Chapter 1 Flashcards
Experimental Marketing
Creates opportunities for consumers to directly interact with brands
Ie. pop ups, like NIKES snkrs express bus that drive around for consumers to try on and buy shoes off of
Partnership Marketing (also known as affinity marketing)
The idea that brands with similar customers but different channels combine efforts to make both more successful and not be achiever separately
Also known as affinity marketing
Metrics
Numeric data collected and grouped to track performance
Often presented of spreadsheets and dashboards making it easy to understand and interpret.
What can be marketed?
Goods, Services, and Ideas
The term _____ is used to describe potential customers who have both the willingness and ability to purchase a product
market
Influencer Marketing
Using celebrities or social media users with large numbers of followers to help brands connect with their audience members
What trend is most important trend for impacting how marketers do their business in Canada currently?
The widespread use of digital technology
Antispam Legislation
Canadian legislation to regulate email marketing practices
What is the Relationship between marketing and promotion?
Promotion is only one aspect of marketing
Marketing mix
Product
Process
Place
Promotion
Controllable factors that are carefully managed to ensure they are well coordinated and appeal to the target market
What are the 4 P’s of the Marketing Mix?
Product
Price
Place
Promotion
What is a Product?
A good, service, or Idea
Market Offering
A product that is some combination of goods, services, and experiences that can be offered to a market to satisfy needs or wants
(Services&experiences, ideas, places, information, organization)
Promotion
Communication tools needed to inform consumer about a product
Examples: public relations, advertising (paid), sales promotion, direct responses, event marketing, sponsorships, online approaches, personal selling, social media promotion (free)
3 steps of the Marketing Process
1) indentifying customers needs
2) managing the marketing mix (4 Ps) to meet these needs
3) reaching potential consumers or the market
Marketing Process
Process which goods and services move from the concept to the customer, coordinated through the 4 P’s that include -
1) Identify, select, and develop a product
2) Determing the Price
3) Select a distribution channel to reach customers place
4) develop and implement promotional strategy
What is a Market?
Used to describe groups of consumers who have both a willingness and ability to buy a product
Market = Actual Buyers + Potential Buyers
Target Market
A specific group (or segment) of potential or existing buyers where marketer direct their marketing efforts
Three elements of Relationship Marketing
1) Social Media
2) Customer Relationship Management (CRM)
3) Corporate Social Relationship (CSR)
Customer Relationship Management (CRM)
-Overall process of building and maintaining profitable customer relationships.
-Delivering superior customer value and satisfaction.
-wanting Customer Lifetime value
Examples:
this is good for non profit organizations with monthly donors.
Companies can also do special events for their loyal customers
Corporate Social Responsibility (CSR)
When an organization voluntarily considers the wellbeing of society by taking responsibility for how their business impacts consumers, customers, suppliers, employees, shareholders, communities, and society in general.
Example:
Time hormone kid sports teams
McDonalds Ronald McDonald House
Tom’s shoes - buy a pair they give a pair
Ben and Jerry’s ice cream using ingredients from well sources cows and chickens (happy cows)
Digital Marketing
Using technology to reach consumers
Content marketing mobile marketing
Social media marketing
Arguments reality
Experimental reality
Influencer Marketing
What are some new and evolving marketing practices?
Digital content, mobile, and social media marketing
Almost all technological - numbers increase everyday
Partnership Marketing
Create formal associations between brands that will result in incremental business for both brands that could not have been achieved separately
Emailed: Scotia bank and cineplex with scene points
