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marketing management > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Marketing

A

is an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders. The aim of marketing is to know and
understand the customer so well that the product or service fits him and sells itself

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2
Q

Marketing management

A

is the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating superior
customer value.

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3
Q

A marketer

A

someone who seeks a response from another party

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4
Q

Prospect

A

The aim of marketing is to know and understand the customer so well that the product or service
fits him and sells itself.

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5
Q

What can be marketed (10)

A
  • Goods
  • Services
  • Events
  • Experiences
  • People
  • Idea
  • Information
  • Places
  • Property
  • Organizations
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6
Q

Latent demand

A

consumers share need for non-existing product

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7
Q

Unwholesome demand

A

consumers are attracted to undesired products (e.g.

tobacco

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8
Q

Negative demand

A

Consumers dislike product, may pay to avoid it

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9
Q

Nonexistent demand

A

Consumers may be unaware or uninterested in product

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10
Q

Declining demand

A

consumers begin to buy product less frequently

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11
Q

Irregular demand

A

Consumer purchases vary on seasonal, monthly, weekly daily or
hourly basis

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12
Q

Full demand

A

Consumers are adequately buying all products put into marketplace

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13
Q

Overfull demand

A

More consumers would buy product than can be satisfied

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14
Q

Key customer markets:

Consumer markets

A

Selling mass consumer goods and services such as juices,

cosmetics, shoes etc.

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15
Q

Key customer markets:

Business markets

A

Selling goods and services to make profit, selling to

professionals with knowledge. Reputation is important

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16
Q

Key customer markets:

Global markets

A

Navigate cultural, language, legal and political differences while
deciding which country to enter

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17
Q

Key customer markets:

Nonprofit

A

Companies selling to no-n profit orgs with limited purchasing power, need
to price carefully

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18
Q

Needs are the basic human requirements

A
  • Stated needs (explicitly mentioned by customer)
  • Real needs (customer wants something that is useful, ow-cost operating car for example)
  • Unstated needs (not mentioned by customer)
  • Delight needs (Needs that make it easier)
  • Secret needs (consumer is reluctant or unwilling to explicitly verbalize)
19
Q

Wants

A

are directed to specific objects that might satisfy the need.

20
Q

Key functions for CMO

A

(1) strengthening the brand
(2) measuring market effectiveness
(3) driving new product development based on customer needs
(4) gathering meaningful
customer insights
(5) utilizing new market technology

21
Q

Demands

A

are wants for specific products backed by an ability to pay

22
Q

Marketplace

A

is a physical place (e.g. store)

23
Q

Marketspace

A

is digital (internet)

24
Q

Meta market

A

is a cluster of complementary products and services that are closely linked

25
Q

Value

A

is the sum of the perceived tangible and intangible benefits and costs to customers.

26
Q

Customer value triad

A

quality, service and price

27
Q

Value Proposition

A

is a set of benefits companies offer customers to satisfy their needs

28
Q

A Brand

A

is an offering from a known source

29
Q

Marketing channels

A

(1) communication channels (e.g. telephone)
(2) distribution channels (e.g. internet displays)
(3) service channels (e.g. delivery companies)

30
Q

Media:

A

Paid: TV, magazine and display ads, paying third-party channels

Owned: media is when you leverage a channel you create and control. This could
be your company blog, YouTube channel, your website, or even your Facebook Even though you don’t strictly “own” your YouTube channel or your Facebook
page, you do control them and don’t have to pay for basic usage

Earned: Customers, press or public share your content, speak and discuss about
your brand.

31
Q

The marketing environment

A

exists of the task environment (producing, distributing,

promoting) and the broad environment (PESTEL)

32
Q

Satisfaction

A

is a person’s comparative judgment of a products perceived performance (or
outcome) in relation to his or her expectations.

33
Q

New Consumer capabilities:

A
  • Consumers can search, communicate and purchase on the move
  • Consumers can tap into social media to share opinions and express loyalty
  • Consumers can actively interact with companies
  • Consumers can reject marketing they find inappropriate
34
Q

Changing channels:

A
  • Retail transformation: Store-based retailers face competition from newspaper,
    magazine and tv ads.
  • Disintermediation: In the delivery of products by intervening in the traditional flow of
    goods. Removing the middleman in the supply chain.
  • Reintermediation: Traditional companies adding online services as a response to
    disintermediation.
35
Q

Heightened Competition:

A
  • Private labels: Own-store brands
  • Mega-brands: Brands spreading into multiple product categories, e.g. apple
    (watches, tvs, laptops)
  • Deregulation: Laws restricting companies growing have been loosened to create
    better competition
  • Privatization: Converting public companies to private to increase efficiency.
36
Q

Marketing ideas:

Production concept

A

Consumers prefer products that are widely available and cheap

37
Q

Product concept

A

Consumers prefer products with high quality and features

38
Q

Selling Concept

A

The more aggressive selling and promotion effort will lead to more

39
Q

Marketing Concept

A

Find the right product for your consumer, focus on needs buyer

40
Q

Holistic Marketing Concept

A

Everything matters in marketing and abroad,
integrated perspective is (often) necessary. It consists of:

  • Internal Marketing -> Make sure employees have the same view on corporate marketing
  • Performance Marketing -> Financial accountability and CSR Marketing
  • Integrated Marketing -> See next item
  • Relationship Marketing -> Build up good relationships with suppliers, customers and
    distribution channels
41
Q

Consumer values 4 A’s:

A
  • Acceptability
  • Affordability
  • Awareness
  • Accessibility
42
Q

The 4 P’s of Integrated Marketing

A

product
price
promotion
place

43
Q

Modern Marketing management

A

People, programs, process and performance

44
Q

Marketing Management Tasks

A

Developing marketing strategies and plans, capturing
marketing insights, connecting with customers, building strong brands, shaping market
offerings, delivering value, communicating value and creating long-term growth

marketing management (1 decks)

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