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MARK 301 > Chapter 1 / intro ppt > Flashcards

Chapter 1 / intro ppt Flashcards

1
Q

definition of marketing

A

Creating profitable relationships with customers and exchanging value between buyers and sellers

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2
Q

2 goals of marketing

A

attracting new customers

keeping / growing current customer base.

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3
Q

According to text, marketing focuses on what two things?

A

Discovering the needs and wants of prospective customers

as well as satisfying these needs

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4
Q

Marketing wheel: what are all of the departments inside?
(6)
Red Deer Has Real Important Moms from Media

A

research and development, human resources, information and systems, marketing, finance, and manufacturing

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5
Q

What does the marketing wheel refer to as society?

A

other organizations,
shareholders (owners),
customers,
suppliers

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6
Q

marketing wheel: what are environmental forces?

A

uncontrollable factors

demographic, sociocultural, economic, technological, competitive, regulatory

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7
Q

marketing wheel: what are “alliances”?

A

the relationship between “other organizations” (society), the research and development department, and the manufacturing department.

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8
Q

marketing wheel: what are “partnerships”?

they do not work with HR, but are more interested in money…

A

between finance department, manufacturing department

+

the suppliers.

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9
Q

marketing wheel: what are the “relationships”?

A

the relationship between marketing department, information systems department, and the customers

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10
Q

marketing wheel: what are “ownerships”?

ownerships are the people who have stakes

  • owners need support
  • owners need information
A

the relationship between HR department, information systems, and the shareholders

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11
Q

3 steps of marketing process

A
  1. identifying customer needs
  2. managing the marketing mix to meet consumer needs
  3. realize profits for a company
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12
Q

In stage 3 of the marketing process for non for profits, what are we trying to realize instead of profits?

A

objectives

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13
Q

What is the marketing mix and the components?

A

Product: a good service or idea to satisfy needs
Price: what is exchanged for the product
Promotion: a means of communication between the settler and buyer
Place: a means of getting the product to the consumer

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14
Q

When is the marketing mix looked at in the marketing process?

A

stage 2, after we’ve identified the customer needs

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15
Q

The 4 p’s in the 2nd stage of the marketing mix are also referred to as….

A

controllable factors that the marketing department can control.

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16
Q

What is the definition of a need?

A

Needs occur when a person feels deprived of a basic necessity.

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17
Q

What is the definition of a want?

A

A want is shaped by a person’s knowledge, culture, and personality.

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18
Q

What is a market?

A

people with both the desire and the ability to buy a specific offering.

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19
Q

What is value propostion?

A

The cluster of benefits that an organization promises to customers to satisfy their needs.

Looking at things like
differentiation from other brands

(quality, price, convenience, delivery)

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20
Q

What is a target market?

A

segments of existing and potential consumers to which marketing is directed at

This offers Unique value.

21
Q

What is unique value?

A

differentiation for customers amongst different organizations

22
Q

What are the 3 types of products

A

Goods, services, and ideas

23
Q

What are the 5 marketing concepts?

pow ping smack moo shloop

A

production concept,

product concept,

selling concept,

marketing concept,

societal marketing concept

24
Q

What is the production concept?

A

focus is on production of whatever is being sold - no care for what is needed - if it is made it will sell mentality
ex) ford cars - don’t care about colour.

25
Q

what is a product concept?

A

focuses on customer and quality

providing flawless features.

26
Q

what is a selling concept?

A

when the focus is on the selling strategy to the customers - convincing people that they need to do this.
creation of brand loyalty

27
Q

what is a societal marketing concept?

A

society first - strategy aims to take care of customers first and to put profits second.

28
Q

what is marketing myopia?

A

failing to see what you’re really providing for the customer
ex) starbucks being in real estate game

29
Q

How does the selling concept realize profits?

A

profit through sales and volume

30
Q

How does the marketing concept realize profits?

A

profits through customer satisfaction

31
Q

What is the societal marketing concept?

A

socially responsible and environmental

32
Q

Customer Relationship Management

3 methods of CRM

A

less expensive to maintain current custy

Share of Wallet - % of money spent

Customer Lifetime Value - sales over lifespan

Corporate Social Responsibility - custys want value and good companies

33
Q

What is ‘share of wallet’?

A

how much a customer regularly spends on a specific brand instead of competitors.

34
Q

What are the customer relationship groups?

A

butterflies, true friends, strangers, barnacles

35
Q 
Customer relationship groups: 
butterflies
true friends
strangers
barnacles

What are their loyalties and profitability?

A

Butterflies - short term loyalty, high profit
True Friends - long term loyalty, high profit
Strangers - short term loyalty, low profit
Barnacles - long term loyalty, low profit

36
Q

What is customer perceived value?

A

perceived value of a customer when looking at all benefits from one firm to another

value = benefit divided by price

37
Q

What is customer satisfaction?

A

if a product matches expectations from buyer

38
Q

textbook: what is a marketing orientation?

A

where an organization is continuously collecting information about the customer, sharing this info across departments, and using it to create customer value.

39
Q

textbook: what is the difference between ultimate consumers and organizational buyers?

A

ultimate consumers buy for house

organizational buyers buy for organizations and services.

40
Q

textbook: what is utility?

A

the benefits or customer value received by the user of a product

41
Q

what is partnership marketing?

A

formal association between brands

42
Q

what is also known as affinity marketing?

A

partnership marketing

43
Q

Analytics

A

takes metrics data and applies smart thinking to make insights - leads to better decisions

44
Q

Content marketing

A

creating and sharing expertise, information, or branded content that is designed to inform and engage with tools such as research papers, e books, etc.

45
Q

Dashboards

A

displaying data in insightful accessible way

46
Q

experiential marketing

A

creating opportunities for consumers to directly interact with brands

47
Q

relationship marketing

A

when organizations create long term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention

48
Q

new practices of marketing (7)

A

1) digital marketing
2) augmented reality
3) experiential marketing
4) influencer marketing
5) partnership marketing
6) metrics
7) new marketing and ethical considerations

49
Q

according to textbook… what is the starting point o a marketing career?

A

educate yourself while creating a network of business professionals to contact upon graduation.

MARK 301 (11 decks)

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