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Operational Marketing > 1 - Marketing > Flashcards

1 - Marketing Flashcards

1
Q

definition of marketing

A

process by which companies:

  • create value for customers
  • build strong customer relationships

in order to capture value from customers in return

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2
Q

two fold marketing goal

A

attract new customers by promising superior value

grow current customers by providing satisfaction

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3
Q

marketing process

A

1 - understand the marketplace and customer’s wants and needs

2 - design customer value-driven marketing strategy

3 -prepare an integrated marketing plan that delivers superior value

4 - build profitable relationships

5 - company reaps the rewards of strong customer relationships

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4
Q

why is creating value for customers important?

A

by creating value for customers, they in return capture value from consumers in the form of:

  • sales
  • profits
  • long-term customer equity
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5
Q

market offerings

A

combinations of products, services, information, or experiences offered to a market to satisfy a need or want

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6
Q

marketing myopia

A

focusing only on existing wants and losing sight of underlying consumer needs

  • not looking into the future
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7
Q

marketing myopia examples of failure and success

A

failure = Kodak film company
- didn’t see Sony as a potential competitor

success = Coca Cola
- diversification into the bottled water market

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8
Q

customer expectations

A

formed according to satisfaction obtained from market offerings

  • customers will buy accordingly
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9
Q

market segmentation (+ approaches)

A

dividing the markets into segments of customers w/ different needs and behaviours

approaches:

  • geographical
  • demographic
  • behavioural
  • psychographic
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10
Q

market targeting

A

process of evaluating each market segment and selecting one or more segments to enter

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11
Q

market positioning

A

arranging for a product to occupy a distinctive place relative to competing products in the minds of customers

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12
Q

value proposition

A

set of benefits/values it promises to deliver to customers to satisfy their needs

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13
Q

marketing management orientations (5)

A 
production concept
product concept
selling concept 
marketing concept
social marketing concept
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14
Q

production concept

A

consumers will favor products that are available and affordable (eg. Primark)

  • management will lean towards economies of scale
  • can lead to marketing myopia.
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15
Q

product concept

A

consumers favor products that offer the most quality & performance (eg. apple, microsoft)

  • focus is on continuous product improvements
  • can lead to marketing myopia
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16
Q

selling concept

A

consumers will only buy if the firm undertakes a large-scale selling and promotion effort (eg. Avon)

  • focus is on making transactions, not customer relationships
  • usual with unsought goods.
17
Q

marketing concept

A

know the needs and wants of the target markets and deliver the desired satisfactions better than competitors (eg. Nike, Samsung)

  • customer-centered
18
Q

social marketing concept

A

marketing decisions consider consumers’ wants, company requirements, consumers’/society’s long run interests (eg. Google, Tesla)

  • calls for sustainable marketing
  • realising societal needs are shaping markets
19
Q

inside-out perspective

A

used by selling concept

  • aim is to sell what the company makes rather than what the customer wants
  • cost determines price
  • converts product into cash
  • fragmented selling approach
  • buyer beware principle
20
Q

outside-out perspective

A

used by marketing concept

  • focuses on satisfying customer’s needs as a path to profits
  • customers determine price -> price determines cost
  • converts customer’s needs into products
  • integrated marketing approach
  • seller beware principle
21
Q

marketing mix

A

set of tools the firm uses to implement its marketing strategy

tools: 4 Ps
- price
- place
- promotion
- product

22
Q

integrated marketing program

A

communicates + delivers the intended value to chosen customer

23
Q

customer relationship management

A

process of building and maintaining profitable customer relationships

  • aims to manage customer touchpoint to maximize customers’ loyalty
24
Q

customer’s satisfaction

A

extent to which perceived performance matches a buyer’s expectations

25
Q

customer relationship levels

A

basic relationship - a company with many low-margin customers may seek to develop basic relationships with them

full partnership - in markets with few customers and high margins, sellers want to create full partnerships with key customers

frequency (club) marketing programs - reward customers

26
Q

consumer-generated marketing

A

brand exchanges created by consumers themselves (both invited and uninvited)

27
Q

partner relationship management

A

involves working closely with partners in other company departments and outside the company

  • as important as CSR
28
Q

customer lifetime value

A

value of purchases that the customer would make over a lifetime of patronage

29
Q

Share of customers

A

portion of customer’s spending that a company gets in its product categories

30
Q

how can companies increase share of customers?

A
  • offer greater variety to current customers

- create programs to cross-sell + up-sell products/services

31
Q

customer equity

A

total customer lifetime values of all of the company’s customers

  • measure of future value
  • might be a better way to measure performance than current sales or market share. Whereas sales reflect the past, customer equity suggests future
32
Q

customer relationship groups (grid)

A

Strangers – low potential profitability and little projected loyalty

Butterflies – potentially profitable but not loyal

Barnacles – highly loyal but not very profitable

True friends – both profitable and loyal

33
Q

changing marketing landscape

A

non-profit organizations

rapid globalization - global competition

sustainable marketing

34
Q

core marketplace concepts (5)

A
  • needs + wants + demands
  • market offerings
  • customer value and satisfaction
  • exchange and relationships
  • markets

Operational Marketing (9 decks)

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