Intro To Marketing Flashcards
(24 cards)
What is marketing
Delivering value to a customer for a profit
Describe the nature of customer value
Price value
Emotional value
Performance value
Relational value
Describe the difference between relational and performance value
Relational value is high trust and good quality Service
such as insurance and education
Quality of the product eg dyson
What is price value
Reduced price of basic product
Forego extra features eg Aldi
What is emotional value
Beyond performance
Branding and brands
Eg Chanel
Describe the perceived benefits of associated with customer value ?
Image benefit
Product benefit
Relational benefit
Service benefit
What are the prefixed sacrifices associated with customer value
Energy cost
Monetary cost
Psychological cost
Time cost
Describe customer satisfaction
Products perceived performance vs customer expectations
The product must all meet of exceed customer expectation
What are the types of orientation of organisations
Production
Sales and customer
What steps are included in sales orientation
Products and service —— aggressive sales efforts —- customers
What steps are included in production orientation
Product capabilities — manufacturing products — customers
What are the steps involved in customer orientation ?
Customer needs
Potential marketing opportunities
Marketing Product and service.
Customer
Differentiate between efficiency and effectiveness
Efficiency is doing things right butt it is cost focused
Effectiveness is doing things right but customer focused
What is the marketing concept
Meeting corporate goals a by meeting and exceeding customer needs better than competition
In relation to the. key components of marketing concept
What is Customer orientation
Cooperation actions focused on satisfying customers
What is a integrated effort
Every staff take responsibility for providing customer satisfaction
What is goal achievement
When a company believes their corporate goals can be achieved through customer satisfaction
Outline 5 limitations associated with the marketing concept
- Reliance on re marketing and browsing behaviours and influencers
- Reliance on customers to guide new products manufacturing (tauber 1974)
- Retro marketing -exclusivity , secrecy and amplification
- Societal impact of collective individual purchases (Wesley,1990)
How would you develop an effective marketing mix
Product - match customer needs
Price. - well balanced
Place match cooperate resources
Promotion- create competitive advantage
What steps are involved in product marketing
Development
Management
Packaging
Branding
What role does price have in the marketing mix
Costs
Profit
Value
Competitiveness
Role of place in the marketing mix
Accesss to market
Channel structure
Channel management
Retailer image
Describe promotion associates with the marketing mix
Sales
Sales promotion
Communication mix
Advertising
Name 2 criticisms of the marketing mix
Oversimplifies the reality of the process (Booms and Bitner, 1981)
One way models and ignores relationships
