midterm help

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Delgado Community College *

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201

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Marketing

Date

Feb 20, 2024

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docx

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Marketing _________ is engaging customers and managing profitable customer relationships Goals of Marketing 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering satisfaction Marketing Process Creating and Capturing Customer Value -understand the marketplace and customer needs and wants -Design a customer value-driven marketing strategy -construct an integrated marketing program that delivers superior value -engage customers, build profitable relationships, and create customer delight -capture value from customers to create profits and customer equity Needs physiological necessity -states of felt deprivation -physical: food, clothing, warmth, safety -social: belonging and affections Wants Form taken by human needs when shaped by culture and individual personality Demands Human wants that are backed by buying power Market Offerings Products, services, information or experiences Market Segmentation refers to dividing the markets into segments of customers Target Marketing which segments to go after Four P's of Marketing Product, Price, Place, Promotion Customer Lifetime Value the value of the entire stream of purchases a customer makes over a lifetime of patronage Share of Customer

portion of the customer's purchasing in their product categories Customer Equity Total combined customer lifetime values of all of the company's customers Customer Relationship Groups Strangers: Low potential profitability and short term projected loyalty Barnacles: Low potential profitability and long term projected loyalty Butterflies: High potential profitability and short term projected loyalty True Friends: High potential profitability and long term projected loyalty Value Proposition dictate how firms will differentiate and position their brands in the marketplace Steps in Strategic Planning -Defining the company mission -settling company objective and goals -designing the business portfolio -planning marketing and other functional strategies Mission Statement statement of the organization's purpose BCG Growth-Share Matrix Cash cow: High market share, low market growth rate Dog: Low market share, low market growth rate Star: High market share, high market growth rate Question Mark: low market share, high market growth rate The Product/Market Expansion Grid Market Penetration: existing markets and existing products Product Development: existing markets and new products Market development: new markets and existing products Diversification: new markets and new products Microenvironment Actors close to the company that affect its ability to serve its customers (The company, suppliers, marketing intermediaries, competitors, publics, customers) Macroenvironment Larger societal forces that effect the microenvironment (Demographic, economic, natural, technological, political, cultural) The key concept around marketing environment is it can be proactively manages

Market information systems The buyer decision process allows marketers to get inside a customers types of segmentation -Geographic -Behavioral -Demographic -Psychographic Product line closely related products with similar functions and customer groups Product Mix Decisions Width- the number of different lines a company will carry Length-Total number of items a company carries within its lines Depth- number of versions offered for each product in the line Consistency- Relativity of the various product lines in end use, production requirements, distribution channels, or some other aspect Four Service Characteristics -Intangibility -Variability -Inseparability -Perishability Brand -design, symbol, term, or word that identifies a company or product -a promise delivered repeatedly Brand Sponsorship National brands- marketed under the manufacturer's own name Store brands- created and owned by a reseller of a product or service Licensing- use names and symbols created by other companies or well-known movie characters or celebrities for a fee Co-branding- use the established brand names of two different companies on the same product According to the five-step model of the marketing process, the first step in marketing is ________. Understanding the marketplace and customer needs and wants

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________ are defined as states of felt deprivation. needs ________ are the form human needs take as they are shaped by culture and individual personality. wants Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________. demand True or false, marketing is about engaging customers and managing profitable customer relationships. true True or false, Market offerings are limited to physical products. false True or false, In an organization, the COO and CIO report into the CMO False True or False, business development, sales and marketing strategy departments report into the Chief Marketing Officer. True Contemporary marketing is different from traditional marketing because it features: technology Selecting particular segments of a population of customers to serve is called target marketing The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods. It is famous for its white cream-filled center. Home Foods created a different version of these biscuits for consumers in Germany. To appeal to German consumers, Home Food created dark chocolate filling for the same cookie sandwiches. This is an example of ________. target marketing We have an expert-written solution to this problem! A brand's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

value proposition The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________. Customer Relationship Management The final step in the marketing process is ________. Capturing value from customers. ________ refers to the portion of the customer's purchase that a company gets in its product categories share of customer ________ is the total combined customer lifetime values of all the company's current and potential customers. customer equity Customers can be classified into four relationship groups, according to their profitability and projected loyalty. Based on this classification, you should avoid ________ and shouldn't invest anything in them. stranger and barnacles Customers can be classified into four relationship groups, according to their profitability and projected loyalty. According to this classification, a highly profitable, short-term customer is known as a ________. butterfly Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases internal Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose? competitive marketing intelligence primary data marketing information that is observed, recorded, or collected directly from respondents American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success suppliers

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________. baby boomers Which generational group consists of the kid, teen, and tween markets? gen z Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company economic In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society political We have an expert-written solution to this problem! According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________ stars Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy market penetration Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process information research Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process evaluation of alternatives

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What is the most important consumer buying organization in society? the family ________ refers to the unique psychological characteristics that distinguish a person or group personality Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and- coming professionals. Harry's most likely segments the consumer market based on demographic ________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers positioning

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