Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

COMM 223 > Chapter 1: Marketing > Flashcards

Chapter 1: Marketing Flashcards

1
Q

What is marketing

A

listen to customer and you’ll get money in return

satisfy their needs

Creating value for customers and building strong relationships to capture value from customers in return

Managing profitable customer relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what are the goals of marketing

A

Attracting new customers

Keeping and growing current customer base

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is a target market?

A

who you wish to sell to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what are the five steps of marketing

A
  1. understand marketplace and customer needs and wants
  2. design customer driven market strategy
  3. construct an integrated marketing Programm
  4. build profitable relationships and customer delight
  5. capture value for customers to create profits and customer equity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q
  1. understand marketplace and customer needs and wants

name the five core concepts

A
  1. Needs, wants, and demands
  2. Market offerings
  3. Value and satisfaction
  4. Exchanges and relationships
  5. Markets

Demand: a want if you have money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q
  1. understand marketplace and customer needs and wants

core concept 1: what is a want

A

Needs influenced by culture and personality

Want: Sausage Egg McMuffin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
  1. understand marketplace and customer needs and wants

CORE CONCEPT 1: what is a demand

A

Sum of wants and buying power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
  1. understand marketplace and customer needs and wants

core concept 2: what are market offerings

A

Products, Services and Experiences that are available to satisfy a need or want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is market myopia?

A

Marketing Myopia: paying more attention to the specifics of a product, rather than the benefits it can offer. Ex: Kod

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q
  1. understand marketplace and customer needs and wants

core concept 3: customer satisfaction

A

satisfying dem customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q
  1. understand marketplace and customer needs and wants

core concept 4: Exchange Relationships

what is an exchange?

A

act of obtaining a desired object from someone by offering something in return.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q
  1. understand marketplace and customer needs and wants

core concept 4: Exchange Relationships

what is a relationship?

A

expected result of marketing, but relationship building is a higher and more rewarding pursuit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is a market?

A

The set of all actual and potential buyers of a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

how is the greater market divided?

A

divided into segments comprised of consumers with similar needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what are the major players of the modern marketing system?

A

suppliers

companies and their competitors

marketing intermediaries

consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q
  1. design customer driven market strategy, what does this mean?
A

Segment the market into different market

Differentiate your product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Winning marketing strategies are formed by considering what?

A

our target market

the value proposition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Value proposition

A

why should they buy my product over another (how you differentiate)

The benefits promised to deliver to consumers.

Example: BMW promises “the ultimate driving machine”

Differentiates brands within the marketplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what is market segmentation?

A

Dividing the market into groups of customers

20
Q

what is target marketing

A

Selecting one or more segments to serve based on the product or service that you offer

21
Q

what are the five marketing orientations in the marketing strategy to consider?

A
  1. production concept
  2. product concept
  3. selling concept
  4. marketing concept
  5. societal marketing concept
22
Q
  1. production concept
A

consumers will favour products that are available and affordable

organization should focus on improving production and distribution efficiency

how can you make it cheaper

23
Q

how can the production concept (1) lead to marketing myopia?

A

focusing solely on operations

24
Q
  1. product concept
A

consumers will favour products that offer the most quality, performance, and features

consumers will focus on quality and features and shit

25
Q

how can the product concept lead to marketing myopia?

how is it flawed?

A

focusing only on products

flawed because does not look at customer

26
Q
  1. selling concept
A

consumers will not buy enough of a company’s products unless it undertakes a large-scale selling and promotion effort

lets bombard with adds

27
Q

why is the selling concept (3) flawed?

A

focuses on creating sales transactions rather than building long-term profitable consumer relationships

Focusses on selling existing products rather than focusing on customer needs

28
Q
  1. marketing concept
A

lets focus on customer

achieving organizational goals depends on knowing the needs and wants of target markets

delivering the desired satisfaction better than competitors

29
Q
  1. societal marketing concept

what does it result in

A

sustainable marketing

socially and environmentally responsible marketing that meets present needs while considering future interests

all while achieving profitability

30
Q

what are the main concerns of societal marketing concept

(5)?

A

long-run interests

sustainability

Corporate Social Responsibility (CSR)

Being good” is not enough; ”doing good” is the new raising of the bar.

31
Q

what is the Integrated Marketing Plan (third step of marketing)?

A

Analyzes firm’s current situation and transforms the marketing strategy into action

Describes the four P (marketing mix) strategies

32
Q

what are the four P (marketing mix) strategies?

A

Product

Price

Place (Distribution)

Promotion

33
Q

profitable customer relationships (fourth step of marketing)

A

Building and maintaining relationships

delivering superior customer value and satisfaction

Be nice to customer, keep and acquire others

34
Q

Customer-Perceived Value

A

Make sure benefits justify the price

Customer’s evaluation of the difference between all benefits of a product or service minus the costs

he compares to those of the competitors

35
Q

what is customer satisfaction

A

Extent to which the product’s perceived performance matches a buyer’s expectations

36
Q

if you get customer loyalty, what does it mean your product or service achieved

A

it met expectations

37
Q

if you get customer delight and advocacy, what does it mean your product or service achieved

A

Exceeded Expectations

They will talk about it which is gyu

38
Q

what is customer engagement marketing

A

make a brand a meaningful part of consumers’ conversations and lives

direct and continual customer involvement

have your product on customers’ mind the whole time

39
Q

Customer engagement and social media

A

engage customers in social media

40
Q

what are the trends in marketing today

A

Targeting fewer, more profitable customers

Feedback directly from consumer with digital and social media

new opportunities to target customers more selectively and engage them more deeply online

Make people want to see your ads by going viral by Attracting, rather than intruding upon

Consumer-generated marketing

Partner-relationship marketing

41
Q

Consumer-generated marketing

A

brand message exchanges created by consumers themselves

Example: blogs, review boards, forums, word of mouth

42
Q

Partner-relationship marketing

A

working closely with internal partners in other departments (finance, accounting) and external partners (suppliers)

jointly bring greater value to customers

43
Q

what does creating value for customers and building customer relationships lead to?

A

Customer loyalty and retentio.

Satisfied loyal customers buy more for a longer period of time

44
Q

why would a company capture value from customers

A

create profits in the form of “customer lifetime value”

“share of customer”

“customer equity”.

45
Q

customer lifetime value

A

value of the entire stream of purchases that the customer would make over a lifetime of patronage

46
Q

share of customer

A

The portion of the customer’s purchasing that a company gets in their product categories

Example: A family has a $10,000 annual budget on groceries. The local grocery store would want to get all of that $10,000 to have 100% share of customer

47
Q

customer equity

A

The total combined customer lifetime values of all the company’s current and potential customers

The more loyal the firm’s customers, the higher its customer equity

COMM 223 (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions