Intro Flashcards
What is the main focus of marketing
How value is created for customers, consumers, organizations and society
What are the four ps of the marketing mix
Price, product, place and promotion
What is the official definition of marketing
It is the activity, set of instructions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
What is value in a marketing context
It is the benefit of an exchange
In addition to the four ps product, price, place and promotion what other ps can be good for marketing
People, process and physical evidence
What benefits are there to good value creation outside the thing itself for the company
Satisfied customers, loyalty, high market share, sales momentum through reputation , word of mouth
What tools are available to understand a market
Market environment analysis, consumer behavior and b2b insights, market research, segmentation, targeting and positioning as well as strategic decision making
In its essence what is marketing about
Understanding the your competitors and those you want to please which can be more for profit and non profit
Is marketing about sales and advertising
A little but its not the main focus
What is market orientation
Gaining intelligence about current and future customer needs and implement this knowledge in all departments
What is a common pitfall in market orientation
Focusing in the product instead of the customer needs
What is the three building blocks of market orientation
Focus in customer needs, understanding competitors strengths and weaknesses and internal knowledge and coordination
What us the difference between customers and consumers
Customers buy consumers enjoy
What is market sensing
Understanding the strategic implications if the market as a result of market orientation
How has industrial economics influenced marketing
Price setting and microeconomic concepts of efficiency and ncentives
How has psychology influenced marketing
Customer behavior, information processing and motivation
How has sociology influenced marketing
How to target demographics and influence public opinion
How has anthropology influenced marketing
On how to target different cultures
How has computer science influenced marketing
User experience
What is the difference between sales and marketing
Sales focuses in short term product push while marketing focuses in ling term product pull
How can marketers improve their repuattion
By focusing on authenticity, respecting integrity and showing respect and gratitude.
What is Engels law
As customers income increases inly their spending in food decreases, other necessities stay the same percentage and the percentage on miscellaneous items increases
What is reillys law if retail gravitation
A city attracts retailers in proportion to their population and distance to other retailers
What does it mean that the elasticity of selective advertising on company sales is low
That for frequently purchased goods advertisement has low effect on sales while the opposite is true for infrequently purchased goods
Which goods do shelf space increase sales of
Impulse goods like candy opposed to planned goods like milk
When might you need to add physical evidence, process and people to the marketing mix
When handling partially or completely intangible goods
What are the benefits of loyal customers
Will increase purchases over time, are cheaper to promote to, will spread the word and would pay a small premium
What are consumer goods
Goods purchased frequently with minimum effort
What are shopping goods and specialty goods
Goods purchased selectively or highly selectively
What is the promotional mix
Advertising, personal sales, digital and direct marketing as well as public relations
What makes services difficult to market
They lack patents relying only in trademarks and copyright and their intangible nature makes it hard to set consumer expectation
What distinguishes b2b marketing
Buyers are professional and a good reputation and ling term relationship is more a focus. A key part is how fitting the supply chain and logistics are yo the orders
What is the winners curse
That the winner must fulfill the contract which can be demanding after a competitive bidding match
How foes marketing affect society positively
It brings offers if value to society and further seeks to understand its source
What is macro marketing
How marketing impacts society
