Decks 1,2 and 3 Flashcards
What is marketing?
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.
What is the marketing process?
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
What is market offering?
What a firm offers to satisfy wants and needs
What is market Myopia?
Focuses only on product or service and not customer needs
How is customer value and satisfaction created?
Marketers set reasonable expectations so that customers expectations can be met and are satisfied.
What is the marketing system?
Suppliers -> Company & Competitors -> Market Intermediaries -> Final Consumers that come back to the company and competitors
What is marketing management?
the art of choosing the correct market to build profitable relationships.
What is value proposition?
What a business promises to a customer.
What is the production concept?
Focuses on affordability and availability.
What is the product concept?
Focuses on quality
What is the selling concept?
Focusing on Reputation ex: Choosing adidas over Carnage
What is the marketing concept?
Focusing on performing better than competitors to satisfy consumer needs and wants
What is the societal concept?
Focusing on business, consumers and society’s needs and wants in the long term
What is CRM?
Customer Relationship Management. Building and maintaining profitable relationships with customers
What is the ‘Basic’ CRM level?
Once in a while buyer.
What is the ‘Full’ CRM level?
Frequent buyers.
What is the ‘Frequency’ CRM level?
Customers that are rewarded with Loyalty points, etc.
What is consumer Generated Marketing?
Customers promoting your good or service both invited and uninvited.
What is PRM?
Partner Relationship Management. Working with Internal departments and outside companies to satisfy customer needs and wants.
what is Share of Customers?
the share of customers a company gets within its product category.
What is customer equity?
How much value customers bring into the company during their lifetime with the company.
What are Business Markets?
organisations sell their goods and services to other organisations.
Who is a consumer?
Any individuals using purchased goods or services for personal needs and wants.
Buyer’s decision is based on _________?
Buyer characteristics and Decision process
Buyer’s response is based on _________?
preferences, purchase behaviour and relationships with certain brands
What is a Buyer’s Decision Process?
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
MASDA
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?)
What is market Targeting?
Which segment to market to
What is target marketing?
A specific group of people with a need or want that the company wants to provide to
What are the market targeting strategies?
Broad Targeting: Undifferentiated Marketing ex: Coca Cola -> Segmented Marketing -> Niche marketing ex: redbull -> Micromarketing: Targeting Narrowly
Whare the steps of Positioning?
- 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
In positioning strategies, what is being ‘Important?’
Highly valued product
In positioning strategies, what is being ‘Distinctive?’
How different you are from your competitors
In positioning strategies, what is being ‘Superior?’
Additional features of the same product that you offer that competitors may not
In positioning strategies, what is being ‘Communicable?’
Communicating how effective the product is
In positioning strategies, what is being ‘Pre-emptive?’
Not Copyable
In positioning strategies, what is being ‘Affordable?’
Price has to be affordable for the value
In positioning strategies, what is being ‘Profitable?’
The company has to introduce the difference profitably
What is a positioning Statement?
Summarises a company’s position. To (target segment) our (brand) is (a concept) that (points to difference).
