Decks 1,2 and 3

Question 1

What is marketing?

Answer 1

Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Question 2

What is the marketing process?

Answer 2

Understanding Needs and Wants -> Design a marketing strategy catered towards customers -> create an IMC with superior value -> satisfy customers.
By doing all of this, a firm will create value to get profit

Question 3

What is market offering?

Answer 3

What a firm offers to satisfy wants and needs

Question 4

What is market Myopia?

Answer 4

Focuses only on product or service and not customer needs

Question 5

How is customer value and satisfaction created?

Answer 5

Marketers set reasonable expectations so that customers expectations can be met and are satisfied.

Question 6

What is the marketing system?

Answer 6

Suppliers -> Company & Competitors -> Market Intermediaries -> Final Consumers that come back to the company and competitors

Question 7

What is marketing management?

Answer 7

the art of choosing the correct market to build profitable relationships.

Question 8

What is value proposition?

Answer 8

What a business promises to a customer.

Question 9

What is the production concept?

Answer 9

Focuses on affordability and availability.

Question 10

What is the product concept?

Answer 10

Focuses on quality

Question 11

What is the selling concept?

Answer 11

Focusing on Reputation ex: Choosing adidas over Carnage

Question 12

What is the marketing concept?

Answer 12

Focusing on performing better than competitors to satisfy consumer needs and wants

Question 13

What is the societal concept?

Answer 13

Focusing on business, consumers and society’s needs and wants in the long term

Question 14

What is CRM?

Answer 14

Customer Relationship Management. Building and maintaining profitable relationships with customers

Question 15

What is the ‘Basic’ CRM level?

Answer 15

Once in a while buyer.

Question 16

What is the ‘Full’ CRM level?

Answer 16

Frequent buyers.

Question 17

What is the ‘Frequency’ CRM level?

Answer 17

Customers that are rewarded with Loyalty points, etc.

Question 18

What is consumer Generated Marketing?

Answer 18

Customers promoting your good or service both invited and uninvited.

Question 19

What is PRM?

Answer 19

Partner Relationship Management. Working with Internal departments and outside companies to satisfy customer needs and wants.

Question 20

what is Share of Customers?

Answer 20

the share of customers a company gets within its product category.

Question 21

What is customer equity?

Answer 21

How much value customers bring into the company during their lifetime with the company.

Question 22

What are Business Markets?

Answer 22

organisations sell their goods and services to other organisations.

Question 23

Who is a consumer?

Answer 23

Any individuals using purchased goods or services for personal needs and wants.

Question 24

Buyer’s decision is based on _________?

Answer 24

Buyer characteristics and Decision process

Question 25

Buyer's response is based on _________?

Answer 25

preferences, purchase behaviour and relationships with certain brands

Question 26

What is a Buyer's Decision Process?

Answer 26

1- Need/Problem recognition 2- Info search ex: Personal, Public, Commercial an Experiential Sources 3- Evaluation of searching for an alternative 4- Purchase Decision 5- Post purchase evaluation

Question 27

MASDA

Answer 27

M-easurable: The size, purchasing power and profiles of the segments (Can people buy this product or have the ability to buy this product?) A-ccessible: How realistically one can gain access to the marketing (Can it be sold? Is there a demand or can you create demand?) S-ubstantial: Profitable enough market to serve D-ifferentiable: Respond differently to different marketing mix elements (Will the consumers see difference it in compared to competitors and will they respond to it?) A-ctionable: Creating effective programs to attract the segments (Can it be marketed effectively?)

Question 28

What is market Targeting?

Answer 28

Which segment to market to

Question 29

What is target marketing?

Answer 29

A specific group of people with a need or want that the company wants to provide to

Question 30

What are the market targeting strategies?

Answer 30

Broad Targeting: Undifferentiated Marketing ex: Coca Cola -> Segmented Marketing -> Niche marketing ex: redbull -> Micromarketing: Targeting Narrowly

Question 31

Whare the steps of Positioning?

Answer 31

- Identifying possible competitive advantages to build a position - Picking a correct specific competitive advantage - Choosing a positional strategy - Communicating and delivering the chosen position to the market

Question 32

In positioning strategies, what is being 'Important?'

Answer 32

Highly valued product

Question 33

In positioning strategies, what is being 'Distinctive?'

Answer 33

How different you are from your competitors

Question 34

In positioning strategies, what is being 'Superior?'

Answer 34

Additional features of the same product that you offer that competitors may not

Question 35

In positioning strategies, what is being 'Communicable?'

Answer 35

Communicating how effective the product is

Question 36

In positioning strategies, what is being 'Pre-emptive?'

Answer 36

Not Copyable

Question 37

In positioning strategies, what is being 'Affordable?'

Answer 37

Price has to be affordable for the value

Question 38

In positioning strategies, what is being 'Profitable?'

Answer 38

The company has to introduce the difference profitably

Question 39

What is a positioning Statement?

Answer 39

Summarises a company's position. To (target segment) our (brand) is (a concept) that (points to difference).