Class 1 Flashcards
What is the marketing mix?
Marketing focuses on four things: product, price, distribution (place), promotion.
Why does marketing focus on price?
We have to figure out how much the customer is going to pay, especially in comparison to our competitors.
What is marketing centrally about?
Marketing, is ultimately about understanding the needs of the customer. The customer is the central focus. What value are you adding to the the customer?
What has the evolution of (modern) marketing been?
production era
sales era
marketing company
societal marketing era
Relationship marketing era
(PSMSR)
What was the sales era focused on?
The hard sell (Like door to door)
What was the main goal of the marketing company era?
To scale things up and sell things on a larger scale, by segmenting them to meet different customer segments. These segments are “target customers”
What is the societal marketing era?
Focus on what’s good for society and how government thinks of it. (Think how cigarettes had to change their packaging to make them look deadly, not cool)
What is the relationship marketing era?
The relationship marketing era is a focus on wants and needs of customers. This can be much easier done with technology (social media) You can understand so much data about your customers and really understanding your demographics. Ultimately helps make customers satisfied.
Why does customer satisfaction a give a great ROI?
20% of your customers will be 80% of your profits. This reduces your costs, like product development and marketing costs.
What is the source of the relationship marketing era?
Social media, because it allows you to develop a relationship with your (younger) customers.
What is customer relationship management?
customer relationship management is focused on trust through listening to the customers, acting upon customers desires and sharing stories.
what is the marketing concept?
It’s about offering customers what they are looking for. This includes the following:
- Focusing on customer wants and needs so that the organization can distinguish it’s offerings from competitors.
- Including all the organization’s activities, including production to satisfy the customer’s wants.
- achieving long term goals for the organization by satisfying customers’ wants and needs legally and responsibly.
Who first wrote about marketing in terms of eras?
Robert J keith, the vice president of the pillsbury company wrote an article about marketing in terms of eras.
During the sales era, what were door-to door sales people focused on?
During the sales era, sales people used their understanding of human nature to get customers to use their products.
