Decks 1,2 and 3 Flashcards

1
Q

What is marketing?

A

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.

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2
Q

What is the marketing process?

A

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

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3
Q

What is market offering?

A

What a firm offers to satisfy wants and needs

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4
Q

What is market Myopia?

A

Focuses only on product or service and not customer needs

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5
Q

How is customer value and satisfaction created?

A

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

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6
Q

What is the marketing system?

A

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

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7
Q

What is marketing management?

A

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

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8
Q

What is value proposition?

A

What a business promises to a customer.

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9
Q

What is the production concept?

A

Focuses on affordability and availability.

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10
Q

What is the product concept?

A

Focuses on quality

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11
Q

What is the selling concept?

A

Focusing on Reputation ex: Choosing adidas over Carnage

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12
Q

What is the marketing concept?

A

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

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13
Q

What is the societal concept?

A

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

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14
Q

What is CRM?

A

Customer Relationship Management. Building and maintaining profitable relationships with customers

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15
Q

What is the ‘Basic’ CRM level?

A

Once in a while buyer.

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16
Q

What is the ‘Full’ CRM level?

A

Frequent buyers.

17
Q

What is the ‘Frequency’ CRM level?

A

Customers that are rewarded with Loyalty points, etc.

18
Q

What is consumer Generated Marketing?

A

Customers promoting your good or service both invited and uninvited.

19
Q

What is PRM?

A

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

20
Q

what is Share of Customers?

A

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

21
Q

What is customer equity?

A

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

22
Q

What are Business Markets?

A

organisations sell their goods and services to other organisations.

23
Q

Who is a consumer?

A

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

24
Q

Buyer’s decision is based on _________?

A

Buyer characteristics and Decision process

25
Q

Buyer’s response is based on _________?

A

preferences, purchase behaviour and relationships with certain brands

26
Q

What is a Buyer’s Decision Process?

A

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

27
Q

MASDA

A

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?)

28
Q

What is market Targeting?

A

Which segment to market to

29
Q

What is target marketing?

A

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

30
Q

What are the market targeting strategies?

A

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

31
Q

Whare the steps of Positioning?

A
  • 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
32
Q

In positioning strategies, what is being ‘Important?’

A

Highly valued product

33
Q

In positioning strategies, what is being ‘Distinctive?’

A

How different you are from your competitors

34
Q

In positioning strategies, what is being ‘Superior?’

A

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

35
Q

In positioning strategies, what is being ‘Communicable?’

A

Communicating how effective the product is

36
Q

In positioning strategies, what is being ‘Pre-emptive?’

A

Not Copyable

37
Q

In positioning strategies, what is being ‘Affordable?’

A

Price has to be affordable for the value

38
Q

In positioning strategies, what is being ‘Profitable?’

A

The company has to introduce the difference profitably

39
Q

What is a positioning Statement?

A

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