Lecture #1 Flashcards
What is marketing? (3 things)
- Creating value for customers
- Satisfying needs and wants
- Building strong customer relationships
What are the goals of marketing? (3 things)
- Attract new customers
- Keep and grow current customers
- Stay in the mind and create a relationship with the target market
Core aspects of marketing (6 things)
- helps create value
- satisfying customer needs and wants
- entails an exchange
- requires product, price, place and promotion decisions
- can be performed by both individuals and organizations
- occurs in many settings
What does creating value entail?
PRODUCT
- product/service
- brand
- size
- quality
- features
- packaging
- warranty
What does transacting value entail?
PRICE
- list price
- discounts
- allowances
- costs
- payment period
- credit terms
What does delivering value entail?
PLACE
- marketing channels
- distribution intensity
- locations (retailers vs. online)
- supply chain logistics
What does communicating value entail?
PROMOTION
- advertising
- sales promotion
- personal selling
- public relations
- direct marketing
- digital media
What is the 5 step marketing process? (titles)
research –> design strategy –> implement –> monitor/control –> equity
What do you do in the research step of the marketing process?
Understand the marketplace and customer needs/wants
What do you do in the design strategy step of the marketing process?
Design a customer driven marketing strategy
What do you do in the implementation step of the marketing process?
Construct an integrated marketing program that delivers superior value
What do you do in the monitor/control step of the marketing process?
Build profitable relationships and create customer delight
What do you do in the equity step of the marketing process?
Capture value from customers to create profits and customer equity
What are some basic needs?
- physical
- social
- individual
What are some examples of physical needs?
food, clothing, warmth, safety, health
What are some examples of social needs?
belonging, affiliation
What are some individual needs?
self-esteem, self-expression, knowledge
If a need is shelter, what would the want and demand be?
Want: a mansion
Demand: money
If a want is Disney, what might the need be?
entertainment, family & friends bonding
If a need is Google, what might the need be?
Knowledge
If a want is Starbucks, what might the need be?
caffeine??
If a want is a Tesla, what might the need be?
sustainability, transportation/security, status
Who is your target market?
Those who (1) want & (2) can afford such a product
What are common market segmentation bases
- geographic
- demographic
- psychographic
- behavioural
Geographic segmentation base
Where do they live?
Demographic segmentation base
Who are they?
Psychographic segmentation base
How do they live? What is their lifestyle?
Behavioural
Why do they buy? How often? How do they use the product?
What’s one way to design a marketing strategy? (design step)
Segmentation
Target Market
Positioning
Product orientation
Positioning yourself as the best
Sales orientation
Showing the selling points of your product
Market orientation
Selling to the customer (I know you are more than a driver)
Value-based orientation
Triple bottom line: People, profits, planet
Capturing value from customers (equity step)
Looks like current and future sales, market share, and profit (value –> loyalty)
Customer value = loyalty and retention, customer share, customer equity idk will fix
