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U1 Integrated Management INTG 202 > lecture 3 > Flashcards

lecture 3 Flashcards

1
Q

Defining Marketing

A

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

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2
Q

Ultimate goal of marketing:

A

Facilitate Value Exchange through superior customer experience

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3
Q

what is Insight in regard to customers

A

Understanding Customers to Create Value

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4
Q

Understanding Customers to Create Value - Insight

what are the components s

A

– Who are the Customers?

– What do Customers Value?

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5
Q

what are Solutions in regard to customers

A

Delivering Value to Customers

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6
Q

Delivering Value to Customers - Solutions

what questions are asked

A

– How do we Create Value for Customers?
– How do we Communicate Value to Customers?
– How do we Leverage value provided to Customers?

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7
Q

what is The Evolution towards Customer Centricity

A

selling orientation to customer orientation

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8
Q

what is in selling orientation

A

production
product
selling

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9
Q

what is in customer orientation

A

market

experimental (customer centric)

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10
Q

what is production

A

affordability&availability

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11
Q

what is product

A

quality&innovation

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12
Q

what is selling

A

promotion&hardselling

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13
Q

what is marketing

A

customer satisfaction and relationships

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14
Q

what is experiential (customer centric)

A

long-term value to both customer and society. Superior customer experience

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15
Q

what is Theproduction concept

A

Consumers will favor products that are available and highly

affordable. Focusoneconomiesof scaleandcosts

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16
Q

what is Theproductconcept

A

Consumers favor products that offer the mostin quality,

performance, and innovative features

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17
Q

what is Theselling concept

A

Consumers will not buy unless it undertakes a large-scale

selling and promotional effort (“Sell What you Make”)

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18
Q

Selling Orientation can lead to what

A

Myopia

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19
Q

Sellers pay more attention to the specific products they offer than to what

A

the benefits and experiences produced by the products

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20
Q

Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products give an example

A

– The great railroads lost out to the exploding trucking industry
– They forgot that their business was solving transportation problems, not running railroads

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21
Q

what is Thecustomerorientation

A

Determining the needs and wants of target customers and delivering customer satisfactions more effectively and efficiently than the competitors

22
Q

Customers are the paths towhat

A

sales and profits

23
Q

what is the STP Process

A

Segmentation, Targeting, Positioning

24
Q

what is segmenting

A

Discover groups and needs in a marketplace

25
Q

what is targeting

A

Target the groups you can provide superior solutions for

26
Q

what is positioning

A

Make target groups recognize your superior offer

27
Q

What is a Market? What is Segmentation?

A

The set of actual and potential buyers of a product

 These people share a need or want that can be satisfied through exchange

28
Q

Why Segment Markets

A

market segmentation leads to more precise customer insights leads to more accurate solution leads to improved resource allocation leads to better marketing results

29
Q

give the segmentation short term applications

A 
 Salesforceallocation/callplanning
 Channelassignment
 Communicationprogram
 Pricing
 Today’scompetitorsandthefirm’scurrentrelativeadvantagetothecustomer
30
Q

give the long term applications of segmentation

A

Longer term applications:
• Emerging needs
• New and evolving market segments to serve
• Planning for segment development/growth
• Not in kind competition/threats (satisfying customer needs in different ways)
• Lead user identification and management
• Market driving (vs. customer focused)

31
Q

Segmentation Criteria: Bases

A

demograohic variable, geographic variable, psychographics variable, behaviouristic variables

32
Q

what is demograohic segmentation ,

A

age, gender, race, ethnicity, occupation, fam size, religion, social class, etc

33
Q

what is geographic segmentation

A

region, urban suburban rural, city size, etc

34
Q

wat is psycographic segemtation

A

personality attributes, motives, lifesytle

35
Q

what is behaviouristic segmentation

A

volume usage, end use, benefit expectations, brand loyalty, price sensititivutt

36
Q

what is the Targeting Continuum

A

mass at top

cutomized at bottom

37
Q

what is mass marketing

A

Undifferentiated strategy

No segments and single marketing mix

38
Q

what is Differentiated marketing

A

Large segmentswith specific marketing mixes

39
Q

what is Concentrated(niche)marketing

A

One segment of a market with specialized marketing mix

40
Q

what is Micromarketing-Customization

A

Customized marketing to individuals

41
Q

what is Product Positioning

A

Refers to the place an offering occupies in the consumers’ minds on important attributes relative to competitive products
Clarify the value proposition that addressesthetargetsegment’s needin a superior way.

42
Q

what is Product Differentiation:

A

Making your actual product different than competing products

43
Q

Why is Positioning Important?

A

If you can figure out how to stand out in the crowd, you will have a better handle on your future profitability.

44
Q

what are 2 ways to Positioning the Product

A

Establish Category Membership

establish; points of parity (POP) or points of difference (POD)

45
Q

Some Generic Positioning Options include what

A

unique (onlysuppluer offering true, 4 colour packaging)
superior (relative to competition, we deliver 20% more on time delivery)
equal but cheaper (commodity) strategy (we will meet or meat any competitor’s price)
mainstream vs niche strategy (target all vs target select few)

46
Q

Six Positioning Approaches suggested by Reis and Trout:

A 
TheOpenHolePosition (dary free)
TheNewCategory (new)
TheNumber-twoBrand (pepsi)
TheSpecialist (starbucks)
TheChannelBrand )amazon)
TheGenderBrand (secret)
47
Q

how do Perceptual Maps Help in Positioning

A

A powerful tool to display the location of the brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions
– Identify the important attributes for a product class
– Judgments of existing brands with respect to these important attributes

48
Q

Once identified the positioning –optimize what

49
Q

Once identified the positioning –optimize 4p’s explain

A

Designing marketing strategies
– Product(packaging,customerservice,warrantiessize) – Place-Location(distribution)
– Pricing
– Promotion
– advertising(message+media),publicrelations,sales promotions)
 Identifying direct and indirect competitors & their potential reactions

50
Q

Key Takeaways

A

 Marketing focuses on customers relationships – generating customer insights and delivering customer solutions for superior customer experience
 Segmentation, Targeting, and Positioning is a key business process with meaningful benefits for firms
 Segmentation should be done based on 4 bases
 Target segments that are most meaningful and profitable
 Consistent and clear positioning, emphasizing points-of-parity and points-of-difference from competition

U1 Integrated Management INTG 202 (9 decks)

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