lecture 1 + 2

Question 1

what are the four P of marketing?

Answer 1

Product, Price, Place, Promotion (communication)
-which is the action plan

Question 2

why would a marketer be involved in determining price and not just finance and accounting?

Answer 2

• look for what the consumer wants and are willing to pay

=which is a psychological concept when trying to understand what kind of value that an item can have based on their needs and how they would satigy those needs helps marketers understand teh value and place a price on it

Question 3

what are the 5 c of marketing strategy process

Answer 3

customer : understanding the needs and wants

company: understand the strengths and weakness relative to the people in the marketplace

competition: what we can do better

collaboration: There might be entities to move products through the marketing channel

context: environmental factors

Question 4

what are the two decisions driven by the 5 C’S?

Answer 4

aspirations and action plan

Question 5

what is aspiration?

Answer 5

• firms hope to achieve in the market and what value the product will represent to different kinds of customers
  -segmenting/targeting/positioning= marketing strategy

Question 6

what is STP

Answer 6

-segmenting the market to identify which kinds of people to serve
- targeting a specific group to address
-determining the desired positioning in the minds of selected customers

Question 7

action plan?

Answer 7

-what the product will actually look like

-how we promote it

get what they need where it is sold

pdt/promotion/place= value created

Question 8

what are the three types of capital?

Answer 8

-equity: getting money from people who want to be apart of the company

-debt: taking on loans with interests

-revenues: money brought in

Question 9

why do companys survive on revenue?

Answer 9

• long term
• you want this to be growth overtime because it means your wealth grows too

Question 10

what is the primary responsibility for marketing?

Answer 10

-revenue growth over time

• if a marketer does not have the authority then they will fail

Question 11

franchise

Answer 11

overtime we get more customers and build a solid base

Question 12

what is today’s central problem business deals with?

Answer 12

shortage of customers because there are too many companies with lots of products that chase too few customers creating hyper-competition among business

Question 13

marketing define

Answer 13

-activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value

-basically, you need to discover customer needs/satisfy customer needs

Question 14

creating value equation

Answer 14

perceived value= f (what you get/what you pay)

what you get= product x place x promotion

what you pay = price

Question 15

what are the four orientations?

Answer 15

production
sales
marketing
societal marketing

Question 16

product orientation

Answer 16

what can we make/do best?
internal capabilities of the firm
-the primary approach of the business is to improve and create the product rather than addressing customer needs or market demands

Question 17

sales orientation

Answer 17

how can we sell more aggressively to convince customers for transactions?
aggressive sales techniques and belief that high sales result in high profits

Question 18

market orientation

Answer 18

what do consumers want/need?
-understanding the needs of customers to make more reliable streams of revenue from satisfied customers
=which decreased costs and increased profitability

Question 19

societal marketing

Answer 19

-what do consumers want/need and how can we benefit society?
-increases with customers being interested in making their communities a better place and making better things (improving the environment/employees)

Question 20

societal firms

Answer 20

are focused on making long-term consumer relationships and consider the needs of other people in business efforts
-adopt a societal marketing orientation, emphasizing not only customer satisfaction but also the broader impact of their actions on society.

Question 21

why can you not target the entire marketplace?

Answer 21

too broad and too expensive

Question 22

commodity

Answer 22

natural resource an item with no real distinguishable factors like water

Question 23

what are effective positioning statements?

Answer 23

target customers
wants of customers
product type
key benefits

Question 24

6 M model

Answer 24

market mission message media money measuremnet

Question 25

what are the customer outcomes that result from aspirations?

Answer 25

-customer
acquisition- getting good customers
retention- kept overtime
buy rate- developed to buy more profitable iteams over there life time

Question 26

what are the outcomes that result from the action plan and customers?

Answer 26

sales (revenue)
profits- balanced costs
franchises

Question 27

buyer stickness

Answer 27

resistance of customers to switching easily between one supplier of a good or service to another

Question 28

churn

Answer 28

this is a measure of customer attribution
-the churn rate is 100% minus the customer retention percentage rate, which typically measures customers who discontinue a service or subscription

Question 29

coolhunting

Answer 29

observing and predicting the emergence of and changes in cultural trends, visible in clothing fashions etc

Question 30

distribution channels

Answer 30

the network of individuals and orgs involved in the process of motiving a product or service form the producer to the end user

Question 31

positioning

Answer 31

-defining value proposition for the target segments
-differentiating a product or service from others in the perception of customers
-Creating a unique and favorable image for your product or brand in the minds of your target customers.

Question 32

pull strategy

Answer 32

motivating customers to seek out your brand in an active process via tactic such as advertising, CRM, and sales promotion

Question 33

push strategy

Answer 33

involves ensuring the customer is aware of your brand at the point of purchase by tactics like direct selling to customers in showrooms, packaging designs, or point of sale displays

Question 34

segmentation

Answer 34

market planning process that involves dividing a broad target maket into subsets or groups of customers who have common needs or charchteristics

Question 35

targeting

Answer 35

selecting the potential customer segments to whom a company wishes to sell products or services after an analysis of each segments attractiveness

Question 36

what is product

Answer 36

offered to customers
-it includes physical aspects of the offer as well as intelligible elements

Question 37

promotion

Answer 37

describes the many communicative activities used to ensure that customers know about the companys offerings, have a favorable impression of them, and actually make a transaction