lesson 2 Flashcards
4 ways to facilitate exchange . managment philosophies/business orientatinos
concepts
product
production
selling
marketing
what is productr concept
idea consumers prefer products of
high quality
good standard/performance or innovative features
what does product concept imply about target audience
if product is good ennigyh , dont need to look for any kind of target audience or marekt product
as audience will find it thmselfve
what time does product conept link to
craftsmen creating high qiuality artissan procuts
what is production cocnept
idea consumers prefer products that are widely available and inexpensive
what manufacturing idea so product concept link to
idea is we’ve got mass prodction so can produce standardised product of lower price and same quality
mass produced inexpensie products
what qualoity can we excpect w production conept
standardised
selling concept
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
what is the main stressin point in sellingn concep
firms engage in hihg pressure selling tactics
e,g hurry ends on saturday
what is marketing concept idea
consuimers buy and prefer products which focus on their needs.wants and deliver better value than competitors
what do firms focus on in marketing concept
consumer needs, wants and values
sum up sellign concept: consumers..
consuemrs buy products only id company activley promotes or sells them to them
what do firms enegage in in selling concept
high pressure selling tactics
what priductiyon conept it
consumers prefer products widely avaiabla and inexpensive
what do firms do in productio conept
firms mass produce inexpensive producecs
what is product concept
consumers prefer products offer quality , performance innovative features
what do craftsmen makin in product coentp
hgih qial artoisan products
whta are the two opposing mangmanget philosophoes
selling concept v marektin
whats start point for selling concept
always production so we start w producing product as we think market wants it , we look at our capabilities and so on
what is starting point for markeitng concept
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
what is focus of eslling concept
exicisting products
focu of amrekting concept
focus on customer needs
what is the means of selling cocnept
aggressive sales tactics , sellign and promo
what is means for amrketing concept
integrated mkting - delivering unified message across all mkting channels brand uses
but dont mena we dont use any aggresive promo or selling
what is teh ends for selling concept i.e profits
sell as much as possible so can get prof through sales volume
what is teh marekting concept ends - i.e how profit
get throguh csutoemr satisfaction
concepts like cuser retention relevant - as cheaper to retian than gain new csutomers
soft upselling easier w a satisfied customer
what is soft sellin
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
MARKEting concept elements
segmentation , target market customer needs m integrated marketing , profits through customer satisfaction - may wannainclude on cheat sheet
when targettinng usualyl start w
segmentatino
segmentation
dividing market into distinct groups of uuyers who have different needs, charactersitics or behaviours and who might require sepeate marekting strategies or mixes
after segment we choose
target market / target segment
what is targert marekt
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
after target market waht do we do
postiion
psiitonign definieiont
custimer needs 4 sets
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)
cutomer needs example - restaurant
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
what i integrated amrekting
taking more than one elemt of diff marketing areas
campaigns combinig sales prom , content marketing , digital amrekting
for amrketing concept exmaple look at netlfix slides
how od consumer schoose between prducts and service what 3 conscets
cusomter vlaue
customer satisfactino
customer loyalty
what is value
differnce between perceived beenfits of wowning and perceived sacrifieds of acquiring
what can percieved beenfdits be
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
what can be perceived sacrifices - costs
monetary
time
energy
psychological
in terms of moentary osts when we pay or somethign we aleways experience what two types of loss
rational
emotional
time costs is
how long takw you to acquire something
customer satisfactionc omes at a balance of
expected/reputed performance
percieved/expernetial eprfomacne
what questions can we ask under expected perfromance
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
perceived/experentila perdomance questios
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
what is customer loyalty
habitual use of products or services arising from experiential value and satisfaction
but also
inertia (laziness ) and a lack of alternatives
what are the 3 omponents of cusroemr loyalty and retentions
customer vlaue adn satisfactino
inertia/laziness
lack of alternatives
give example of inertia
to cancel and account and start anotehr takes effotrt so people stay
and to switch need lots of info and reaseach
explain lack of alt w example
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
marketing
process companies engae csutomers build strong relatinoships and create customer value in orodr to cpature vlaue from customers in return
what is the markeitn concnept stram
TM
customer needs
integrated marketing
profits through csutomer satisfaction
