CH6: Marketing Managment Flashcards
What is marketing management and what role does it play in the organisation?
Marketing management involves planning and executing strategies to meet customer needs profitably. It creates value by aligning products and services with market demands. It plays a central role in the value chain through market research, promotion, pricing, distribution, and strategic planning.
Why is customer orientation essential in marketing management?
Companies that fail to adopt a marketing philosophy struggle to survive. Understanding and responding to customer needs ensures relevance, satisfaction, and loyalty in competitive markets.
What is a marketing strategy and what makes objectives effective?
A marketing strategy defines how a company will reach and serve its target market. Good objectives are specific, measurable, achievable, relevant, and time-bound (SMART).
What are the STP components of marketing strategy?
STP stands for Segmentation, Targeting, and Positioning. Segmentation divides the market into distinct groups, targeting selects which to serve, and positioning defines how the product is perceived relative to competitors.
What is the marketing mix (7Ps), and how do product and branding fit into it?
The 7Ps are Product, Price, Place, Promotion, People, Process, and Physical Evidence. Product includes design, features, and branding. A good brand name is memorable, distinctive, and relevant.
What are the key pricing strategies used in marketing?
Strategies include floor pricing (minimum viable price), penetration pricing (low to gain market share), mark-up pricing, target-return pricing, perceived-value pricing (based on customer perception), and going-rate pricing (market-based).
What is marketing communication and what are the elements of promotion?
Marketing communication conveys value to customers. The five elements of promotion are advertising, personal selling, sales promotion, public relations, and direct marketing.
What are distribution channels and why are intermediaries important?
Distribution channels are pathways to deliver products to consumers. They vary from direct (short) to indirect (long). Intermediaries add cost but improve accessibility, convenience, and efficiency.
How has digital marketing transformed the field and why is it essential today?
Digital marketing enables targeted outreach through platforms like social media, websites, and mobile apps. It offers real-time engagement, cost efficiency, and data-driven insights. Companies like ASOS have disrupted industries by leveraging these tools, and neglecting them risks obsolescence in today’s digital-first world.
