Chapter 1 / intro ppt Flashcards
definition of marketing
Creating profitable relationships with customers and exchanging value between buyers and sellers
2 goals of marketing
attracting new customers
keeping / growing current customer base.
According to text, marketing focuses on what two things?
Discovering the needs and wants of prospective customers
as well as satisfying these needs
Marketing wheel: what are all of the departments inside?
(6)
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research and development, human resources, information and systems, marketing, finance, and manufacturing
What does the marketing wheel refer to as society?
other organizations,
shareholders (owners),
customers,
suppliers
marketing wheel: what are environmental forces?
uncontrollable factors
demographic, sociocultural, economic, technological, competitive, regulatory
marketing wheel: what are “alliances”?
the relationship between “other organizations” (society), the research and development department, and the manufacturing department.
marketing wheel: what are “partnerships”?
they do not work with HR, but are more interested in money…
between finance department, manufacturing department
+
the suppliers.
marketing wheel: what are the “relationships”?
the relationship between marketing department, information systems department, and the customers
marketing wheel: what are “ownerships”?
ownerships are the people who have stakes
- owners need support
- owners need information
the relationship between HR department, information systems, and the shareholders
3 steps of marketing process
- identifying customer needs
- managing the marketing mix to meet consumer needs
- realize profits for a company
In stage 3 of the marketing process for non for profits, what are we trying to realize instead of profits?
objectives
What is the marketing mix and the components?
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
When is the marketing mix looked at in the marketing process?
stage 2, after we’ve identified the customer needs
The 4 p’s in the 2nd stage of the marketing mix are also referred to as….
controllable factors that the marketing department can control.
What is the definition of a need?
Needs occur when a person feels deprived of a basic necessity.
What is the definition of a want?
A want is shaped by a person’s knowledge, culture, and personality.
What is a market?
people with both the desire and the ability to buy a specific offering.
What is value propostion?
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)
What is a target market?
segments of existing and potential consumers to which marketing is directed at
This offers Unique value.
What is unique value?
differentiation for customers amongst different organizations
What are the 3 types of products
Goods, services, and ideas
What are the 5 marketing concepts?
pow ping smack moo shloop
production concept,
product concept,
selling concept,
marketing concept,
societal marketing concept
What is the production concept?
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.
what is a product concept?
focuses on customer and quality
providing flawless features.
what is a selling concept?
when the focus is on the selling strategy to the customers - convincing people that they need to do this.
creation of brand loyalty
what is a societal marketing concept?
society first - strategy aims to take care of customers first and to put profits second.
what is marketing myopia?
failing to see what you’re really providing for the customer
ex) starbucks being in real estate game
How does the selling concept realize profits?
profit through sales and volume
How does the marketing concept realize profits?
profits through customer satisfaction
What is the societal marketing concept?
socially responsible and environmental
Customer Relationship Management
3 methods of CRM
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
What is ‘share of wallet’?
how much a customer regularly spends on a specific brand instead of competitors.
What are the customer relationship groups?
butterflies, true friends, strangers, barnacles
Customer relationship groups: butterflies true friends strangers barnacles
What are their loyalties and profitability?
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
What is customer perceived value?
perceived value of a customer when looking at all benefits from one firm to another
value = benefit divided by price
What is customer satisfaction?
if a product matches expectations from buyer
textbook: what is a marketing orientation?
where an organization is continuously collecting information about the customer, sharing this info across departments, and using it to create customer value.
textbook: what is the difference between ultimate consumers and organizational buyers?
ultimate consumers buy for house
organizational buyers buy for organizations and services.
textbook: what is utility?
the benefits or customer value received by the user of a product
what is partnership marketing?
formal association between brands
what is also known as affinity marketing?
partnership marketing
Analytics
takes metrics data and applies smart thinking to make insights - leads to better decisions
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, etc.
Dashboards
displaying data in insightful accessible way
experiential marketing
creating opportunities for consumers to directly interact with brands
relationship marketing
when organizations create long term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention
new practices of marketing (7)
1) digital marketing
2) augmented reality
3) experiential marketing
4) influencer marketing
5) partnership marketing
6) metrics
7) new marketing and ethical considerations
according to textbook… what is the starting point o a marketing career?
educate yourself while creating a network of business professionals to contact upon graduation.
