Chapter 10 (Marketing and Business Strategy) Flashcards
What are the benefits of market segmentation?
Targeted marketing for specific groups.
Saves resources by focusing on profitable customers.
Builds customer loyalty and trust.
Helps stay competitive and grow faster.
What is marketing management?
Planning and executing strategies to meet customer needs and achieve business goals.
Key activities: Research, product development, pricing, distribution, and promotions.
What challenges do marketers face today?
Keeping up with tech changes.
Managing global markets and cultural differences.
Responding to consumer shifts (e.g., sustainability).
Staying innovative and managing competition.
Following laws and handling economic changes.
What is strategic marketing, and why is it important?
Aligns marketing with business goals for long-term success.
Importance: Differentiates from competitors, focuses on high returns, builds a strong brand, and ensures growth.
Give examples of durable goods and fast-moving goods (FMCG).
Durable goods: Cars, furniture, appliances, electronics.
FMCG: Food, toiletries, household products, medicines.
What’s the difference between strategic and tactical marketing?
Strategic: Long-term planning (goals, target markets, branding).
Tactical: Short-term actions (ads, promotions, pricing).
What factors affect organizational environmental relationships?
Economic, technological, political/legal, social/cultural, environmental, and global factors.
What is sales orientation, and what are its drawbacks?
Definition: Focuses on selling products aggressively.
Drawbacks: Ignores long-term satisfaction, pushes customers, and leads to high churn.
Common in: Pharmaceuticals, real estate, and retail.
What variables are used for marketing segmented clothing?
Demographics: Age, gender, income.
Psychographics: Lifestyle, values.
Behavioral: Purchase habits, loyalty.
Geographics: Climate, regional preferences.
What variables should a paint company consider when selling to businesses?
Industry type: Construction, automotive, etc.
Business size: Small vs. large businesses.
Location: Regional needs and regulations.
What are the best segmentation variables for a clothing retailer?
Demographics: Age, gender, income.
Psychographics: Lifestyle, values.
Geographics: Climate, urban vs. rural.
What are the characteristics of telemarketing?
Direct communication and instant feedback.
Targeted outreach to specific groups.
Cost-effective and real-time interactions.
Collects customer feedback and follows compliance rules.
How do qualitative and quantitative research complement each other?
Quantitative: Uses numbers to measure results.
Qualitative: Explains reasons and experiences.
Together: Quantitative provides data, while qualitative gives deeper insights.
