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MKTG7501
Fundamentals
| Describe the customer-driven marketing process. | 1.Understand marketplace/customer needs, wants, demands 2.Design customer-driven marketing strategy (get, keep, grow customers) 3.Construct integrated marketing program (deliver superior value) 4.Build relationships 5.Get value from customers (profits |
| Define needs, wants and demands. | 1.Needs - states of felt deprivation 2.Wants - needs shaped by culture 3.Demands - wants backed by buying power |
| Define customer satisfaction. | The extent that a product’s perceived performance matches buyer’s expectations. |
| Define a market. | The set of actual and potential buyers. |
| Describe the marketing mix. | 1.Product 2.Price 3.Promotion 4.Placement logistics Extended Marketing Mix (for services) 5.People – relationships 6.Process – high contact services customers involved in creating & enjoying experiences 7.Physical evidence – measurement of satisfac |
| Define Customer relationship management (CRM) | Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| Describe the Boston Consulting Group Approach to strategic planning. | 1.Star – high market growth, high market share (heavy investments required) 2.Cash cow – low market growth, high market share (produce cash) 3.Question mark – high market growth, low market share (high risk) 4.Dog – low market growth, low market share |
| What are the types of investment strategies for Stategic Business Units (SBUs)? | 1.Invest more in SBU and build share 2.Invest enough for SBU to hold its share 3.Harvest the SBU by milking its short-term cash flow regardless of long-term effect 4.Divest the SBU by selling it or phasing it out and using the resources elsewhere |
| What are the characteristics affecting consumer behaviour? | 1.Cultural factors - cultural grp, social class 2.Social factors - social networks, family 3.Personal factors - age, life-cycle, occupation, education, lifestyle, personality 4.Psychological factors - motivation, perception, learning, beliefs, attitude |
| Describe the buyer decision process. | 1.Need recognition 2.Information search 3.Evaluate alternatives 4.Purchase decision 5.Post-purchase behaviour |
| In the buyer decision process describe the process of need recognition. | 1.Internal stimuli - hunger, thirst, boredom 2.External stimuli - advertisement, conversations |
| In the buyer decision process describe the process of information search. | This step may be skipped for small/regular purchases 1.Pay more attention to ads, products owned by friends 2.Actively searching internet or discussions with friends |
| In the buyer decision process describe the process of evaluation of alternatives. | This step may be skipped for small/regular purchases 1.Careful calculations and logical thinking 2.Buying on impulse and intuition |
| In the buyer decision process describe the process of the purchase decision. | Purchase intention could be changed by unexpected events - drop in price from competitor or bad evaluation from friend |
| In the buyer decision process describe the importance of managing post-purchase behaviour. | Customer takes further action based on satisfaction/disatisfaction. Important that customer’s expectations are met or even better exceeded to build customer relationships. Dissatisfaction can lead to bad word of mouth. |
| Describe the roles in the buying process. | 1.Initiator 2.Influencer 3.Decider 4.Buyer 5.User |
| Describe Maslow’s Hierarchy of Needs | 1.Physiological – food, water 2.Safety needs - security, protection 3.Social needs - love, belonging 4.Self-esteem - status, recognition 5.Self – actualisation |
| Describe the types of buying behaviour with respect to involvement and brand differences. | 1.Complex buying behaviour – high involvement, sig B diffs 2.Dissonance-reducing buying behaviour – high involvement (few B diffs) 3.Habitual buying behaviour – low involvement (few B diffs) 4.Variety-seeking buyer behaviour – low involvement, sig B di |
| Describe the types of competitive market positions? | 1.Market leader – largest market share, leads price changes, new products 2.Market challenger – 2nd largest market share, increase market share 3.Market follower – want to hold market share without rocking the boat 4.Market nicher – serves small segmen |
| Describe Ansoff’s Growth Vector Matrix. | 1.Market penetration – present products in present market 2.Product/service development – new products in present market 3.Market development – present products in new market 4.Diversification – new products in new market |
| What are the different components of the supply chain? | 1.Manufacturer 2.Wholesaler 3.Retailer 4.Customer |
| What are the different components of the microenvironment? | 1.Company 2.Suppliers 3.Marketing intermediaries – resellers (wholesalers, retailers), physical distribution firms, marketing services agencies, financial intermediaries 4.Customers 5.Competitors 6.Publics |
| What is a public? | Any group that has an actual or potential interest in, or impact on, an organisation’s ability to achieve its objectives |
| What are the different types of publics? | 1.Financial publics – shareholders, banks 2.Media publics 3.Government publics 4.Citizen action publics 5.Local publics – local residents, community orgs 6.General publics – general public’s attitudes 7.Internal publics – employees, managers, direct |
| What are the different components of the macroenvironment? | 1.Demographics 2.Economics 3.Natural 4.Technological 5.Political |
| What is the market research process? | 1.Define problem 2.Develop research plan – 2nd research, exploratory research, qualitative research 3.Implement research plan – primary research, quantitative research 4.Interpret and report findings |
| List some questions on how to define the problem for market research. | 1.Who are my customers? 2.How to segment the market 3.What is the price elasticity? 4.What are the growth trends? 5.Who are my competitors? 6.What do the customers like? 7.When do the customers purchase? |
| Describe how to develop a market research plan. | 1.2nd research 2.Exploratory research - define problems, suggest hypotheses 3.Descriptive research - describe problems eg market potential, demographics, attitudes of customers 4.Causal research - test hypotheses about cause/effect relationships |
| How do you interpret and report market research data? What is the minimum number of responses required? | SPPS software to interpret data (need >250 responses for quantitative and >20 responses for qualitative) |
| Describe some market research methods. | 1.Observational research - people metres 2.Survey research - direct/indirect 3.Experiment 4.Focus group |
| What are the different contact methods for market research? | 1.Mail 2.Telephone 3.Personal 4.Online |
| Describe the steps in Segmentation, Targeting and Positioning. | 1.Identify bases for segmentation 2.Develop profiles of segments 3.Develop measures of segment attractiveness 4.Select the target segment(s) 5.Develop positioning each target segment 6.Develop marketing mix each target segment |
| Describe the types of market segmentation. | 1.Geographic 2.Demographic – age, gender, family size/stage, income, occupation, education, religion, race 3.Psychographic – lifestyle, personality, social class, values 4.Behavioural – purchase occasion, user status, usage rate, loyalty, benefits soug |
| What are the requirements for effective segmentation? | 1.Measurable 2.Accessible 3.Actionable 4.Substantial 5.Sustainable |
| What are the types of market targeting? | 1.Undifferentiated marketing (mass marketing) 2.Differentiated marketing (segmented marketing) – several marketing mixes for several segments 3.Concentrated marketing (niche marketing) – one marketing mix for one or few segments (get large share segment |
| Describe the different positioning strategies. | 1.Against a competitor 2.Away from competitors 3.Product attributes 4.Product class 5.Benefits offered 6.Usage occasions 7.User profiles |
| What are the 3 basic product levels? | 1.Core product – core benefit to consumer 2.Actual product – tangible attributes such as quality, features, branding 3.Augmented product – intangible attributes such as benefits like band image, warranty, after sales service |
| Describe the different product classifications. | 1.Convenience – low involvement/price eg toothpaste 2.Shopping – high involvement, higher price eg TV, furniture, clothes 3.Specialty – strong B prefs/loyalty, high price eg luxury goods 4.Unsought goods – low product awareness/knowledge |
| Describe the elements of convenience goods. | 1.Frequent purchase 2.Low involvement 3.Mass promotion 4.Widespread distribution 5.Low price 6.eg toothpaste |
| Describe the elements of shopping products. | 1.Less frequent purchases 2.High involvement 3.Higher price 4.Selective distribution 5.Advertising and personal selling 6.eg TV, furniture, clothes |
| Describe the elements of specialty products. | 1.Strong brand preferences and loyalty 2.High price (low price sensitivity) 3.Exclusive distribution 4.Targeted promotion 5.eg luxury goods |
| Describe the elements of unsought goods. | 1.Little product awareness and knowledge 2.Aggressive advertising and personal selling. 3.Pricing varies 4.Distribution varies |
| Describe the product life-cycle. | 1.Product development phase 2.Introduction phase 3.Growth phase 4.Maturity phase 5.Decline phase |
| What are the internal factors affecting pricing? | 1.Survival (short-term) 2.Current profit maximization 3.Market share leadership 4.Product quality leadership 5.Costs (fixed and variable) |
| What are the external factors affecting pricing? | 1.Pure competition – many buyers/sellers, market price 2.Monopolistic competition – many buyers/sellers, range prices 3.Oligopolistic competition – few sellers, highly sensitive pricing, difficult for new sellers to enter market 4.Pure monopoly |
| Describe the general pricing approaches. | 1.Cost based pricing 2.Value base pricing 3.Competition based pricing 4.Performance based pricing – eg actor receiving royalties based on film success 5.Relationship based pricing |
| What are the two 'new product' pricing strategies? | 1.Market-skimming – high price, quality/image match price, low costs produce small vol prods, diff new entrants, eg iPhone 2.Market-penetration – low price gain market share, good strategy in price sensitive market, create barrier entry, eg Virgin-blue |
| What are the product/service mix pricing strategies? | 1.Product/service-line pricing – price steps 2.Optional pricing – accessories w main prod 3.Captive-product pricing – eg razor blades, services – fixed fee + variable usage rate 4.By-product pricing – sell by-prods (eg dog food) 5.Product-bundle prici |
| Describe the price-adjustment strategies. | 1.Discount – paying on time, cash, seasonal, quantity 2.Segmented – diff customers eg students, prod forms, places, times 3.Psychological – communicate positioning 4.Promotional - short-term 5.Geographical – shipping 6.International |
| Describe the relative importance of the promotional mix components to customers and businesses. | 1.Advertising – (B2C 1, B2B 4) 2.Sales promotion – short-term incentives, (B2C 2, B2B 3) 3.Direct (& online) marketing – (B2C 3, B2B 2) 4.Personal selling – (B2C 4, B2B 1) 5.Public relations – (B2C 5, B2B 5) |
| Describe the Integrated Marketing Communication (IMC) Process. | 1.Identify target audience 2.Determine response sought (AIDA) 3.Select message – rational, emotional, moral 4.Select media 5.Select message source - eg celebrities 6.Collecting feedback |
| Descibe the AIDA model. | 1.Attention - includes awareness, knowledge 2.Interest - includes liking, preference 3.Desire - includes conviction 4.Action - includes purchase |
| Describe the different ways of assigning the promotion budget. Which is most common and which is recommended? | 1.Percentage of sales – least effective but most common method 2.Objective task – most effective model 3.Affordable 4.Competitive parity |
| Describe the different types of advertising tactics. | 1.Informative 2.Persuasive 3.Reminder |
| Describe the steps in analysing competitors. | 1.Identify competitors 2.Determine competitor's objectives 3.Identify competitor's strategies 4.Assess competitor's strengths/weaknesses 5.Estimate competitor's reactions 6.Select competitors to attack/avoid |
| What are the five forces in Porter's Model? | 1.Competitors 2.Customers 3.Suppliers 4.Substitutes 5.New entrants |
| What are the generic competitive strategies? | 1.Cost leadership 2.Differentiation - several marketing mixes (highly differentiated product-line) 3.Focus strategy - niche marketing) |
| What are some market leader strategies? | 1.Lead in price changes, new prod intro 2.Expand total demand for prod category 3.Protect market share with defensive/offensive strategies 4.Try to expand market share further |
| What are some market challenger strategies? | 1.Try to increase market share 2.Must have competitive advantage 3.Either attack or avoid leader and attack followers 4.Attacking leader - high risk but high gain |
| What are some market follower strategies? | 1.Follow rather than attack leader - don't rock the boat 2.Cloner - copies leaders marketing mix 3.Imitator - copies some part of leader's marketing mix 4.Adaptor - builds on leader's marketing mix, often improving them |
| What are some market nicher strategies? | 1.Infiltration strategy - starts with small segment and grows 2.Specialisation - end-use, vertical-level, cutomer-size, geographical, product/feature, quality, service |
| What are the steps in strategic planning? | 1.Define company mission (corporate level) 2.Define company objectives/goals (corporate level) 3.Design business portfolio (corporate level) 4.Planning, marketing, other functional strategies (business level) |
| What are SMART objectives? | 1.Specific 2.Measurable 3.Achievable 4.Realistic 5.Timely |
| What are the two types of learning? | 1.Classical conditioning - learning by association 2.Operant conditioning - learning with rewards |
| In the PCL describe the product development, introduction and growth phases. | 1.Product development – zero sales, -ve profits 2.Introduction – high costs, low sales, -ve profits, target innovators 3.Growth – rapid sales, large profit growth, target early adopters, growing competition |
| In the PCL describe the maturity and decline phases. | 4.Maturity – sales, profits level out, target middle majority 5.Decline – declining sales, profits, competition, target laggards |
| Define channels of distribution. | Channels of distribution are defined as all organisations and structures involved in facilitating the sale and movement of product from producer to the final consumer. |
| In terms of distribution what are the levels of market exposure? | 1.Exclusive - limited # dealers eg BMW, good service 2.Selective - < max # dealers eg white goods, moderate service 3.Intensive - as many outlets as possible eg coke, no service |
| What are the five criteria for the classification of retailers? | 1.Amount of service 2.Type of product sold 3.Relative price emphasis - eg discount store 4.Control of outlets - ownership 5.Type of store cluster - eg CBD |
| What are the major steps in effective selling? | 1.Propecting/qualifying 2.Pre-approach 3.Approach 4.Presentation/demonstration 5.Objection handling 6.Closing 7.Follow-up |
Created by:
craig.muldoon
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