EXAM Flashcards
SWOT?
Strength, Weaknesses (Internal)
Opportunities, Threats (External)
What is marketing?
Managing profitable customer relationships - attracting new customers and creating satisfaction/value
What is a famous marketing definition by Philip Kotler?
Marketing is getting the right goods and services to the right
people at the right places at the right time at the right price with
the right communications and promotion. (4 P’s)
Differences between Marketing, Sales and PR?
Marketing: “Passive” selling, creating public awareness/interest
Sales: “active” selling, cash orientated
PR: public interest, issues based - often political - reputation management
Differences in marketing strategies throughout the years?
1930-1960: Focus on distribution/production in: Seller power was high
1960 – 1990: Focus on sales and customers: First signs of market saturation
1990 – 2000: Focus on USP’s, more customer based
After 2000: Focus on different segments (elderly, children, adults etc.)
Marketing 1930-1960?
Focus on distribution/production in: Seller power was high
Marketing 1960 – 1990?
Focus on sales and customers: First signs of market saturation
Marketing 1990 - 2000?
Focus on USP’s, more customer based
Marketing after 2000?
Focus on different segments (elderly, children, adults etc.)
4 P’s of marketing?
Price
Promotion
Product
Placement
Marketing Process?
- Market and environment analysis
- Fixing marketing target
- Setting marketing strategy
- Marketing mix
- Marketing controlling
Kotler’s Marketing 3.0?
Missions (why)
Visions (What)
Values (How)
All connected to the mind, heart and spirit.
VALUE Driven
Hierarchy of Needs?
- Physiological needs (food, water, rest)
- Safety needs (security)
- Belongingness and love needs (relationships)
- Esteem needs (accomplishments)
- Self-actualization (achieving full potential)
Differences between Needs, Wants and Demands
Needs: states of felt deprivation
Wants: Needs shaped by culture and individual personality
Demand: Human wants that are backed by buying power
Means-End-Value Chain?
- Concrete Attributes: what is made of, design.
- Abstract Attributes: Why the design is comfortable, the taste etc.
- Functional Benefit: It helps quench thirst, hunger etc.
- Psycho-Social Benefits: “Im cool because I drive a BMW”
- Instrumental Values
- Terminal Values
Models of Consumer Behaviour?
- Holistic Models
- Phase Models
- S-R & SOR Models
Holistic Model of CB?
Psychological - Emotion, motivation, attitude.
Cognitive - Perception, decision-making
View of the world + self image = desired lifestyle
Phase Model of CB?
Problem Recognition -> Information search ->Evaluation of alternatives -> Purchase decision -> Postpurchase behaviour
S-R Model of CB?
Stimulus Response - 4P’s/social, political, social and tech stimulus
+ buyer characteristics (“black box”)
SOR Model of CB?
Stimulus -> Organism -> Response
Signs -> Decoding signs -> Behaviour (reaction - buying)
Why ethnic marketing?
Large amounts of immigration, different cultures
What is culture?
Norms, values, beliefs
Hofstede’s Cultural Iceberg?
10% is easy to see: customs, courtesies
90% is difficult to see: values, priorities, assumptions
What is ethnic marketing?
Uses personal marketing strategies that best reflect the values and beliefs of ethnic audiences
Steps in an ethnic marketing strategy?
- Consider ethnic diversity
- Determine level of ethnicity
- Develop and implement the campaign
3 approaches within ethnic marketing?
- Ethnomarketing: Targeting ethnic minorities, tailored communications
- Diversity marketing: inclusive approach, pre-test w/ various groups
- Urban marketing: appeals to lifestyles, involve targets in the creation of campaigns
Halal marketing?
Pork & Alcohol prohibited
Halal food is ritually slaughtered
Halal product arket is huge - 2.3 trillion (excluding Islamic banking)
Key players in the Halal Industry?
- Nestle, KFC
Islamic Banking?
No Interest
Demographic marketing - age
Differentiate between ACTUAL AGE and COGNITIVE AGE.
Focus on COGNITIVE AGE
