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COMR 465 > intro to marketing > Flashcards

intro to marketing Flashcards

1
Q

what is marketing?

A

a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships

requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers and society in general

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2
Q

what are the components of a marketing plan?

A

how the product/ service will be conceived or designed, how much it’ll cost, where and how will it be promoted, and how it will get to the consumer

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3
Q

what is a need?

A

one of the basic necessities of life (food, clothing, shelter, safety)

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4
Q

what is a want?

A

a particular way in which people choose to fulfill their need, which is shaped by their knowledge, culture, and personality

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5
Q

how does a company understand the needs and wants of consumers?

A

the company has to identify the target market/ customers

the market can be segmented or divided into groups of people who are pertinent to an organization for particular reasons

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6
Q

what does it mean by marketing entails an exchange?

A

the trade of things of value between the buyer and seller so that each is better off as a result

sellers provide goods or services, then communicate and facilitate the delivery of their offering to consumers

buyers complete the exchange by giving money and information to the seller

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7
Q

what are the 4 components of the marketing mix (4 p’s)?

A

product, price, place, promotion

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8
Q

what is a marketing mix?

A

the controllable set of activities that the firm uses to respond to the wants of its target markets

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9
Q

what does product do for value?

A

create value

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10
Q

describe product in the 4 p’s

A

fundamental purpose of marketing is to create value by developing a variety of offerings - including goods, services, ideas - to satisfy customer needs

goods primarily function to fulfill some need, but their ultimate value stems from what they provide and how they are marketed

just creating the product

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11
Q

what is a good?

A

items you can physically touch

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12
Q

what is a service?

A

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

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13
Q

what is an idea?

A

thoughts, opinions, philosophies, and intellectual concepts that also can be marketed

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14
Q

what does price say about value?

A

price captures value

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15
Q

describe price in the 4 p’s

A

price is everything that the buyer gives up, including money, time, energy

marketers must determine the price of a product carefully on the basis of the potential buyer’s belief about its value

the key is to determine how much customers are willing to pay so that they are satisfied with their purchase and the seller achieves a reasonable profit

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16
Q

what does place say about value?

A

place delivers value

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17
Q

describe place in the 4 p’s

A

describes all the activities necessary to get the product from the manufacturer or producer to the right customer when the customer wants it

place deals specifically with retailing and distribution management

aka supply chain management

how you get the product in the hands of the consumers

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18
Q

what is supply chain management?

A

a set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain

within this chain, merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers

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19
Q

what does promotion say about value?

A

communicating value

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20
Q

describe promotion in the 4 p’s

A

communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response

promotion generally can enhance a product’s or service’s value

product must be promoted in a way that is consistent with the target consumers

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21
Q

what is B2C marketing?

A

business to consumer

the process in which businesses sell to consumers

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22
Q

what is B2B marketing?

A

business to business

process of selling merchandise or services from one business to another

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23
Q

what is C2C marketing?

A

consumer to consumer

consumers market their products and services to sell to consumers

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24
Q

what are the two main things required for successful marketing?

A

should be mutually beneficial - for both the consumer (satisfied needs and wants) and the producer (adequate compensation)

should be driven by value - balances benefits and costs, build long-term relationships with customers

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25
Q

what are the four orientations of marketing?

A

product, sales, market, value-based

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26
Q

what is product orientation?

A

these companies focus on developing and distributing innovative products with little concern about whether the product best satisfy customers’ needs

these companies generally start out by thinking about the product they want to build; they try selling the product they want to build; they try selling the product after it is developed rather than starting with an understanding of the customers’ needs and then developing a product to satisfy those needs

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27
Q

what is sales orientation?

A

view marketing as a selling function where companies try to sell as many of their products as possible rather than focus on making products consumers really want

typically depend on heavy doses of personal selling and advertising to attract new customers

tend to focus on making a sale or a transaction rather than building long term customer relationships

focus on sales rather than consumer needs and wants

profits come from sales rather than repeat business from satisfied customers

28
Q

what is market orientation?

A

start out by focusing on what consumers want and need before they design, make, or attempt to sell their products and services

believe that customers have choice and make purchase decisions based on several factors, including quality, convenience, and price

marketers’ role is to understand and respond to the needs of consumers and to do everything possible to satisfy them

satisfied customers become long-term loyal customers, contributing to bottom-line profitability

29
Q

what is value-based orientation?

A

to compete successfully, they need to focus on the triple bottom line: people (consumer needs and wants), profits (long-term profitable relationships with consumers and suppliers), and planet (do all this in a socially and environmentally responsible way)

provide their customers with greater value than their competitors

value reflects the relationship of benefits to cost

every value based marketing firm must implement its strategy according to what its customers value (could include speed, convenience, size, accuracy, price, cost savings, or user-friendliness)

maximize value, focus on long term relationships, think in terms of relationships rather than transactions, beyond just consumers, and evolve over time

30
Q

what should a company do if they want to expand to a global presence?

A

analyze new customers’ needs and wants on a segment by segment, region by region basis in order to expand globally

31
Q

how does marketing enrich society?

A

a strong social orientation is in both the company’s and consumers best interest

shows the consumer that the firm can be trusted with their business

investors view firms that operate with high levels of corporate responsibility and ethics as safe investments

firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run

32
Q

what does a marketing strategy identify?

A

1) a firm’s target market(s)
2) a related marketing mix (4 p’s)
3) the bases upon which

33
Q

what is a sustainable competitive advantage?

A

an advantage over the competition that is not easily copied and thus can be maintained over a long period of time

34
Q

what is a marketing plan?

A

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, the marketing objectives and strategy specified in terms of the four p’s, action programs, and projected income statements

35
Q

what are the 5 steps in the marketing plan?

A

1) business planning
2) situation analysis
3) develop strategy
4) implement strategy
5) monitor and control

36
Q

describe step one in the marketing plan

A

business planning: define the business mission and objectives

create a mission statement

37
Q

what is a mission statement?

A

a broad description of a firm’s objectives and scope of activities it plans to undertake

describes:
1) what type of business are we?
2) what do we need to do to accomplish our goals and objectives

another key goal embedded in a mission statement is how the firm is building a sustainable competitive advantage

38
Q

describe step two in the marketing plan

A

situation analysis: swot analysis

conduct a SWOT analysis - SWOT assesses both the internal environment (strengths and weaknesses) and the external environment (opportunities and threats)

step two also includes analyzing the micro and macro-environment (CDSTEP)

39
Q

describe step three in the marketing plan

A

discusses what to do and how to do it

look at the marketing mix

use STP (segmentation, targeting, and positioning)

40
Q

what is segmentation?

A

divide the market or customers into distinct subgroups or segments

41
Q

what is a market segment?

A

a group of consumers who respond similarly to a firm’s marketing efforts

42
Q

what market segmentation?

A

the process of dividing the market into distinct groups of customers where each individual group has similar needs, wants, or characteristics

43
Q

what is targeting?

A

evaluate each segment’s attractiveness and decide which to pursue by using a process known as target marketing or targeting

the bulk of the marketing efforts will be towards that group

44
Q

what is positioning?

A

determine how it wants to be positioned within those segments

market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products

45
Q

what are the four overarching marketing strategies?

A

1) customer excellence
2) operational excellence
3) product excellence
4) locational excellence

46
Q

what is the customer excellence strategy?

A

focuses on retaining loyal customers and excellent customer service

ex. loyalty programs

companies that have a good service rep

47
Q

what is the operational excellence strategy?

A

achieved through efficient operations and excellent supply chain and human resource management

strong relationships with suppliers

48
Q

what is the product excellence strategy?

A

having products with high perceived value and effective branding and positioning

brands need to have a clear position in the market

49
Q

what is the locational excellence strategy?

A

having a good physical location and internet presence

particularly important for retailers and service providers

this is sustainable as its not easily duplicated

50
Q

describe step four in the marketing plan

A

implement marketing mix and allocate resources

marketers implement the marketing mix for each product and service on the basis of what the company believes its target markets will value

describe how the company will allocate its scarce resources to its various products and services

launch product & implement strategy from step 3

51
Q

describe step five in the marketing plan

A

evaluate performance by using marketing metrics

evaluate performance : how good is it, what do we need to change?

52
Q

what is a product with high relative market share and high market growth rate?

A

perfect product - 3 stars

53
Q

what is a product with high relative market share and low market growth rate?

A

cash cow

54
Q

what is a product with low relative market share and high market growth rate?

A

question mark

55
Q

what is a product with low relative market share and low market growth rate?

A

dog

56
Q

what are some methods to compare a firm’s performance over time to competing firms?

A

1) financial metrics: revenue, sales, and profits

2) view the firm’s products or services as a portfolio

57
Q

what do the metrics used to evaluate a firm depend on?

A

1) the level of organization at which the decision is made

2) the resources the manager controls

58
Q

what is portfolio analysis?

A

management evaluates the firm’s various products and businesses and allocates resources according to which products are expected to be most profitable for the firm in the future

typically performed at the strategic business unit (SBU) or product line level of the firm, though managers can also use it to analyze brands or even individual items

59
Q

what is a growth strategy?

A

a method of examining which segments to pursue

60
Q

what are the four different growth strategies?

A

1) market penetration
2) market development
3) product development
4) diversification

61
Q

what is market penetration growth strategy?

A

employs the existing marketing mix and focuses the firm’s efforts on existing customers

can be achieved by encouraging current customers to patronize the firm more often or buy more merchandise on each visit

requires greater marketing efforts

easiest to implement

62
Q

what is market development growth strategy?

A

employs the existing marketing offering to reach new market segments, whether domestic or international

marketers have experience with one element and must learn the other element

63
Q

what is product development growth strategy?

A

offers a new product/ service to a market segment that is currently not serviced

marketers have experience with one element and must learn the other

64
Q

what is diversification growth strategy?

A

introduces a new product or service to a market segment that is currently not served

requires marketers to go outside both their current products and markets, and the risks of making mistakes is substantially greater

can be related or unrelated

65
Q

what is related diversification?

A

the current target market/ targeting mix shares something in common with the new opportunity

firm might be able to purchase from existing suppliers, use same distribution/ management info systems, etc

66
Q

what is unrelated diversification?

A

the new business lacks any common elements with the present business

do not capitalize on core strengths associated with markets or products

they would be viewed as very risky

COMR 465 (5 decks)

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