marketing ch 1-6 exam

what is marketing

providing and satifying ppls needs and wants

is everything by steve jobs or regis

Place

represent all activities necessary to get the product to the right customer when that customer wants it (ex: starbucks expanding its storefronts constantly so its easy for ppl who love coffee)

Promotion

a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a responce.(Oatly promoted their products to coffee shops and encourgaed them to educate customers about oat milk)

Price

is everything the buyer gives up- money, time, energy in exchange for the product (ex: Frontier and their low fare to take you from place to place but the price you ultimately pay for depends on the seat you pick or check a bag)

Product

creating value for customers, tangible

services

whatever you sell or trad. tangible

Value equation

perceived benefits / perceived costs

firms target marketing

customer you are going after

related marketing mix

figure out how your 4 p’s is different from eveyrone else

SWOT

strengths, weaknesses,<- interntal to the company, things youre really good at 

opportunity, and threats <- external to the company, something going on in the enviornment/world 

STP

identify and evaluate opportunities for increasing sales and profits.

diversification

going for completly new things that havent existed before

Stars

high market share high growth

question marks

low market share high growth

cash cows

high market share not growing much

dogs

low market share and low product growth

sender and receiver

objectives- awareness, attitudes, memory, action

unilever Global ad spending

as of last year 1 trilllion was spent on advertising in terms of tellin the story

outbound

broadcast msg to many ppl (superbowl, tv)

inbound

consumers trying to find you (webiste, reading content

ZMOT

zero moment of truth 1. encountered product 2. experience it

green washing

, trying to make brand seem more sustainable and environmentally stable than it is

green marketing

minimize the negative effect on the enviornment while promoting sustainable practices and products to consumers.

mere exposure effect

If you see it several times you tend to like it more, being familiar with the product 

maketing myopia

short sighted focus on selling specific goods or services

country culture

easy-to-spot visible nuances that are particular to a country, (dress, symbols, ceremonies, language, colors, and food preferences), and subtler aspects,

regional culture

 For national and global chains particularly important to cater to regional preferences  

       Mcdonalds – slightly different variations of staple menus   

sustainability

meeting our own needs without hurting the ability of future generations to meet theirs

planet, ppl, profit

lewins equation

B= f(P, E)

retreival set

Those brands or stores that the consumer can readily bring forth from memory.

compensatory

evaluating alternatives and trades off one characteristic against another such that good characteristics compensate for bad ones.

noncompensatory

choosing a product or service on the basis of a subset of its characteristics, regardless of the values of other attributes.

choice archeticture

Various methods used to present different choices to consumers, which have a pertinent effect on their decision making

nudge

One element of the choice architecture (environment) that alters behavior in a predictable way but never forbids other behaviors or offers specific economic incentives.

default

An element of choice architecture (the environment) impose some choices on consumers who fail to take any further action or actively opt for a different alternative.

psychological needs

necessities of life: food, drink, rest, and shelter.

habitual decision making

A purchase decision process in which consumers engage with little conscious effort.

extended problem solving

expensive and or risky

Elaboration Likelihood Model:

how much information you expose to people  

world food prize

nobel prize when it comes to food and argiculture, in des moines, Half a million in rewards for those making an impact in terms of sustainability, distribution  

James Vicarey

has machine, imbedded pictures of coca cola or of popcorn movies

what is the parade in the ferris buellers day off movie

von setuben day

operational excellence

focus on efficient operations, excellent supply managemt and strong relationships

product excellence

acheive competitive advantage by providing products with high perceived value and effective branding and positioning

mission statement

broad description of a firms objectibes and the scope of activities it plans to undertake

organic search

process of listing web page results based on revelancy of key terms

performance risk

percieved danger inherent in poorly performance or service

financial risk

monetary outlay and includes initial cost of purchase as well as the costs of using the item or service

social risk

involves the fears that consumer suffer when they worry others might not regard their purchases positively

evoked set

compromises alternative brands or stores that consumer states they would consider when making a purchase decision

sustainable competitive advantage

Something the firm can persistently do better than its competitors.

no body can copy (ex: amazon prime)

crowdsourcing

Users submit ideas for a new product or service,

conscious marketing

four key principles: a higher purpose, stakeholders, conscious leadership and culture.

evaluative criteria

Consist of a set of important, attributes about a particular product.

Stake holders

employees, customers, marketplace, society

production

150 years ago if you need a table and there was only 1 carpenter you would go to them

sales

broadcast messages and capture attention by offering discounts

mkt

asking customers what they want

value based marketing

figuring out beyond what ppl want. provide with most amount of value for least amount of price to deliver maximum satisfaction and foster long-term customer relationships.

positioning

who its for and what it does

segment

everyones got something they want

strategic intent

mission and market

strategic execution

message and media

strategic impact

money and measurement

what

the contents (msg strategy)

how

the execution (creative strategy)

boston consulting group

has our market share and growth of the category

product growth matrix

existing producs, new products

existing markets, new markets

penetration

selling same stuff to the same audience (ex: phones)

market development

selling things in completly different market or product development

conversion rate

number of consumers exposing and number of ppl actually buying

bounce rate

go on website click on something then go somewhere else

click path

monitoring what ppl click on

keyword analysis

searching for what ppl are asking about

sentiment analysis

what ppl are saying online