Marketing Management
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Direct marketing entails personal interaction between two or more people, so each individual can monitor the other’s needs and traits and then carry out quick modifications.
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The method that takes the budget to be allotted for promotion equal to what competitors spend is called the affordable method.
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The use of eye-catching pictures and colors, creating a popping headline, message size, etc. for print ads is part of the message content.
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Pull strategy: The producer promotes the product to wholesalers, the wholesalers promote to retailers, and the retailers promote to customers.
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Examples of non-personal communication channels are newspapers, magazines, radio, television, etc.
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Message content means the message must use an appeal or theme that will bring out the desired response from the target audience.
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An example of direct marketing is the use of discount coupons with expiration dates.
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Personal selling is an effective promotional tool because it is very believable.
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There are six buyer-readiness stages: awareness, knowledge, liking, preference, conviction, and purchase.
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Direct marketing techniques include: mobile messaging, catalogs, kiosks, and interactive consumer websites.
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Buzz marketing entails establishing opinion leaders and getting them to disseminate information about a product or a service to others.
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Bait-and-switch advertising is persuading consumers to come to the store seeking for a product that is falsely promoted and making them swap to another one, a more expensive and appreciated one.
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Personal selling is a promotion method which makes use of third-party sources to provide favorable publicity, building a good corporate image, and taking control of rumors and events.
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Rational appeals point to an audience's sense of what is right and proper.
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The four distinct characteristics of direct marketing are: Less public, immediate, customized, and interactive.
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In making and marketing just one of its many models, Honda Insight hybrid, Honda manages a value delivery network in and outside of the company who work together to give final customers an innovative car.
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A value delivery network is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.
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A distribution channel is a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.
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A channel level is a marketing channel containing one or more intermediary levels.
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Amway sells directly to consumers is called direct marketing channel.
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Using indirect channels, the company uses one or more levels of intermediaries to help bring its products to final buyers.
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Toyota dealers in Metro Manila might complain that other dealers in the metropolis steal sales from them by pricing too low or advertising outside their assigned territories is an example of a vertical conflict.
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KFC and its franchises came into conflict over the company’s decision to emphasize grilled chicken and sandwiches over the brand’s traditional fried chicken is an example of a horizontal conflict.
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A conventional distribution channel is when one channel member owns the others, has contracts with them, or has so much power that they all cooperate.
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A vertical marketing system is a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, even at the expense of profits for the system as a whole.
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McDonald’s places “express” versions of its restaurants in Walmart stores and benefits from Walmart’s heavy store traffic is an example of a horizontal marketing system.
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A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments is called a one-channel distribution system.
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Barnes & Noble, the giant that helped put so many independent booksellers out of business, now faces disintermediation at the hands of online booksellers and digital e-book downloads.
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Creating a marketing channel design is done by analyzing customer needs, setting channel objectives, identifying major channel alternatives, and evaluating those alternatives.
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Supply chain management means planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.
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Dissonance-reducing Complex buying behavior is consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
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Information alone has no worth its value comes from its use.
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While in the maturity life-cycle of a product, the marketing objective is to maximize profit by phasing out weak items.
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Business purchases often involve __________________at many levels of the buyer’s organization.
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People can form different perceptions of the same stimulus because of selective retention, selective attention, and selective distortion.
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Business demand that ultimately comes from the demand for consumer goods.
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The buyer decision process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
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Regression is a statistical technique that shows how outcomes of sales volume rely on a range of independent marketing touches and other non-marketing elements.
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When a product is on a decline some marketing strategies are to diversify brand and models, price to match or beat competitors, build more intensive distribution, advertise brand differences and benefits, and increase sales promotion to encourage brand switching.
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The only aspect in the marketing mix that draws in revenue is price; all other factors represent costs.
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A consumer market consists of all the individuals and households that buy or acquire goods and services for personal consumption.
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Team-based new-product development is a holistic and systematic approach to the new-product development process.
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The major difference/s of business and consumer markets is/are the
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Value-based pricing is setting prices on the basis of the costs for producing, distributing, and selling the good and a fair rate of return for its effort and risk.
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Market targeting involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
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A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
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Marketers are NOT intimidated by the onset of online social networks. They are working to harness the power of these new social networks and others to promote their products and build closer customer relationships. They hope to use the internet and social networks to interact with consumers and become a part of their conversations and lives.
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The political cultural environment is composed of traditions and other factors that influence society’s basic values, perceptions, preferences, and behaviors.
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Inbound marketing is also known as
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A business buying situation in which the buyer purchases a product or service for the first time.
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The decision-making unit of a buying organization is called its
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A great way to assess the real impact of a specific marketing program is to examine its effectiveness against an organized control group by comparing the results of both groups.
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Word-of-mouth influence is the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior same as while buzz marketing is creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products.
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A private brand is also known as a store brand or distributor brand.
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There is no need to know the needs and wants of your customers for as long as you go with the market trends.
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Knowing your customers involves interacting and being with them.
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The company needs sound information to produce superior value and satisfaction for its customers.
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Customer insight should never be used for marketing strategy and policy.
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You can assess and evaluate information needs through an effective management interactive system or MIS.
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The MIS caters only to the company’s marketing and other managers.
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An effective MIS balances what data users would like to own against what they really need and what is viable to offer.
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The world is monitored by the MIS so that decision-makers know how to make policy decisions.
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Information alone has no worth its value comes from its use.
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The systematic gathering and analysis of publicly available information about markets is known as competent marketing intelligence.
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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization is called market exploration.
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The marketing research process starts with (1) defining the problem and research objective; (2) developing the research plan for collecting information; (3) interpreting and reporting the findings; and (4) implementing the research plan – collecting and analyzing the data
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Primary data consists of information that already exists somewhere, having been collected for another purpose while secondary data consists of information collected for the specific purpose at hand.
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Online marketing research includes internet surveys, online panels, experiments, and online focus groups and brand communities.
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Managing general information about individual customers and carefully managing customer touch points to maximize customer loyalty is called customer loyalty points.
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Marketing is a management process that includes 4 elements, namely:
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_____ is the reason customers buy from you and not the competition.
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Knowing your customers can be done by
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_____ is the most basic concept for marketing.
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What we want is largely influenced by
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A study showed that 80% of U.S. consumers say they would spend more money just to ascertain
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Humanize your communication means
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_____ are the major factors of customer commitment.
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Inbound marketing is also known as
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Traditional outbound marketing uses
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Marketing is positioning the right product in the right place, at the right price, when there is any opportunity.
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No matter how good your product or service is, the reality is that no-one will buy it if they don't see it.
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At the center of every successful business is knowing and understanding customer needs.
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Your Unique Sales Proposition is permanent even if the market changes.
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It is not proper to monitor what your competition is doing because of business ethics.
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If you engage in direct selling to individuals, find out your customers' demographics like age, gender, occupation, marital status and interests.
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Increase in customer base happens when you are nice to them.
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Negative feedback and customer complaints are stumbling blocks to a business’ success.
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Inbound marketing costs 62% less per lead than outbound marketing.
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The surge of information accessible on the internet has caused a radical shift in consumer purchasing behavior.
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Research and monitoring your competition is a minor major component of developing an effective marketing strategy.
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Factors such as customers, people, process to create the product or service, as well as the presentation of the product are some of the added areas of the 4Ps of marketing.
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Knowing who the target market is, what they do, how old they are, where they live, how they think and feel, what their hobbies are and more are not important major considerations in crafting a strategic marketing plan.
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A great way to assess the real impact of a specific marketing program is to examine its effectiveness against an organized control group by comparing the results of both groups.
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Micro-environmental Macro-environmental forces include demographics, economics, cultural and social factors, political and legal factors, technology and the natural environment while macro-environmental micro-environmental forces are distinct and unique, such as customers, marketing intermediaries, producers, public entities and the company itself.
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Pottery Barn sells more than just home furnishings. It sells upscale yet casual, family- and friend-focused lifestyle is an example of a social personal factor affecting consumer buyer behavior.
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A demographic trend that is most visible is emerging markets like China that is attracting more attention from global markets the changing age structure of the population.
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The buyer decision process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
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Satisfied customers are a public that add to a marketing initiative through positive word-of-mouth.
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Strategic marketing planning is an one-time on-going process that the management and operations staff of a company goes through to develop and execute effective marketing strategies.
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The Single Attribution method is used by appending revenue cycle projections to a first touch single attribution the most popular methodology for monitoring the results of marketing programs. It is done by appointing all the value to the first or last program that touched the deal.
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The Gen-X are the generation that is always-connected have been influenced by a wide range of political and cultural shifts, perhaps most notably the development of various technologies.
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A behavior personality is the unique psychological characteristics that distinguish a person or group.
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A strategic marketing plan is used as rules and regulations a guide in conducting the company’s daily business as well as making short-term and long-term plans.
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To attain the company’s objectives in the target markets, you need to plan, analyze, control, and implement pray.
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The Multi-Touch Attribution is best done with a complex simple even distribution.
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A brand personality is the specific mix of human traits that may be attributed to a particular brand.
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A caste system social class is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.
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The main benefit of a strategic marketing plan is that it will guarantee revenue and profit for the company it presents an organized, written guide for a business to follow to attain its objectives and goals.
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The 4 major factors that influence consumer buyer behavior are psychological, physical, emotional and spiritual cultural, social, and personal.
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Marketers are NOT intimidated by the onset of online social networks. They are working to harness the power of these new social networks and others to promote their products and build closer customer relationships. They hope to use the internet and social networks to interact with consumers and become a part of their conversations and lives.
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The distinct characteristic of a Millennial is their absolute fluency and comfort with computer, digital, and internet technology.
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A SWOT analysis is a detailed analysis of the company’s situation.
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Events involving a producer or vendor can potentially affect customer satisfaction, whether those events impact the availability of materials, product quality or supply chain costs.
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The strategic marketing planning process includes developing a strategic viewpoint for the company to work on and how to implement the strategy; identifying promotional opportunities and assessing the marketing opportunities; researching, analyzing and identifying the target markets; preparation and execution of the marketing plan; and measuring and assessing the results of the marketing efforts of the company.
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Subculture Culture is a set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions while culture subculture is a group of people with shared value systems based on common life experiences and situations.
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A schedule lifestyle is a person’s pattern of living as expressed in his or her activities, interests, and opinions.
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Factors that influence consumer purchasing power and spending patterns are included in the natural economic environment.
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A consumer market consists of all the individuals and households that buy or acquire goods and services for personal consumption.
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Regression is a statistical technique that shows how outcomes of sales volume rely on a range of independent marketing touches and other non-marketing elements.
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The political cultural environment is composed of traditions and other factors that influence society’s basic values, perceptions, preferences, and behaviors.
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Reactive Proactive marketing takes on the environmental management perspective using psychological, political, economic and public relations skills to manage environmental forces to the company’s benefits while proactive reactive marketing considers marketing environmental forces as absolutely uncontrollable and tough to predict.
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Publics are places that provide venues for marketing activities groups that make a major impact on marketing activities created to contribute to customers’ satisfaction with a product and an organization.
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The demographic environment is a major force that can shape opportunities and pose threats in a company’s macro-environment.
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The middle age group has Baby Boomers have created a massive “bulge” in our population’s age distribution.
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The areas of concern in the natural environment are the shortage of raw materials, increased pollution, government involvement in natural resources management, among others.
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Dissonance-reducing Complex buying behavior is consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
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People can form different perceptions of the same stimulus because of selective retention, selective attention, and selective distortion.
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Variety-seeking Habitual buying behavior is when consumers do not search extensively for information about the brands, evaluate brand characteristics, and make weighty decisions about which brands to buy.
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The Attribute across Multiple Programs and People is the approach that projects several touches from several people to close a deal and tries to measure the contribution of each individual touch.
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A marketing department operates in a sales environment influenced by local or foreign micro-environmental or macro-environmental forces.
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The technological environment accounts for forces that develop new technologies, developing new product and market opportunities.
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Word-of-mouth influence is the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior same as while buzz marketing is creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products.
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You are an opinion leader if you possess special skills, knowledge, personality, or other characteristics to exert social influence over others.
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You cannot can combine both mix and strategy because it will make your business weak strong.
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The positioning statement summarizes company or brand positioning using: To (target segment and need) our (brand) is (concept) that (point of difference).
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Cost-plus or target profit pricing is commonly used in retailing, wherein the retailer wishes to know with some certainty what the gross profit margin of each sale will be.
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Competition-based pricing entails setting prices on the basis of the competitor’s strategies, costs, prices, and market offerings.
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Product line filling occurs when more items are added within the current range of the line.
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Packaging is the information that is printed on or with the package.
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The only aspect in the marketing mix that draws in revenue is price; all other factors represent costs.
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Oligopolistic competition is where the market is comprised of many buyers and sellers who trade within a range of prices rather than a single market price.
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Global marketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
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Branding strategy points to a value premium that an organization creates from a product with a distinct and recognizable name especially when compared to a generic equivalent.
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Product mix depth refers to the number of versions offered of each product in the line.
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Pure competition is the market type where the market is made up of many buyers and sellers trading in a uniform commodity.
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“Kraft promotes Jell-O to children as a fun snack. For adults, it’s a tasty, guilt-free indulgence – the most sweet-tooth satisfaction 10 calories can hold.” – is an example of behavioral segmentation.
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A private brand is also known as a store brand or distributor brand.
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Shopping products are products that the buyer purchases frequently, immediately, with little planning, and with a minimum number of comparison and buying effort since it is widely distributed and is mass produced.
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Market targeting involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
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Value-based pricing is setting prices on the basis of the costs for producing, distributing, and selling the good and a fair rate of return for its effort and risk.
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Differentiated marketing is targeting several market segments and designs separate offers for each.
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The following variables are used in segmenting business markets: geographic, demographic, psychographic, and behavioral.
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Co-branding is one of the brand elements which aids consumers to recognize and distinguish one product from the other.
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“Mountain Dew projects a youthful, rebellious, adventurous, go-your-own-way people. Coca-Cola Zero appears to target more mature, practical, and cerebral but good-humored people.” – is an example of demographic segmentation.
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Interactive marketing promotes ideas for the purpose of improving an individual’s well-being or the well-being of society.
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Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
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Interactive marketing means that the quality of service depends primarily on the quality of the consumer-seller interaction at the moment the service is provided.
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Brand extensions happen when a company extends existing brand names to new forms, colors, sizes, ingredients, or flavors of an existing product category.
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There are several ways to segment a market.
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The most defining characteristic of a service and is the feature that distinguishes it from a product is service inseparability.
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The major steps in designing a customer-driven marketing strategy are market segmentation, targeting, differentiation and positioning.
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Break-even volume = price - variable cost/fixed costs
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If a small change in price is followed by a large change in quantity demanded, the good is known to be inelastic or responsive to price changes.
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Differentiation is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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Service marketing requires more than just the usual external marketing.
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Customer value-based pricing is customer driven and cost-based pricing is product driven.
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Marketers decide on product and services at three levels: individual product decisions, product quality decisions, and product mix decisions.
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Demand and price are normally inversely related.
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External factors that affect price decisions involve the nature of the market and demand and other environmental factors.
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Market segments must be measurable, accessible, substantial, differentiable and actionable.
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“M&M’s runs ads throughout the year but prepares special ads and packaging for holidays and events such as Christmas, Easter, and the Super Bowl.” – is an example of benefit segmentation
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Market costing reverses the conventional process of first designing a brand new product, setting its cost, and then marketing it.
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Positioning is evaluating each market segment’s attractiveness and selecting one or more market segments to enter.
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Value-added pricing implicates presenting lesser expensive variants of successful brands.
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Service firms can differentiate their image by using symbols and branding.
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Undifferentiated marketing strategy is targeting different market segments with one offer.
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The full positioning of a brand is called the brand’s project proposal.
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Total quantity management is a manner where the company’s employees participate in constantly making the quality of products, services, and business process even better.
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Each seller is vigilant and responsive to their rivals’ pricing strategies and marketing moves in a monopolistic competition.
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