BUSINESS MARKETING 2 Flashcards
the science and art of exploring, creating, and delivering
value to satisfy the needs of a target market at a profit.
marketing by dr philip kotler
the activity, set of institutions, and processes for
creating, communicating, delivering and exchanging
offerings that have value for customers, clients,
partners, and society at large
marketing by american marketing association 2013
it is the art of creating genuine customer value
philip kotler
mass production and distribution; lower production cost = lower price
production concept
focuses on product itself and innovation
product concept
large-scale selling and promotion effort; sell what is manufactured rather than manufacture what the market wants; hard selling
selling concept
customer’s preferences are prioritied; Provide a solution to the customer’s actual or perceived problem.
marketing concept
maintains or improves the consumer’s, society’s and environment well being
societal marketing concept
for the purpose of strengthening meaningful long-term relationships with customers; customer databases are created, maintained and updated; Customer profiles, purchase habits and preferences are tracked and monitored
relationship marketing concept
Large screen monitor
display ads
Sms blasts
digital marketing
Automated Emailing of
product information
Online stores
Online reservation
Online payments
online marketing
Blogging
Photos
Videos
Advertisements
social media marketing
LED Video screen
Digital billboards
Video walls
outdoor promotion
Signs and Ads mounted on
taxicabs
Product logos painted on
the sides of buses or vans
Product stickers
Small tv screens
mobile promotion
Promoting products
through telephone
calls to identified
potential customers
telemarketing
Car Companies host car
shows to introduce new car
models
Clothing companies host
fashion show to showcase
clothing lines
event marketing
Repacked in smaller sizes
and re priced at more
affordable values
sachet marketing
great marketing makes the customer feel smart
joe chernov
is a person or organization that
transacts with businessperson or
business organization
to buy goods or services for
monetary or other valuable
considerations.
customer
is the process of
ensuring customer
satisfaction with a
product or service
customer service
The perceived benefits and
results a customer expects
when buying and using a
product or availing of a service
customer expectations
What can companies do to meet Customer
Expectations?
underpromise and overdeliver
blue ocean strategy
get closer to your customer, tell them what they need
steve jobs
this includes customer’s name,
birthdate, contact numbers an
email address. This is used in
customer segmentation and
profiling.
customer database information
used to accurately and identify the
type of merchandise frequently
purchased, amount spent, the
preferred days for shopping etc.
customer shopping history
is a facet of customer relationship
management (CRM) that focuses on
customer loyalty and long-term
customer engagement rather than
shorter-term goals like customer
acquisition and individual sales.
relationship marketing
relationship marketing (suki marketing)
trial (new buyers) + (customer satisfaction) repeat purchase (old buyers) = (customer loyalty) total buyers
customer’s perception
of the benefits that he or
she is getting from a
product, in relation to the
price paid to obtain those
benefits
customer value
customer’s
evaluation of the
performance of the
product in relation to
his or her expectation
customer satisfaction
The company’s
effort to maintain
loyalty of customers
customer retention
4 brand benefits
functional benefit
emotional benefit
social
economic
the forecasted sales or profits
that a company can derive
from the entire span of the
future relationship with a
particular customer. This is
based upon the potential value
and profitability of their
relationship with the company.
customer lifetime value CLV
relationship development strategies
financial bond
customiation
social
structural
If the cost is worth
the value derived
(real and perceived),
the — bond is
sufficient.
financial bond
Personal ties which include perceived feelings of
“familiarity, personal recognition, friendship, rapport
and social support”
social bond
The service provider customizes
the service that is delivered to
customers: in other words, the
provider tailor-makes the
service to the needs of the
customer.
customiation bond
occur where the services
offered by the service
provider are designed
into the systems or
processes of the client
company.
structural bond
custome pays the wages
henry ford
brand color
60% main colors to use
30% secondary colors to use (text)
10% accent for highlights
brand names
abstract, descriptive, suggestive
function that links customers, consumers and public to marketer through info
marketing research
high bad debts
uncollectible accounts
quali - exploratory research
quanti - descriptive
high interest payable
quali - ethnographic or observational research
quanti - correlational and explanatory research
lack of innovations in product offers
quali - case study
quanti - causal research
steps in marketing research by kotler and armstrong 2013
define the problem and objective
develop research plan
implement research plant - collect and analye data
interpret and report findings
focuses on the target market and determines and estimates its demand relative to a particular company offering
market study
a tool used to gather infor about existing or potential customers in a certain market or population
market survey
