1st Quarterly Exam Flashcards
1
Q
The process of building and maintaining profitable customer relationship (satisfaction).
A
Relationship Marketing
2
Q
Levels of Relationship Marketing
A
- Basic Marketing
- Reactive Marketing
- Accountable Marketing
- Proactive Marketing
- Partnership Marketing
3
Q
Building Customer Loyalty Through Customer Service
A
- Relationship Marketing
- Levels of Relationship Marketing
4
Q
1st level of relationship marketing (direct sales)
A
Basic Marketing
5
Q
Sales people give assistance to customer through phone call at any time.
A
Reactive Marketing
6
Q
Sales people will do an after service call to follow up the buying experience of the customer to his/her item (open for suggestion)
A
Accountable Marketing
7
Q
Company has a group of regular customers who provide constructive feedback.
A
Proactive Marketing
8
Q
Company has a group of loyal customers.
A
Partnership Marketing
9
Q
Building Customer Value
A
- Customer Value
- Levels of Customer Value
- Types of Customers
- Relationship Development Strategies
- Customer Service in the Philippines
10
Q
Satisfaction of the customers from expectation vs reality experience.
A
Customer Value
11
Q
Levels of Customer Value
A
- Basic & Expected Level
- Desired Customer Value
- Unanticipated Customer Value
12
Q
Unexpected experience that goes beyond expectation
A
Unanticipated Customer Value
13
Q
basic requirement of conducting a business.
A
Basic & Expected Level
14
Q
What the customers wants from the purchase experience.
A
Desired Customer Value
15
Q
Types of Customers
A
- Strangers
- Butterflies
- True Friends
- Freeloaders
16
Q
loyal but not profitable because of the limited fit between their needs.
A
Freeloaders
17
Q
needs that match your offerings (profit at all times)
A
True Friends
18
Q
not loyal, because they are on hunt for the best (profit sometimes)
A
Butterflies
19
Q
needs do not fit to your offerings (no profit at all)
A
Strangers
20
Q
Relationship Development Strategies
A
- Communicate with customers frequently and effectively
- Offer Customer Rewards
- Conduct Special Events and Provide Sponsorships
- Enhance Customer Service
- Utilize languages to reach a wider customer base
21
Q
Through using different languages of promotional materials to cater different regions.
A
Utilize languages to reach a wider customer base
22
Q
Through catering concerns, complaints, telemarketing of your latest offerings
A
Enhance Customer Service
23
Q
Through sponsorships, parties, contests and the likes
A
Conduct Special Events and Provide Sponsorships
24
Q
Through special discounts, perks, and freebies
A
Offer Customer Rewards
25
Through email and SNS to sustain brand recall
Communicate with customers frequently and effectively
26
Customer Service in the Philippines
- Customer Hotline
- Email and SMS
- SNS
- Live Chat Support
- Company Mobile Application
27
Service
Service Marketing
28
is an act that is provided by a party that creates value and provides benefits to the party
Service
29
Characteristics of Service
- Intangible
- Inseparable
- Perishable
- Homogeneous
30
cannot be stored or returned
Perishable
31
may differ from time to time
Homogeneous
32
simultaneous production and consumption
Inseparable
33
does not have physical manifestation
Intangible
34
Components of Service Marketing
- Product and its elements
- Time and Place
- Process
- Quality service or productivity
- People or Service Provider
- Promotion
- Physical Evidence
- Price
35
the amount to pay to enjoy the service, most of the time, the price of the service depends on its perceived quality.
Price
36
visible cues that show service quality
Physical Evidence
37
informing the public about the service
Promotion
38
the ultimate proof of service quality.
People or Service Provider
39
how the service meets the customer’s expectation
Quality service or productivity
40
method of service delivery
Process
41
rendered on time and in appropriate venue
Time and Place
42
supplement the main product
Product and its elements
43
rendered on time and in appropriate venue
Time and Place
44
method of service delivery
Process
45
how the service meets the customer’s expectation
Quality service or productivity
46
the ultimate proof of service quality.
People or Service Provider
47
informing the public about the service
Promotion
48
visible cues that show service quality
Physical Evidence
49
the amount to pay to enjoy the service, most of the time, the price of the service depends on its perceived quality.
Price
50
is the general plan of action aligned with the company’s VMGOs (Vision, Mission, Goals and Objectives).
Strategic Marketing
51
The starting point before marketing strategies
Strategic Marketing
52
how strategies must be executed.
Tactical Marketing
53
activities that will inform customers of the features of a good or service
Tactical Marketing
54
Steps in describing Marketing tactics:
- Prepare an Action Plan
- Name the necessary resources and monitor the allocated budget
- Identify how the success of the tactics will be measured
55
evaluating the effectiveness of the tactics.
Identify how the success of the tactics will be measured
56
how much do you need for the execution?
Name the necessary resources and monitor the allocated budget
57
a detailed list of steps on how to deliver each tactic
Prepare an Action Plan
58
forces that affect the way a firm operates with its target market both internal and external.
Marketing Environment
59
consists of all internal factors which have direct contact and influence on the company.
Microenvironment
60
Microenvironment
- Organization
- Suppliers
- Customers
- Marketing Intermediaries
- Competitors
61
they are the owners, investors and employees who are all considered members of the organization. This includes formulation of VMGOs
Organization
62
provide the resources the organization needs if a form of raw materials
Suppliers
63
people willing to buy the product
Customers
64
assist the distribution and selling of goods
Marketing Intermediaries
65
Marketing Intermediaries
- Wholesalers
- Distributorships
- Retailers
- Agents and brokers
66
buy goods from manufacturers and resell
Wholesalers
67
selected by manufacturers to buy goods for resale
Distributorships
68
buy goods from wholesalers and/or distributorships
Retailers
69
sell products for a certain commission
Agents and brokers
70
rival firms that offer similar goods or services.
Competitors
71
same product, same intention, same target market location
Direct Competitors
72
products differ slightly, same intention, same target market
Indirect Competitors
73
consists of all external factors which affect not only the firm but the entire industry or region or country.
Macroenvironment
74
Macroenvironment
- Demographics
- Economics
- Sociocultural Factors
- Technological Factors
- Political Forces
- Ecological Factors
75
activities to protect natural environment
Ecological Factors
76
Proper Waste Disposal, Re-use Recycle Reduce
Ecological Factors
77
group of people which may influence the stability of country and affect the production, distribution, promotion and selling of goods and services.
Political Forces
78
Copyright and patent, Taxes and Tariffs
Political Forces
79
development in technology.
Technological Factors
80
ATMs, Internet, Gadgets
Technological Factors
81
refers to the beliefs, practices, norms, customs, and traditions that may affect the business operations.
Sociocultural Factors
82
influence the purchasing power particularly during inflation.
Economics
83
characteristics of a population
Demographics
84
Age, gender, religion, educational attainment, civil status, geographic location, lifestyle, race, and others.
Demographics
85
the process of collecting and analyzing data to address a specific marketing problem.
Marketing Research
86
It is important as it could help identify the demographics of target market, determine the probability of success and the alternative courses of actions, and avoid potential loss and iron out issues that may occur.
Marketing Research
87
Marketing Research Steps
- State the objectives
- Determine the research methodology
- Gather data
- Interpret the results
- Present the results
88
this aids in designing your research process
State the objectives
89
Determine the research methodology
- Manner of Gathering
- Type of information
- Type of Study
90
Manner of Gathering
- Primary Research
- Secondary Research
91
used previously published materials
Secondary Research
92
original information
Primary Research
93
Type of information
- Quantitative Research
- Qualitative Research
94
studies views and attitudes
Qualitative Research
95
involves numerical data
Quantitative Research
96
Type of Study
- Exploratory Research
- Descriptive Research
- Causal Research
97
describes the characteristics of the research.
Descriptive Research
98
studying the cause and effect relationship
Causal Research
99
better understanding of the research problem and identify variables
Exploratory Research
100
collecting of data based on the study
Gather data
101
interpreting the data gathered
Interpret the results
102
presentation of the interpreted data through graphs, charts, tables and figures.
Present the results
103
is a system of all individuals that purchase goods and services for personal consumption
Consumer market
104
Consumer to company buying transaction
Consumer market
105
Consumer Purchase Decision Process
- Recognizing a need
- Searching for information about the product or service
- Evaluating the different products available
- Making a final purchase decision
- Making and after purchase evaluation
106
Evaluation of the purchase made.
Making and after purchase evaluation
107
Selection of the best product
Making a final purchase decision
108
Weighing all the possible options.
Evaluating the different products available
109
Weighing all the possible options.
Evaluating the different products available
110
Reading and searching about the pros and cons of the product.
Searching for information about the product or service
111
Think of a brand that they need or want
Recognizing a need
112
Factors Influencing Consumer Behaviour
- Cultural Factors
- Social Factors
- Personal Factors
- Psychological Factors
113
human mind and behaviour
Psychological Factors
114
guides one’s behaviour
Motivation
115
how you view things
Perception
116
assumption made by an individual.
Beliefs and attitudes
117
demographic characteristics of a person
Personal Factors
118
social functions and interactions with his group
Social Factors
119
Social Factors
- Reference group
- Social Role
- Social Status
120
social standing
Social Status
121
responsibilities and profession
Social Role
122
family, friends and relatives
Reference group
123
beliefs, traditions, mores, norms and values learned from the family
Cultural Factors
124
Types of consumer buying behaviour
- The buying behaviour of an individual is mostly determined by the level of his involvement.
- Types of Buying behaviour
125
Involvement relates to the willingness of the customer to acquire more information about the product.
The buying behaviour of an individual is mostly determined by the level of his involvement.
126
relates to the willingness of the customer to acquire more information about the product.
Involvement
127
Types of Buying behaviour
- Variety Seeking behaviour
- Habitual buying behaviour
- Dissonance
- Complex buying behaviour
128
greatest amount of involvement; when buying expensive products.
Complex buying behaviour
129
reducing behaviour – larger amount of involvement; expectation vs reality checking
Dissonance
130
minimal amount of involvement; as long as it serves its purpose
Habitual buying behaviour
131
little to no involvement; just to try something new
Variety Seeking behaviour
132
composed of firms and organizations that purchase semi processed goods.
Business Markets
133
Company to supplier buying transaction
Business Markets
134
Characteristics of Business Markets
- The demand in business markets
- The complexity of buying decisions
- The involvement of professional purchasing agents
135
skilled individual in terms of dealing with suppliers
Professional purchasing agents
136
Business Buying Decision Process
- Recognition of need
- Determining product specification
- Listing possible suppliers
- Selection of supplier
- Periodic review
137
Evaluation of the performance of the purchased materials
Periodic review
138
Features and functions required by the product
Determining product specification
139
Identifying the need to be addressed
Recognition of need
140
Types of Business Buying Situation
- Straight rebuy
- Modified rebuy
- New buy
141
new supplier
New buy
142
negotiation between supplier
Modified rebuy
143
reorder from supplier
Straight rebuy
144
Participants in the Business Buying Process
- Users
- Influencers
- Buyers
- Deciders
- Gatekeepers
145
Control the flow of information; can be the above mentioned.
Gatekeepers
146
Have the authority to make or approve
Deciders
147
The professional purchasing agents
Buyers
148
The influence through their skills
Influencers
149
Directly utilized the products from suppliers
Users
150
is a group of people to whom the company intends to sell its product.
target market
151
Stages in target marketing
- Market Segmentation
- Market Targeting
- Market Positioning
152
Positioning their brands to the minds of their selected target market
Market Positioning
153
Selection of target market
Market Targeting
154
Process of dividing consumer; breaking down from a large market to smaller group; hetero to homogeneous
Market Segmentation
155
Market Segmentation Variables
- Demographic
-Geographic
- Psychographic
- Behaviouristic
156
Demographic
- Age
- Life Cycle Stage
- Gender
- Income
- Religion, race and nationality
157
Geographic
- Climate
- Population Size
158
Psychographic
- Lifestyle pattern
- Hobbies and interest
- Opinions and beliefs
- Personality
159
Behaviouristic
- Loyalty
- Special Occasion
- Benefits
160
Loyalty
- Soft core
- Hard core
- Switchers
161
one brand
Hard core
162
availability
Switchers
163
patronize other brand
Soft core
164
Market Targeting
- Undifferentiated/Mass marketing
- Differentiated/Segment marketing
- Concentrated/Niche marketing
165
One segment
Concentrated/Niche marketing
166
One brand with variants
Differentiated/Segment marketing
167
Catering to a particular segment
Differentiated/Segment marketing
168
Selling a wide variety of products
Undifferentiated/Mass marketing
169
Market Positioning
- Feature-based positioning
- Use-based positioning
- User-based positioning
- Head-on Competitive positioning
- Lifestyle positioning
170
Culture and values focus
Lifestyle positioning
171
Brand comparison focus
Head-on Competitive positioning
172
Answers the question who.
User-based positioning
173
How to and what for focus
Use-based positioning
174
Product feature focus
Feature-based
