CHAPTER ONE Flashcards
What is marketing?
Marketing is all around us. You spend your time & your money in response to
marketers have paid to put in front of you.”
List 6 myths/ things that marketing is NOT [6]
1.sales
2.advertising
3.design
4.art of selling 5.products/services
6.spam
What is the tip of the marketing iceberg?
Selling
Define Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have VALUE for customers, clients, partners and society at large
A social & __________ process by which _____________ & businesses obtain what they need & want through
creating and exchanging _______ with others
managerial
individuals
VALUE
What are 10 types of categories that can be marketed? [10]
- Goods
- Services
- Events
- Experiences
- People
- Places
- Properties
- Organizations
- Information
- Ideas
What are consumer needs? [3]
- Human needs – states of felt deprivation
- Include basic physical, social and individual needs
- Maslow’s Hierarchy of Needs
What belongs on Maslow’s hierarchy of needs? [5]
- Self-actualization
- Esteem
- Love and belonging
- Safety needs
- Physiological needs
What is a consumer want?
Are the form human need stake as shaped by culture and individual personality
Consumers needs and wants are fulfilled through a market offering, what are these a combination of? [3]
- Products
- Services
- Experiences
Satisfied customers choose to re-___ or ____ others about their experience. Ultimately could end with them becoming _____ customers for the _____-term.
buy
tell
loyal
long
What is an exchange?
the act of obtaining a desired object from someone by offering something in return
True or false, Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea or other object.
True
What is the marketing process? [5]
- Understand the Marketplace
- Design a Customer-Driven Marketing Strategy
3.Develop an Integrated Marketing Plan - Build Profitable Relationships
- Acquire and Retain Value from Customers
How do consumers “understand the marketplace”? [5]
- Customer needs, wants and demands
- Market offerings
- Customer value and satisfaction
- Exchanges and relationships
- Markets
What are the key customer markets? [4]
- Consumer market
- Business market
- Global market
- Non-profit and governmental market
What does the ‘term target market’ refer to?
customer groups
What is marketing management?
Marketing management is the art and science of choosing target markets and developing meaningful & profitable relationships with them
What do marketing managers aim to do and how? [3]
Marketing managers aim to find, attract, keep and grow target customers by creating, delivering and communicating superior customer value
What is the simple marketer’s promise? [3]
The simple marketer’s promise:
1. My product is for people who believe….
2. Iwillfocusonpeoplewhowant…
3. I promise that engaging with what I make will help you…..
How to design a “customer driven marketing strategy”? [3]
- Select your target market
-This leads to the first 2 steps of STP: Segmentation & Targeting - What is your value proposition?
-3rd step of of STP: Positioning/Differentiation - Employ a marketing management orientation (throughout the business)
-Marketing strategies will be formulated around the chosen marketing management orientation
-Determines how value will be delivered to customers
What are the five marketing management orientations? [5]
- The Production concept
- The Product concept
- The Selling concept
- The Marketing concept
- The sustainable concept
What is the PRODUCTION concept? [2]
The idea that consumers will favour products that are available and highly affordable, and that the firm should therefore focus on improving production and distribution efficiency
What is the focus of the production concept?
Focus = mass production
What is the PRODUCT concept? [2]
The idea that consumers will favour products that offer the most quality, performance and features, and that the firm should therefore devote its energy to making continuous product improvements
What is the focus of the production concept?
Focus = product innovation
What is the SELLING concept? [2]
The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort
What is the focus of the Selling concept?
Focus = promotion
What is the MARKETING concept?
Their death at achieving a firm’s goal depends on the needs and wants of target markets and delivering the desired satisfactions better than competitors do
What is the focus of the marketing concept?
Focus = creating customer value
What is the SUSTAINABLE concept?
A principle of enlightened marketing that holds that a firm should make good marketing decisions by considering consumer’s wants, the firms’ requirements, consumer’s long-run interests and society’s long-run interests
What is the focus of the sustainable concept?
Focus = sustainable business– meeting the triple bottom line (people, planet & profit)
What does an integrated marketing program show?
An integrated marketing program shows how value will be delivered to the target customers.
An integrated marketing program: It turns marketing ___________ into marketing _________ (actions)
strategies
tactics
What do marketers use to turn marketing strategies into marketing tactics?
The MARKETING MIX
What does the marketing mix include? [4]
- Product
- Price
- Place
- Promotion
How do producers “build profitable relationships” with customers? [2]
- Customer Relationship Management (CRM):
- Partner Relationship Management
What is Customer Relationship Management (CRM)?
The overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction
What is Partner Relationship Management?
Working closely with partners in other departments of the firm and outside the firm to jointly bring greater value to customers
How do producers “acquire and retain value from customers”? [2]
This involves capturing value from customers in the form of current and future SALES, market share and PROFITS
The main aim is to create customer lOYALTY and retain them for future profits and is measured by: Customer lifetime value
What is the Customer Lifetime Value (CLV)?
the value of the entire stream of purchases that a customer would makeover a lifetime of patronage
What does the new marketing landscape include? [4]
- The digital age
- Globalisation
- Social responsibility
- Non- profit marketing
What does the marketing process result in? [4]
- Conducting market research
- Define target market: STP
- Marketing Mix: 4P’s
- CRM and partner relationship management
