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WorksheetsMarketing Reviewer Midterm
Total questions: 92
Worksheet time: 23hrs 0mins
is a group of people with both the desire and the ability to buy a specific offering.
Market Segments
Market Segmentation
Market
Product differentiation
is often measured in terms of return on investment or return on assets.
Profit
Sales Revenue
Market Share
Unit Volume
is given that a firm’s profit is high enough for it to remain in business, an objective may be to increase sales revenue which can to increase in market share and profit.
Sales Revenue
Profit
Market Share
Unit Volume
is the quantity produced or sold as a pricing objective.
(a)
is the ratio of the firm’s sales revenues or unit sales to those of the industry (competitors plus the firm itself).
(a)
The company enacts price matching programs and promotes large discounts on its merchandise to raise cash and stave off bankruptcy.
Survival
Sales Revenue
Demand for the product
Value Pricing
A firm may forego a higher profit on sales and follow a pricing objective that recognizes its obligations to customers and society in general.
(a)
are factors that limit the range of prices may set
Pricing constraints
Sales Revenue
Market Share
Unit volume
involve the role of price in an organization’s marketing and strategic plans.
Pricing objectives
Sales Revenue
Profit
Unit Volume
is the practice of simultaneously increasing product and service benefits while maintaining or decreasing the price.
Value Pricing
Identify pricing objectives
Pricing constraints
Cost of changing prices
is the money or other considerations exchanged for the ownership or use of a product or service.
Price
Value Pricing
Profit
Sales Revenue
occurs when sales drop.
Maturity Stage
Growth Stage
Decline Stage
Introduction
Survival
Maturity Stage
is characterized by a slowing of total industry sales or product class revenue. Marginal competitors begin to leave the market. Most consumers who would buy the products are either repeat purchasers of the item or have tried it and abandoned it.
occurs when sales drop.
is characterized by rapid increases in sales. It is when competitors appear.
happens when a product is introduced to its intended target market. The stage wherein sales grow slowly and profit is minimal.
is characterized by rapid increases in sales. It is when competitors appear.
Growth Stage
Maturity Stage
Introduction
Decline Stage
happens when a product is introduced to its intended target market. The stage wherein sales grow slowly and profit is minimal.
Introduction
Growth Stage
Maturity Stage
Decline Stage
describes the stages a new product goes through
Product Life Cycle
Growth Stage
Value Pricing
Market Share
indicates the liability of the manufacturer for product deficiencies.
(a)
It is created in the consumer’s mind. Package and label shape, color, and graphics distinguish one brand from another, convey’s a brand positioning and build brand equity.
(a)
provides storage, convenience or protection or ensuring product quality.
Functional Benefits
Communication benefits.
Perceptual Benefits.
Product Warranty
The label information conveys the directions on how, where, and when to use the product and the source of composition of the product.
Communication benefits
Functional Benefits
Perceptual Benefits
Product Warranty
is an integral part of the package and typically identifies the product or brand who made it, where and when it is made, how it is to be used and package contents and ingredients.
Label
Brand
Trade Name
Packaging
refers to any container in which it is offered for sale and on which label information is conveyed.
Brand
Label
Packaging
Trade Name
or as reseller branding when it manufactures products but sells them under the brand name of a wholesaler or retailer. Ex. ConAgra Foods is a major supplier of grocery products supply to Costco, Sears, Walmart and Kroger carrying their own brand name.
Private Branding Strategy
Multibranding Strategy
Multiproduct Branding Strategy.
Mixed Branding Strategy
is where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market.
Mixed Branding Strategy
Differentiated Branding Strategy
Multibranding Strategy
Multiproduct Branding Strategy
Multibranding Strategy
is wherein a company alternatively gives each product a distinct name. It is useful strategy when each brand is intended for a different market segment. Ex. P&G makes Camay soap for those concerned with soft skin and Old Spice for those who want deodorant protection.
A company uses one name for all its products in a product class. Also known as family branding or corporate branding when the company’s tradename is used.
or called as private labelling or reseller branding when it manufactures products but sells them under the brand name of a wholesaler or retailer. Ex. ConAgra Foods is a major supplier of grocery products supply to Costco, Sears, Walmart and Kroger carrying their own brand name.
is where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market.
A company uses one name for all its products in a product class. Also known as family branding or corporate branding when the company’s tradename is used.
Multiproduct Branding Strategy
Multibranding Strategy
Private Branding Strategy
Mixed Branding Strategy
Coca Cola, Unilever
Brand Name
Trade Name
Gatorade, Apple, Coke
Brand Name
Trade Name
is a commercial, legal name under which a company does business. Ex. Coca Cola, Unilever
Trade Name
Brand Name
Branding
Labeling
is any word, device (design, sound, shape or color) or combination of these used to distinguish a seller’s products or services.
Brand Name
Trade Name
Branding
Labeling
It is a basic decision in marketing products in which an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors.
Branding
Labeling
Trade name
Brand Name
Burial Insurance and Thesaurus is an example of what classification of consumer product?
Unsought Products
Specialty products
Shopping products
Convenience Products
also called B2B products or industrial products are products organizations buy that assist in providing other products for resale. Ex. An apple iMac computer can be sold to consumers for personal use or to business firms for company use.
Business products
Consumer Products
Specialty products
Shopping products
are items that the consumer does not know
about or knows about but does not initially want.
Unsought Products
Specialty products
Shopping products
Convenience Products
are items for which the consumer compare several alternatives on criteria such as price, quality or style.
Shopping products
Convenience Products
Unsought Products
Specialty products
are items that the consumer makes a special effort to search out and buy. Ex. Rolls Royce cars, rolex watches, heart surgery
Specialty products
Unsought Products
Shopping products
Convenience Products
are items that the consumer are items that the consumer purchases
frequently, conveniently and with a minimum of shopping effort.
Convenience Products
Shopping products
Specialty products
Unsought Products
are products purchased by the ultimate consumer.
Consumer Products
Convenience Products
Business products
Shopping products
It is a good, service, or idea to satisfy the customers’ needs.
Product
Data
Branding
Trade name
Select the three steps in V. Take marketing actions
Evaluate the results.
Implement the action recommendations.
Make action recommendations.
Present the findings.
Analyze data.
Effective marketing research doesn’t stop with findings and recommendations—someone has to identify the marketing actions put them into effect and monitor how the decisions turn out.
Take marketing actions
Collect relevant information
Develop findings
Develop the research plan
Select the two steps in Develop Findings
Analyze data
Present the findings
Make action recommendations
Evaluate the results
Implement the action recommendations
Testing an Idea through personal interview surveys, mail surveys and telephone interviews and online surveys.
Idea evaluation
Personal Methods
Idea generation through interview
Neuromarketing Methods
involves asking a single researcher asking questions from one respondent.
Idea generation through interview
Idea evaluation
Develop findings
Analyze data
Researchers are in the store observing consumers, mystery shoppers, and ethnographic research is a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their natural use environment such as home or car.
Personal Methods
Mechanical (electronic)
Neuromarketing Methods
Observing people
In Primary Data: Watching people
Observing people and asking questions are the two principal ways to collect data
True
False
through people meter attached to a television, DVR or cable box. It measures what channel and program are tuned in and who is watching.
Mechanical (electronic)
Personal Methods
Neuromarketing Methods
Watching people
are relatively new field of study that merges technologies used to study the brain with marketing’s interest in understanding consumers. It provides insights for many elements of marketing program including media options, advertising content, packaging and labeling.
Neuromarketing Methods
Personal Methods
Mechanical (electronic)
Watching people
answers questions economically that require consistent data collection over time such as: 1. How many times did our customers buy our products this year as compared to last year?
Syndicated panel data
Comprehensive information
Marketing Input data
Observational data
outside the organization like NSO such as the number of people in the household, age, gender, income, background etc.
Published data
Observational data
Comprehensive information
Syndicated panel data
Select the two Internal Secondary Data
Marketing outcome data
Marketing Input data
Published data
Observational data
Several market research companies pay households and businesses to record their purchases using paper or electronic diary.
True
False
relate to the results of the marketing efforts. These involve accounting records on shipments, sales and repeat sales, emails, phone calls and letters from customers
Marketing outcome data
Marketing input data
Observational data
Secondary data
relate to the effort expended to make sales. These include marketing budget reports (advertising expenditures, salespeople call reports)
Marketing Input data
Marketing outcome data
Secondary data
Observational data
are facts and figures that are newly collected for the project.
Primary data
Marketing Input data
Secondary data
Marketing outcome data
are facts and figures that have already been recorded prior to the project at hand.
Secondary data
Primary data
Marketing Input data
Marketing outcome data
To make a rational, informed marketing decision sometimes simply means using your knowledge to decide immediately.
Collect relevant information
Marketing Input data
Primary data
Secondary data
One of the Two key elements on II. Develop the research plan
are the approaches that can be used to collect data to solve all or part of a problem.
Methods
Concepts
Time
Research
One of the Two key elements on II. Develop the research plan
are ideas about products or services
Concepts
Methods
Time
Research
tries to determine the extent to which change in one factor changes another one.
Causal Research
Descriptive Research
Exploratory Research
Constraints
Constraints
are the restrictions placed on potential solutions to a problem.
specific measures of success which are criteria or standards used in evaluating proposed solutions to the problem.
determine the extent to which change in one factor changes another one.
provides ideas about a vague problem. Usually done through interviews and focus groups.
generally involves trying to find the frequency with which something occurs or the extent of relationship between two factors
Descriptive Research
Causal Research
Exploratory Research
Research objectives
List the Five-Step Marketing Research Approach
(a)
Exploratory Research
provides ideas about a vague problem. Usually done through interviews and focus groups.
generally involves trying to find the frequency with which something occurs or the extent of relationship between two factors
tries to determine the extent to which change in one factor changes another one.
is the process of defining a market problem and opportunity systematically collecting and analyzing information, and recommending actions.
Research objectives
are specific and measurable goals.
provides ideas about a vague problem.
generally involves trying to find the frequency with which something occurs or the extent of relationship
tries to determine the extent to which change in one factor changes another one.
is the process of defining a market problem and opportunity systematically collecting and analyzing information, and recommending actions.
Marketing Research
Descriptive Research
Research objectives
Causal Research
The cost is greater compared to undifferentiated marketing. It conveys a more personalized message and tailored experience. With unique approaches for each segment, the offer rings a bell to target customers and it’s easier to connect the brand and generate loyal buyers.
Differentiated Marketing
Undifferentiated Marketing
Concentrated
Marketing Research
makes use of a single campaign with single message for a single product intended on a particular target market.
Concentrated
Differentiated Marketing
Undifferentiated Marketing
Marketing Research
Differentiated Marketing
creates campaigns that tend to appeal to at least two distinct consumer segments.
focuses on the attributes of all segments which means trying to serve the whole marketplace with one set of marketing mix.
makes use of a single campaign with single message for a single product intended on a particular target market.
generally involves trying to find the frequency with which something occurs or the extent of relationship between two factors
Market Targeting in Business Market
focuses on the attributes of all segments which means trying to serve the whole marketplace with one set of marketing mix.
Undifferentiated Marketing
Marketing Research
Differentiated Marketing
Concentrated
Credit length is another consideration
Credit demanded
Situational Buying
Choose firmographics
Product Type to Vend
Market Segmentation Process in Business Markets
Situational Buying
It includes bulk buying, dealing with multiple buyers or credit limit has exceeded.
It has a good product and or services or business portfolio and has multiple products and markets too.
Credit length is another consideration.
Credit length is another consideration.
Market Segmentation Process in Business Markets
Product Type to Vend
It has a good product and or services or business portfolio and has multiple products and markets too.
It includes the industry category, company size,
It is need-based segmentation.
It includes bulk buying, dealing with multiple buyers or credit limit has exceeded.
Market Segmentation Process in Business Markets
2. Need level segmentation
It is need-based segmentation.
It has a good product and or services or business portfolio and has multiple products and markets too.
It includes bulk buying, dealing with multiple buyers or credit limit has exceeded.
Credit length is another consideration.
Market Segmentation Process in Business Markets
1. Choose firmographics
It includes the industry category, company size, location, and number of employees.
It includes bulk buying, dealing with multiple buyers or credit limit has exceeded.
Credit length is another consideration.
It has a good product and or services or business portfolio and has multiple products and markets too.
(Should we serve customers needing many or few services? Buyers rely on support and technical assistance. Buyers may require reliable delivery track record.
Customer Capabilities
Purchasing Approaches
Situational Factors
Company Size
Company Technology
(What customer technology should be focused on?) Knowing the technology used by the business marketer allows the identification of the most suitable marketing approach.
(Should we serve customers needing many or few services? Buyers rely on support and technical assistance. Buyers may require reliable delivery track record.
It consists of order fulfillment, product application and size of order.
It includes the purchasing function, the power structures, the nature if buyer-seller relationships, the general purchasing policies and purchasing criteria.
(What geographical areas should be served?)It is used to find business target markets based on where the businesses are situated.
Location
Customer Capabilities
Company Technology.
Industry
Personal Characteristics
It includes buyer-seller similarity, attitude toward risks and loyalty.
(Should we serve customers needing many or few services? Buyers rely on support and technical assistance. Buyers may require reliable delivery track record.
It consists of order fulfillment, product application and size of order.
(What geographical areas should be served?)It is used to find business target markets based on where the businesses are situated.
It includes the purchasing function, the power structures, the nature if buyer-seller relationships, the general purchasing policies and purchasing criteria
Purchasing Approaches
Company Technology
Customer Capabilities.
Location
(What is the size of companies that should be served?) Size means the number of employees, the amount of annual revenue or the assets acquired.
Customer Capabilities
Company Size
Location
Company Technology
Which industry should be served? It is a vital basis for market segmentation.
Industry
Location
Company Size
Purchasing Approaches
It has a supporting data to respond to a marketing strategy or sales approach with measurable outcomes.
Accessible
Differentiable
Actionable
Substantial
Differentiable
Each market segment should be distinct and can be single out from each other.
It has the capacity to buy, prolonged existence in the business and stable groups.
refers to reaching customers using minimal cost. Learning the business segments’ behaviors and characteristics may help in discovering the best approach to meet the targeted business audience.
It has a supporting data to respond to a marketing strategy or sales approach with measurable outcomes.
It has the capacity to buy, prolonged existence in the business and stable groups.
Measurable
Substantial
Accessible
Actionable
Accessible
refers to reaching customers using minimal cost. Learning the business segments’ behaviors and characteristics may help in discovering the best approach to meet the targeted business audience.
A quantifiable data must be available about the segment size and the purchasing power of the business market being targeted.
It has the capacity to buy, prolonged existence in the business and stable groups.
Each market segment should be distinct and can be single out from each other.
A quantifiable data must be available about the segment size and the purchasing power of the business market being targeted.
Differentiable
Accessible
Substantial
Measurable
LIST DOWN EFFECTIVE BUSINESS SEGMENTATION CRITERIAS
(a)
is the classification of business-to-business customers based on shared company or organizational attributes. This practice can help guide marketing, advertising, and sales by providing deeper business insight sand ultimately lead to more focused and effective campaign strategies.
(a)
Market Segments
are relatively homogenous groups of prospective buyers that result from the market segmentation process.
is a strategy that involves a firm using different marketing mix actions such as product features and advertising, to help consumers perceive the product as being different and better than competing brands
involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action.
is a group of people with both the desire and the ability to buy a specific offering.
Product differentiation
is a strategy that involves a firm using different marketing mix actions such as product features and advertising, to help consumers perceive the product as being different and better than competing brands
are relatively homogenous groups of prospective buyers that result from the market segmentation process.
involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action.
is a group of people with both the desire and the ability to buy a specific offering.
involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action.
Product differentiation
Market Segments
Market
Market Segmentation
