Transcript Marketing I - 1.04

Marketing I - 1.04
MARKETING STRATEGIES
 The overall reason that marketing
strategies are designed and
implemented is to achieve goals. The
goals and strategies may change
frequently.
 A business may be trying to increase
their marketing share among
competitors.
ACHIEVING PLANNED GOALS
The business’s goals and strategies for
achieving those goals may change
frequently.
Changing the business’s image, increasing
its profits, or improving management
techniques might be specific goals at
any point in time.
NEW PRODUCTS
Before a company introduces a new product, it
should determine if there is a market for the
product.
After product is considered, the investors
would have to think about how to price the
new product, where and how it should be
promoted, how to ship the product, and
where it should be sold.
TACTICS
Because e-mailing a coupon is a specific action
to increase short-term sales, it is a marketing
tactic.
Marketing tactics are used to carry out the
business’s marketing strategies, which are
broader in scope and serve as “road maps” to
achieve the business’s marketing goals. Pizza
coupons are a marketing tactic.
TRENDS
 A trend is the general direction in which
people/events are moving.
 Businesses evaluate trends when
setting marketing objectives,
determining marketing strategies, and
executing marketing tactics.
 “Is the current clothing trend more casual or
more formal?”
UNFILLED DESIRE/FINANCIAL
RESOURCES
To be part of a market, the
customer must have an
unfulfilled desire & be
financially able and willing to
satisfy that desire.
“Cannot afford a BMW, drive a KIA”
DEMOGRAPHIC SEGMENTATION
Gender, age, income, housing type, and education level
are common variables. Some brands are targeted only to
women, others only to men. Music downloads tend to be
targeted to the young, while hearing aids are targeted to
the elderly.
Education levels often define market segments. For
instance, private elementary schools might define their
target market as highly educated households containing
women of childbearing age.
GEOGRAPHIC SEGMENTATION
 Perhaps the most common form of market
segmentation, wherein companies segment by
attacking a restricted geographic area.
 Regional differences in consumer preferences
exist, and often provide a basis for geographic
specialization.
 For example, a picante sauce might concentrate
its distribution and advertising in the southwest.
PSYCHOGRAPHIC &
BEHAVIORAL SEGMENTATION
Psychographic segmentation groups people by
lifestyles and personalities.
“Gerald is an NFL enthusiast.”
Behavioral segmentation groups people by their
response to a product.
“Men send roses at Valentines”
REVIEW
45. What is the overall reason that
marketing strategies are designed and
implemented?
A. Improving management techniques
B. Achieving planned goals
C. Changing the image of the business
D. Increasing business profits immediately
45. Overall reason that marketing
strategies are designed and
implemented?
B. Achieving planned goals
46. Dennis has a great idea for a new type of tennis
ball he feels would be better than any ball
currently on the market. He pitches his idea to a
few investors. Which of the four P’s should these
investors consider first?
Product
B. Price
C. Promotion
D. Place
A.
46. Which of the four P’s should these
investors consider first?
A. Product
47. Manny has an idea for a cleanser that
would decrease the time in cleaning
tiled floors. He thinks this product would
be better than any cleanser on the
market. Which of the four P’s should
these investors consider first?
Product
B. Price
C. Promotion
D. Place
A.
47. Which of the four P’s should
these investors consider first?
 A. Product
48. To promote its summer menu,
Danielle’s Café plans to e-mail a $5.00off coupon to its regular customers next
Tuesday. The coupon will be valid from
June 1st through June 15th. What does
use of the coupon represent?
A. Tactic
B. Strategy
C. Goal
D. Trend
48. What does use of the coupon
represent?
A. Tactic
49. Highway 1 Restaurant allows customers the
opportunity to enter drawings in order to win a
birthday cake. Customers register by providing
their contact information on a card. What does
entering the drawing represent?
Tactic
B. Strategy
C. Goal
D. Trend
A.
49. What does entering the drawing
represent?
A. Tactic
A tactic is short-term. The drawing to win
birthday cake is short-term.
50. Sue is a 12th grade student who loves the new
Ferrari convertible which retails for approx.
$300,000. She works part-time at the local movie
theater and has approximately $150 in her savings
& checking account. Is Sue a part of the market for
the Ferrari?
No, she is not financially willing to purchase the
Ferrari.
B. Yes, she has an unfulfilled desire for the Ferrari.
C. No, she is not financially able to purchase the
Ferrari.
D. Yes, she has an unfulfilled desire and is financially
able and willing to satisfy that desire.
A.
50. Is Sue a part of the market for the Ferrari?
C. No, she is not financially able to purchase the
Ferrari.
51. Which market do customers in cold
climates who need snow shovels and
snow blowers represent?
A. Geographic
B. Psychographic
C. Behavioral
D. Occupational
51. Which market do customers in cold
climates who need snow shovels and
snow blowers represent?
A. Geographic
52. Which market segment do customers
that prefer reasonably-priced
recreational activities that include a
variety represent?
A. Geographic
B. Psychographic
C. Behavioral
D. Occupational
52. Which market segment do customers
that prefer reasonably-priced
recreational activities that include a
variety represent?
B. Psychographic
Psychographic relates to the mind.
53. A business determines that it can increase its
market share 12 % by promoting its goods
and services to Hispanic females who are 18to 34-years old. How is the business
segmenting the market?
By geographics
B. By psychographics
C. By demographics
D. By behavior
A.
53. How is the business segmenting the market?
C. By demographics