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Marketing
Date
Nov 24, 2024
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WGU D077
The role of marketing in a firm's business strategy. -
ANSWER
The role of the company's
marketing department is to ensure that the company and its products provide value to the
customers it wants to attract.
Name the 6 steps in the sales process -
ANSWER
Prospecting and Qualifying
Approaching customers
Presenting and demonstrating the product
Handling objections
Closing
Following up
Product Life Cycle Introductory: -
ANSWER
Low sales, Little or no profit, Often little to no
competition
Initiators -
ANSWER
Individuals at an organization who suggest purchasing a product or
service
Buyers -
ANSWER
who are responsible for the contract
organizational buying participants. -
ANSWER
Initiators
Deciders
Buyers
End users
Gatekeepers
Deciders -
ANSWER
Individual(s) at an organization making the final purchase decision,
often the person who owns the budget
Five Phases of Negotiation -
ANSWER
-Investigation information gathering
-Determine-thinking through your desired outcome
-Presentation-assemble the information
-Bargaining-parties discuss their goals
-Closure-come to an agreement
Influencers -
ANSWER
Individuals at an organization who affect a purchase decision,
sometimes brought into the buying process to provide technical expertise
Gatekeepers -
ANSWER
Individuals at an organization who control the flow of information to
and among others within the buying center; often administrative professionals
End users -
ANSWER
Individuals at an organization who will use the product or service to be
purchased
Negotiation Strategies -
ANSWER
Distributive: Divide the pie (win-lose)
Integrative: Collaborate to expand the pie (win-win)
Inductive: Start with details
Deductive: Start with the big picture
Mixed: Focus on key details and big picture items
Define Marketing -
ANSWER
Marketing includes the way companies put together product
offerings, price them, communicate with customers, and get products from producers to the
customer.
Tactical marketing -
ANSWER
includes specific actions, such as advertising, to execute a
marketing strategy.
Influences on Consumer Decision Making -
ANSWER
-Personal influences
-Interpersonal influences
Personal influences -
ANSWER
are unique to each consumer in the way they affect
decision-making. These influences include needs and motivation, perceptions, learning, and
attitude
Price Positioning Strategy -
ANSWER
Positioning the product as the lowest cost or best value
Economy brands
Product attributes -
ANSWER
quality, features, style and design
2-in-1 shampoo and conditioner
Product category Positioning strategy -
ANSWER
Positioning a product where there is strong
recognition for the category and brand
Tesla, the elite car brand for the environmentally conscious
Product User Positioning Strategy -
ANSWER
Positioning a product for a specific user group
Johnson & Johnson baby products
Product application positioning strategy -
ANSWER
Positioning a product based off of how it
is used as the best option for that specific task and use
Specific brand of greeting card for a special occasion (such as Hallmark)
competition positioning strategy -
ANSWER
Positioning the product against a competitor
Cell phone operating systems (Android versus iOS)
Quality Positioning Strategy -
ANSWER
Positioning the product as the highest quality
Top-tier hotel brand, such as Ritz-Carlton
Positioning Strategy -
ANSWER
An effective way to separate a particular brand from its
competitors by associating that brand with a particular set of customer needs.
Interpersonal influences -
ANSWER
come from a consumer's relationships with other people
and groups. These influences come from a consumer's participation in family, culture (including
subcultural groups), and society (including reference groups).
problem-solving processes -
ANSWER
routine (low-involvement),
extended (high-involvement),
limited (in the middle)
Limited (in the middle) -
ANSWER
Moderately involved purchase decision-making process
where a consumer has some prior knowledge but still conducts light research
Extended (high-involvement) -
ANSWER
Complex, high-involvement purchase decision
process with significant investment in information searching and product comparison
Routine (low-involvement) decisions -
ANSWER
Straightforward, often routine purchases that
require less effort and pose lower risk to the consumer
marketing strategy -
ANSWER
A marketing strategy is how you will achieve the specified
objectives in the marketing plan. It is informed by a clear understanding of an organization's
strengths and weaknesses, the competitive environment, the potential for growth, and the target
customer.
social style matrix -
ANSWER
analytical "how"
driver "what"
amiable "why"
expressive "who"
Marketing Mix (4 P's) -
ANSWER
----represents the controllable elements in the marketing
environment. It includes product, price, promotion, and place.
Strategic Planning -
ANSWER
The marketing strategy aligns to objectives and considers the
outputs of the situation analysis and focuses on the needs of the target customer.
uncontrollable elements -
ANSWER
competitive, natural/ecological,
political-legal, socio-cultural, demographic, technological, economic
Marketing Environment -
ANSWER
The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer and affect the marketing mix
tactical planning. -
ANSWER
Tactical planning addresses how an organization will execute
the strategic plan.
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Strategic marketing -
ANSWER
provides goals, but does not include the specific, tactical
actions to be taken to achieve the marketing strategy.
BCG matrix growth-share matrix -
ANSWER
Planning tool which uses a quadrant to map the
strategic position of a business brand based on the brand's market share and the market's
growth potential
What is BCG used for? -
ANSWER
The BCG matrix helps identify where an organization
should invest in marketing to be profitable
four methods marketers use to segment markets. -
ANSWER
-Demographic -age, education,
gender, income, and household size.
-Geographic -location as well as regional and climate characteristics.
-Psychographic-personality, lifestyle, affinities, activities, and opinions.
-Product-related - benefits provided by the product.
What are the four quadrants in the BCG matrix? -
ANSWER
Dog: A product or business with
low market share in a mature industry is a dog. There is no room for growth, which suggests
that no new funds should be invested in it.
Cash cow: is a product or business that has high market share and is in a slow-growing industry.
It is bringing in more money than is being invested in it, but it does not have much growth
potential.
Question mark: A question mark is a product or business that has low market share currently,
but is in a growing industry.
Star: A star has high market share in a fast-growing industry.
Porter's five forces model -
ANSWER
Planning tool which provides a model for how to identify
and analyze the competitive forces that shape a company's environment and influence
profitability
What are the five forces identified in Porter's five forces model. -
ANSWER
Threat of new
entrants (or barriers to entry)
Threat of substitute products or services
Rivalry
Bargaining power of buyers
Bargaining power of suppliers
SWOT analysis (situational analysis) -
ANSWER
Analysis of the internal, controllable factors
(strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that
influence an organization
What are the key benefits of SWOT analysis? -
ANSWER
SWOT analysis offers two key
benefits: (1) It encourages realistic planning, and (2) it improves an organization's ability to
forecast future events.
Uncontrollable External Factors -
ANSWER
Technology innovations and changes
Competition
Economic trends
Government policies and legislation
Legal judgments
Social trends
Identify the four types of growth strategies
Strategic opportunity matrix -
ANSWER
market penetration, market development, product
development, and diversification
product development strategy -
ANSWER
a marketing strategy that entails the creation of
new products for present markets
Define customer relationship management (CRM) -
ANSWER
is a combination of policies,
processes, and strategies implemented by a company that allow it to track customer information
and unify customer interactions.
Identify benefits customer relationship management (CRM). -
ANSWER
is enabling
companies to be more responsive to (and retain) customers. The customer experiences more
unified, relevant communication with the company. Marketing and sales can analyze the data
collected to better fit their target customer needs. Customer support assistance is integrated
across channels.
Identify challenges of customer relationship management (CRM). -
ANSWER
One challenge
is ensuring consumer privacy and security given the increased collection of data.
It may also be a challenge for organizations to integrate a CRM system into all relevant
departments and workflows.
Loyalty and Advocacy -
ANSWER
—turning a customer into an advocate for the company
Retention -
ANSWER
—engaging an existing customer to keep them
Conversion -
ANSWER
—turning a prospect into a paying customer
Acquisition -
ANSWER
—bringing a prospective customer into a sphere of influence
Competitive pricing -
ANSWER
occurs when producers sell products at lower prices to lure
customers away from rival producers, while still making a profit
Reach -
ANSWER
getting a prospective customer's attention
Customer Life Cycle (4 phases) -
ANSWER
Reach
Acquisition
Conversion
Retention
Loyalty and Advocacy
Customer Lifetime Value (CLV) -
ANSWER
the total profit associated with customers
throughout their lifetime relationship with a company. This concept can also include less tangible
benefits associated with customer loyalty, such as brand engagement and customer referrals.
value equity -
ANSWER
One of the drivers of customer equity, based on how the customer
assesses the value of the product or service a company provides
Identify customer equity drivers -
ANSWER
-value equity
-brand equity
-retention equity
Define customer equity. -
ANSWER
is the total combined customer lifetime values of all of a
company's customers. Customer equity takes into account customer loyalty and extrapolates it
over the lifetime of the customers.
Consumer Behavior -
ANSWER
the actions a person takes in purchasing and using products
and services, including the mental and social processes that come before and after these
actions
consumer decision making process -
ANSWER
1. need recognition/Problem and opportunity
2. information search
3. evaluation of alternatives
4. Decision
5. purchase
6. post purchase behavior
Market development strategy -
ANSWER
This growth strategy uses existing products to
capture new markets. This may be a good strategy if you believe in the strength of your product
and its ability to attract new customer segments.
Market penetration strategy -
ANSWER
This growth strategy uses current products and
current markets with the goal to increase market share.
Diversification -
ANSWER
a strategy of increasing sales by introducing new products into new
markets
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Which component of the marketing planning process utilizes situation analysis to address the
needs of the target customer? -
ANSWER
Strategy
What are the steps in the marketing planning process? -
ANSWER
The steps involve the
mission statement, situational analysis, objectives, strategy development, and monitoring and
control.
objectives -
ANSWER
align to organizational objectives and describe the specific results the
marketing plan hopes to achieve.
strategy development -
ANSWER
involves developing a marketing strategy for the target
market using the four Ps
monitoring and control -
ANSWER
indicators will help monitor progress on the plan, and they
make adjustments if necessary.
Marketing Objectives -
ANSWER
Specific, measurable achievements that an organization
wants from its marketing activities within a specified time frame
marketing plan -
ANSWER
A comprehensive document or blueprint, informed by analysis of
the organization, customer, and market environment, that outlines marketing efforts (including
objectives, strategies, and tactics) for an identified period
Mission Statement -
ANSWER
addresses what customers need and want from the
company's products and services.
skimming pricing -
ANSWER
a new product pricing strategy that aims to maximize profitability
by offering new products at a premium price
Marketing Planning Process Steps -
ANSWER
-Situational analysis helps marketers
understand the controllable and uncontrollable forces that affect the company, including its
competition. Various tools can support situational analysis.
-Marketing objectives align to organizational objectives and describe the specific results the
marketing plan hopes to achieve.
-Developing a marketing strategy for the target market using the four Ps
-final step, marketers determine what indicators will help monitor progress on the plan, and they
make adjustments if necessary.
differentiated marketing -
ANSWER
Strategy that focuses on producing several products and
pricing, promoting, and distributing them with different marketing mixes designed to satisfy
smaller segments
Undifferentiated marketing -
ANSWER
Targeting strategy involving a single offer and
marketing mix for all segments, also called mass marketing
four types of targeting strategies -
ANSWER
-Differentiated marketing targets specific market
segments differently according to the benefits that the company offers each one.
-Undifferentiated marketing involves marketing to the entire market and to all segments the
same way.
-Concentrated marketing focuses on appeal to a very narrowly defined target segment.
-Micromarketing focuses on individual consumer preferences (individual marketing) and on
marketing to companies and individuals within a small localized area (local marketing).
Planning tool used in the marketing planning process. -
ANSWER
-SWOT analysis
-The BCG matrix
-Porter's Five Forces model
Marketing Mission Statement -
ANSWER
addresses what customers need and want from the
company's products and services.
Promotion -
ANSWER
refers to methods for informing and influencing customers to buy the
product. include traditional advertising, sales promotion, public relations, and digital marketing
(including social media, online advertising, and content marketing).
Indirect distribution channel -
ANSWER
Occurs when goods or services are sold with the use
of one or more intermediaries between the producer and the consumer
Direct Distribution -
ANSWER
A channel of distribution in which goods and services move
directly from the producer to the consumer or industrial user
marketing research -
ANSWER
Process of gathering, recording, and analyzing data about
consumers, competitors, and the market
guidelines researchers must consider while collecting Primary data? -
ANSWER
Marketers
should take into account ethical considerations when gathering, analyzing, and storing primary
data. Data should be kept secure, gathered transparently, and used for the purposes stated to
participants.
PEST -
ANSWER
-political, Federal, state, and local regulations
-economic, inflation, unemployment, exchange rates, and consumer confidence
-social and cultural, shifts in values, attitudes, .
-technological advances can render some products (and companies) obsolete
Define PEST Analysis: -
ANSWER
Scanning of outside influences on an organization
Product Life Cycle Growth -
ANSWER
Increasing sales, Rapidly increasing profit, Market has
accepted the product and competitors begin to enter the market
Product Life Cycle Maturity -
ANSWER
High sales, High then declining profit, High level of
competition, may be difficult for original company to compete
penetration pricing -
ANSWER
setting a low initial price on a new product to appeal
immediately to the mass market
Product Life Cycle Decline -
ANSWER
Declining sales, Declining profit, Competitive pressure
remains high and demand falls
Product Life Cycle -
ANSWER
-Introductory: Low sales, Little or no profit, Often little to no
competition
-Growth: Increasing sales, Rapidly increasing profit, Market has accepted the product and
competitors begin to enter the market
-Maturity: High sales, High then declining profit, High level of competition, may be difficult for
original company to compete
-Decline: Declining sales, Declining profit, Competitive pressure remains high and demand falls
Identify the purpose of growth strategies. -
ANSWER
focused on new or existing products for
either new or existing markets.
Identify advantages and disadvantages of primary data -
ANSWER
Primary data directly
address the problems or challenges of interest. However, it can be costly, time-consuming, and
can require expertise to collect.
What is a limitation of primary data sources? -
ANSWER
Requires expertise in data collection
Identify major differences between primary and secondary data? -
ANSWER
Primary - Data
collection specifically tailored to the problem you are trying to address
Secondary - Source information that has been previously collected for other purposes (internal
or external)
Identify advantages and disadvantages of secondary data -
ANSWER
Secondary data is
more cost-effective and may even be freely available. However, it may be older information or
may not directly address the specific problems or challenges that interest you.
guidelines researchers must consider while collecting Secondary data? -
ANSWER
When
using secondary data, marketers should consider the credibility and reliability of sources and
use clear citations.
marketing research techniques? -
ANSWER
behavioral observation, in-depth interviews,
focus groups, social listening, survey research, and experimental research.
secondary data -
ANSWER
information that already exists somewhere, having been collected
for another purpose
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Predatory pricing(undercutting) -
ANSWER
selling a product below cost to drive competitors
out of the market
Price discrimination -
ANSWER
selling the same good at different prices to different
customers
Price fixing -
ANSWER
an agreement among firms to charge one price for the same good
Place -
ANSWER
involves how the product gets from the producer to the customer, including
supply chain and inventory management.
Identify at least 3 ethical considerations for product, price, place, promotion marketing mix
variables. -
ANSWER
- Products should provide the quality and value customers expect.
Marketers may also consider the ethical implications of how products are created and their
impact on communities and the environment.
- Pricing should be fair and transparent.
- Promotion should avoid deception, respect customer contact, and consider the
appropriateness of a message for the audience.
- For place, marketers should consider the entire distribution channel and whether it delivers
value to customers. Companies may also consider how the production and distribution of their
products affects the environment and society.
Describe ethical considerations of CRM -
ANSWER
Ethical concerns with CRM involve
ensuring appropriate contact with customers (frequency and method of contact) as well as
maintaining data privacy and security.
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