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Marketing And Customer Value > Lectures 1-3 > Flashcards

Lectures 1-3 Flashcards

1
Q

inputs

A

what we invest

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2
Q

outputs

A

goods and services produced

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3
Q

outcome/impact

A

what happens because of our activities

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4
Q

The marketing approach to business

A

puts, the customer, client, partner, and society at the heart of all business decisions

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5
Q

businesses can be

A
  • small and large
  • selling goods and/or services
  • social enterprise + not-for-profit
  • civic institutions - national, state and local gov
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6
Q

The marketing process

A

places people at the heart of strategy and operations

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7
Q

Form Utility

A

transforming raw materials/knowledge into a usable product/service

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8
Q

place utility

A

making offerings available to customers

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9
Q

time utility

A

having offerings available when they are needed

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10
Q

possession utility

A

allowing customers to own/use a product or service

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11
Q

Exchange

A

the mutually beneficial transfer of offering value between buyer and seller

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12
Q

seller deems a transaction valuable when its able to:

A

profit; prestige; ability to educate; delight; motivate and engage

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13
Q

triple bottom line

A

corporate social responsibility
sustainability

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14
Q

the marketing mix

A

4 p’s
product
price
promotion
place

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15
Q

promotion

A

marketing activities that make potential customers aware

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16
Q

internal marketing environment

A

organisations, people, processes
strengths and weakenesses

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17
Q

external marketing environment

A

cannot directly be controlled by the organisation
opportunities and threats

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18
Q

external marketing environment - micro

A

forces within an organisation industry that affect ability to serve customers and clients
– clients, partners, competitors

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19
Q

external marketing environment - macro

A

PESTEL framework
political, economic, sociocultural, technological, environmental and legal forces

20
Q

environmental analysis

A

process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it

21
Q

political forces

A

influence of politics of marketing decisions

22
Q

Market Research

A

a business activity that discovers information of use in making marketing decisions

23
Q

Market research informs many types of decisions, including

A

Marketing segmentation
Sales performance
Product
Price
Promotion
Place

24
Q

The marketing information system

A

manages information gathered during operations of the organisation

25
Q

Marketing information system - market research

A

the problem, research design, data collection, data analysis, findings

26
Q

Marketing information system - Internal reports

A

accounting reports, production reports, sales reports, distribution reports

27
Q

Types of research

A

Exploratory, descriptive and casual research:

28
Q

qualitative research

A

obtain rich, deep and detailed information about the attitudes and emotions underlying a consumers behaviour

29
Q

Quantitive research

A

Research that collects information that can be represented numerically.

30
Q

Data analysis

A

Filtering and organising collected data.

31
Q

Quantitative analysis

A

Converts numerical data into knowledge that can be used to inform decision-making, using software such as SPSS or Excel

32
Q

Qualitative analysis

A

Reduction and coding are used to interpretnon‐numerical data

33
Q

Customer relationship management (CRM)

A

processes/practices put in place to identify, track and use customerinformation and preferences to provide superior customer service

34
Q

SMART

A

Specific, Measurable, Actionable, Reasonable, Timetabled

35
Q

The consumer decision-making process

A

need/want recognition, information search, evaluation of options, purchase, post-purchase evaluation

36
Q

situational influences

A

Physical, Social, Time, motivation, mood

37
Q

cultural influences

A

cultural factors, subculture, social class

38
Q

social influences

A

reference groups, family, roles and status

39
Q

Personal influence

A

demographic (age, occupation, income), lifestyle, personality and self-concept

40
Q

psychological influence

A

motivation, perception, beliefs and attitudes, learning

41
Q

Hofstede Cultural Dimensions

A

power distance, uncertainty avoidance, individualism, masculinity

42
Q

business markets

A

reseller markets, producer markets, government markets, institutional markets

43
Q

reseller markets

A

intermediaries that buy products in order to sell of lease them to another party for profit

44
Q

product markets

A

purchase products for use in the production of other products or in their daily business operations

45
Q

government markets

A

buy and sell products to provide services for citizens

46
Q

institutional markets

A

not-for-profit orginisations

Marketing And Customer Value (3 decks)

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