HONORS MARKETING FINAL

Honors Marketing Final 2025

Product

What the product is

Price

How much your selling your product/service for

Place

Where the product is sold, connects to your target market

Promotion

How will you be advertising your product

Direct marketing

direct form of communication (mail, phone, text messaging, email marketing)

Personal selling

most expensive; one-on-one communication

PR

nonpaid, non personal form of communication

Sales promotions

garners immediate results (sales); induces sales in the short term

Advertising

paid, nonpersonal communication

Market segmentation

Dividing a market into groups of buyers who have different needs, characteristics, or behaviors

Psychographic segmentation

Beliefs, values, attitudes (religion, culture, hobbies, lifestyle)

Demographic segmentation

Statistics of the target market (age, race, sex, marital status, education, income)

Behavioral segmentation

Usage, loyalty (example: sneakers have a high usage for runners)

Geographic segmentation

Country, region, urban or rural, climate, works on the principle that people in that location have similar needs, wants, and cultural considerations.

Importance of target market

The group of people most likely to become customers, Identified for a specific marketing program

Form utility

Changing raw materials into usable goods or putting parts together to make them more useful

Time utility

Having a product or serivce available at a certain time of year or a convenient time of day

Place utility

Having a product where customers can buy it

Possession utility

The exchange of a product for money

Identifying customer needs

Market research helps a company develop a detailed picture of its customers, including a clear understanding of their wants and needs.

Anticipating customer needs

After analyzing the data collected, marketers can predict how products might be changed, adapted, or updated.

Satisify customer needs

Consumers will be pleased with their product purchase and will be more likely to make additional purchases.

Profitably

When a company's revenue is greater than its expenses. In terms of marketing, the road to profitability means adding value to a product so that the price customers pay is greater than the cost of making the product.

Political (PESTLE)

New laws, fiscal policy, trade tariffs

Economics (PESTLE)

Inflation rates, interset rates, foreign exchange rates, economic growth patterns

Societal (PESTLE)

Demographics, cultural trends, population analytics

Legal (PESTLE)

Consumer laws, labor laws, safety standards

Technological (PESTLE)

Innovations in technology, automation, research and development, technological awareness

Environmental (PESTLE)

Climate, geographical location, stakeholder and consumer values

Stated needs

Clearly specified by the customer

Unstated needs

Customer expects but doesn't ask for

Real needs

The value the customer is going to derive from the stated good or service. One level above stated needs in terms of specific details

Ethical marketing practices

Transparency, privacy, customers needs and concerns

Price fixing

an agreement among firms to charge one price for the same good, eliminated competition

Hidden fees

Offering a good deal to the customer only for them to find out later that the deal requires them to pay additional funds to complete the deal

Inflated sales data

Trying to make short-term goals at the expense of long-term goals (Recognizing sales that have not shipped on the books)

Misuse of expenses

Double billing, padding of the account, and overcharging for expenses

Brand equity

The additional value that a brand has over a substitute

Brand persona

Brand personality, brands image, what the public sees

Brand positioning

The way the brand signals emotions in consumers' minds

Attribute brand positioning

focuses on creating a unique perception of a brand by emphasizing specific, desirable attributes or features of its products or services

Value brand positioning

Financial assets linked to a brand.

Benefit brand positioning

Includes increased market share and awareness.

Brand lift

Measures perception over time, used to determine whether a campaign improved perceptions by surveying customers and non customers about their perception of a pre campaign and again post campaign, doesn't measure increase in sales

Brand engagement

Measures how deeply the customer identifies emotionally with a brand. Deeply engaged customers typically

Brand preference

Measures consumer behavior; most accurate for predicting sales; focus on behavior over attitudes. These measurements come from the use of marketing research

National brand

Name brands, tend to be a higher price, (Starbucks, coca-cola)

Private brand

Store brands that are similar products to a national brand and labeled privately; many times made by a national brand

licensed brand

Provide the likeness of their brand as a fee for use-expensive licensing fees (Disney)

Co-brand

When two companies want to collaborate on a specialized product. Can increase revenue with new customers. Too strong of a partner might dilute your brand (Example: nike and apple, apple watch nike+)

Core

How can I solve the customer's problem? Confidence, ego, convenience, ease, flexibility

Actual

What is the offering to solve the problem? Includes packaging, brand, design

Augmented

What are the services to supplement the product? Warranty, customer service, product support

Product line depth

Number of versions offered for each product in the product line

Product line filling

A technique used to stop competitors from entering the market by adding products to the product line

Intro

Sales volume increase slowly since the product is new and often known to the mainstream market

Growth

Known as the 'Take-Off Point' since sales may even grow exponentially. Also, the competition heavily intensifies.

Maturity

Known as the shake-out since most companies drop out. The sales curve flattens out and there are few new buyers. Competition is the most intense.

Decline

The market declines. Customers need new & innovative products, or simply because they have them in their possession already. Companies have trouble surviving. Need to make a decision on keeping the product in the market.

Convienience

Milk, eggs, bread, water, toothpaste, dish liquid

Shopping

Meat, wine, most clothing, shoes, massage, nails, car insurance

Speciality

High end clothing, car, wedding venue, wedding ring

Unsought

Life insurance, burial insurance, fire extinguisher, mechanic

Volume big data

The amount of data is vast and increasing

Velocity big data

It continues to surge exponentially

Variety big data

The diversity of data

Primary data

Collected directly by the researcher, More specific and tailored to the research question, Can be expensive and time consuming

Secondary

Gathered by others and then analyzed, Often chapter and faster to access, Might not be as specific or up to date

Focus groups

a small group discussion, usually 6-10 people, led by a moderator to gather qualitative data about a product, service, concept, or marketing campaign

Quantitative

Data collected to describe the situation in the market and help define an opinion, attitude, or behavior

numbers

Qualitative

Reasearch conducted that is more general to learn more about the industry or market (not numbers)

Personal selling and when it is used

Personal selling is used in the promotion mix to communicate with consumers. Use personal selling as a promotional strategy when products, Are higher in price, Are variable in nature, Require some explanation or education, and require significant follow up after the sale

Approach step

Contact and begin to build relationship with customers

Closing

Discuss financing, delivery, and product details

Standing room close

Product is in short supply or price is about to increase, (real estate)

Incentives

Discounts

Premiums

Items offered for free with a purchase

Sweepstakes

A chance to win something of value, increases sales

Loyalty program

Comes in many forms, used to build customer loyalty and repeat purchases

Public relations

the process of managing how information about a company, brand, or individual is disseminated to the public with the goal of shaping public perception and building a positive image

Lobbying

Efforts to influence public policy and the law

Publicity

can be used to bring awareness to an event, an award, the amount of volunteer hours the employees did in a time frame, and many more positive stories that the organization wants to share.

Public affairs

efforts to influence public policy and engage with public officials

Noise

any interference in the process; outside of the marketer's control

Feedback loop

whether the receiver acted on the information and decoded it correctly

Intergrated marketing communicaitons

is a method of communication that conveys the same message across different forms of the promotional mix.

Rational

appeals encourage the consumer to purchase based on the benefits that the product/service offers in relation to their needs.

Emotional

use fear, happiness, sadness, trust, anger, or guilt to spur the consumer to purchase.

Price skimming

A rapid skimming strategy is used to establish a product

• Sets high price

• Extensive advertising and sales promotion

A slow skimming strategy (not a lot of competitors)

• Sets high prices with low advertising and sales - promotion investment

• Example: tesla's high price and made it exclusive

Cost-based pricing

a pricing strategy where a product's selling price is determined by adding a markup to the total cost of its production

Psychological pricing anchoring

An anchor price is set that becomes the point of reference for the consumer, goods are then offered at a lower price to create value in the consumers mind

Artificial time constraints

Products are available or a limited time, creating a sense of urgency in the mind of the customer

Appearance

The appearance of the price in terms of how complicated it is to understand

Gouging

This occurs when individuals or companies take advantage of a situation by raising prices based on need