Marketing Exam

I Need To Pass

Unit 1- Marketing fundementals

What Is Marketing?.

Marketing is the process of all the activities involved in planning, pricing, promoting distributing and selling of goods and services to make the consumers needs and wants come true.


Goods & Services

Goods Vs. Services

The main difference between goods and services is that goods can be touched (tangible) where services can't be touched (intangible).

Consumer Vs. Industrial Goods

Consumer goods-products that a buyer would get at a store for his/her own use ie. razor

Industrial goods-products that a company would use to endorse their own product

— Marketing Activities



1.Research: purpose- to learn about the market


2.Product development: purpose-make a product that effectively and profitably meets theneeds/wants of the consumers


3.packaging-must provide protection to the product while also serving as a promotional purpose.


4.pricing: setting a price for the product that will maximize profit for the company


5.branding: creates an identity in the mind of the consumer


6.sales: convincing customers to buy your product or service


7.distribution: moving the product to its destination inexpensively and efficiently


8.inventory management: need to know how much stock they have so they know when to buy more and how much to buy


9.storage: Arranging and maintaining storage for products until they are needed


10.promotion: how they get the word out about their company/product.




—

The Marketing Mix

o 4Ps/2C’s

Product- good or service


promotion- how you're going to get the word out about you product ie. billboards, sports events, etc...


place- where you're going to sell your good or where will you headquarters be located


price -the process of coming up with a fare price to distribute your product or service


customer- who's your product market ie. age, gender, etc...


competition- what businesses' threaten you for success.


— Marketing Strategies


o Value Equation- how much your product should cost on how useful and creative

o Brand Strategy- to communicate the value of the product/service with the consumer.

o Distribution Strategy- using the push and pull strategies

o Push vs. Pull: push: pushing their product to a retailer

Pull: pulling them into a retailer

— Product Flops: a lot of product flops come from one company having a really good product but crossing into another column ie. Colgate selling food it doesn't appeal to people because there main market is teeth products


Unit 2- The consumer

— Consumer Needs and Wants: a need is food, water, shelter, etc... a want is electronics and fancy clothing. But both appeal to a consumer as they have so many varieties.


o Consumer vs. Customer: Consumer-uses the product

Customer- buys the product


o Gatekeeper: A parent or guardian, Marketers try to appeal to both customer and consumer


o Consumer buying Behaviour: varies on what appeals to them based on their culture, attitude, learning, and personal preferences.


§ Marketing inputs


§ Psychological inputs


§ Drivers of demand


— Product Life Cycle


o Stages


o Non-traditional Stages


— Consumer Profiles


o Cohort


o Segment


o Primary vs. Secondary market


o Demographics


o Age groupings/gender/family life cycle


o Psychographics


o Geographic's


— Consumer Motivation


o Motivation Theories


§ Thorndike


§ Maslow:

Physiological

Safety

Esteem

Belonging

Self-Actualization/fulfillment

§ Alderfer:



Unit 3 – Product

— Invention vs. Innovation

o Product Development

o Feasibility Study

— Product Development Stages

o Idea Generation

o Idea Screening

o Concept Development

o Market Strategy

o Feasibility Analysis

o Product Design

o Test Market

o Market Entry

— Product Utility

o Form

o Information

o Place

o Time

o Possession

— Product Development and the Marketing Concept

o Product Mapping

o Market Opportunity Analysis

o Benefit Analysis

— Product Positioning

o Benefit

o Target

o Price

o Distribution

o Service

— Branding Strategies

o Successful Brands

o Logo’s/slogans (effective)

o Brand Strategies

§ Support an existing Brand

§ Develp Brand Extensins

§ Licence a successful Brand

§ Co-Branding: Using another brand to boost another's product

§ Acquire other successful brands

— Product Packaging

o Consolidate

o Protect

o Inform

o Brand Identification

o Promotion- How you're getting people to notice your product ie. spits is a proud sponsor of the MLB

Unit 4 – Competition

— Intro to competition

o What is competition: there is two different kinds of competition. Direct and indirect.

o Why Canada encourages competition

o Types of Competition: Indirect- ie. selling apple juice and your indirect competition is pop.

Direct- selling apple juice, and your direct competitor is orange juice.

§ Perfect

§ Monopolistic

§ Oligopoly

§ Monopoly

— Sustainable Competitive Advantages

o Sustainable Advantages

§ Unique Selling Proposition

§ Lowering Costs

§ Servicing a Niche

§ Creating Customer Loyalty

— Non-sustainable Competitive advantages

o Promotion

o Placement

o Quality

o Benefits of Use

o Price

o Design Features

— Service Competition (focus on service companies and value-added services)

o Convenience

o Degree of Service

o Selection

o Reputation

— Market Share

o What is a market? (broad vs. Narrow)

o Market Share

o Increasing Market Share

o Market Leaders

o Market Challenges

Unit 5 – Promotion/Advertising

— Importance of Promotion – influence

o Brand awareness and positioning

o Brand Trial

o Brand Preference

o Brand Reminder

o Brand Repositioning

— Message Appeals

o Promotional Process

o Message

o Marketing Appeals

§ Biological

§ Emotional

§ Rational

§ Social

— Media Factors

o Promotional Process

§ Intent/Message/Media/Reception/Action

o Advertising

o Determining Which Media to use / Media Analysi

o Factors used to Determine Media

§ Reach

§ Frequency

§ Selectivity

§ Durability

§ Lead Time

§ Mechanical Requirements

§ Clutter

§ Costs