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Year 1 - Introduction to Marketing > lesson 2 > Flashcards

lesson 2 Flashcards

1
Q

4 ways to facilitate exchange . managment philosophies/business orientatinos

A

concepts

product
production
selling
marketing

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2
Q

what is productr concept

A

idea consumers prefer products of

high quality
good standard/performance or innovative features

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3
Q

what does product concept imply about target audience

A

if product is good ennigyh , dont need to look for any kind of target audience or marekt product

as audience will find it thmselfve

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4
Q

what time does product conept link to

A

craftsmen creating high qiuality artissan procuts

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5
Q

what is production cocnept

A

idea consumers prefer products that are widely available and inexpensive

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6
Q

what manufacturing idea so product concept link to

A

idea is we’ve got mass prodction so can produce standardised product of lower price and same quality

mass produced inexpensie products

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7
Q

what qualoity can we excpect w production conept

A

standardised

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8
Q

selling concept

A

need to do marketing as got so many products and all of same quality and relativley cheap price

so lots of comp

therfore need marketing to stand out

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9
Q

what is the main stressin point in sellingn concep

A

firms engage in hihg pressure selling tactics

e,g hurry ends on saturday

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10
Q

what is marketing concept idea

A

consuimers buy and prefer products which focus on their needs.wants and deliver better value than competitors

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11
Q

what do firms focus on in marketing concept

A

consumer needs, wants and values

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12
Q

sum up sellign concept: consumers..

A

consuemrs buy products only id company activley promotes or sells them to them

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13
Q

what do firms enegage in in selling concept

A

high pressure selling tactics

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14
Q

what priductiyon conept it

A

consumers prefer products widely avaiabla and inexpensive

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15
Q

what do firms do in productio conept

A

firms mass produce inexpensive producecs

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16
Q

what is product concept

A

consumers prefer products offer quality , performance innovative features

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17
Q

what do craftsmen makin in product coentp

A

hgih qial artoisan products

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18
Q

whta are the two opposing mangmanget philosophoes

A

selling concept v marektin

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19
Q

whats start point for selling concept

A

always production so we start w producing product as we think market wants it , we look at our capabilities and so on

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20
Q

what is starting point for markeitng concept

A

the consumer any product development starts w R and D specifically as part of R and D, CX and UX and market research, we gather data, do different kind of testing e.g usability testing - figuring out what our consumer and TM wants - only then we start producing the product

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21
Q

what is focus of eslling concept

A

exicisting products

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22
Q

focu of amrekting concept

A

focus on customer needs

23
Q

what is the means of selling cocnept

A

aggressive sales tactics , sellign and promo

24
Q

what is means for amrketing concept

A

integrated mkting - delivering unified message across all mkting channels brand uses

but dont mena we dont use any aggresive promo or selling

25
Q

what is teh ends for selling concept i.e profits

A

sell as much as possible so can get prof through sales volume

26
Q

what is teh marekting concept ends - i.e how profit

A

get throguh csutoemr satisfaction

concepts like cuser retention relevant - as cheaper to retian than gain new csutomers

soft upselling easier w a satisfied customer

27
Q

what is soft sellin

A

gently suggesting additioal items or series that commpelemt waht the customer alread want or has

enahcncinf custromer xp rather than pushing for sale

e.g buy camrea , sfot upsell invlves uggesting camera bag or extra lenses ehance photography experience

UNDERSTANDINF CUSTOMER NEEDS AND SUBTLY PRESENTING OPTIONS THAT COULD ADD VALUE TO PURCHASE W/O THEM FEELING PRESSURED

28
Q

MARKEting concept elements

A

segmentation , target market customer needs m integrated marketing , profits through customer satisfaction - may wannainclude on cheat sheet

29
Q

when targettinng usualyl start w

A

segmentatino

30
Q

segmentation

A

dividing market into distinct groups of uuyers who have different needs, charactersitics or behaviours and who might require sepeate marekting strategies or mixes

31
Q

after segment we choose

A

target market / target segment

32
Q

what is targert marekt

A

people the busienss looks to ater products to ……

doesnt mean can only sell to these or ony thes people buy it but teh people the business is focused on targettin

specifically analyse the features and charactersitics of the arget audiene we are choosin

33
Q

after target market waht do we do

A

postiion

34
Q

psiitonign definieiont

A
35
Q

custimer needs 4 sets

A

tangible , intangible

rrational , emotional

existing (idenifed and satisfied) / latent (not yet satisfied )/ incipient (not yet known)

market driving (stem from target audiencne them,selves), market driven (Target audience already follows the trend or existing needs in hte market)

36
Q

cutomer needs example - restaurant

A

rational existin need - hinger

emotional and latent - socialineraction

incnipient - allegedlty most intersting marekting cmapaign higlights this - marmet driven , aestheci lifestyle saw vid of restaurant made you feel good /made you think you would feel good so you want to go

37
Q

what i integrated amrekting

A

taking more than one elemt of diff marketing areas
campaigns combinig sales prom , content marketing , digital amrekting

38
Q

for amrketing concept exmaple look at netlfix slides

A
39
Q

how od consumer schoose between prducts and service what 3 conscets

A

cusomter vlaue

customer satisfactino

customer loyalty

40
Q

what is value

A

differnce between perceived beenfits of wowning and perceived sacrifieds of acquiring

41
Q

what can percieved beenfdits be

A

product

setrvice

relationshio
/social - if trends come about as a product allows you to be a part of a bigger community - so socio or cultural benefits

imae

42
Q

what can be perceived sacrifices - costs

A

monetary

time

energy

psychological

43
Q

in terms of moentary osts when we pay or somethign we aleways experience what two types of loss

A

rational

emotional

44
Q

time costs is

A

how long takw you to acquire something

45
Q

customer satisfactionc omes at a balance of

A

expected/reputed performance

percieved/expernetial eprfomacne

46
Q

what questions can we ask under expected perfromance

A

what do you expect from product

does comp/product/brand ha ve a reo - is this positive or negative

is ti kownd for particular properites

whats exsiting knowledge of the product

what is previous experience with it

47
Q

perceived/experentila perdomance questios

A

what is current actual experiecne w product

do yuo enjoy usingit

are there any issues

how do you eprceive it - good or bad

does it stand out in any way

does it fulfill its prupose

48
Q

what is customer loyalty

A

habitual use of products or services arising from experiential value and satisfaction

but also

inertia (laziness ) and a lack of alternatives

49
Q

what are the 3 omponents of cusroemr loyalty and retentions

A

customer vlaue adn satisfactino

inertia/laziness

lack of alternatives

50
Q

give example of inertia

A

to cancel and account and start anotehr takes effotrt so people stay

and to switch need lots of info and reaseach

51
Q

explain lack of alt w example

A

utilty dont got many if any competitors so dont matter waht amretkign they are puttin out as if you can’t switch what the diff

52
Q

marketing

A

process companies engae csutomers build strong relatinoships and create customer value in orodr to cpature vlaue from customers in return

53
Q

what is the markeitn concnept stram

A

TM

customer needs

integrated marketing

profits through csutomer satisfaction

54
Q
A

Year 1 - Introduction to Marketing (15 decks)

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