intro Flashcards
ongoing monitoring of a company’s environmental opportunities and competitive positioning within different markets
strategic marketing
core of all corporate activities - company’s success in profitability and positioning
customer
what makes a client like a company, repeat purchase and recommend brand
customer experience
key to achieve company’s goal is to be more efficient than competitors in terms of generating, offering and communicating greater value to public
marketing approach
understanding and satisfying expressed needs of consumers
reactive marketing approach
finding out and satisfying latent needs of consumers
proactive marketing approach
development, design and application of marketing programs, processes and activities that recognize the scope and inter-dependency of their effects - consumers, workers, competitors, social trends etc.
holistic marketing approach
establish strong, durable relationships with customers because, as a result of competition and globalization, customers have become the scarcest element in the system: Imaginarium Toy Club
relational marketing
the coordination of all the marketing activities in order to maximize the combined effects, that is, any marketing activity is planned taking into consideration all the rest
integrated marketing
recruitment, training and motivation of the suitable staff for assisting customers adequately. The marketing activities within the company are as important as the activities undertaken outside the company because there is no point in promising excellent service if the company is not ready to offer it.
internal marketing
marketers to incorporate social and ethical considerations into their practices. Sometimes a balance between divergent criteria is required, for example, the company’s profits, satisfying customer’s wants and public interest
corporate social responsibility marketing (CSR)
implicit in a company’s strategy - compulsory code of standards - benefits society as a whole in medium and long term
ethics
types of marketing
strategic and operational
analysis oriented, detects new opportunities, use of product market variables, dynamic environment, pro-active behavior, long range management, multi functional organization
strategic marketing
action oriented, based on existing opportunities, use of other variables, stable environment, reactive behavior, day-to-day management, marketing function
operational marketing
organization of the exchange of products and services by which goods move from production to consumption
distribution
everyone in company does marketing, customer based structure instead of product, third party providing goods, discovering new strengths, creating brands through multiple tools, internet based, focusing on well defined target, global
new trends in marketing
undertaking exchange relationships between company and market- finding customer needs and providing products that meet needs
value area of marketing
analysis, planning, organizing, implementing, control
marketing management
anything that satisfies a need and is valuable to those who consumes them - can be a good, service or idea, tangible or intangible
products
are tangible goods that are only used once or few times - beer
non durable consumer goods
are tangible goods that can be used repeatedly- clothes, fridge
durable goods
are the products of impulse bought because the consumer does not put much effort into the buying decision
convenience goods
bought frequently- groceries, day to day
staple goods
products that consumers had not planned to buy - gummies, gum etc
impulse goods
bought when urgent need arises - umbrellas, rain ponchos
emergency products
products that consumers will expend time and effort in comparing with respect to suitability, quality, price and style before purchasing them
shopping goods
perceived by consumers as being alike in quality but varying in price. This price variance justifies the buying decision
homogeneous shopping goods
products whose characteristics and quality are more important than the price
heterogeneous shopping goods
goods whose unique characteristics or brand identity is the reason why enough consumers are willing to make an effort for a special purchase - luxury brands - consumer does not need to compare the market to buy specialty goods
specialty goods
products that consumers do not know or, despite knowing them, do not anticipate buying
unsought goods
refers to the dimensions, shape or physical structure of a product
performance
the characteristics complementing the basic function of a product
features
is the level of performance of the main characteristics of a product. There are four quality levels: low, average, high or superior
quality
the precision with which all units are manufactured identically and meet the specified standards
conformance
measures a product’s life under natural or forced conditions
durability
the likelihood that a product will not fail or break within a specific time period
reliability
speed with which a product can be put into service when it breaks down
serviceability
the appearance and the kind of response a user has to a product
aesthetics
ordering ease, delivery, installation, customer information, technical advisory, maintenance/repair
improvements made in tangible goods that cannot easily be differentiated
intangibility (users cannot try or experiment service in advance) perishability (services that aren’t in demand can be troublesome- discount car rentals on weekdays, complimentary things), inseparability (production and consumption of services take place simultaneously)
characteristics of services
strategic concept (target customer and their needs), top management commitment to quality, high standards, self service technology (conveniency and speed), systems for monitoring service performance, satisfying customer complaints
key elements in service quality management
