nguyp035's version from 2016-05-16 16:15


Question Answer
Session 2
Marketing environmental analysisInternal, external (micro and macro)
Internal environment consists of...Employees, Finance ,Functional ,Responsibility
Microeconomics intermediaries, suppliers, competitors, customers, public (5C / PORTER 5 FORCES)


Question Answer
Section 3
Session 3 - segmentation variablesdemographic, psycho graphic (VAL), behavioral variables
Target segmentsundifferentiated, differentiated, concentrated, custom
Positioningdevelop market strategy to influence how customers in particular market perceive our product in comparison to competition (competitors/advantages) - finalise mix (perceptual map) to differentiate to competitors

Section 4

Session 9 - Consumers/behavior
Question Answer
buying process, culture, who, where, what, how do they make purchases? - identify market opportunities
How are decisions made?Extended/limited problem solving? VS habitual decision making
Determinantsrisk, involvement, importance
Extended problem solving stages include..recognize problem > search info > option evaluation > product choice > evaluation
when brand is a shortcut...small brands can depend on themselves/distinguish themselves from big brand competitors by pushing customers to extended problem solving
What influences this process?motivation (maslow hierarchy of needs) - learning, attitudes, lifestyle, personality, etc. Culture, key opinion leader

Section 5

Question Answer
Session 5-8Product & Pricing
developing and managing the product - what price is charged? - product life cycle - types of adopters
productcore, actual, augmented
typesconvenient, shopping, speciality, unsought products
Discontinuous innovationdepending on how much learning is required


Question Answer
The NPD plan (new product development) consists of...idea > product concept > market strategy > business analysis (is it profitable) development > test > commercialise
the normal diffusion process - general segments of customers in terms of how they adopt the new product (innovators/early adopters)
Factors which determines diffusion process are..complexity, relative advantage
Diffusionrate at which new products are adopted by different customer adoption categories
Diffusion stagesinnovator (not afraid to try new products & will pay premium) , early adopters (after careful thought, are opinion leaders), early majority (wont buy until socially acceptable), late majority (more cautious), laggards (purchase when price falls/ end of lifecycle)
Life cycle stages
Introductionlow sales, negative profit, single player, price, informative ads
Growthrapid increase in sales, peak profit margin, co players join, heavy ads
Maturitypeak and decline profit margin
Pricing strategiesestimate demand (sensitivity analysis) - estimate cost - pricing environment (i.e. competitor and economy) - choosing the strategy
Cost plus pricingsimple but inefficient
Demand based pricingprice elasticity
Differential pricingprice discrimination (barrier)
value based pricingprice based on perceived value - optimal price - water/dvd - low cost, high perceived value
skimming pricehigh margin, unique features, vulnerable to competition (start from high prices and go down)
penetration pricingmarket share, new competitors, lower margin (start from low prices)
reference pricewhen consumers lack information (refer to competitors price or previous price)
odd pricecognitive bias .87 .99

Section 6

Question Answer
Session 6-7Branding / comm strategy (branding & integrated marketing communication)
Communication helps to..pass info, persuade customers (advertising, pr, promotion, AIDA)
Brand name as a heuristic
Brand equitythe value over the generic version of the product
Brand equity is measured by..BAV model, differentiation, relevance, knowledge, esteem
Products have life stages/cycles but brands..last forever!
Drawback of brand equitydifficult to measure, attititudes, costs, investments - its not perfect
Added value is the..higher perceived value by customers > customers willing to pay premium > high margins
Brand choicea short cut, loyalty
barrier to market entry, higher profit margins, increase in effectiveness of IMC
Branding strategies
Co-brandingcombined resources (increase visibility and market share, share costs, etc. - raised recognition power
Brand stretchingMoving into new product categories with same brand or (parent brand)
Brand extension (upward, downwards, two way)going from low end brand to selling high end vice verca
Advantages of strategiescapitalizes brand equity - lets consumers associate value of product to image of brand
Disadvantagemay dilute or damage brand image (poor performance, downward extension) - must win trust
Communication Mix
Advertising Above the line(pay commission) tv,press, cinema
Below the linenon commission paying - direct mail
Advantage of adsmass appeal, cost efficient, rich info
Drawbackcredibility issue, cost, little feedback
Sales promotion(advantage) effective in short term - (disadvantage) easy to be duplicated, costly, damage brand image
Public relationhigh credibility BUT difficult to control
Personal sellingfocus on relationship more useful for complex purchases BUT high costs
Integrated marketing comm strategyconsistent story, CANCELS limitations and reinforces each other

Section 7

Question Answer
Session 10Distribution channel - how we deliver values physically, retailers/wholesalers
Distribution channel includes..the value chain, supply chain
Distribution channel intermediariesand intermediary functions
channels distribution plan - trade of between efficiency, cost and control
Channel member relationshipsbullwhip effect, info sharing, conventional, vertical and horizontal
channel intensity
channel length
Disinter-mediationonline technology reduces level of intermediaries

Section 8

Question Answer
Session 4Marketing research
Primary data and secondaryestablishes what is happening in market, what is beneath the water - case studies, survey, big data (find trends)