MKT-315 GCU MIDTERM EXAM 2021/2022 with Complete

CREST method C: "Calm the Customer" R: "Repeat the Problem" E: Use "Empathy Statements" S: "Solve the Problem" T: Make a "Timely Response" - Good customer service increases customer loyalty and future sales. Maslow's Hierarchy of Needs physiological, safety, love/belonging, esteem, self-actualization Types of Purchases new task, straight rebuy, modified rebuy New task/buy Purchases of goods/services not previously bought from organization straight rebuy Purchases that are exactly the same Modified rebuy purchases that are similar buy have a small change (price, etc) Categories of competition pure competition, monopolistic competition, oligopoly, Monopoly Pure competition Broad array of competitors selling or producing the same offering Monopolistic competition Many sellers or producers with differentiated offerings, products are different but essentially the same. Ex: toothpaste and soap Oligopoly A few primary sellers or producers Monopoly One seller or producer Generational Cohorts People born during the same period and who share common life experiences. Depression Era/WWII Baby Boomers Gen X Millennials or Gen Y's Gen Z's 2001-present Product Life Cycle Model of product and service category or industry behavior Perceptual Map Tool that uses two variables to graph the position of a brand in comparison to its competitors base upon consumer perceptions Product Positioning defined as owning a unique and compelling spot in the consumers that is different from any of your competitors positioning statement a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference) SIX components of a positioning statement For (identify target market) Who need (identify emotional need) The brand is (category in which brand competes) That (statement of how the brand solves the emotional need identified) Unlike (list of competitive options in marketplace) We provide (list of differentiators that set the brand apart from the competitive options) The Offering Concept A businesses offering concept is the combination of products and services offered to consumers or other businesses. Customers are often attracted based on overall mix of products and services Product Mix Combination of all products/services that a company has to offer Product line group of similar products that may be sold to the same market segment or to different market segments to meet similar needs Product line extension offers a perceived low cost way to meet the ends of a potential customers Product Class group or collection of products with similar characteristics that would be reasonable substitutes for each other Packaging Refers to container in which the product arrives to the customer. Functional and aesthetic. Identification, protection, messaging Consumer buying behavior How and why people buy products and services as they do Personal demographic characteristics (Why people deicide what to buy) Situational Tasks, social surrounding, physical environment Psychological learning, motivation, perception Social interactions family, social class, culture, subculture, family life cycle, occupation, age Stages of purchasing decisions Need identification, information search, assessment of alternatives, evaluation of alternatives Data Collection gathering od information in a structured way in order to answer research questions secondary data info collected by another person primary data collected directly from researcher SWOT analysis strengths, weaknesses (4 P's) , opportunities, threats Microenvironment 4 P's Marcoenvironment Laws and policies Environmental scan Includes further analysis of organizations structure Production Era Colonial period-1920's Sales Era 1920's-1960's Marketing Concept Era 1960's-present DEVELOPED 1960's-1970's Marketing Approach involves creating value by satisfying customers needs and wants Sales approach emphasizes making a sale regardless of whether product/services satisfy customers needs or wants 7 P's product, price, place, promotion, people, physical evidence, process Services intangible offerings or actions of value a purchaser receives in a transaction 4 I's of service intangibility, inconsistency, inseparability, inventory Gap Model potential weaknesses in service delivery, causes of weaknesses, methods of improving service quality Types of Gaps Knowledge gap, standards gap, delivery gap, communications gap, customer gap Market Segmentation Dividing the entire available market into groups of consumers with similar characteristics Marketing Strategy The way a company goes about reaching the desired outcomes needed to do business Marketing Research Collection, recording and analysis of information to aid in making marketing decisions SMART goals (setting goals) specific, measurable, achievable, relevant, time bound goals situation analysis a review and evaluation of several factors including the company target marketing, customers, competitors and overall business environment Likert scale quantitative measure of a subjects attitude something typically using a 5 or 7 point scale