marketing management

What is the formula for calculating profit?

Revenue - expenses = profit.

What does revenue equal in marketing?

Revenue = Sales (amount) X Price.

What does STP stand for in marketing?

Segmentation, Targeting, Positioning.

How is marketing management defined?

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

What is marketing?

Discovering the needs and wants of customers and satisfying those needs and wants.

What is utility in marketing?

The want-satisfying power of a good or service.

Name the four types of utility.

Form, Time, Place, Ownership.

What does the 'Cost Leadership' strategy imply?

Offering lower costs, as exemplified by Walmart.

What are the five Cs in marketing?

Company, Competition, Customer, Collaborator, Context.

What is the SMART criteria in setting objectives?

Specific, Measurable, Attainable, Relevant, Time-based.

What is market penetration?

Increasing sales with existing products in existing markets using the four Ps.

What are the 4 Ps of marketing?

Place, Promotion, Product, Price.

What are the steps in the decision-making process (DMP)?

Problem recognition, Information search, Alternative evaluation, Purchase decision, Post-purchase behavior.

What is the formula for calculating breakeven point in units?

Total Fixed Cost / Per-Unit Contribution to Fixed Costs.

What is primary research?

Research conducted directly to answer a specific research question.

What is brand equity?

The commercial value perceived by consumers due to brand loyalty and unique features.

What is the difference between needs and wants?

Needs are essential (e.g., thirst) while wants are preferences (e.g., apple juice).

What is PSI and what is its main goal?

Population Service International aims to ensure proper family planning information and make contraception products affordable.

What are the main types of growth marketing strategies?

Market penetration, market development, product development, diversification.

Which marketing mix captures the value created by a company?

Price.

What is churn a measure of?

Customer attrition.

What is a perceptual map?

A visual representation identifying important product attributes and customer ratings.

the main issues for mountain man brewing co

was introducing a new product to an existing market, issues lead to possible Cannibalization, company value at stake, and old demographic dying out.

Cannibalization

occurs when a new product takes sales away from an existing product within the same company, potentially undermining overall profitability.

Acquisition funnel process

Ad $$, Impression, Clicks through, Start app, Finish app, Approved, Active, and remain

BBVA case obj.

Offline and online advertisement for customer interaction, The interaction between the two, and Customer acquisition - more at problem recognition and info search rather than the rest of the process

Mednet case obj

Trying to measure success (not really possible), Values involve, Measurement in order to utilizes consumers obj, and General website plan vs niche plan

Northeastern case obj

Part of the 5cs but more about the evaluation of the 5cs, more interests in customer they had Market research Validity- what the results will look to everyone not just the sample of people

profit margin

Profit margin = profit/revenue

Natureview case obj.

Growth strategy, Dispusution, and Budget

what was natureviews three options

Three options to choose

8 oz - market development

32 oz - market development

Multi children pack - product development

Pyramid pizza case obj.

Not a great strategy, does not have the plan to grow. Didn't try to use growth strategy and the alignment between the aspiration plan and action plan. They had segmentation and targeting but the 4ps didn't line up with the positioning.

PSI case Obj.

Consumer objective and a rebranding strategy, Rural vs urban, Five cs analyst was the main focus, Identify the problems which were consumer, company, competition. Social marketing, Operate a business to influence voluntary behavior changes for the betterment of individuals and society, rather than for financial gain, PSI social marketing was population control, and Marketing Math

what did northeastern used for research

Survey obs, Survey questions, Pretesting, Sample design -Random and non random, and Response rate -Non response bias and response bias

Differentiation

EX. Apple - how much of a difference/ separate a customer feel compared to other companies

Market Development

Old Product, New Market

Product development

New Product, Existing Market

Diversification

Selling two different products in two different markets

Social identity theory (Tajfel, 1979)

Social meaning, social bonding (with other consumers)

Meaning Transfer (McCracken, 1986)

Relationship that fostered years (relationship marketing) 

Secondary

Gathering info/data from other sources that were conducted before to answer your own research question.