MARKETING 2 TEST I WIL GET AN A

consumer markets

members benefit from the purchased product and dont buy products to make money

Buisness market

members intend to resell product for a different price and use it for other products or use it for business operations.

Market

a group of people that have needs for products and have the ability,willigness, and authority to buy them

demographic variables

age,gender,race,income,religion,social class

physcographic variables

lifestyle,personality,motives

geographic variables

region, urban, suburban, rural, city size, county size, state size, market density, climate, terrain

behavioristic variables

volume usage, the benefits users get from your product, brand loyalty, price sensitivity

what r the 3 types of marekting strategies

undifferentiated strategy,concentrated strategy, diffrenciated strategy

undifferentiated

occurs when a company creates one campaign for its entire audience, with all segments seeing the same message.

differentiated

targets different market segments with specific marketing mixes designed especially to meet those segments' needs

Concentrated Strategy

A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.

market potential vs company sales potential

Market potential is the total sales or total potential sales of all players in the industry in the defined GEOGRAPHICAL area during a certain period of time. Sales Potential is an figure indicating the maximum or total sales from all prospective buyers of the product.

breakdown approach

measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it (DEMOGRAPHIC VARIABLE)

build up approach

measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered

Primary data

research is done by collecting data yourself, often through surveys or interviews with your target market.

Secondary data

Secondary research uses existing data that you can find online or in research reports and books.

what are some sources of secondary data

books, personal sources, journals, newspapers, websitess, government records

what are the 3 types of primary data research?

Exploratory,descriptive,expiremental

exploratory

identification of customer needs and data collection method is: focus

descriptive

Profiling market segments and data collectoin method:Surveys, case studies, job analyses, document analyses, and correlational studies ar

Experimental

Evaluating advertisements and data collection method: Sales experiments, single-source data

what r the 4 survey methods

mail,online,telephone,personal interview

what is a difference between a population and a sample

A blank is an entire group that you want to draw conclusions about. A s is a specific group that you will collect data from.

probablity sampling

involves random selection, allowing you to make strong statistical inferences about the whole group.

product item

is anything that is offered to a market to satisfy customer wants and needs.

product line

group of closely related products with similar functions, customer groups, outlets, and the same price ranges. For instance, the Nike product line includes Footwear, Apparel, and Sports equipment,

non-probability sampling

non-random selection based on convenience or other criteria, allowing you to easily collect data.

product mix

The total group of products that an organization makes available to customer

width

the number of product lines offered by a company.

depth

Consumers often want a large variety of items
to choose from in each line of products that
the retailer carries

what r the 3 aspects commonly used for product differentiation?

product quality, product design features and product support services

product positioning

a form of marketing that presents the benefits of your product to a particular target audience.

brand name

the part of a brand that can
be spoken, including letters, words, and
numbers

brand mark

the part of a brand not made
up of words, such as a symbol or design

Manufacturer brands

They are created by producers and bear their chosen brand name

Private distributor brands

brands
initiated and owned by resellers

brand equity

The marketing and financial value
associated with a brand’s strength in
a market

indivudal branding

every product a company sells has its own unique brand name.

family branding

Most of a firm’s products
branded with the same name

Brand-extension branding

Using an
existing brand name for a new product in a
different product category

intangibility

they can often not be seen, tasted, felt, heard, or smelled before they are purchased. unperceived by the senses

Inseparability of production and consumption –

being produced and consumed at the same time FOR EX customer often consumes the food they purchase while still at the restaurant. This can make it challenging to separate the service they receive from the quality of the food.

perishability

the quality of a food, beverage or another product that makes it expire or spoil quickly

Heterogeneity

variation in quality

credence quality

that is difficult for customers to evaluate even after they have consumed a product or service.

Surrogate indicators

are cues used by consumers in place of another to evaluate alternatives

search qualities

qualities of a brand that "the consumer can determine by inspection prior to purchase

Experience qualities

can determine quality or service after consumption after using product or service

credence qualities

its hard to evealuate even after using the product or service

Off-peak pricing

reducing demand fluctuation by
lowering prices of services used during the slow periods

distribution

to spread the product throughout the marketplace such that a large number of people can buy it.

supply chain

activities necessary to produce and deliver goods and services to a business's customers.

wholesalers

a company that purchases completed products from manufacturers then distributes these products to retailers, which then sell smaller quantities of the product to the end-user.

multichannel distribution

method that implements more than one channel or store to reach customers and increase sales.

Transactional

making the exchange possible

Facilitating

making the exchange easier

Logistical

managing physical movement and storage

intensive distribution

involves making a company's products available to customers in as many places as possible.

Selective distribution

using only some
available outlets to distribute a product

Exclusive distribution -

using a single
outlet in a fairly large geographic area to distribute a
product

vertical integration

when a business expands by acquiring another company that operates before or after them in the supply chain.

Atmospherics

consumers often want a physically
appealing retail environment: atractive storefront, display windows, entrance
– Interior, e.g., clean, pleasant temperature, appealing music

Helpful service:

consumers often want the purchase
process to be easy. assistance in finding and evaluating items , Good hours, easy payment methods, after-sale service

Good value:

onsumers often want to feel that they
are getting a lot of value for the price