Market at NORDAKADEMIE Hochschule der Wirtschaft

Flashcards and summaries for Market at the NORDAKADEMIE Hochschule der Wirtschaft

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Study with flashcards and summaries for the course Market at the NORDAKADEMIE Hochschule der Wirtschaft

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What means trading-down the product line quality level?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What are characteristics for low-involvement products?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What are Porter's Five Forces?
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Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What is the process of segmentation?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What means knowledge of price?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

How can the price be determined based on the competition?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

Seller's market

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Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What is part of the execution?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

Marketing is not...

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What is part of the situational analysis?

Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

What are four possible brand strategies?
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Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

Definition Marketing

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Exemplary flashcards for Market at the NORDAKADEMIE Hochschule der Wirtschaft on StudySmarter:

Market

What means trading-down the product line quality level?
Customers are looking for the lower end of the quality level, so marketing adjusts the image to the lower quality end.
  • Associated risks: lack of acceptance from retailers, negative image for customers who sought the higher quality level

Market

What are characteristics for low-involvement products?

  • low risk for customers if they fail
  • require limited pre-purchase information
  • often purchased spontaneously
  • require marketers to engage emotions and high frequency
  • Examples: chocolate, a binder, toothpaste

Market

What are Porter's Five Forces?
Existing Competition

Market

What is the process of segmentation?
1. Segmenting the market
  • Defining segmentation criteria
  • Segmenting the market
  • Develop personas for wach segment
2. Selecting segments
  • Estimate attractivity of each segment
  • Select relevant segments
3. Positioning concepts
  • Develop positioning concepts for each segment

Market

What means knowledge of price?
All stored information a person has regarding the product

Explicit knowledge of price:
  • Awareness of information regarding the price
  • Actual price is known

Implicit knowledge of price:
  • Limited information regarding price
  • Actual price is unknown, but one can indicate whether price is high/ low

Market

How can the price be determined based on the competition?

based on the prices competitors are offering
  • Problem: consumer remains left outside the pricing

Market

Seller's market


  • Less products available than demanded
  • Little to no competitors
  • Not necessary to think about customers 

Market

What is part of the execution?
Organising

Market

Marketing is not...
...mere advertising

Market

What is part of the situational analysis?

External analysis

Market

What are four possible brand strategies?

  • Single brand strategy
  • Multiple brand strategy 
  • Family brand strategy
  • Umbrella branding strategy

Market

Definition Marketing

  • Dual leadership concept (function & corporate leadership)
  • Recognition of changes in customer demand for competitive advantage

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