. Today consumers are very price conscious and look for competitive prices at other stores or on the Internet.

  • Price Sensitivity: The degree to which the price of a product affects consumers purchasing behaviours. The degree of price sensitivity varies from product to product and from consumer to consumer

  • Skim pricing – an approach used by companies that involves keeping the price high and targeting niche buyers

  • Penetration pricing – is the opposite of skim pricing. Aim is to keep the price low and focus on reaching the mass market

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Place

The three types of channels of distribution are:

  • Direct Channels= Producers, Consumers, ie: Farmers market

  • Indirect Channels= Intermediaries – wholesalers, importers, retailers

  • Specialty Channels=Vending machines, telemarketing, catalogue, e-commerce etc.

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Promotion

  • Sales promotion encourages consumers to buy products by using coupons, contests, premiums, samples, or special events

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The Two C’s of Marketing

  1. Competitive Market

  2. Consumer Market

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Competitive

All the sellers of a specific product

1) Indirect Competition: Not directly related to each other ie: movies vs pizza

2) Direct Competition: Products that are similar to one another ie: Pizza Nova vs Gino’s Pizza

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25

Consumer

Target Market: the group of consumers that are the potential users of a product or service. These consumers can be identified by demographics and lifestyle

Demographics: the study of obvious characteristics that categorize human beings. Age, Gender, Income, Culture, Family Lifestyle.

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26

Advertising

Good advertisements sell products by making the consumer remember the brand name of their products or services

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27

AIDA

The four standard rules for creating good advertising are summarized as follows:

1. Attract Attention – develop a good headline

2. Interest – make people want to read, watch, or listen

3. Desire – help the customer want your product

4. Action – always ask for the sale

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28

Types of Advertisements

  • Direct-to-home

  • Out-of-home

  • Radio

  • Television

  • Newspapers

  • Magazines

  • Internet*

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Internet Advertising

1. Native Advertising: Sponsored ads on FB or “other recommended readings” or “other people liked”.

  1. SEM (Search Engine Marketing): Each time an ad is clicked on that links to their website from a search engine.

3. Display Advertising: Banner Ads and Pop-ups from websites

4. Mobile Advertising

5. Social Media: Ads posted on social media apps

6. Retargeting & Remarketing: Banner ads that appear on websites that you have previously visited.

7. Email Marketing

8. Digital Signage: Outdoor ads that are digital with some potential to scan with mobile device 9. Videos Marketing: Ads on YouTube

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30

Market Research

The collection and analysis of information that identifies specific groups of consumers who would use a particular product or service

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31

Types of Marketing Research

  • consumer research

  • market research

  • motivation research

  • pricing research

  • competitive research

  • product research

  • advertising research

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32

Market Research Methods

Test marketing • Internal information sources • Surveys • Observation • Focus groups

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