Midterm Exam What is the marketing concept

Midterm Exam

What is the marketing concept? Provide three reasons why learning what the marketing concept entails is one of the first topics in our study of marketing analysis.

Marketing is a discipline composed of a set of strategies and methods that are developed around the promotion and sale of a product or service.

To increase sales- For any business to be successful, the product or service it offers must be widely known by potential buyers.

Learning about the market itself – At the beginning the market seems to be a vast ocean, however, once some campaigns have begun, it is possible to deepen and know a whole structure of communities, subcultures and a great network of different connections. Marketing opens your eyes to the reality of your industry.

The image of the company and the brand- To have a healthy image of the company and a brand that is bought by consumers, marketing plays an important role. Many companies invest hundreds of thousands of dollars in marketing just to maintain a reputation or make their brand remembered.

http://www.netmba.com/marketing/concept/

Discuss in detail the steps of the marketing research process. Please discuss in your own words.

Below are the five steps of the marketing research process.

Purpose of the research- the purpose of the study, the background of relevant information, the information that is needed and how it will be used in decision making should be considered.

Plan of the research- must determine what information is needed and how, when and where to obtain it.

Performance of the research- Primary Data, is the information collected the first time. Secondary Data refers to existing information, useful for the specific survey.

Processing of research data- After obtaining the data, they are processed and analyzed to isolate the information and important findings.

Preparation of research report- the market researcher interprets the results, draws conclusions and informs the management.

Review and discuss an article that covers the power of the four marketing influences.

All companies have as main objective to satisfy the needs of customers with a specific product or service, designing or implementing the different tools that generate business strategies and these in turn competitive advantages in the market. In order to obtain the desired results and the fulfillment of the objectives as an organization, it is important to define that everything is in function to the proper management of the four P’s of the market: product, price, place and promotion.

https://www.linkedin.com/pulse/7-important-factors-influence-buying-decision-pallabi-chakraborty

Review and discuss an article that covers the organizational buying process.

Identify who are the people interested in the product based on current customers. From this, a profile design and the most common needs can be made, and a hypothesis can be created that each one can help in each stage of the purchasing process. Often the person who becomes aware of the need to purchase a product is not the same as the one who decides to buy it, nor the person who purchases it or who consumes it. It is important to know the phases and behavior of the consumer in the marketing funnel and to offer at each moment the corresponding action, such as a personalized campaign of marketing emails, special discounts or specific offers. The buying process is the key of marketing. Most consumers will buy a product depending on how is marketed.

https://www.entrepreneur.com/article/281126

Describe in your own words the market segmentation process.

Market segmentation is a process that consists of dividing the total market of a good or service into several smaller and internally homogeneous groups. The essence of segmentation is to really know the consumers. One of the decisive elements of a company’s success is its ability to properly segment its market.

https://www.marketing91.com/steps-of-market-segmentation/

Discuss the bases for deciding segmentation strategy.

Below you’ll see the bases for deciding segmentation strategy.

Geographical It is used to differentiate consumers or potential customers depending on where they are located, since the fact of living in a place generates some needs or others.

Demographic and socioeconomic. It is one of the bases most used for its simplicity. It is believed that demographic variables are highly associated to according to what preferences, desires and level of use of a product or service. In this way, they are based on multiple factors that include age, sex, ethnic origin, social class, education, family size, religion, because all these factors contribute to drawing a profile of the potential consumers of the products or services of the company.

Psychographic Through this criterion, the behavior of people and their ways of life is studied. That is, the attitudes, personality and characteristics of the lifestyle of the company’s public are taken into consideration.

Attending to the benefits. Potential consumers and customers can also be grouped according to the benefits they seek when consuming or enjoying a certain product or service.

Occasion of use Consumers or customers can vary their habits and levels of use of a product or brand depending on the occasion in which they will use or enjoy.

Levels of loyalty. Another of the bases of segmentation is to find the level of loyalty that customers show towards the product or services. A distinction can be made between the little or nothing loyal, the moderately loyal and the very loyal.

According to the service. Depending on the service offered by the company, consumers can respond in different ways.

http://tisconsulting.org/blog/market-segmentation-basic-strategies/

Describe in your own words the elements of brand equity.

The elements of brand equity.

Loyalty to the brand: refers to the repeated purchase of a product or service as a result of perceived value, trust and the link generated between the client company.

Awareness – Brand awareness occurs when a brand achieves a high level of knowledge within its market / s, to the point of being recognized and remembered among different groups of people

Perceived quality – It is influenced by many more values, beyond materials and product processes.

Brand Associations- Associated brands have to define what product or service they want to move forward, what their characteristics are, work deadlines and to which public they are directed within the segment.

Other: proprietary brand assets- Corporations are cemented by brand assets, which are the elements themselves. That is, the set of media that belongs to them and through which companies can exploit endless possibilities that contribute to enhancing brand value.

Brand: 5 Main Elements of Brand Equity – Explained

Explain in your own words the factors related to new product success.

Below you’ll see the factors related to new product success.

Highlight: The proposal must be distinctive and draw attention. This is achieved by offering new solutions or existing solutions but presenting a new way of doing things.

Communicate: Communication is perhaps one of the most important parts when making a new product known. The messages must be clear and concise; In addition, the packaging must be consistent with the positioning and the market to which the innovation is directed.

Attract: The product must be aligned with the needs or desires of the consumer, present an advantage for them to change their traditional consumer products

Point of purchase: At the point of sale or purchase is essential that the product is easily locatable and that its price is acceptable.

Sustainability: The performance of the product when used will affect future purchases of consumers, as well as brand loyalty. A successful product must perform well, and strategies must be developed to encourage consumer loyalty.

https://www.interaction-design.org/literature/article/an-overview-of-the-factors-of-success-for-new-product-development

Explain in your own words the new product development process.

New product development process:

Idea generation- The search for ideas is the starting point in the development of any product. It is convenient to have the collaboration of company personnel.

Idea screening- The generated ideas must pass through a selection process to filter those that are viable. Businesses seek the opinions of workers, customers and other businesses to avoid the pursuit of expensive and unrealizable ideas.

Project planning- the marketing and finance departments are responsible for evaluating the potential of marketing, advertising and production costs, sales prices and returns of the expected investment for each alternative.

Product development- The development of the product implies the actual design and manufacture of the same. The development begins with the creation of a prototype that facilitates market testing. Based on the results of the tests, the business owners decide to carry out large-scale production or not.

Test marketing- This is a small-scale launch to know the acceptance of said product and the reaction of the market to it. The objective is none other than to gather relevant information before its final launch.

Commercialization- This is the stage in which plans for manufacturing at full capacity must be refined and prepared and for marketing the budgets for the project must be prepared. The marketing phase is streamlined when consumers quickly accepts the product.

https://www.smartsheet.com/all-about-new-product-development-process

Discuss five reasons why we need research when evaluating product ideas.

Below are five questions the determine the need of doing research when evaluating product ideas.

What is the actual size of the target market?

What, how, when, how much, where and why do you currently buy the target market?

What advantages, disadvantages, satisfaction, criticisms and improvements does the current client detect?

What percentage of the target market will buy my product / service?

What characteristics (quality, quantity, presentation, price) would you prefer to perceive the potential customer of our product?