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4. Define each of the 4 P’s of marketing (the marketing mix). Provide an example of each.
- Product-Creative value goods vs. services
- Price-Capturing Value, money time and energy
- Place- Delivering the value Proposition
- Promotion- Communicating the Value proposition.
1.What is the definition of value?
The relationship of benefits to costs, what the consumer gets for what they give.
11. List and define the three macro strategies for developing customer value. What are characteristics of each strategy?
- Operational Excellence: involves a firm’s focus on efficient operations and excellent supply chain management. Good enough
- Customer intimacy (excellence): involves a focus on retaining loyal customers and excellent customer service. Just right
- Product leadership (excellence): involves a focus on achieving high-quality products. Never good enough
14. What are the three phases of the marketing plan? List and define them.
The planning phase: define the vision, evaluate internal and external factors of the organization.
Implementation phase: evaluate different opportunities using the 4 ps.
Control phase: Evaluating the performance of the marketing strategy using marketing metrics.
17. Define segmentation, targeting, and positioning.
• Segmentation: consumers who respond similarly to a firm’s marketing efforts.
• Targeting: evaluation each segment’s attractiveness and deciding which to pursue.
• Positioning: process of defining the marketing mix variables (4ps) so that target customers have a clear understanding of what the product does in comparison with competing products.
20. List and define each of the categories of the BCG product portfolio analysis.three
• Stars: Occur in high growth markets and high market share products.
• Cash Cows: occur in low growth markets but are high market share products. Excess resources that can be spun off to other products.
• Question marks: Appear in high-growth markets but have relatively low market shares. Require significant efforts to maintain and increase market share. Dogs: low growth markets that have low market shares. Should be phased out.
22. List, define, and provide an example of the 4 E’s of social media.
• Excite: making a relevant offer to customer.
• Educate: selling the products value and offered benefits.
• Experience: providing info about a firm good and service and simulating real experiences.
• Engage: Positively engaging consumers in order to get more profitability.
25. What are two pros and two cons that firms must consider when deciding to be socially responsible?
- Pros: it’s the right thing to do, prevents fines.
- Cons: takes away potential profits, Business execs spend shareholder money on environmental initives.
30. What are some examples of regional culture?
People use different sayings in different areas. What is coke- soda or pop?
32. List and discuss the four main generational cohorts we discussed in class. What are characteristics of each?
- Silent generation- loyalty, respect for authority, sacrifice.
- Baby boomers- idealism, hard work and long hours.
- Gen x- self-reliance, motivation by money, craving for security.
- Gen y- immediacy, confidence, social connection.
34. List and describe three of the social trends we discussed in class.
·Price sensitivity- the great recession.
·Health and wellness: fast food nation, obesity epidemic.
·Time poor society- for people that need something quick and convenient
36. What are the five steps in the consumer decision process?
- Need recognition
- information search
- alternative evaluation
- purchase
- post purchase
38. Describe the processes that a consumer goes through when conducting an internal search for information and an external search for information.
A consumer does an internal search in their own mind gathered through past experiences. Then a consumer does an external search by using the internet or friends and family.
40. Define universal set, retrieval set, and evoked set.
- Universal set is every brand out there
- Retrieval set is every brand that is brought back from memory
- Evoked set is the brand that you would actually consider
41. Define and provide an example of compensatory decision rules and non-compensatory decision rules.reg
- Compensatory decision rules are the consumer trading off one characteristic against another. Less expensive
- No compensatory decision rules are selecting a product based on one characteristic. Light computer
44. Define cognitive dissonance. Provide an example of cognitive dissonance.
An uncomfortable state produced by an inconsistency between beliefs and behaviors- buyer’s remorse. Example: Giving to charity.
51. How can temporal state affect consumer behavior?
If someone is shopping hungry in a grocery store, they are more likely to buy more food.