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Description
Flashcards by Madeline Briscoe, updated more than 1 year ago
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Created by Madeline Briscoe
almost 9 years ago
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| Question | Answer |
| what are the 4 key attributes of superior brands? | quality superior service first to market differentiation |
| what is a brand? | -a set of attributes that have a MEANING, and an IMAGE and PRODUCES ASSOCIATIONS with the product -it is about the VALUES generated in the minds of people as a consequence of the marketing communications effort |
| what is brand equity | the VALUE of the brands' name, symbols, associations and reputation |
| how do you create a brand image? | |
| what is segmentation? | dividing a market into distinct groups of buyers with different needs, characteristics, or behaviour, who might require seperate products or marketing mixes - KOTLER |
| what is segment marketing? | adapting a co's offerings so that they more closely match the needs of one or more SEGMENTS |
| what is niche marketing? | adapting a co's offerings so that they more closely match the needs of one or more SUB-SEGMENTS. Often little competition e.g. people who want to use a camera underwater |
| what is micromarketing? | companies tailor marketing programs to the wants and needs of a NARROWLY DEFINED demographic, psychographic or behavioural segment e.g. people who want to use a camera in deep sea |
| on what basis can people be segmented? | geographic, demographic (age, race, income), psycographic (lifestyle, values), behavioural (occaisional purchase, loyalty) |
| what are the benefits of segmentation? | -profitable if right resources to target different markets -defines the market -strengthens management capbilities -allocates marketing resources -sets marketing objectives |
| 5 key requirements of segments | 1. measurable 2. accessable 3. substantial 4. differentiable 5. actionable |
| what is targeting? | the process of evaluating each market segment's attractiveness and selecting one or more segments to enter - AKBH |
| 3 types of marketing | UNDIFFERENTIATED (single mass market, one approach for all) DIFFERENTIATED (several markets, diff. approach for all) CONCENTRATED (single well-defined market, one approach, create niche segments within your segment) |
| what is product positioning? | attempt to make a product occupy a clear, distinctive and desirable place (relative to competing products) in the minds of target consumers - AKHB |
| what are the different positioning strategies? | attribute positioning positioning on benefits user positioning application positioning competitor positioning category positioning quality/proce positioning |
| what are the strategic marketing objectives? | build, hold, harvest, divest |
| if building a company, how do you determine which growth strategy to use? | ANSOFF MATRIX existing market, existing product - MARKET PENETRATION existing market, new product - PRODUCT DEVELOPMENT existing product, new market - MARKET DEVELOPMENT new product, new market - DIVERSIFICATION |
| what are the non-growth strategies? | MAINTENENCE (sustain revenues/market share, squeeze short term profits, prepare for future growth) RETRENCHMENT (exit markets, drop products, downsize marketing, close in orderly fashion) |
| what is a marketing planning? | the process by which businesses analyse the environment and their capabilities and decide upon courses of action to implement decisions |
| a marketing plan must be... | relevant to the direction of the co. specific + measurable time defined consistent with mission, goals, SWOT consistent with each other |
| 3 types of marketing plan objectives | financial marketing societal |
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