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Principles Of Marketing 1st Quarter Reviewer > 1st Quarter Reviewer POM > Flashcards

1st Quarter Reviewer POM Flashcards

1
Q

is a process by which “companies create value for customers” and “build strong customer relationships” to capture value from customers in return.

A

Marketing

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2
Q

States of “deprivation”

A

Needs

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3
Q

3 Kinds of Needs

A

• Physical—food, clothing, warmth, safety
• Social—belonging and affection
• Individual—knowledge and self-expression

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4
Q

—food, clothing, warmth, safety

A

• Physical

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5
Q

belonging and affection

A

Social

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6
Q

knowledge and self-expression

A

• Individual—

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7
Q

Exists when a person has an “unfulfilled need”, and he is aware of an object that will best satisfy that need.

A

Wants

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8
Q

Refers to the “total quantity” of a product or service that customers are “expected to buy at a given price level.”

A

Demand

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9
Q

THE 5 MARKETING PROCESS

A
  1. Understanding the marketplace and customer needs
  2. Designing a customer-driven marketing strategy
  3. Preparing an integrated marketing plan and program
  4. Building customer relationships
    5.Capturing value from customers
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10
Q

are some “combination of products”, services, information, or experiences “offered to a market to satisfy a need or want”

A

• Market offerings

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11
Q

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

A

• Marketing myopia

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12
Q

is the act of “obtaining a desired object from someone by “offering something in return.”

A

• Exchange

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13
Q

are the set of “actual and potential buyers of a product.”

A

• Markets

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14
Q

is the “art and science of choosing target markets” and building profitable relationships with them

• What customers will we serve?
• How can we best serve these customers?

A

Marketing management

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15
Q

2 Selecting customers to serve

A

Market Segmentation
Target Marketing

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16
Q

refers to “dividing the markets into segments” of customers.

A

Market segmentation

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17
Q

refers to “which segments to go after.”

A

Target marketing

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18
Q

set of “benefits or values a company promises to deliver” to customers to satisfy their needs.

A

Value proposition

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19
Q

5 Marketing Management Orientations

A
  1. Production Concept
  2. Product Concept
  3. Selling Concept
  4. Marketing Concept
  5. Societal Marketing Concept
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20
Q

is the idea that consumers will favor products that are “available or highly affordable.”

A
  1. Production concept
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21
Q

is the idea that consumers will favor products that offer the “most quality, performance, and features.” Organization should therefore devote its energy to making “continuous product improvements”.

A
  1. Product concept
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22
Q

is the idea that consumers will not buy enough of the firm’s products unless it undertakes a “large scale selling and promotion effort.”

A
  1. Selling concept
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23
Q

is the idea that “achieving organizational goals” depends on knowing the needs and wants of the target markets and delivering the “desired satisfactions better than competitors do.”

A
  1. Marketing concept
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24
Q

is the idea that a company should make” good marketing decisions by considering consumers’ wants”, the company’s requirements, consumers’ long-term interests, and “society’s long-run interests.”

A
  1. Societal marketing concept
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25
Q

“set of tools” (four ps) the firm uses to implement its marketing strategy. It includes “product, price, promotion, and place.”

A

The marketing mix

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26
Q

“comprehensive plan” that communicates and delivers the intended value to chosen customers.

A

Integrated marketing program

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27
Q

the “overall process of building and maintaining profitable customer relationships” by delivering superior customer value and satisfaction

A

Customer relationship management (CRM)

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28
Q

Relationship building blocks:

A

customer value and satisfaction

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29
Q

• It is the “value that a customer perceives” to “obtain by buying a product”. It is the difference between the total obtained benefits according to the customer perception and the “cost that he had to pay” for that.

A

Customer- perceived value

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30
Q

• The extent to which a “product’s perceived performance matches a buyer’s expectations”

A

Customer satisfaction

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31
Q

The changing nature of customer relationships

A

Customer-managed relationship
Partner relationship management

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32
Q

marketing relationships in which customers, “empowered by today’s new digital technologies”, interact with companies and with each other to shape their relationships with brands.

A

Customer-managed relationships

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33
Q

involves “working closely with partners in other company” departments and outside the company to jointly bring greater value to customers.

A

Partner relationship management

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34
Q

is the “value of the entire stream” of purchases that the customer would make over a “lifetime of patronage.”

A

Customer lifetime value

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35
Q

is the “portion of the customer’s purchasing” that a company gets in its product categories

A

Share of customer

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36
Q

is the “total combined customer lifetime values” of all of the company’s customers.

A

Customer equity

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37
Q

is the process of developing and “maintaining a strategic fit between the organization’s goals” and capabilities and its changing marketing opportunities.

A

Strategic planning

38
Q

4 STEPS IN STRATEGIC PLANNING

A
  1. Defining the company mission
  2. Setting company goals and objectives
  3. Designing the business portfolio
  4. Planning market
39
Q

is the organization’s purpose, what it “wants to accomplish in the larger environment.”

A

Mission statement-

40
Q

defines the business in “terms of satisfying basic customer needs.”

A

Market-oriented mission statement

41
Q

6 Steps on How to create a market-oriented mission statement?
A mission statement should:

A

• Not be myopic in product terms
• Meaningful and specific
• Motivating
• Emphasize the company’s strengths
• Contain specific workable guidelines
• Not be stated as making sales or profits

42
Q

are “specific and measurable results” companies hope to maintain as their organization grows. It “acts as a compass” for the company, dictating how the organization “should allocate strengths, weaknesses and opportunities” that may be available.

A

Business objectives-

43
Q

are a “brand’s define goals.” They “outline the intentions of marketing team”, provide clear direction for team members to follow, and offer information for executives to review and support. It is a “pivotal part of a marketing strategy.”

A

Marketing objectives

44
Q

is the “collection of business and products” that make up the company.

A

Business portfolio

45
Q

is a “major activity in strategic planning” whereby management “evaluates the products and businesses” that make up the company.

A

Portfolio analysis

46
Q

4 CLASSIFICATION OF PRODUCT/MARKET EXPANSION GRID

A
  1. Market Penetration
  2. Market Development
  3. Product Development
  4. Diversification
47
Q

is a growth strategy “increasing sales to current market” segments “without changing the product.”

A

Market penetration

48
Q

is a growth strategy that “identifies and develop new market segments” for current products.

A

Market development

49
Q

is a growth strategy that “offers new or modified products” to existing market segments.

A

Product development

50
Q

is a growth strategy through “starting up or acquiring businesses outside the company’s” current products and market.

A

Diversification

51
Q

is the “reduction of the business portfolio by eliminating products “or business units that are nor profitable or that no longer fit the company’s overall strategy.

A

Downsizing

52
Q

is a “series of departments” that carry out “value-creating activities to design, produce, and market, deliver,” and support a firm’s products.

A

Value chain-

53
Q

is made up of the “company, suppliers, distributors, and ultimately customers” who partners with each other’s to “improve performance” of the entire system.

A

Value delivery network-

54
Q

4 MARKETING STRATEGY

A
  1. Market Segmentation
  2. Market Segment
  3. Market Targeting
  4. Market Positioning
55
Q

is the “division of a market into distinct groups of buyers” who have different needs, characteristics or behavior and who might require separate products or marketing mixes.

A

Market segmentation

56
Q

is a “group of consumers who responds in a similar way” to a given set of marketing efforts.

A

Market segment-

57
Q

is the process of “evaluating each market segment’s attractiveness” and selecting one or more segments to enter.

A

Market targeting

58
Q

is the “arranging for a product to occupy a clear, distinctive, and desirable place” relative to competing products in the minds of the target consumer.

A

Market positioning

59
Q

is the “set of controllable tactical marketing tools- products, price, place, and promotion”- that the firm blends to produce the response it wants in the target market.

A

Marketing mix

60
Q

is a process that consists of “analyzing current situation and information about marketing opportunities, forecasting” and establishing planning premises, selecting target markets, determining marketing objectives, designing and developing marketing strategy.

A

Planning

61
Q

is the process that “turns marketing plans into marketing actions” to accomplish strategic marketing objectives.

A

Implementing

62
Q

is the “measurements and evaluation of results” and the “taking of corrective action” as needed to ensure the objectives are achieved’

A

Controlling

63
Q

involves “checking ongoing performance against an annual plan” and taking corrective action as needed.

A

• Operating control

64
Q

involves “looking at whether the company’s basic strategies are well matched to its opportunities.”

A

• Strategic control

65
Q

is the “net return from marketing investment” divided by the cost of the marketing investment.

A

Marketing ROI (Return on Marketing Investment)

66
Q

“provides a measurement of the profits generated” by investments in marketing activities.

A

Marketing ROI

67
Q

is a “combination of internal and external environmental forces” and factors that influences the business operation of a business and its ability to serve its customers.

A

marketing environment

68
Q

consists of the “actors close to the company that affect its ability to serve its customers”, the company, marketing intermediaries, customers markets, competitors, and publics.

A

Microenvironment

69
Q

6 Actors in the Microenvironment

A
  1. The Company
  2. Suppliers
  3. Marketing Intermediaries
  4. Competitors
  5. Publics
  6. Customers
70
Q

is a “legal entity formed by a group of individuals” to engage in and operate a business - commercial or industrial- enterprise

A
  1. The Company
71
Q

The Company is composed of the following 6 departments:

A

• Top Management
• Finance
• R&D ( Research and Development)
• Purchasing
• Operations
• Accounting

72
Q

is a “person or entity that provides the resources” to an entity for them to produce goods and services. It is treated as a “partner to provide customer value”.

A
  1. Suppliers
73
Q

helps the company to “promote, sell and distribute its products to final buyers.”

A
  1. Marketing Intermediaries
74
Q

• The figure at the right side explains how Coke delivers value for their marketing intermediaries.
• They understand each retailer partners business.
• They conduct consumer research and share with partners.
• They develop marketing programs and merchandising for partners.

A

Marketing Intermediaries

75
Q

is a business that “provides similar products or services to your business.” Firms must gain strategic advantage by positioning their offers against “competitors’ offerings.”

A
  1. Competitors
76
Q

refers to any “group that has an actual or potential interest” in or “impact on an organization’s ability to achieve its objectives”.

A
  1. Publics
77
Q

7 Kinds/Examples of Publics

A

• Financial publics
• Media publics
• Government publics
• Citizen-action publics
• Local publics
• General public
• Internal publics

78
Q

is an “individual or business that purchases another company’s good” and services. Customers are important because they drive revenues; without them, business cannot continue to exist.

A
  1. Customer
79
Q

4 Classification of Customers

A
  1. Consumer market
  2. Business market
  3. Government market
  4. International market
80
Q

is a “set external factors or forces, not controlled by the company,” which influences is development. It is mainly includes demographics, economics, natural, cultural, technological, legal or political elements.

A

Macroenvironment

81
Q

6 Actors of Macroenvironment

A
  1. Demographic Environment
  2. Economic Environment
  3. Natural Environment
    4.Technological Environment
  4. Political Environment
82
Q

is the “study of human populations- size, density,” locations, race, occupation, and other statistics like age, and gender.

A

Demography

83
Q

involves “people, and people make up markets.” “Demographic trends shift in age, family structure”, geographic population, educational characteristics, and population diversity.

A

Demographic Environment

84
Q

consist of “factors that affect consumer purchasing power” and spending patterns.

A

Economic Environment

85
Q

offerings a “financially cautious buyers with greater value” by providing the right combination of quality and service at a fair price.

A

Value Marketing

86
Q

includes “natural resources that are needed as inputs” by marketers of that are affected by marketing activities.

A

Natural Environment

87
Q

4 Trends in Natural Environment

A
  1. Increased shortages of raw materials
  2. Increased pollution
  3. Increased government intervention
  4. Increased environmentally sustainable strategies
88
Q

refers to the “state of science and technology in the country” and related aspects such as rate of technological progress, institutional arrangement for development and application of new technologies.

A
  1. Technological Environment
89
Q

includes “laws, government agencies, and pressure groups” that influence or limit various organization and individuals in a given society.

A

Political Environment

90
Q

consist of institutions and other forces that “affect a society’s basic values, perceptions, and behaviors”. “Cultural factors strongly affect people think and how they consume”. So marketers are keenly interested in the cultural.

A

Cultural Environment

91
Q

are persistent and are “passed on from parents to children” and are reinforced by schools, churches, businesses, and government.

A

Core beliefs and values

92
Q

are more “open to change and include people’s views of themselves”, others, organization, society, nature and the universe.

A

Secondary beliefs and values

Principles Of Marketing 1st Quarter Reviewer (3 decks)

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