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Marketing > Defining Marketing > Flashcards

Defining Marketing Flashcards

Why is marketing important? What is the scope of marketing? What are some core marketing concepts?

1
Q

What is the value of marketing?

A
  • financial success through marketing ability
  • building demand for (new) products/services
  • building up brands and loval customer base
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2
Q

Why is Branding so important in marketing?

A
  • there are many products fulfilling a demand and no one is truly unique anymore (functional/technical)
  • it is used to convince people to buy your product and to differentiate from competitors.
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3
Q

The scope of marketing

A
  • Marketing is about identifying and meeting human and social needs
    AMA’s (American Marketing Association) formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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4
Q

What is marketing management in general?

A

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

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5
Q

What is marketed?

A
  • Goods
  • Services
  • Events
  • Experiences
  • Persons
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas
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6
Q

Who markets?

A

Marketer: Someone who seeks a response—attention, a purchase, a vote, a donation

Prospect: Someone who does the response

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7
Q

The 8 states of demand

A
  • Negative
    You spent money to avoid something or to let it disappear. It is often realized by the government, e.g. healthcare. Even for negative markets, companies do not advertise based on bad things (e.g.: stolen car, burnt house, broken leg, …)
    They rather show the positive side of e.g. an insurance.
  • Nonexistent
    Smartphones did not exist, no demand. Smartphones were available everyone wanted them
  • Latent
    People need to be pushed into the decision of buying a newly introduced product, because they only notice its importance after getting used to using it, e.g. printer
  • Declining
  • Irregular
    Christmas stuff is more bought in winter than during summer
  • Unwholesome
    Things that harm you, e.g. cigarettes, alcohol, maybe sugar
  • Full
  • Overfull
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8
Q

Past and present form of marketing systems

A

Past: Need marketing for information and communication. Marketing is not required for sales

Present: Communication between the customers and the company is given. Flop rate of brands is 90%

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9
Q

4 key customer markets

A
  • Consumer markets
  • Business markets
  • Global markets
  • Nonprofit & governmental markets
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10
Q

The core marketing concept

A
  • Needs:
    the basic human requirements such as for air, food, water, clothing, and shelter
  • Wants:
    specific objects that might satisfy the need
  • Demands:
    wants for specific products backed by an ability to pay
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11
Q

Describe the different type of needs

A
  • Stated
  • Real
  • Unstated
  • Delight.
  • Secret
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12
Q

Artificial Scarcity

A

A product is not really limited, but the company produces a limited amount to create the feeling of exclusivity

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13
Q

The S.T.P concept

A
  • Segmentation:
    various segments of people in a market (characterized by certain criteria)
  • Target markets:
    one of the segments that is interesting for the company is chosen to analyze their likes and dislikes
  • Positioning:
    based on the preferences of the target group we position the product (it is about what the customer considers valuable)
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14
Q

Value Proposition

A

A set of benefits that satisfy those needs, even if they are untrue

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15
Q

Offering

A

A combination of products, services, information, and experiences

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16
Q

Brand

A

An offering from a known source. The better the reflection of wants/values of the potential client, the stronger the brand gets. It’s about the mindset of the customer.

17
Q

Marketing Channels

A

Communication, Distribution, Service

18
Q

Different Media

A
  • Paid media:
    TV, magazine and display ads, paid search and sponsorships
  • Owned media:
    a company/brand brochure, web site, blog, Facebook page, twitter
  • Earned media:
    word of mouth, buzz, or viral marketing. What the company dreams of
19
Q

Impressions

A

Occur when consumers view communication

20
Q

Engagement

A

The extent of a customer’s attention and their active involvement with communication.

21
Q

Value

A

A combination of quality, service, and price (e.g. customer value triad)

22
Q

Satisfaction

A

A person’s judgment of a product’s perceived performance in relationship to expectations. Is directly linked to ideas of value.

23
Q

Supply Chain

A

A channel stretching from raw materials to components to finished products carried to final buyers. Most supply chains on the market are not known

24
Q

Marketing environment

A

Task environment, Broad environment

25
Q

Competition

A

All the actual and potential rival offerings and substitutes a buyer might consider. All companies on the same segment, e.g. Puma, Adidas, Nike

26
Q

New marketing realities

A
  • Digitalization
  • Globalization
  • Social responsibilty
27
Q

New consumer capabilites

A
  • Internet use as a powerful information and purchasing aid
  • Can search, communicate, and purchase on the move
  • Social media to share opinions and express loyalty
  • Can actively interact with companies
  • Can reject marketing they find inappropriate
28
Q

New company capabilities

A
  • Internet use as a powerful information and sales channel
  • Collecting fuller and richer information about markets, customers, prospects, and competitors
  • Reaching customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information
  • Improved purchasing, recruiting, training, internal and external communications
  • Improved cost efficiency
29
Q

Changing channels

A
  • Retail transformation

- Disintermediation

30
Q

Heightened competition

A
  • Private brands (distributer owned)
  • Mega-brands (brand within brand)
  • Deregulation (wanting to decrease regulation)
  • Privatization (get more efficient and productive)
31
Q

Marketing in practise

A
  • Marketing balance
  • Marketing accountability
  • Marketing in the organization
32
Q

Historical steps of company orientation towards the market place

A

1) Production (should be quickly, as long as you produce: positive)
2) Product (production was not enough anymore. Products needed to be good)
3) Selling (selling was quite aggressive)
4) Marketing (selling wasn’t working anymore, markets were saturated, need for considering customers value: Modern way of doing it)

33
Q

Todays business model for marketing

A

a) What are the values of our segment?
b) Let’s develop products they would like (customer-driven)
c) Outsourcing production to cheaper countries to save costs

Marketing (13 decks)

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