Intro Flashcards
1
Q
Marketing
a business philosophy
A
- A way of seeing the world of business in which the customer becomes the centre of attention- encapsulated in the marketing concept
- The way a business sees its customers and designs the purpose of the business
2
Q
Marketing
A business function
A
• Responsible for identifying what the customer wants, producing it, making it available and informing the customer about it
- captured in the marketing mix
3
Q
Production concept
A
- Consumers favour products that are available and highly affordable
- Improve production and distribution
- E.g. henry T ford
§ Any colour you want as long as it’s black
§ Standardises production, faster to produce these things, cheaper you can produce them, and sell them = mass market
4
Q
Product concept
A
- Make something innovative, it may be something people will want
- consumers favour products that offer the most quality, performance, and innovative features
- E.g. 1980’s Clive Sinclair; Amstrad computers
§ Invented electric bicycle, zike
§ Sinclair C5- electric car
□ Cheap device but very slow, not on roads
□ No market for it to buy it - E.g. Dupont
§ Kevlar, fabric but not well known when invented
□ Tough and light-weight, but expensive
□ Clever invention but no market at the time
□ Found market need (protection)
§ Also made nylon at same time, synthetic fabric had a big market or it at the time
□ Reached mature market and declined
§ Now it’s used for bulletproof vests, helmets, skateboards, boats
5
Q
Selling Concept
A
- Consumers will buy products only if the company promotes/ sells these product
- If you push hard enough, people will buy it
6
Q
Marketing concept
A
- Focuses on needs/ wants of target markets & delivering satisfaction better than competitors
- Customer is key- their needs and wants
- Used to try to understand market
- but in mature market, must do it differently in order to sell something successfully
- What value will you give customers so they will buy your product over competitors
7
Q
Societal Marketing concept
A
- Focuses on needs/ wants of target markets & delivering superior value
- Society’s well-being
Use marketing skills to add value in societal ways, apply to other business, not just for profit
8
Q
Chartered Institute of Marketing Definition
A
- Marketing is the process of identifying, anticipating and satisfying customer needs (profitably)
- Except in societal when its not for profit
9
Q
AMA Marketing Definition
A
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.
10
Q
Customer and Provider Satisfaction
A
Provider's Goals - survival - financial - social - spiritual - ecological etc
Customer's Goals - solutions - benefits - altruism - well being etc
11
Q
Exchange of Value
A
- Marketing is an exchange of something which a customer needs and wants. It is the exchange of “value” (Doyle 2000)
What are you communicating, what is the value exchanged between one party and the other
12
Q
Who uses Marketing
A
- Traditionally, large corporations marketing goods and services in return for profit
- Increasingly, a whole range of organisations and individuals may engage in marketing
- E.g.: not for profit, places, events, individuals
13
Q
Market-led strategies
A
- “Why market-led not marketing-led? It is simply because markets are more important than marketing, and we should say so. It is also because markets and customers are the responsibility or every manager in the company, not the “property” of marketing specialists.
14
Q
Marketing Challenge
A
- We create marketing pans by asking:
- Where are we now
- Where do we want to be/ have to be (as markets are changing)
How are we going to get there
15
Q
Marketing Analysis and Strategy
A
Stage 1- Strategic objectives Stage 2- Strategic Focus Stage 3- Customer Targets Stage 4- Competitor Targets Stage 5- differential advantage Stage 6- Marketing Mix Stage 7- Organisation and Implementation
