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Marketing > intro marketing: Creating and Capturing Customer Value & Company and marketing strategy: Partnering to Build Customer Value and Relationships > Flashcards

intro marketing: Creating and Capturing Customer Value & Company and marketing strategy: Partnering to Build Customer Value and Relationships Flashcards

1
Q

Marketing process

A
  1. understand the market and customer’s needs and wants
  2. design a customer driven strategy
  3. Construct an integrated marketing program that delivers superior value
  4. Build profitable relationships and create customer delight
  5. Capture value from customers
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2
Q

Five core customer and marketplace concepts:

A

(1) needs, wants, and demands;
(2) market offerings (products, services, and experiences);- Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing myopia- The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
(3) value and satisfaction;
(4) exchanges and relationships; and
(5) markets- The set of all actual and potential buyers of a product or service.

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3
Q

value proposition

A

beliefs or values that a product promises to bring

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4
Q

marketing management

A

the art and science of choosing target markets and building profitable relationships with them.

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5
Q

production concept-

A

people favor what is available and highly affordable. Therefore, management should focus on improving production and distribution efficiency. oldest orientations that guides sellers.

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6
Q

Product concept

A

favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements. MAKE AND SELL

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7
Q

selling concept,

A

people won’t buy unless the firm undertakes a large-scale selling and promotion effort. typically practiced with unsought goods—insurance or blood donations.

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8
Q

marketing concept

A

achieving goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. customer focus and value are the paths to sales and profits. SENSE-AND-RESPOND -find the right products for your customers.

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9
Q

societal marketing

A

concept marketing strategy should deliver value to customers in a way that maintains or improves both the consum- er’s and society’s well-being. sustainable marketing, shared value. a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

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10
Q

marketing mix

A

price, product, promotion, place

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11
Q

Promotion is…

A

(marketing/awareness)-communicate the product merits and persuade purchase

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12
Q

Basic relationship typically provide______customers

A

low margin

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13
Q

Full partnerships typically provide________customers

A

high margin

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14
Q

frequency marketing programs-

A

offer rewards for large and frequent purchases

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15
Q

old marketing-

A

marketing brands to consumers.

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16
Q

new marketing is customer- engagement marketing-

A

making the brand a part of the consumers life by having them help shape the brand

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17
Q

customer-managed relationships/customer generated marketing

A

customers help forge their own brand experiences

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18
Q

partner relationship management-

A

work with others to bring more value to the customers

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19
Q

share of customers-

A

the amount of a customers purchasing that a company receives. To inc it use cross selling and up selling

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20
Q

customer equity-

A

combined customer value of all the company’s customers

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21
Q

Butterflies

A

short term loyalty but high profitability

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22
Q

strangers

A

short term and low profitability

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23
Q

true friends

A

long term and high profitability

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24
Q

barnacles

A

long term and low profitability

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25
Q

strategic planning-

A

managing the organization’s goals and capabilities and its changing marketing opportunities.

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26
Q

Mission Statement answers these-statement of the organization’s purpose…

A

What is our business? Who is the customer? What do consumers value? What should our business be?

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27
Q

Business portfolio

A

all the businesses and products that make up a company

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28
Q

Portfolio analysis

A

reviewing and assessing all the parts of the portfolio

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29
Q

SBU

A
  • strategic business Units- brands, company division, product line,
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30
Q

growth-share matrix

A

portfolio-planning method that evaluates SBUs in terms of market growth rate and relative market share.
by the Boston consulting group

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31
Q

stars-

A

an SBU with high growth, high shares

32
Q

cash cows-

A

an SBU with low growth, high shares

33
Q

Question marks-

A

an SBU with high growth, low shares

34
Q

Dog

A

an SBU with low growth, low shares

35
Q

What are the options on how to treat SBUs?

A

build, hold, harvest, digest

36
Q

Build as it relates to SBU

A

invest enough to grow the SBU

37
Q

Hold as it relates to SBUs

A

invest just enough to hold the SBU’s share value

38
Q

Harvest as it relates to SBUs

A
  • take out all the short term cash flows regardless of its long term effect
39
Q

Divest as it relates to SBUs

A
  • sell or phase out the SBU
40
Q

Product/market expansion grid-

A

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
This is a costly and hard to do method, it gives no insight to the future either, many drop this method and turn to….

41
Q

Market penetration-

A

growth by inc sales through sales of current products to current market segments without changing the product. Add stores, remodel stores, etc

42
Q

Market development-

A

identify and develop new market segments for the same product. Open stores in new places, build an app for the website, make the game for PC, not just Xbox

43
Q

Product development-

A

modifying the product or making a new one and selling it to the same market segment, diet sodas, e cigarettes,

44
Q

Diversification-

A

Growing the company be acquiring businesses out of the company’s expertice, current market, and products

45
Q

Marketing Strategy-

A

Logic by which companies hope to achieve good customer value and profitable relationships

46
Q

Market segmentation-

A

dividing the entire market into distinct groups of buyers who have different needs, characteristics, or behaviors,

47
Q

Product position-

A

where a product is located compared to competitors

48
Q

Positioning-

A

placing your product in a clear and distinct position that sets your product apart from others

49
Q

the 4 Cs as they relate to the 4 Ps (Product, price, place, promotion)

A

customer solution, customer cost, convenience, communication

50
Q

4 steps of Marketing management-

A

analysis, planning, implementation, control

51
Q

Implementations-

A

ways of putting the plan into action so that it is sucessful

52
Q

Controls-

A

ways of monitor progress of the plan, evaluating results, and taking corrective action

53
Q

Market Department Organization: Functional organization-

A

marketing activities are headed by a functional specialist sales manager, an advertising manager, a marketing research manager, a customer service manager, or a new product manager

54
Q

Market Department Organization: Geographic organization-

A

for those who sell cross country or nations, sales and marketing people are assigned to specific countries, regions, and districts. Allows them to get to know the target customers

55
Q

Market Department Organization: product management organization-

A

product manager develops and implements a complete strategy and marketing program for a specific product or brand.

56
Q

Market Department Organization: Market/customer management organization-

A

company is organized around the needs of specific customer segments- develops and implements a complete strategy and marketing program for a specific customer/market

57
Q

MARKETING ROI-

A

net return on marketing investment divided by the cost of marketing investment

58
Q

paradime

A

worldview

59
Q

BCG

A

Boston Consulting Group, founded the idea that the more shares you have the higher your profits will be
they produced a relative (relative to the competition) market share matrix with stars, question marks, cash cows, dog

60
Q

What should you do with the cash cows?

A

invest their cash earnings into question marks and stars

61
Q

What should you do with a dog?

A

sell it, it could become someone else’s star, or sell it off if no one buys it

62
Q

What does a star hopefully become?

A

your next cash cow

63
Q

What is the product/market grid used for?

A

deciding how to grow the company

64
Q

What does the BCG growth/share matrix show?

A

What you should do with your SBUs

65
Q

Market penetration-

A

growth by inc sales through sales of current products to current market segments without changing the product. Add stores, remodel stores, etc

66
Q

Market development-

A

identify and develop new market segments for the same product. Open stores in new places, build an app for the website, make the game for PC, not just Xbox

67
Q

Product development-

A

modifying the product or making a new one and selling it to the same market segment, diet sodas, e cigarettes,

68
Q

Diversification-

A

Growing the company be acquiring businesses out of the company’s expertice, current market, and products

69
Q

What makes up the SWOT analysis? The different axis

A

Internal and external on the x axis
positive and negative on the y axis
strength, weakness,
opportunities, threats

70
Q

Strengths-

A

well known, brand, size, tech, patents, customer loyalty, happy employees

71
Q

Weaknesses-

A

are current threats,

72
Q

Opportunities-

A

all the directions for new growth

73
Q

Threats-

A

are future threats, direct and indirect ones, economy, recall, new technology, rising costs in industry

74
Q

What is the for your company internally based on SWOT?

A

capitalize on your strengths and eliminate your weaknesses

75
Q

What makes weaknesses different from threats?

A

Weaknesses are current and threats are possible future threats

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