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Understanding Market Dynamics Quiz
Test your knowledge on marketing concepts and strategies with our engaging quiz! This quiz is designed for individuals looking to deepen their understanding of market segmentation, consumer behavior, pricing strategies, and more.
- 51 insightful questions
- Multiple choice format
- Ideal for marketing enthusiasts and professionals
A population that has been chosen because of similar traits like age, income, and lifestyle as the most probable candidates to purchase a product/ as a business creates, packages, and advertises its product, determining the target market is a crucial step in the decision-making process
Target market
Target marketing
Market Segmentation
Segmenting the market
As a business creates, packages, and advertises its product, determining the target market is a crucial step in the decision-making process
Target market
Psychographics
Target marketing
Market segmentation
A marketing strategy that divides a customer base into groups before focusing your marketing initiatives on one or a small number of these segments
Target market
Target marketing
Market Segmentation
Consumer Behavior
The process of discovering a particular collection of traits (subgroups) that set one group of consumers apart from the others.
Target marketing
Consumer Behavior
Market Segmentation
Target marketing
Involves studying a firm’s industry and determining the different target markets in that industry
Target market
Segmenting the market
Consumer behavior
Target marketing
After a company has segmented the market, it must select a target market
Establishing a Unique Positioning
Segmenting the market
Select a Target Market
Market Segmentation
After selecting a target market, the firm’s next step is to establish a “position” within the market that differentiates it from its rivals.
Select a Target Market
Establishing a Unique Positioning
Segmenting the market
Segmenting the market
The statistical analysis of traits of people that have their purchasing habits
Marketing Research
Psychographics
Consumer Behavior
Market Segmentation
5 major consumer classifications
· Convenience Goods · Shopping Goods · Specialty Goods · Unsought Goods · New products
· innovators · early adopters · early majority · late majority · laggards
Defined by the many types and patterns of consumer characteristics
Marketing Research
Psychographics
Consumer Behavior
Market Segmentation
Five types of consumers:
· Convenience Goods · Shopping Goods · Specialty Goods · Unsought Goods · New products
innovators · early adopters · early majority · late majority · laggards
Involves the gathering of information about a particular market, followed by analysis of that information
Marketing Research
Gathering primary data
Gathering Secondary Data
Consumer Behavior
Information that has been compiled by others is known as secondary data. Generally speaking, secondary data are less expensive to gather than are new, or primary
Consumer Behavior
Marketing Research
Gathering primary data
Gathering Secondary Data
May be internal or external
Secondary data
Gathering primary data
Consumer Behavior
Consist of information that exists within the venture
Secondary data
Gathering primary data
Internal secondary data
Marketing Research
Classified as observational methods and questioning methods
Marketing Research
Observational methods
Gathering primary data
Gathering Secondary Data
Avoid contact with respondents, whereas questioning methods involve respondents in varying degrees.
Internal secondary
Observational methods
Secondary data
Gathering primary data
Two questioning methods that involve contact with respondents
Gathering Secondary Data
Observational methods
Gathering primary data
Surveys and experimentation
Need to know about your competitors’ sales performance by type of product and territory/ which accounts are profitable and how to recognize a potentially profitable
Distribution
Products
Markets
Sales
Introducing a new product or line of products
Sales
Markets
Products
Distribution
Differences in buying habits and tastes by territory and kind of product
Products
Sales
Distribution
Markets
Advertising reaching the right people/ budget allocated appropriately for greater profit according to products, territories and market potentials
Distribution
Products
Advertising
Sales
Reliable quantitative method for testing the market acceptability of new products and product changes
Sale
Markets
Products
Advertising
Is the good or service a firm offers to its target market.
Price
Product
Place
Promotion
The product itself, such as an antivirus software program.
Actual product
Price
Core product
Place
The product plus all the attributes that come with it such as quality level, features, design, packaging, and warranty.
Core product
Place
Actual product
Place
Is the amount of money consumers pay to buy a product.
Place
Place
Price
Promotion
Many factors affect this decision – the degree of competitive pressure, the availability of sufficient supply, seasonal or cyclical changes in demand, distribution costs, the product’s life cycle stage
Pricing Strategies
Pricing Online
Pricing decision
Public Relations
Freemium Model-Offers a basic service for free, while charging for a premium service with advanced features to paying members.
Pricing Online
Pricing Strategies
Pricing decision
Public Relations
The business makes money by driving traffic, leads or sales to another, affiliated company’s website
Subscription model
Affiliate model
Virtual goods model
Advertising model
This requires users to pay a fee (generally monthly or yearly) to access a product or service
Affiliate model
Advertising model
Virtual goods model
Subscription model
Users pay for virtual goods, such as upgrades, points or gifts, on a website or in a game.
Virtual goods model
Advertising model
Subscription model
Affiliate model
Are sold against the traffic of the site. Simply put, the more traffic you have on your site, the more you can charge for ads
Subscription model
Affiliate model
Advertising model
Virtual goods model
Promotes customer awareness of the product/Discuss the products features and benefits/Make connections between a product and a specific lifestyle.
Cons
Pros
Low credibility/The possibility that a large proportion of those who see the advertisement will be uninterested.
Cons
Pros
Steps Involved in Putting Together an Advertisement
Identify the purpose of the ad
Determine the target audience
Select a medium
Fulfill expectations
Select a place and time for the ad to appear
Create the ad
One of the most cost effective ways to increase the awareness of the products of a company is through public relations.
Public Relations
Pricing Online
Pricing Strategies
Price
Describes the use of these tools for marketing purposes
Social Media Marketing
Mobile Marketing
Green Marketing
Place
Is a high-impact, fast-paced marketing tool that many businesses have begun to use effectively as key component of their overall marketing strategy
Green Marketing
Mobile Marketing
Social Media Marketing
Place
Is more than a trending buzzword. Consumers, particularly the younger generation, are concerned with more than just price and quality.
Green Marketing
Social Media Marketing
Place
Mobile Marketing
All activities that transport a firm's product from its point of origin to the consumer are included.
Place
Sales Process
Green Marketing
Social Media Marketing
Involves the formulation of long-range plans for the effective management of opportunities and threats in light of a venture’s strengths and weaknesses.
Entrepreneurial Strategy
Strategic Planning
Strategic execution
Strategic actions
A design or plan that integrates an entrepreneurial team’s intent into goals, policies and action sequences to build a cohesive business model.
Strategic execution
Entrepreneurial Strategy
Strategic actions
Strategic Planning
Making includes defining the venture’s vision, mission and strategic intent, specifying achievable objectives, comprehending the complexities within a business model and the market and industry setting within which the business will operate.
Strategic execution
Strategic Planning
Entrepreneurial Strategy
Strategic actions
5 Basic Steps in Strategic Planning
Examine the internal and external environments of the venture (strengths, weaknesses, opportunities, threats).
Formulate and define the venture’s long-range and short-range strategies (vision, mission, strategic intent, objectives, business model design, tactics, budgets and policies).
Implement the strategic plan (programs of recruitment to acquire resources and capabilities, engage in market entry activities, develop procedures, alliances, partnerships, supplier relationships, etc.).
Evaluate the performance of the strategy against strategic intent and desired returns.
Take follow-up action through continuous feedback
Defined by Kim and Mauborgne as market spaces where industries do not exist today. They contrast these spaces with that of red oceans that are the tightly contested known markets that leave blood-soaked waters as competitors brutally contest for customers
Blue Ocean Strategy
Entrepreneurial Growth
Strategic Planning
Strategic execution
Consists of activities associated with the initial formulation of the venture. This initial phase is the foundation of the entrepreneurial process and requires creativity and assessment
New venture development
Start-up activities
Growth Stage
Business stabilization
Encompasses the foundation work that would contribute to creating a formal business plan and includes searching for capital, carrying out marketing activities and developing an effective entrepreneurial team
Start-up activities
Business stabilization
Growth Stage
New venture development
Often requires major changes in entrepreneurial strategy. Competition and other market forces call for the reformulation of strategies.
Growth Stage
Start-up activities
Innovation or Decline-Companies
Business stabilization
Is a result of both market conditions and the entrepreneur’s efforts. During this stage a number of developments commonly occur, including increased competition, consumer indifference to the entrepreneur’s good(s) or service(s) and saturation of the market with a host of ‘me too’ look-alikes
Business stabilization
Innovation or Decline-Companies
Growth Stage
Start-up activities
Fail to innovate will die. Financially successful enterprises will often try to acquire other innovative firms, thereby ensuring their own growth. In addition, many companies will work on new product/service development in order to complement current offerings
Innovation or Decline-Companies
Growth Stage
Start-up activities
Business stabilization
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