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marketing101 > chapter one and two > Flashcards

chapter one and two Flashcards

1
Q

what is marketing?

A

managing profitable customer relations, aims to create value for customers

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2
Q

5 core customer and marketplace concepts

A
  • needs and wants
  • market offerings
  • value and satisfaction
  • exchanges and relationships
  • markets
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3
Q

needs

A

states of felt deprivation

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4
Q

wants

A

form human needs take as shaped by culture

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5
Q

demands

A

wants that are backed by buying power

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6
Q

market offerings

A

combination of goods etc offered to a market to satisfy a need or want

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7
Q

marketing myopia

A

focus only on existing wants, loose sight of underlying customer needs

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8
Q

transaction

A

trade between 2 parties that involves at least 2 things of value

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9
Q

market

A

set of all actual and potential buyers

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10
Q

marketing management

A

choosing a target get market and building a profitable relationship

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11
Q

demarketing

A

temp or permanently reduce demand

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12
Q

demand comes from

A
  • new customers

- repeat customers

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13
Q

production concept/orientation

A

company places its ability to produce goods at its core

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14
Q

product concept/orientation

A

Favour high quality and unique products at its core

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15
Q

selling concept

A

focus on sales transactions more than building long term profitable customer relationships

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16
Q

marketing concept/orientation

A

knowing needs and wants of the target market, creates lasting relos based on value and satisfaction

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17
Q

societal marketing concept

A

decisions consider consumer wants and long term interests

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18
Q

CRM (customer relationship marketing)

A

detailed info about customers and managing customer touch points in order to max customer loyalty

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19
Q

consumer perceived value

A

customers evaluation between all the benefits and all the costs relative to its competitors

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20
Q

customer satisfaction

A

products perceived performance exceeds expectations

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21
Q

consumer generated marketing

A

role in shaping their own brand experiences

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22
Q

partner relationship management

A

working with partners outside the company to bring greater value to customers

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23
Q

customer lifetime value

A

customers overtime exceed cost of attracting and selling to that customer

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24
Q

share of customer

A

portion of purchasing that a company gets in its product categories

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25
Q

customer equity

A

total combined customer value

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26
Q

butterflies

A

potentially profitable but not loyal

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27
Q

true friends

A

both profitable and loyal

28
Q

true believers

A

come back regularly and tell others

29
Q

barnacles

A

highly loyal but not very profitable

30
Q

not for profit marketing

A

aim to make surplus ace so they can continue to operate, dont seek profit

31
Q

winning marketing strategies are able too….

A

serve target customer

32
Q

value =

A

anything with money worth, represented by the fulfilment of a need

33
Q

customer vs consumer

A

customer = makes the purchase

consumer =person who uses it

34
Q

5’cs

A

context, company, collaborators, competition and customers

35
Q

Strategic planning

A

developing and maintaining a fit between organisations goals and capabilities, detailed marketing plans

36
Q

mission statement

A

statement of purpose

37
Q

SBU (stratigraphic business units)

A

key business that makes up a company

38
Q

business portfolio

A

businesses and products that make up the company

39
Q

portfolio analysis

A

evaluation of how the company can best use their strengths

40
Q

growth share matrix

A

portfolio planning method where the company evaluates how to best use their strengths

41
Q

stars (maker share)

A

high growth, high share, need heavy investments to produce a rapid growth, eventually slow down and become cash cows

42
Q

cash cows (maker share)

A

low growth, high share, need less investments to hold their market share, produces a lot of cash the compmay can use to pay bills

43
Q

question marks (maker share)

A

low share, high growth markets, require a lot a cash, aim to be built into stars

44
Q

dogs (maker share)

A

low growth, low share, generate enough to maintain themselves

45
Q

problems with matrix approach

A
  • difficult
  • time consuming
  • costly
  • hard to define and measure growth
  • hard to future plan
46
Q

product/market expansion grid

A

planning for identifying company growth through market penetration

47
Q

market penetration

A

increasing sales of current products to current market segments without changing the product

48
Q

market development

A

new market segments for current products

49
Q

product development

A

growth by modifying or new product to current market segments

50
Q

diversification

A

growth by acquiring business outside current product and markets

51
Q

marketing strategy

A

hopes to create customer value and achieve profitable customer relationships

52
Q

market segmentation

A

Analysing and dividing markets into distinct groups

53
Q

positioning

A

arranging for a product to occupy a clear and distinctive place in the minds of target consumers relative to competing products

54
Q

differentiation

A

Differentiating the companies market offering from that offered by its competitors

55
Q

marketing mix

A

set of controllable marketing tools, product placement, price, promotion, people and physical evidence that blends to produce the response it wants in the target market

56
Q

3 additional marketing mix variables

A

people, process and physical evidence

57
Q

SWOT analysis

A

strengths, weaknesses, opportunities and threats

58
Q

marketing implementation

A

turns marketing strategies and plans marketing actions in order to achieve marketing objectives

59
Q

ROI

A

return on marketing investments

60
Q

4 steps for strategic planning

A
  1. defining company mission
  2. setting objectives
  3. designing a business portfolio
  4. develop functioning plans
61
Q

actors in the enviro

A
  • suppliers
  • customers
  • competitors
  • publics and other
62
Q

enviro forces

A
  • demographic
  • economic
  • natural
  • tech
  • political
  • cultural
63
Q

public

A

group with actual or potential interest interest in ability to achieve objectives

64
Q

types of public

A

Financial publics (shareholders, banks, investors)
media publics (social media, tv etc)
government publics (product safety, truth in ads act)
citizen action publics (consumer organisations, enviro groups, being questioned by these)
local publics (residents)
general publics
internal publics (workers, employee attitudes)

65
Q

customers are

A

the most important actors in the micro environment

66
Q

5 types of customer markets

A
  • consumer market (personal consumption)
  • business markets (use in production process)
  • reseller market (buy to sell for profit)
  • government markets (public service)
  • international markets (buyers overseas)

marketing101 (1 decks)

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