Introduction Flashcards
Which are the three stages of the strategy hierarchy?
Top to bottom:
Corporate strategy
Business strategy
Functional strategy (R&D, HR, Finande, Production, Sales & marketing)
What is the book definition of marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is the book definition of marketing management?
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
What was the Peter Drucker quote about marketing?
“There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.”
Which 10 things are marketed?
- Goods
- Services
- Events
- Experiences
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Which are the four key customer markets?
- Consumer markets
- Business markets
- Global markets
- Nonprofit/Government markets
Which are the four company orientations?
Production
Product
Selling
Marketing
Which are the four corners of the holistic marketing model?
Performance marketing
Integrated marketing
Internal marketing
Relationship marketing
Which are the four relationships under “relationship marketing”?
Customers
Employees
Marketing Partners
Financial Community
What is internal marketing?
Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
Which are the two subparts of performance marketing?
- Financial Accountability
* Social Responsibility Marketing
List six types of Corporate Social Initiatives
- Corporate social marketing
- Cause marketing
- Cause-related marketing
- Corporate philanthropy
- Corporate community involvement
- Socially responsible business practices
Which are the “new four P:s”?
People
Processes
Programs
Performance
List the “nine core marketing concepts”
- Needs, wants, and demands
- Target markets, positioning, segmentation
- Offerings and brands
- Value and satisfaction
- Marketing channels
- Supply chain
- Competition
- Marketing environment
- Marketing planning
Which are the five types of needs?
Stated Real Unstated Delight Secret
Which are the three marketing channels?
Communication
Distribution
Service
Name six factors that define the marketing environment
Demographic Economic Socio-cultural Technological Environmental Political-legal
List eleven “major societal forces”
- Network information technology
- Globalization
- Deregulation
- Privatization
- Heightened competition
- Industry convergence
- Retail transformation
- Disintermediation
- Consumer buying power
- Consumer participation
- Consumer resistance
List four key concepts in strategy
• Mission
Purpose: Why we exist
• Vision
What we want to be
• Values
What we believe in and how we behave
• Strategy
Single precise competitive game plan that will drive the business over the next five years or so
Objective (ends), scope (domain), and advantage (means) that require trade-offs
List three properties of a business model, which differentiates it from strategy
A business model…
…describes, as a system, how the pieces of a business fit together.
…does not factor in one critical dimension of
performance: competition
…reflection of a realized strategy
What does CMO stand for?
Chief marketing officer
What does CFO stand for?
Chief financial officer
Who are the two actors in marketing?
A marketer is someone who seeks a response attention, a purchase, a vote, a donation from another party, called the prospect.
Which three aspects of demand do marketers try to monitor and affect?
Level, timing, and composition
Which are the five competing marketing concepts under which organizations can choose to conduct their business?
There are five competing concepts under which organizations can choose to conduct their business:
The production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The first three are of limited use today.
How is the holistic marketing concept defined?
The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
Name three core components of business strategy which are listed in the lecture and in the book, but with different words?
- Long-term goal (objective)
- Scope of the firm (customer or offering,
geographic location, vertical integration) - Competitive advantage
Define needs, wants and demands
Needs are the basic human requirements such as for air, food, water, clothing, and shelter.
These needs become wants when they are directed to specific objects that might satisfy the need.
Demands are wants for specific products backed by an ability to pay.
Define the supply chain
The supply chain is a longer channel stretching from raw materials to components to finished
products carried to final buyers.
Marketing environment:
Define the “task environment”
The task environment includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers.
Marketing environment:
Define the “broad environment”
The broad environment consists of six components:
Demographic environment Economic environment Social-cultural environment Natural environment Technological environment Political-legal environment.
What is a “touch point”?
Where a customer directly or indirectly interacts with the company in some form
Define the “Production concept”
Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution.
(This orientation makes sense in developing countries such as China)
Define the “Product concept”
The product concept proposes that consumers favor products offering the most quality, performance, or innovative features. However,
Define the “Selling concept”
The selling concept holds that consumers and businesses, if left alone, won t buy enough of
the organization s products.
(It is practiced most aggressively with unsought goods)
Define the “Marketing concept”
The marketing concept emerged in the mid-1950s as a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.
Define integrated marketing
Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that the whole is
greater than the sum of its parts.
Which are the two key themes in integrated marketing
(1) many different marketing activities can create, communicate, and deliver value and (2) marketers should design and implement any one marketing activity with all other activities in mind.
What is a marketing network?
The marketing network is the ultimate outcome of relationship marketing. It consists of the company and its supporting stakeholders customers, employees, suppliers, distributors, retailers, and others with whom it has built mutually profitable business relationships.
What is performance marketing?
Performance marketing requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.
