Introduction to MKG Flashcards
What is Marketing ?
it’s the activity, set of intuitions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
What is the aim of marketing ?
to make selling superfluous. To know and understand the customer so well that the product or service fits him and sells itself.
Understanding human behavior
What is Macromarketing ?
an approach to marketing that focuses on the larger societal and environmental impacts of marketing practices, systems, and strategies.
concern all products/services in the collectivity and distribution systems
What is Micromarketing ?
concern marketing efforts of entreprises to customers
What is marketing in practice ?
A way of thinking and to act.
Management philosophy
Company department (function)
Management approach
Group of analyses
What is Management philosophy ?
It’s a statement or approach that affects how manager leads their team and makes decision
Company department (function)
Expertise and science (process and methodology)
What is management approach ?
Marketing plan : competitive analysis, mission, objectives, strategies, tactics
What is Group of analysis
Market survey, behavior studies, focus group, etc
Does Marketing permeates all aspects of the society ?
Yes. It concerns goods, services, events, experiences, persons, places, properties, organisations, information, ideas.
What is B2C ?
Business to customer
Transactions that takes place between a business and an individual as the end customer
What is B2B ?
Business to Business
Refers to a type of transaction between two businesses
What is B2I ?
Business to Investors
Product (tangible) ?
Physical goods, tangibles (can be touch, seen, has a physical appearance), sustainable and unsustainable
What are the 5 categories of product (tangible) ?
- Pure product : wood, aluminum, gas
- Product and service : cell phone and
warranty - Hybride Product / service : restaurant,
Air Canada - Product/ service and secondary service :
cell phone with Internet and e-mail` - Pure service : financial advisor, doctor
What does Intangible products help to do ?
Help create value to the use of the product
Do you have example of intangible products ?
Services, events, experiences, information, ideas
What are the 4 characteristics that can help to differentiate services and product ?
Intangibility
Simultaneousness
Variability
Perishability
What does Intangibility refers to ?
actions, advice, consultation
ex : doctor
What does Simultaneousness refers to ?
ordering and delivering
the production and consumption of a service often occur at the same time and the same place
ex : lawyer
What does Variability refers to ?
Means that sometimes when you get the same service from the same person or from different people, it might not always ne the same or good as before
Services can be different each time you get them whereas things that are tangible will usually be the same every time you see them
ex : in the delivery. McDonalds
What does Perishability mean ?
It means that the service cannot be save for later and that if you do not use them than it is lost. (intangible)
Unlike tangible things that you can keep and store to use it later
What are the different elements that could influence the demande for servies ?
schedule, participation, training, price, complementary services, etc
What are the marketing concept evolution ?
Marketing 1.0
Marketing 2.0
Marketing 3.0
Marketing 4.0
What is Marketing 1.0 ?
refers to the industrial revolution
Sell all the prodcution
Mass distribution
What is Marketing 2.0 ?
1960
refers to the consideration if needs and desires of the customer. To do better that our competition
What is Marketing 3.0 ?
2000
- social medias
- market globalisation
- growth in a ore active and prosperous
society
- Satisfaction of needs and wealth on LT
perspective for a better society
- Responsible consumption
What is Marketing 4.0 ?
- E-commerce
- Digital economy
- Digital commerce
What has marketing evolution through the e-commerce and digital economy has created ?
it has created a dilemma : High tech / High touch dilemma
What is the High tech / High touch dilemma ?
- Instantaneous access and rare human contacts
- It is the challenge of finding the right balance between advance technology (high tech) and human touch (high touch)
- combining the benefits of technology with the warmth and personal connection that people provide to create the best customer experience
What is Marketing relationship ?
- It is a marketing strategy that companies often use to create and keep a relationship with its customers rather than a one-time sales.
- create loyal customer that have a strong connection with the brand
What is Experimental Marketing ?
- marketing strategy that focuses on creating immersive and memorable experiences for customers
- can be achieved through live events, interactive demonstrations, pop-up shops, product sampling, or other creative and participatory experiences.
What is customer service ?
refers to the support and assistance provided by a business or organization to its customers before, during, and after a purchase of a product or service.
What is the collaborative economy ?
Often refers as the sharing economy
- a system in which individuals and organizations share resources, services, or assets with one another, typically facilitated through online platforms or apps.
- C2C : Consumer to Consumer
Characteristics of sharing economy :
- social medias, mobile technology, Web2.0
- Value of product is based on his usage (solution), not on possession (desire)
- Life cycle is longer, being good for environment (branding is crucial).
- No formal regulation, rules, laws as it is in the traditional commerce
What are the 4 redistribution systems for consumers in collaborative economy ?
Redistribution system : market place
- Product - Service : Airbnb, Communauto
- Service à la demande : Uber, Uber eats
- Cooperative location : Urbainculteurs, Wework
Other possibilities : education, production, financing : Wikipedia, Kickstarter
What is the key task of any business ?
Defining the role (business philosophy and operational aspect) that marketing will play in the organization
What are the 5 Marketing philosophies ?
1- Production concept
2- Product concept
3- Selling concept
4- Marketing concept
5- Market-value concept
What is Production concept ?
achieve high production efficiency, low costs, mass distribution
What is Product concept ?
highest quality, best performance, innovative features
What is Selling concept ?
influence customer decision, promote
What is marketing concept ?
develop the right product for your customers, end-and-repond philosophy
What is Market value concept ?
everything matters in marketing
- fundamental concept in finance and economics. It represents the current price or value at which an asset, security, or investment can be bought or sold in an open and competitive marketplace.
What are the 5 aspects of marketing to keep in mind to assure social responsibility in business ?
- Products & services : offer quality
- Customers : honest merchandising and advertising
- Suppliers : sustainable develpment REP, GES
- Collectivity : social & environmental engagement
- Shareholders : optimisation more than maximisation
Ethical marketing ?
- Effective marketing must be matched by a strong sense ethics, values and social responsibilities
Why marketing must consider ethical mkg ?
bc mkg’s effects extend to society as a whole, marketers must consider the ethical, environmental, legal, and social context of their activities
common sense VS legislation
