Lectures 1-3 Flashcards
inputs
what we invest
outputs
goods and services produced
outcome/impact
what happens because of our activities
The marketing approach to business
puts, the customer, client, partner, and society at the heart of all business decisions
businesses can be
- small and large
- selling goods and/or services
- social enterprise + not-for-profit
- civic institutions - national, state and local gov
The marketing process
places people at the heart of strategy and operations
Form Utility
transforming raw materials/knowledge into a usable product/service
place utility
making offerings available to customers
time utility
having offerings available when they are needed
possession utility
allowing customers to own/use a product or service
Exchange
the mutually beneficial transfer of offering value between buyer and seller
seller deems a transaction valuable when its able to:
profit; prestige; ability to educate; delight; motivate and engage
triple bottom line
corporate social responsibility
sustainability
the marketing mix
4 p’s
product
price
promotion
place
promotion
marketing activities that make potential customers aware
internal marketing environment
organisations, people, processes
strengths and weakenesses
external marketing environment
cannot directly be controlled by the organisation
opportunities and threats
external marketing environment - micro
forces within an organisation industry that affect ability to serve customers and clients
– clients, partners, competitors
external marketing environment - macro
PESTEL framework
political, economic, sociocultural, technological, environmental and legal forces
environmental analysis
process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it
political forces
influence of politics of marketing decisions
Market Research
a business activity that discovers information of use in making marketing decisions
Market research informs many types of decisions, including
Marketing segmentation
Sales performance
Product
Price
Promotion
Place
The marketing information system
manages information gathered during operations of the organisation
Marketing information system - market research
the problem, research design, data collection, data analysis, findings
Marketing information system - Internal reports
accounting reports, production reports, sales reports, distribution reports
Types of research
Exploratory, descriptive and casual research:
qualitative research
obtain rich, deep and detailed information about the attitudes and emotions underlying a consumers behaviour
Quantitive research
Research that collects information that can be represented numerically.
Data analysis
Filtering and organising collected data.
Quantitative analysis
Converts numerical data into knowledge that can be used to inform decision-making, using software such as SPSS or Excel
Qualitative analysis
Reduction and coding are used to interpretnon‐numerical data
Customer relationship management (CRM)
processes/practices put in place to identify, track and use customerinformation and preferences to provide superior customer service
SMART
Specific, Measurable, Actionable, Reasonable, Timetabled
The consumer decision-making process
need/want recognition, information search, evaluation of options, purchase, post-purchase evaluation
situational influences
Physical, Social, Time, motivation, mood
cultural influences
cultural factors, subculture, social class
social influences
reference groups, family, roles and status
Personal influence
demographic (age, occupation, income), lifestyle, personality and self-concept
psychological influence
motivation, perception, beliefs and attitudes, learning
Hofstede Cultural Dimensions
power distance, uncertainty avoidance, individualism, masculinity
business markets
reseller markets, producer markets, government markets, institutional markets
reseller markets
intermediaries that buy products in order to sell of lease them to another party for profit
product markets
purchase products for use in the production of other products or in their daily business operations
government markets
buy and sell products to provide services for citizens
institutional markets
not-for-profit orginisations
