Final Review Flashcards
philosophy, attitude, perspective, management orientation, stressing customer satisfaction
organization function: set of processes used to implement this philosophy
marketing
what can be marketed?
goods and services
simple and intuitively appealing philosophy that articulates a market orientation
marketing orientation
marketing orientation should
- focus on customer wants and needs to distinguish products
- integrating organizational activities with production to satisfy customer wants
- achieving long term goals by satisfying customer wants and needs legally and responsibly
extends marketing concept to acknowledge some products consumers may want may not be in their best interest
social marketing orientation
value equasion
value=benefits-costs
strategy focusing on keeping and improving relationships with current customer
relationship marketing
company wide business strategy to optimize profitability, revenue and customer satisfaction b focusing on defined and precise consumer groups
customer relationship management
market share equasion
total sales or revenue of country/total of industry
profit equasion
total revenue - total costs = profit
managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
strategic plannin
sbu’s
large companies may manage a number of very different businesses
elements of a marketing plan (6)
business mission statement situation or swot analysis objectives marketing strategy (target market strategy) Marketing mix Implementation evaluation control
defining a business in terms of goods and services vs. terms of benefits customers seek
marketing myopia
statement of the firm’s business based on careful analysis of existing and anticipated environmental conditions
mission statement
swot analysis
strengths, weaknesses, external opportunities, threats
objectives should be.. (4)
realistic, measurable, compared to a benchmark
refers to a unique blend of product, price, placement, promotion, pricing
marketing mix
moral principles or values that generally govern the conduct of an individual and group
ethics
csr
corporate social responsability - businesses concern for society’s welfare
csr stakeholders (6)
employee’s, managment, customers, owners/stockholders, suppliers, local community
the idea that socially responsible companies will out preform their peers by focusing on the world’s social probelms and viewing them as opportunities to build profits and help world
sustainability
cooperative marketing efforts between a for profit firm and a non profit organization
cause related marketing
scan of market and environment to identify external opportunities and threats
environmental scan
demographic factors
age, race, ethnicity, location
world population
7,339,318,160
us population
324,480,611
empowered to prevent persons or corporations from unfair methods of competition in commerce
ftc
used by researchers to better target advertising to web surfers and use of social engines/media
behavioral targeting
remarketing
re reaching out to users that have already visited the website
process a consumer uses to make purchase decisions as well as to use and dispose of purchased goods or services including factors influencing purchase decisions and product use
consumer behavior
why is consumer behavior importan
to make a proper marketing mix for well defined market
buying an unfamiliar expensive product or infrequently bought, requires several criteria for evaluating options and info
high involvement
customers spend little time on search and decision before purchase
low involvement
customer decision making processes (5)
- need recognition
- information search
- evaluation of alternatives
- purchase
- post purchase behavior
marketers role in need recognition
understand needs of customers
marketers role in information search
look into how customers search and use to their advantage
marketers role in evaluation of alternatives
make sure their produc’s the best
marketers role in post purchase behavior
reduce doubts
group of brands resulting from an information search from which a buyer can choose
consideration set
inner tensions consumer gets after recognising a inconsistency between behavior and values or opinons
cognitive dissonance
circumstances of purchase that may temporarily make a low involvement decision high such as when previeved risk
situational involvement
influential early adopters vocal members of society
opinon leaders
most important social influence for consumers is…
family
individual influences
life cycle stage and age
psychological influences 4
perception, selective exposure, selective distorition, selective retention
process by which people select, organize and interpret stimuli into a meaningful and coherent picture.
perception
the process whereby a consumer notices certain stimuli and ignores others
selective exposure
proces whereby a consumer changes or distorts info that conflicts with beliefs
selective distortion
a process where consumer remembers only the info that support his beliefs
selective retention
3 components of attitude
feel, think, intend to do
business to business sales have…
higher quantities, fewer customers, geographic concentration, focus on personal selling and relationships
process of dividing a market into meaningful, relatively similar and identifiable segments or groups
market segmentation
market segmentation benefits… 3
- identify groups w similar needs and figure out characteristics and buying behavior
- marketing mixes can be designed to match
- consistent with marketing concept of satisfying customer while meeting organizations objectives
segmenting customers into neighborhood lifestyle categories
geodemographic segmentation
80/20 principle
20% of consumers generate 80% of demand
views market as one big market no segmentation and one marketing mix
undifferentiated targeting
selecting one segment of a market for targeting
concentrated or niche targeting
choosing two or more well defined market segments and develops a distinct marketing mix for each
multisegment targeting
4 benefits of crm as targeting tool
personalization
time saving
loyalty
technology
developing a specific marketing mix to influence consumers’ overall perception of the brand, product line or organization in general
positionsing
place of product or such occupied in consumers mind versus the competition
position
displaying or graphing in two dimensions or more, location of products or such in customer’s minds
perceptual mapping
positioning bases for perceptual mapping
attribute, price and quality, use or appplication, product user, product class, competitor, emotion.
changing consumers’ perceptions of a brand in relation to competing brand
repositioning
process of planning, collecting, and analyzing data relevant to a marketing decision
marketing research
purpose of marketing research -
gives decision makers data on effectiveness of current marketing mix and insight for change
content analysis; themes, nuggest
qualitative research
data/states
quantitative researach
watching what people do, to understand behaviors
observation
marketing research to get facts, opinions, attitude
interviews
gauge reactions to products and actual household usage of products
focus groups
usually quantitative, descriptive most popular research
survey
observing manipulation of one variables impact on another variable
experiments
research watching what people do in actual context
ethnography
7 steps of marketing research process
- identify problem or opportunity
- plan research design and get secondary data
- specify sampling procedure
- collect primary data
- analyze data
- prepare and present report.
- follow up
3 sampling decision
population, size, selection method
probability sample
everyone has same statistical likelihood of selection
nonprobability sample
little or no attempt to get representation of population
heart and start of marketing mix
product
whats the importance of a well balanced portfolio…
dont want to over extend, cannibalization
group of closely related products a company makes
product line
name, term, symbol, design, or combination that identifies a seller’s product and differentiates them form compeitiors
brand/branding
product identification is a benefit of
branding
repeat sales can be benefited by
branding
new product sales can be benefited by
branding
higher return on investment can be a benefit of
branding
preceived quality people will pay more because of a …
brand
2 or more brand names on a product or its package
cobranding
exclusive right to use a brand or part of a brand
trademark
communicaton by marketers that informs, persuades, and reminds potential buyers of a product in order to influence and opinion or elicit a response
promotion
promotional mix (5)
advertising, pr, sales promotion, personal selling, social media
deisrieable, unique, exclusive believable advertising appeal selected as theme for campaign
usp
usp
unique selling proposition
marketing communication targets: 4
customers, viewers/listeners, news media, clients
direct, face to face communication between two or more people
interpersonal communication
communication of a concept or message to large audience
mass communication
goals of promotion 4
inform persuade remind connect
promotional tactic based on traditional advertising model where brand pays for media space
paid media
paid media exmples
tv, magazine, outdoor, radio, newspaper
based on public relations or publicity model that gets customers talking about products or services
earned media
examples of earned media
media coverage, word of mouth, people talking about or sharing your content
promotional tactic based on brand becoming publishers of own content to maximize brand value to customers
websites, social media presence, blogs
aida stands for..
attention, interest, desire, action
model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message
aida
focus on getting conusmer attention creating an interest how it will achieve consumer needs arouses desire offers strong sales pitch obtain purchase action
aida concept
difference between high and low involvement with aida concept
high - go through all steps usually.
coordination of all promotional messages for a product or a service ot assure the consistency of messages at every contact point where company meets consumer
imc
impersonal, one way communication about a product or organization that is paid for by the marketer
advertising
role of advertising
inform about products and services influencing their attitudes, beliefs and ultimately purchases
ad agency jobs 5
account managment, account planning ,creative, media, interactive marketing
roadmap for agency creative team to create messages on strategy and target
role of creative brief
sections of creative brief
why are we? who are we talking to? what do they thing? what do we want them to thing? what is the most persuasive idea we can convey? why should they believe? creative guidelines?
who writes or uses a creative brief
written by account managers and planners with guidance of client
used by creative team
are benefits or attributes more important
benefits
a reason for a person to buy a product
ad appeals
way a company portray’s it’s message
execution
media decision in advertising
monitored (newspapers) versus unmonitored media (coupons)
series of decision advertisers make regarding selection and use of media, allowing marketer to optimally and cost effectively communicate message to target audience
media planning
when do you create a media plan
before anything else
ultimate goal of media planning
most cost-effective and optimal way to communicate the message to the target audience
media you use to reach an audience
media vehicle
characteristics of a media vehicle (4)
audience selectivity, flexibility, noise level, lifespan
media selection criteria: 5
budget and objectives audience profile media plan buy and place media evaluate and optimize plan
combination of media use for promotional campaign
media mix
cost of reaching one member of a target market
cost per contact
cost per thousand calculation
advertising cost/(impressions generated/1000)
number of target consumers exposed to a commercial over a certain period of time
reach
number of times an individual is exposed to a given message during a specific period
frequency
reaching a consumer as close to the purchase
recency planning
role of mobile ads
most important in reaching customer as close to point of purchase as possible
element in promotional mix evaluating public attitudes, identifies issues that may elicit public concern, executes program to gain public understanding and acceptace
public relations
public relations role in promo mix
fit in overall marketing plan and focus on target audience and maintain positive image
effort to capture media attention, often initiated through press releases furthering corporations public relations plan
publicity
4 major pr tools
publicity, product placement, media kids, experiential marketing
pr department duties
press relation, product publicity, corporate communication, public affairs, lobbying, employee and investor relations, crisis managment
marketing communication strategies other tan advertising and pr, short term incentives motivates consumers to purchase immediately by lowering price or adding value
sales promotion
role of sales promotions
get people to go out and buy
3 targets of sales promotions
distributors, employers, consumers
push strategy goes from
manufacturer - wholesaler - retailer- consumer- buy
pull strategy…
manufacturer-consumer-retailer-wholesaler-manufacturer
types of sales promotions
coupons and rebates premiums loyalty marketing program contests sweepstakes sampling point of purchase promotion
purchase situation involving a personal, paid for communication between two people
personal selling
giving a detailed explaination and product demonstration is an advantage of…
personal selling
customized to motivate and interest buyer is a benefit of
personal selling
sales involving building maintaining and advancing interactions with consumers to develop long term, mutually beneficial partnerships
relationship selling
philosophy under which company customizes products and services offerings based on what consumer wants based on interactions with customer and company
customer centric
process where learned information from customers in centralized and shared to improve relationships between customer and company
knowledge managment
importance of sales
fuel of corporations
setting goals and quotas is important because…
just like any other aspect of marketing, goals are needed
quota is based on…
sales volume, sometimes key accounts, new accounts, repeat sales and specific products
geographic regions, product line, marketing function preformed, market, industry, individual client and account are…
configurations for organizing sales force
how is sales force compensated
profitability achieved and customer satisfaction
how is sales force motivated
recognition and rewards
how has technology impacted sales and managment
helps!
how is social media than mass media?
more one to one way to meed with consumers
implications of social media: 5
- often dont control social media content
- ability to share quick so amplifies word of mouth
- allows marketers to listen
- more advanced measures how marketers meet and interact with customers.
- allows more direct and meaningful relationships avaliable
purpose of social media training -
building fluency and understand disclosure and who to contact through awareness, empowerment and excellence
steps in creating a social media campaign
listen, develop list of objectives
how to leverage all 3 media types
maximize owned media
recognize public media relationships no longer = earned media, must listen to and respond
understand paid media serves as catalyst to get consumers and reach all channels
how is social media evaluated and measured?
all dependent on context- rate of accumulation, investment per fan, follower compared to company similar
most effective metrics of measuring social media (7)
buzz interest participation search engine ranks and results influence sentiment analysis web site metrics
