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Marketing Management (BMK211) Final Study Guide.doc

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Bishop's University
BMK 211
Caitlyn Mcloughlin

1) Marketing Mix a. the 4 p’s i. product ii. price iii. place iv. promotion 2) Core Competency a. a source of competitive advantage that makes a significant contribution to perceived customer benefits b. has application in a wide variety of markets c. difficult for competitors to imitate 3) Ansoff’s matrix a. Market penetration i. Existing market ii. Existing product b. product development i. existing market ii. new product c. market development i. new market ii. existing product d. diversification i. new market ii. new product 4) Trends in the Environment a. Demographic i. worldwide population growth ii. population age mix iii. ethnic and other markets iv. educational groups v. household patterns b. Political i. government policies, structure, and regulations ii. political trends iii. current domestic legislation iv. future legislation v. environmental regulations vi. employment law vii. consumer protection viii. industry specific regulations c. Economic i. consumer psychology – how confident do you feel about your economic future ii. income distribution iii. income, savings, debt, credit iv. inflation v. disposable income vi. taxation issues d. Socio-cultural i. core cultural values – environmentally friendly ii. subcultures – skiing, hockey iii. lifestyle changes iv. population shifts v. education vi. trends/fads vii. living standards e. Technological i. accelerating pace of change ii. unlimited opportunities for innovation iii. varying R&D budgets iv. increased regulation of technological change 5) Cognitive Dissonance, operant conditioning, classical conditioning a. cognitive dissonance i. Keep buying something you don’t like you will rationalize it and make yourself believe that you do like it. b. operant conditioning i. good behaviour you get a reward, negative behaviour you take away a negative stimulus ii. punishment – introduce a negative stimulus (bad) c. classical conditioning i. conditioned and unconditioned stimulus 1. conditioned = bell 2. unconditioned = food 3. there is an assumed response for the bell, the dog expects the food 4. Cotonelle and cute kittens (conditioned response to our brand as you do the cats 6) Segmentation bases a. geographic i. region ii. urban rural iii. climate b. demographic i. age ii. family size iii. family life cycle iv. gender v. income vi. occupation vii. education viii. religion ix. race x. generation xi. nationality xii. social class c. psychographic i. personality ii. lifestyle iii. values iv. activities d. usage – how often are they using our product i. rate ii. awareness iii. situation iv. time v. location vi. person e. benefits sought i. attributes – specific features ii. hedonic – emotional response iii. utilitarian – choose it for a fictional reaction 7) steps in the segmentation process a. needs – based segmentation i. identify the common need (1) b. segment identification i. find out everything else they have in common (3) c. segment attractiveness d. segment profitability e. segment positioning f. segment “acid test” g. marketing mix strategy 8) effective segmentation criteria a. measurable i. the size, purchasing power, and characteristics of the segment can be measured b. substantial i. big enough piece of the pie c. accessible i. can it be seen d. differentiable i. the segments are conceptually distinguishable and respond differently to different marketing – mix elements and programs e. actionable/ meaningful 9) Positioning a. The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market b. A good brand positioning helps guide marketing strategy by clarifying the brands essence, what goals it helps the consumer achieve, and how it does so in a unique way i. Positioning requires: ii. Determining a frame of reference by identifying the target market and the relevant competition 1. competitive frame of reference: defines which other brands a brand competes with and therefore which brands should be the focus of competitive analysis (positioning map) iii. Identifying the optimal points of parity and points of difference brand associations, given that frame of reference 1. points of difference: attributes of benefits consumers strongly associate with brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand (desirable to customer, deliverable by the company, differentiating from competitors) 2. Points of Parity: features that are not necessarily unique to the brand but may in fact be shared with other brands. Associations consumers view as essential to be a legitimate and credible offering within a product or service category iv. Creating a brand mantra to summarize the positioning and essence of the brand 1. Brand Mantra: short, three to five word phrase that captures the irrefutable essence or spirit of the brand positioning a. Communicate – define the category, what is unique b. Simplify – needs to be memorable c. Inspire – personally meaningful and relevant to as many employees as possible d. Communicate the brand positioning to everyone in the organization so that it guides their words and actions 10)Role of Brands a. consumers use brand name as heuristic to infer quality b. help to organize inventory and accounting records c. offers the firm legal protection for unique features or aspects of the product d. brand recognition and loyalty is difficult to duplicate 11)Brand Equity a. The added value endowed to goods and services, reflected in how consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability that the brand commands b. Consumer-based brand equity: the differential effect that brand knowledge has on consumers response to the marketing of that brand c. Brand promise: the marketer’s vision of what the brand must be and do for consumers 12)5 M’s of Advertising a. Mission i. A specific communication task and achievement level to be accomplished with a specific audience in a specific period of time 1. informative 2. persuasive 3. reminder 4. reinforcement- tell your customer they made the right decision b. Money i. Factors affection budget decisions 1. stage in the product life cycle 2. market share and consumer base 3. competition and clutter 4. advertising frequency – how many times do the customers need to see the message before they understand 5. product substitutability ii. advertising elasticity 1. how sensitive are people to increases in your advertising c. Message i. Message generation and evaluation ii. Creative development and execution 1. televisions ads 2. print ads 3. radio ads iii. Legal and social issues d. Media i. Finding the most cost-effective media to deliver the desired number and type of exposures to the target audience 1. reach 2. frequency 3. impact e. Measurement: evaluating advertising effectiveness i. Communication-effect research – seeks to determine whether an ad is communicating effectively ii. Sales-effect research – seeks to measure sales impact by analyzing
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