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Principles Of Marketing > 1: Questions > Flashcards

1: Questions Flashcards

0
Q

What are the two key-building blocks for developing customer satisfaction?

A

Customer value and customer satisfaction.

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1
Q

Which are the steps of the marketing process (5)

A
  1. Understand the marketplace and customer needs and wants
  2. Design a customer-driven marketing strategy
  3. Construct an integrated marketing programme that delivers superior value
  4. Build profitable relationships and create customer delight
  5. Capture value from customers to create profits and customer equity
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2
Q

Name the core marketing activities.

A

Consumer research, product development, communication, distribution, pricing and service.

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3
Q

What are the two questions the marketing manager must answer in order to design a winning marketing strategy?

A

What consumers will we serve (what’s our target market)?

How can we serve these customers best (what’s our value proposition)?

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4
Q

Key marketing strategies to design a customer driven strategy:

A
  • Selecting customers to serve
  • Choosing value proposition
  • Marketing management orientations
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5
Q

What is a value proposition and what question from the consumer should it answer?

A

It’s the set of benefits or values the company promises to delivers to consumers to satisfy their needs.
- why should I buy your brand rather than the competitors?

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6
Q

Under what five concepts can a company design and carry out their marketing strategies?

A
  • the production concept
  • the product concept
  • the selling concept
  • the marketing concept
  • the social marketing concept
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7
Q

What does CRM stand for and what is it?

A

Customer relationship management
It’s the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction. Deals with all aspects of acquiring, keeping and growing customers.

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8
Q

What are the trends for the way companies and customer are relating to each other?

A
  • Relating with more carefully selected customer

- Relating more deeply and interactively (consumer-generated marketing)

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9
Q

What can the company gain from creating superior customer value?

A
  • loyalty and retention
  • share of market, share of customers
  • customer equity
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10
Q

Give a few examples of the changes in the marketing landscape that place new demands on companies.

A
  • information revolution
  • globalisation
  • ethics and social responsibility
  • growth of not-for-profit marketing
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11
Q

What are the four steps in strategic planning?

A
  1. Defining the company mission
  2. Setting company objectives and goals
  3. Designing the business portfolio
  4. Planning marketing and other functional strategies
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12
Q

What questions should the company mission answer?

A

What is our business?
Who is the customer?
What do consumers value?
What should our business be?

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13
Q

What are the two steps in business portfolio planning?

A
  1. Analyse it’s current business portfolio (identifying SBU’s) and decide which businesses should receive more, less or no investment.
  2. Shape the future portfolio by developing strategies for growth and downsizing.
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14
Q

What is the growth-share matrix, and what four types is it made up of?

A

It’s a method that evaluates and classifies the company’s SBUs.

  • Stars, high-growth, high-share businesses or products, need heavy investments, will turn into cash cows
  • Cash cows, low-growth, high share businesses or products, need little investment, produce a lot of cash
  • Question marks, low-share units in high-growth markets, need a lot of cash to hold its share, build to stars or phase out
  • Dogs, low-growth and low-share business products, don’t promise to be large sources of cash
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15
Q

What are the strategies that can be used on each group of the SBUs according to the growth-share matrix?

A
  • build
  • hold
  • harvest
  • divest
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16
Q

What four growth opportunities makes up the product/market expansion grid?

A
  • Market penetration, existing market/existing product
  • Market development, existing product/new markets
  • Product development, new products/existing markets
  • Diversification, new products/new markets
17
Q

What does the process of strategic planning involve?

A
  • market segmentation
  • market targeting
  • market differentiation and positioning
18
Q

What are the four marketing management functions required for managing the marketing process?

A
  • analysis of the company’s situation
  • planning what to do with each business unit (what, why)
  • implementation turns the marketing plans into marketing actions (who, where, when, how)
  • control to evaluate the results and taking corrective actions
19
Q

What is the marketing environment made up of?

A
  • microenvironment - all the actors close to the company that affect its ability to create vale for, and relationships with, its customers.
  • macroenvironment - the larger societal forces that affect the microenvironment.
20
Q

What is a public and what types of publics are there?

A

A public is any group that has an actual or potential interest in or impact on an organisation’s ability to achieve its objectives.

  • financial
  • media
  • government
  • citizen-action
  • local
  • general
  • internal
21
Q

What are the major economic trends that affect marketing opportunities?

A
  • changes in income and spending
  • consumer spending patterns
  • changing cost structure
22
Q

Give examples of the actors in the company’s microenvironment.

A

The company, suppliers, marketing intermediaries, customers, competitors, publics.

23
Q

Give examples of the influential forces in the company’s macroenvironment.

A

Demographic forces, economic forces, ecological forces, technological forces, political forces, cultural forces.

24
Q

Why is the demographic environment an major interest to marketers? Give a few examples of demographic forces.

A

Changes in human population mean changes in the market which influence the way markets and market opportunities emerge and grow.

  • baby boomers
  • generation x
  • generation y
  • generational marketing
  • changing family structures
  • shifts in population
  • better education, white collar, professional population
27
Q

What does the technological environment consist of?

A

The forces that create new technologies, new products and market opportunities.

28
Q

What does the political and social environment consist of?

A

Laws, government agencies and pressure groups that influence or limit various organisations an individuals in a given society.

29
Q

What are the purposes of business competitive legalisations?

A

To protect companies from each other by defining and preventing unfair competition, to protect consumers from unfair business practices and to protect the interest of society again unrestrained business behaviour.

30
Q

What’s the cultural environment made up of?

A

Institutions and other forces that affects a society’s basic vales, perceptions, preferences and behaviours. These strongly affect how people think and how they consume.

31
Q

What cultural characteristics can affect marketing decision-making?

A
  • persistence of cultural values, either core beliefs and values that are passed on from parents and reinforces through life which are hard to change, or secondary beliefs and values that are easier to change
  • people’s views if themselves, people use products that as a mean of self expression and buy products that match their views of themselves
  • people’s views of others
32
Q

How can companies act in order to deal with marketing environments?

A
  • reactive, and passively accept the marketing environment as an uncontrollable element to which they must adapt, avoid threats and taking advantage of opportunities as the arise
  • proactive, working to change the environment rather than reacting to it
33
Q

What is CRM used for and how?

A

Pinpoint high-value customers, target them more effectively, cross-sell the company’s products and create offers tailored to specific customer requirements.

34
Q

In what way can managers of small businesses obtain marketing insight about their customers?

A

By observing things around them and talking to customers. Conduct surveys, help from local associations, use Internet to research specific companies and issues, scour competitor and customer websites.

35
Q

Why is international marketing research more complex than national research?

A

International researches deal with markets in many different countries, these markets often vary in levels economic development, cultures and customs, consumer attitudes and buying patterns.

36
Q

What questions do large companies try to answer by researching consumer-buying decisions?

A

What the consumer buy, where they buy, how - and how much they buy, when they buy and why they buy.

37
Q

Explain the stimulus-response model of buyer behaviour.

A

This model tries to answer how customers respond to various marketing efforts the company might use.
Marketing (4 Ps) and other (economical, technological, political etc) stimuli enter the consumer’s black box where they are turned into a set of buyer responses; the buyer’s brand and company relationship and what he or she buys, when, where and how often.

38
Q

What does the marketer try to understand from the stimulus-response model? And what parts does it consist of?

A

The marketer wants to understand how the stimuli are changed into responses inside the black box which has two parts; the buyer’s characteristics influence how he or she perceives and reacts to the stimuli. Second the buyer’s decision process itself affects the buyer’s behaviour.

39
Q

What are the factors influencing consumer behaviour?

A
  • culture
  • social
  • personal
  • psychological
  • -> buyer
43
Q

What does the ecological environment involve?

A

The natural resources that are needed as inputs by marketers or that are affected by marketing activities. Environmental sustainable strategies are developing in many companies.

54
Q

What does the economic environment consist of?

A

Factors that affect consumer purchasing power, spending patterns and cost structure.

Principles Of Marketing (2 decks)

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