Chapter 1 Flashcards
4 P’s
Product
Price
Place
Promotion
The Marketing Process
- Identify Customer need
- Manage mrkting mix to meet need
- Reach potential consumers
Product Orientation
focusing organizational efforts on manufacture
Sales Orientation
focusing organizational efforts on selling as much as possible
Marketing Orientation
Focusing organizational efforts to collect and use information
Relationship Marketing
Creating relationships to have better loyalty and customer retention
(When organizations create long-term links with customers, employers, suppliers, and other partners to increase loyalty and customer retention)
Digital Marketing
Using digital technology to reach consumers through computers, gaming devices, out of home electronics screens, or mobile devices
Content Marketing
Creating and sharing expertise, information, or branded content that is designed to inform and engage with tools such as research papers, e-books, infographics, how-to videos, blogs, webinars, e-newsletters, case studies, and events that can readily be found with a search engine
Mobile Marketing
A set of practices that enables organizations to communicate and engage with their audiences in a interactive and relevant manner through any mobile device or network
Social Media
A form of online media that allows members to create their own network of friends and contacts to share comments, articles, opinions, videos, and images as a form of self-expression
Social Media Marketing
Reaching out to consumers online through social media networks (Instagram, Tiktok, Twitter, etc)
Experiential Marketing
Creating opportunities for consumers to directly interact with brands (Pop-up shops)
Partnership Marketing
The creation of formal associations between brands that will result in incremental business for both brands that could not have been achieved separately (example: Nutella has Partnered with Tim Hortons to create a Nutella doughnut to get sales in Tim Hortons)
CRM
(Customer relationship management) The overall process of building and monitoring profitable customer relationships by delivering superior customer value and satisfaction
CSR
(Corporate social responsibility) Organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general. (Someone who makes sure business looks good)
Whats a product
Good: Product you can own & touch (tangible)
Service: Product that’s intangible (haircut, massage)
Idea: Political party, religion
Share of wallet
The percentage of a customer’s purchases that a company has in a specific product ( I only drink tims = tims has 100% share of that customers wallet)
Customer lifetime value
The potential sales that will be generated by a customer if that customer remains loyal to that company for a lifetime
Societal marketing concept
Marketing programs that focus on the consumers and the well being of society
Greenwashing
The deceptive use of marketing practices to give the impression that a good, service, or organization is environmentally friendly
Societal marketing concept
Marketing programs that focus on the consumer and the well-being of society
A Market
A group of potential customers with both the willingness and the ability to buy a specific product.
Strategic Alliance
Long term arrangement between companies with similar values and marketing objectives that extends beyond short-term promotional offers into long term formal business agreements.
Metrics
Numeric data that is collected and grouped to track performance, often presented in spreadsheets and dashboards
