MKT 201 Quiz: Marketing Quiz Study Guide 2

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30 Sep 2016
School
Department
Course
Growth- market penetration, market development, product development,
diversification
StrategyGoalsObjectives (adding numbers)Tactics (advertise)
S pecific
M easurable
A chievable
R ealistic
T ime development
AwarenessConservationPreferenceLoyalty
Marketing objectives- use marketing to manage relationships
Financial Objectives- achievable, realistic, time dependent
Societal Marketing- good causes align marketing ex. Domestic violence
Breakeven point- where revenues lower cost: profit
Internal Marketing vs Customer Service
Internal Marketing- keep employers on the know through meetings/ other informal
means, newsletters, social media
Mountain Man- grassroots marketing, target a small group and hope your message
will spread
Mountain man persona- low involvement, emotional, optimizing, non
compensatory
Cannibalize- new sales eat into traditional sales
Product and Brand
Value is captured in product strategy, features, strong branding enhances value
Tangible products
Services- intangible, variable, inseparability (can’t separate provider from service
itself), perishability
Features (specific attribute that enables product or service to perform its function)
vs. benefits (need, satisfaction, outcome)
CONSUMERS BUY FOR BENEFITS
Far spectrum- customized, more expensive
Quality- how well product satisfies customer (superior quality)
Price and quality go hand in hand
Design- quality can come from design
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Emotional- how it makes us feel
Sustainability-
Packaging- IMPORTANT – last thing that someone sees before making the purchase,
with label, visual image
Labeling is important for food/ pills
Product life cycle-
Intro- create awareness, establish distribution channels
Growth- hopefully breakeven point, tend to dominate category if successful,
competition, see improvements in the product
Maturity- profits peak, highly competitive, emphasize product differentiation,
build & maintain brand loyalty,
Where you see line extensions
High sales but profits might decline
Price competition
Advertising costs leveling off
Can be in this phase for many MANY years
Decline- CD players/DVD players, sales going down
Do the remainder of advertising
Competition decreases because people exit
Price becomes less important
Skimming- pricing high for people who really want the product
Most products are improvements of a product that already exists
90% of new products fail
They fail because :
Doesn’t meet consumer need, no value
Insignificant difference to make people change
Poor execution
Inadequate budget
Insufficient market size
Bad timing
Missed targeting
Mispositioning- people unclear about what product does
Misestimating- costs
Changes in market
Really wants it in the market even though there are warning signs
A new product has to have
Relative advantage- better replacement
Compatible
Less complexity- easy to understand
Trial ability- degree to which new products can be tested
Observable- observable results of innovation
YOU TOO?- you have this so I want it
See what competition lacks- and produce a product that has it
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Document Summary

Growth- market penetration, market development, product development, diversification. Internal marketing- keep employers on the know through meetings/ other informal means, newsletters, social media. Mountain man- grassroots marketing, target a small group and hope your message will spread. Mountain man persona- low involvement, emotional, optimizing, non compensatory. Value is captured in product strategy, features, strong branding enhances value. Services- intangible, variable, inseparability (can"t separate provider from service itself), perishability. Features (specific attribute that enables product or service to perform its function) vs. benefits (need, satisfaction, outcome) Quality- how well product satisfies customer (superior quality) Packaging- important last thing that someone sees before making the purchase, with label, visual image. Growth- hopefully breakeven point, tend to dominate category if successful, competition, see improvements in the product. Maturity- profits peak, highly competitive, emphasize product differentiation, build & maintain brand loyalty, Can be in this phase for many many years. Skimming- pricing high for people who really want the product.

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