Marketing 3010 Test 2 Study Guide
Marketing 3010 Test 2 Study Guide Mkt 3010-001
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This 4 page Study Guide was uploaded by Hannah Stephens on Sunday February 28, 2016. The Study Guide belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 240 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 02/28/16
Test 2 Study Guide (Ch. 7-‐11) • Chapter 7 has least amount of questions; most from Ch. 11 • Some questions from definitions in book that we did not go over in class • Concepts in book from Ch. 11 Chapter 9 • Step 3: Evaluative Segment Attractiveness o Profitable—make $ o Substantial—has to be big enough that a true market exists o Identifiable—must be able to identify the people o Reachable—must be able to get to the people with your campaign o Responsive—consumers have to be able to respond and take action • Step 4: Selecting a Target Market o Picking segments of customers that make sense o “No brainer” for that group to pick you! o Determining which segments they can serve best o Should only enter segments where company can create superior customer loyalty • Segmentation Strategy—4 Main Ways 1. Undifferentiated—(mass marketing) is anti-‐targeting and going after whole market. Very rare but applicable to a few products a. i.e. sugar, Coca-‐Cola b. Advantages: potential savings on production and marketing costs c. Disadvantages—more susceptible to competition 2. Concentrated—(Niche marketing strategy) a specific market a. BMW, Mercedes-‐Benz b. Advantages: concentration of resources, meets narrowly defined segment, small firms can compete, strong positioning c. Disadvantages—segments too small, or changing; large competitors may market to niche segment 3. Differentiated—picking multiple niches/segments to go after—with their own specific strategies a. Advantages—greater financial success, economies of scale b. Disadvantages—high costs, cannibalization c. Can happen at corporate level as well as product level 4. One-‐to-‐one Marketing (Micromarketing) a. What Amazon does b. Individualized, information-‐intensive, long-‐term, personalized c. Goal of: cost reduction, customer retention, more revenue, customer loyalty • Positioning o The place the product occupies in a consumers mind relative to competing products o Should be tied to competitive advantage o i.e. Dunkin Donut: “America runs on Dunkin” says the message that its for everyone, specifically the working man while Starbucks is more expensive and it’s not just about getting a coffee it’s about the experience • Effective Positioning—know what competitors are doing • Repositioning—Arby’s doesn’t want to be fast-‐food anymore and now wants to be quick service Chapter 7 • Eastman Chemical Company • Marketing research o The Role of Market Research ▯ Descriptive—gathering and presenting factual statements ▯ Diagnostic—explaining data ▯ Predictive—“what if?” 1. Global market 2. Role in a buying center 3. How companies have failed in China Chapter 8 • Idea of Big Mac—idea that you should be able to buy a good for the same amount of currency—based on $1 • Organizations involved in World Trade (not the specific countries but what the organizations do) o GATT—became World Trade Organization o IMF—promotes monetary cooperation o World Bank—provides loans to developing countries for things like infrastructure o World Trade Organization • Artificial Inflation—decreases demand because prices go up • Gov’t action—tariffs and quotas Chapter 10 • Acxiom—largest data broker • Definitions from this chapter • Geodemographic segmentation • Data Warehouse—storage facility for data • Data Mining—looking for trends and patters that are meaningful and explains things like why customers buy specific products together Chapter 11 • Concepts in book*** • Breadth-‐-‐# of product lines a company has • Depth-‐-‐# of categories within a product • Why labels matter o Most decisions about buying made in store o Regulations involved with what has to be on label o Packaging • Private Labeling—a company allows customers to put their own labels on products • Brand Awareness—in order for a consumer to buy a brand they have to know it exists—even if it’s just 20 seconds before they buy it • Brand Equity Perceived Value—consumers perceive an additional value if a product is “natural” or gluten-‐free • Brand Equity—is derived from: o Effective marketing strategies o Brand’s stratus in the marketplace o Brand’s position among customers • Brand Associations—can be positive or negative o A mental link customers make between your brand and key attributes o Volvo associated with safety, Prius is fuel efficient, BMW performance • Brand Personality—giving a brand human characteristics • Brand Loyalty—the degree of consumer attachment to a brand. 3 Levels: 1. Recognition—awareness of name, benefit, and package 2. Preference—is useful, consumer will buy if available…evoked set 3. Insistence—will search for; must have • Makes consumers less price sensitive • Makes marketing cost of reaching loyal customers a lot less • Will insulate a firm from competition Roles of packaging 1. Protect the product 2. Market the product 3. Provide convenience to distributors and consumers ***When products downsized during the recession the packaging stayed the same but content in package went down!*** • Packaging o Primary Package—one consumer uses ▯ Toothpaste tube o Secondary Package—wrapper or exterior carton ▯ Box toothpaste comes in • Labeling o Information o Legal requirements ▯ Ingredients ▯ Fair Packaging and Labeling Act of 1967 ▯ Nutritional Labeling & Education Act of 1990 ▯ Food and Drug Administration • Socially Responsible Labeling o Clearly defined ▯ Certified humane raised and handled ▯ Fair trade Certified ▯ Organic • Green washing o Unclear terms ▯ Antibiotic-‐free ▯ Free range/free roaming—chicken only outside for 5 minutes a day ▯ Hormone Free ▯ Natural—No regulations by FDA to be “natural” ▯ Fresh
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