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MKTG 201 Final Swenson 2024/2025 Correct answers with A+ PASSED BCG Growth Model - √√- stars: high market growth, high relative market share - cash cows: low market growth, high relative market share - dogs: low market growth, low market share - question marks: high market growth, low market share "path to profitability" - √√create value for customers--> attracting and retaining customers --> profitability The most powerful marketing strategies begin by seeing the product through the eyes of _________ - √√brand champions/love group Product market expansion matrix (new and existing) - √√Market penetration—selling more of the existing products in existing markets Product development—introducing new products to existing markets Market development—introducing existing products to new markets Diversification—introducing new products to new markets Consumer Lifetime value - √√attempts to understand what the customer is worth over the course of their lifetime w the company
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BCG Growth Model - √√- stars: high market growth, high relative market share
Target Market - √√one or more specific groups of potential consumers toward which an organization directs its marketing program Marketing mix - √√Product, Price, Place, Promotion Marketing Strategy - √√addresses a specific target market through the marketing mix SWOT - √√strengths, weaknesses, opportunities, threats External environment - √√constantly changing and out of the control of marketers that affect the marketing environment and can deter the customer; opportunities and threats of SWOT;
Custom: adapt or modify for the local market. Glocal - √√go global, but act local fraud triangle - √√Rationalization (justifying fraud), Opportunity (condition allowing fraud), Pressure (weight of the burden felt by fraud committer) Marketing Myths - √√Myth #1- marketers push products consumers don't want Myth #2- consumers are no match for the power of marketing Myth #3- marketing is deceptive and not truthful or honest Myth #4- Marketers believe in planned obsolescence (built-in lifespan) Social Responsibility and green marketing - √√part of a larger society and are accountable; focus on the world's social problems and view them as opportunities to build profits Green marketing- environmentally friendly features added to products Primary vs Secondary research - √√Primary: YOUR research targets a specific problem, expensive, time Secondary: Info that already exists; still offers insights Cross tabs - √√-Frequency counts
Buying process - √√a series of steps a customer goes through when making a purchase; unpredictable (black box) Decision process - √√- problem recognition
sales orientation - √√aggressive sales techniques market orientation - √√Understand customer needs, company capabilities, knows competitors, and wants to make a profit. social orientation - √√concerned for the environment Build a data product - √√Combine data with statistical algorithms to create value for customers Make inferences or predictions Diffusion process - √√Innovators (2.5%) Early Adopters (13.5%) Early Majority (34%) Late Majority (34%) Laggards (16%) Love, Swing, Hate Groups - √√love: understands benefits, loyal swing: biggest opportunity hate: ignore sell to swing through eyes of love group Segmentation - √√- geographical
(Relatively inexpensive products that merit little shopping effort) -Shopping products(More expensive than convenience products, requiring more shopping effort) -Specialty products(Extensive search effort; consumer reluctant to accept substitute) -Unsought products(Products that the buyer does not actively seek) Product Items, Lines, and Mixes - √√Product Item- A specific version of a product that can be designated as a distinct offering among an organization's products. Product Line- includes closely related product items competing in the same general product category Product Mix- includes all products offered by the company New Product Development Process - √√idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization Branding - √√A marketing function that identifies products and their source and differentiates them from all other products naming a brand - √√Invented brand names: easily transferable; no pre-existing conflict
Contribution analysis - √√Unit contribution unit margin = price - unit variable cost
value (high customer knowledge and high competitor knowledge) golden goose (high customer knowledge and low competitor knowledge) cost-plus pricing (low customer knowledge and low competitor knowledge) Steps in setting price - √√1. Select the pricing objective
-generate leads for new sales -search, tweets, mentions, likes, ads seen ENGAGE: -strengthen relationships -improve retention -stick vs bounce based on time, pages, and number of visits on site CONVERT: -win new customers -conversion rate, repeat customers Why use social media? - √√(1) offers greater flexibility for content and duration, (2) has credibility similar to word-of-mouth communications, and (3) can build awareness and interest at a much lower cost than traditional media channels. Total cost - √√fixed cost + variable cost Fairness of Price/Transaction - √√1. Buying situation
selective distribution - √√firm selects a few retail outlets in specific geographical area exclusive distribution - √√only ONE retail outlet distributes Channel behavior - √√- All channels have an interest in money
product breadth - √√number of product lines offered by a firm; also known as variety product depth - √√The number of items offered within each product line Good idea to profitability - √√Good idea: finding new ideas Great idea: developing competitive angles Profitability: Executing best practices *evaluate ideas w WOW focus groups Startup Marketing Essentials - √√Big business strategies simply don't work for shoestring-funded entrepreneurs. Big business has millions to spend on R&D and sophisticated messaging and promotional campaigns to buy market share. Entrepreneurs can't afford to buy success, they must do it the old fashion way-- they earn it through creative, low-cost tactics. Creative, low-cost tactics - √√Embrace constraints Play to strength david and goliath