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What are the 3 types of markets?
- Consumer
- Business
- Government
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How do companies assess the needs of the market(s)?
They look at a product or service and ask themselves why does a customer purchase it and for what reason.
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Why is positioning so important in the design of a marketing strategy?
Gives direction to the marketing plan
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What are some of the benefits of having a marketing plan?
- Establish goals
- Terms of reference
- Budget resources
- Measure success
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What is the difference between a strategic and operational marketing plan?
One is long term and one is short term
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Why do companies segment markets?
To satisfy different needs and wants of different groups of people.
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What are the various ways to segment the consumer
market?
- Geographic
- Demographic
- Psychographic
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Why is geographic segmentation usually the first basis of segmentation?
This is because geographic segmentation forms the basis of the marketing size.
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Why is demographic segmentation used by most businesses?
- This is used by most businesses because it is the easier to measure than most other types of variables. (e.g.
- age, sex, life cycle, income, job)
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What is the basis of psychographic segmentation?
Divides the market into groups according to customers’ lifestyles, personalities and etc.
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Why is it useful to combine various segmentation variables to describe a market?
- It is useful to combine segmentation together because to sell to a demographic you need a geographic
- area and psychographic because you need to know what they like and want to use or have.
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What criteria should a business consider
when trying to decide which segment to target?
- A business should consider to which segment it has the capability to make itself attractive to a
- target market
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What does positioning mean?
- A communication strategy to establish an image for a product or service in relation to others in the
- minds of consumers.
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How can companies trigger a consumer need?
- By finding out what a consumer wants and making a product that consumers will think they can’t live
- without.
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Where is the first place that consumers go
for information when considering a purchase?
Source of information
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What do consumers use to evaluate different
purchase options?
Consumers weight positive and negative aspects of the purchase.
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What factors influence where and when a
purchase decision is made?
What
is cognitive dissonance and how can a company lessen its impact?
- A customer’s uncertainty after making a purchase a company can lessen this from happening by doing a
- follow up call to a customer about the product or service they just bought.
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What are the 4 types of influences that
could impact a consumer’s behavior?
Cultural, Social, Physical, and Psychological
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What is the difference between push and
pull motivators?
Push motivators is a need and want such as adventure and a pull is attributes such as a beach at a hotel.
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How do psychological factors influence
consumer behaviour?
They motivate them they alter their perception
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What is the main advantage of tracking the success of
your marketing strategy?
- To see if your idea worked and if that is a marketing idea
- that you should go through with again.
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What is a SWOT analysis and how does it relate to designing a marketing strategy?
SWOT is= Strengths, Weaknesses, Opportunities, Threats and it relates to designing a marketing strategy by pointing out the strengths and weaknesses of the marketing strategy as well as new opportunities and possible threats to your marketing strategy.
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