Introduction to Marketing Flashcards
Define Marketing?
The management process which identifies, anticipates and supplies customer requirements efficiently and profitably - CIM
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, good and services to create exchange and satisfy individual and organizational objectives. - AMA
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with each other - Kotler
What are the components of marketing concept?
Needs, wants and demands
Products and services
Value, satisfaction and quality
Exchange , transactions and relationships
What are the marketing management philosophies?
Production Concept: The philosophy that consumers will favor products that are available and highly affordable, and that management should therefore focus on improving production and distribution efficiency
Product Concept: Consumers will favor products that offers most quality, performance, features and organization should focus on making continuous product improvements
Selling Concept: The idea that consumers will not buy enough of the organization’s product unless they undertake a largescale selling and promotional effort
Marketing Concept: Achieving organizational goals depend on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than their competitors
Societal Marketing Concept:
What are the impacts of marketing?
- Contribution to revenue generation and profitability
- Enhancing brand image and reputation
- Influence on customer loyalty and retention
- Strategic role in competitive advantage
What are the operations of marketing?
- Identifying customer needs and wants
- Creating and delivering value to customers
- Building and managing customer relationships
- Understanding marketing segmentation and targeting
- Development of marketing strategies and tactics.
What are the marketing strategies used in B2C (Business to Consumer)?
- Mass communication
- Emotional appeal
- Shorter sales cycle
- Personalization at scale
- Direct customer engagement
What are the marketing strategies used in B2B (Business to Business)
- Targeted and niche communications
- Rational appeal
- Longer sales cycle
- Customization and personal relationships
- Thought leadership and content marketing
- Account-based marketing
What are the interrelationships between marketing and other functions?
Marketing and Sales Department collaboration
Marketing and Finance Department Synergy
Marketing as a business function
Marketing and operations department integration
Marketing and human resource alignment
Marketing and R&D Coordination
What are the challenges and opportunities of marketing?
Challenge: Addressing rapidly changing consumer preferences
Opportunity:
- Invest in robust market research and data analysis to identify the changes.
- Can tailor products and marketing strategies to meet the needs of their target audience.
- Can differentiate themselves by being agile to consumer changes
Challenge: Navigating the digital marketing landscape
Opportunity: Adapt their strategies to the digital realm
- Understand digital platforms and master techniques (search engine optimization, social media marketing, influences collaborations)
- Invest in technology, content creation
- Use multiplatform strategies
Challenge: Ensuring ethical and responsible marketing practices
Opportunities: ensure campaigns are truthful, transparent and socially responsible
- Transparent communication
- Education and training in ethical guidelines and best practices
- Sustainability integration: incorporate sustainability and ethical considerations
- Collaboration with compliance teams to ensure adherence to regulations and ethical standard
Challenge: Big Data and Analytics for Marketing insights
Opportunities:
- Data collection and management
- Data interpretation
- Predictive analytics
- Segmentation and targeting
What are the future trends?
- AI
- Sustainable and green marketing
- Leveraging social media and influencer marketing
