MARKETING MIDTERM (WCU)
Terms
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- Price, Product, Promotion, and Place
- 4 P's or MARKETING MIX
- something necessary to function life; cant live without
- NEED
- not really necessary to function in life; just desired
- WANT
-
seller engages in mass production, mass distribution and mass promotion of one product for all buyers. The starting point for discussing segmentation.
Ex. Paper Clips, Rubber bands, cable (not segmented) - MASS MARKETING
- swapping goods for goods. Could be a product for currency. The core concept of marketing.
- EXCHANGE
-
Service economy
Products -
makes up 70% in the US
makes up 30% in the US -
a physical store bricks and mortals
Internet -
MARKETPLACE
MARKETSPACE - cluster of complementary products and services that are closely related in the minds of the consumer but are spread across a diverse set of industries. Ex Car industries
- METAMARKET
- How businesses and marketing are changing?
- ? Technology has really impacted every aspect of the market. The internet has made accessibility to goods easier. Technology created and change products, affected place because you get anything from anywhere, it affects promotion because it makes promoting easier.
- a group of customers who share a similar set of wants. Want the same marketing mix. EX. TV cable . Provides choice⬦
- SEGMENT MARKETING
- chose one small segment and serves just that segment. Will pay premium price.
- NICHE MARKETING
- tailored to the needs and wants of local customer groups (Wal-Mart-USM-Ole Miss-MSU- t-shirts) Department stores for weather
- LOCAL MARKETING
- “one on one†marketing market to the individual customer. Ex. Dell
- CUSTOM MARKETING
- How many segments can smaller companies serve?
- 2-3
- People in the same segments want the same what?
- MARKETING MIX
- Examples of segment would be
-
Luxury cars
Luxury trucks
SUV’s
Sports cars -
1.Geographic- location
2.Demographic- divided into groups on the basis of variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class.
3.Psychographic ( - SEGMENTATION VARIABLES
-
1.Get a mission statement
2.Gather information
3.Write a report
is an example of what? - MARKETING PLAN
- segment decided to serve
- TARGET MARKET
-
Innovators- successful, sophisticated, active, “take charge†people with high self esteem. Purchases often reflect cultivated tastes for relatively upscale, niche-oriented products and services.
Thinkers- Mature, satisfied and reflective people - 4 GROUPS OF HIGH RESOURCES
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Believers- Conservative, conventional, and traditional people with concrete beliefs. Favor similar, American products and are loyal established brands.
Strivers- Trendy and fun-loving people who are resource constrained. Favor stylish products that - 4 GROUPS OF LOW RESOURCES
- buyers are divided into groups based on the basis of their knowledge of, attitude toward, use of, or response to a product
- BEHAVIORAL SEGMANETATION MARKETS
-
1. Occasion benefits- occasions in consumers life
Consumers can be classified by the benefits they seek:
1. Road warriors- premium products and quality service (16%)
2. Generation F- fast fuel, fast service, and fast food (27%)
3. Tru - BEHAVIORAL VARIABLES
- can be protected through registered trademark
- BRAND NAME
-
Memorable
Meaningful
Likability - BRAND ELEMENET CHOICE CRITERIA
- a name, term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competitors.
- BRAND
- the value of a brand name (how much worth) added value endowed to products and services. EX COKE & PEPSI
- BRAND EQUITY
-
1. identities- includes verbal sound name, symbols, logos, characters, web pages, all have to fit together
• √- Nike
• Oscar Myer Theme Song- Automatically know its Oscar Meyer
2. Product and service- marketing activities
• Jo - How you Build Band Equity
-
brand has an image which is very important; the entire marketing campaign depends on it. Image is what draws cutomers. like- might be reliable, expensive, cheap- What is the brand known for.
⬢Lamborghini- Expensive
⬢Dodge ram- Tough - BRAND PERSONALITY
- consumer- focused exercice that involves a series of procedures to assess that health of the brand, uncover it sources of brand equity, and suggest ways to improve and leverage its equity. Do a survey or experiment with consumers. Find out what the consu
- BRAND AUDIT
-
bringing back brand that is dead or dying. When brand is out of fashion you need to change it.
⬢Chrysler Labaron- Chrysler Sebring
⬢Black and Decker bought Dewalt. B and D wanted to create industrial equipment so they used Dewalt for the na - BRAND REVITILIZATION
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when a firm uses a brand name to introduce a new product. extends my brand name to a new category.
⬢Ex. Making shampoo and then you decide to make razors
⬢Bryers ice cream then start making TV dinners
⬢Tabasco hot sauce-now makes st - BRAND EXTENSION
- one whose brand name has been licensed to other manufacturers who actually make the product.
- LICENSED BRAND
-
1.individual- different brand name on each product I sell-
⬢Proctor and Gamble and Lever Brothers
1.Advantages- people will not associate all products with the brand
2.Disadvantage- expensive packaging and distribution
2.Family- sa - Individual brand vs. Family brand
- brand put on by manufacturer or wholesaler. EX. Walmart—Great Value
- PRIVATE BRANDS
-
has no name.
⬢Shampoo would be called shampoo
⬢Generic medicine has no name - GENERIC BRAND
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use a family brand name and the individual name
•Chrysler Sebring
•Hershey’s- Hershey’s kisses, Hershey’s milk chocolate - COMBINATION BRANDING
-
have more than one brand name on a product
⬢Computer companies have more than one company name on them
Ex. Dell and Pentium
⬢Eddie Bauer and Ford Expedition - Co-Branding
- when you put your brand on too many things and you lose brand equity
- BRAND DILUTION