mkt 300 module 2 for exam 2 |92 Answered Questions
marketing environment - -set of forces, some control some uncontrollable that influence
ability of a business to create value and attract and serve customers
-What makes of external control? - -micro and macro environment
-What is considered Micro Environment? - -consumers, suppliers, competitors
everyday basis
-What is considered macro environment? - -economy, political, technology, social trends
-SWOT analysis - -strengths, weaknesses, opportunities, threats
-external and helpful in swot - -opportunity
-external and harmful in swot - -threats
-internal and helpful in swot - -strengths
-internal and harmful in swot - -weakness
-environmental scanning - -the process of collecting information about forces in the
marketing environment
observation, second source, market research
-environmental anaylsis - -process of assessing and interpreting information gathered
through environmental scanning
ex: Adding double major
-respond to environmental forces REACTIVE - -passive view on control
the current strategy is adjusted
-respond to environmental forces PROACTIVE - -actively attempts to shape and influence
environment
strategies constructed to overcome market challenges and take advantage of opportunities
-porters 5 microenvironment - -competitive rivalry within industry
threat of new entrants
bargaining power of supplies
bargaining power of customers
threat of substitute product
-what is generic competition? - -compete for limited financial resources
anything that competes for disposable dollars
, -what is form competitors? - -different product same purpose
-what is industry competition? - -same product different price and features
-What is brand competition? - -Similar product similar price
-what two things does segmenting divide into? - -Needs and Benefits
-what is the purpose of segmenting? - -to make different products for a competitive
advantage
-STP Steps - -1. establish strategy/objectives
2. use segmentation methods/ describe segments
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
-establish strategy in STP - -identify group customers in market who share similar set of
needs and wants
-demographics - -age gender income occupation geographic ethnicity family cycle
-psychographic - -values, lifestyles, activites, interest, opinions
AIO (activities, interests, opinions)
-behavioral - -divide market by amount of product being bought
20% all customers generate 80% of demand
according to how they behave
-needs segmentation - -the process of grouping customers into market segments
according to the benefits they seek from the product
-4 types of targeting strategies - -1. undiffeerentiatied
2. differentiated
3. niche
4. micromarketing
-undifferentiated - -one big market
one size fits all
-differentiated - -a strategy that chooses two or more well-defined market segments and
develops a distinct marketing mix for each
-Niche Targeting - -concentrated strategy of following narrow market is sometimes more
profitable than spreading resources over several different segments
marketing environment - -set of forces, some control some uncontrollable that influence
ability of a business to create value and attract and serve customers
-What makes of external control? - -micro and macro environment
-What is considered Micro Environment? - -consumers, suppliers, competitors
everyday basis
-What is considered macro environment? - -economy, political, technology, social trends
-SWOT analysis - -strengths, weaknesses, opportunities, threats
-external and helpful in swot - -opportunity
-external and harmful in swot - -threats
-internal and helpful in swot - -strengths
-internal and harmful in swot - -weakness
-environmental scanning - -the process of collecting information about forces in the
marketing environment
observation, second source, market research
-environmental anaylsis - -process of assessing and interpreting information gathered
through environmental scanning
ex: Adding double major
-respond to environmental forces REACTIVE - -passive view on control
the current strategy is adjusted
-respond to environmental forces PROACTIVE - -actively attempts to shape and influence
environment
strategies constructed to overcome market challenges and take advantage of opportunities
-porters 5 microenvironment - -competitive rivalry within industry
threat of new entrants
bargaining power of supplies
bargaining power of customers
threat of substitute product
-what is generic competition? - -compete for limited financial resources
anything that competes for disposable dollars
, -what is form competitors? - -different product same purpose
-what is industry competition? - -same product different price and features
-What is brand competition? - -Similar product similar price
-what two things does segmenting divide into? - -Needs and Benefits
-what is the purpose of segmenting? - -to make different products for a competitive
advantage
-STP Steps - -1. establish strategy/objectives
2. use segmentation methods/ describe segments
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
-establish strategy in STP - -identify group customers in market who share similar set of
needs and wants
-demographics - -age gender income occupation geographic ethnicity family cycle
-psychographic - -values, lifestyles, activites, interest, opinions
AIO (activities, interests, opinions)
-behavioral - -divide market by amount of product being bought
20% all customers generate 80% of demand
according to how they behave
-needs segmentation - -the process of grouping customers into market segments
according to the benefits they seek from the product
-4 types of targeting strategies - -1. undiffeerentiatied
2. differentiated
3. niche
4. micromarketing
-undifferentiated - -one big market
one size fits all
-differentiated - -a strategy that chooses two or more well-defined market segments and
develops a distinct marketing mix for each
-Niche Targeting - -concentrated strategy of following narrow market is sometimes more
profitable than spreading resources over several different segments
