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Adult Development and Aging > Marketing 1 > Flashcards

Marketing 1 Flashcards

1
Q

Marketing

A

Organizational function and a set of processes for creating, capturing, communicating, and delivering VALUE to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
The process by which COMPANIES CREATE VALUE FOR CUSTOMERS and build strong customer relationships in order to CAPTURE VALUE FROM CUSTOMERS IN RETURN.

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2
Q

Marketing Myopia

A

Focusing only on existing wants and losing sight of underlying consumer needs.

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3
Q

Marketing Management

A

The art and science of choosing target markets and building profitable relationships with them.

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4
Q

Four P’s

A

Product, Price, Place, Promotion

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5
Q

Product

A

Creating Value. The fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.

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6
Q

Price

A

Capturing Value. The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at the identified price point.

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7
Q

Place

A

Delivering the Value Proposition. Place, or SUPPLY CHAIN MANAGEMENT, describes all activities necessary to get the product to the right customer when the customer wants it.

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8
Q

Promotion

A

Communicating Value. Communication by a marketer that INFORMS, PERSUADES, and REMINDS potential buyers about a product or service to influence their opinions or elicit a response.

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9
Q

STP

A

Segmentation, Targeting, Positioning

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10
Q

Segmentation

A

Identifying meaningfully different groups of customers.

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11
Q

Targeting

A

Selecting which segment(s) to serve.

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12
Q

Positioning

A

Implementing chosen image and appeal to chosen segment.

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13
Q

Market-Oriented

A

Discover and satisfy customers’ wants and needs.

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14
Q

Value

A

What you get vs. what you give.

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15
Q

Value-Based Marketing

A

Give customers greater value than competitors.

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16
Q

Value Cocreation

A

Customers act as collaborators to create product or service.

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17
Q

Innovation

A

Creating a real and sustainable competitive advantage.

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18
Q

Branding

A

Creating or reinforcing a perceived competitive advantage.

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19
Q

Relationships

A

Develop and manage long term relationship with customers.

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20
Q

Customer Equity

A

Combined customer lifetime values of all the company’s customers.

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21
Q

Social Media Goals

A

Sales, thought leadership, community management/customer service, listening, driving to website.

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22
Q

Social Media KPIs

A

Reach: How many people saw what you are publishing?
Engagement: How many people did something because of what you published?
Clicks: How many people are going to your website because of your social channels? (Sales Funnel)
New Followers: How many people are you enticing to sign up for more of your updates?

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23
Q

4E Framework for Social Media

A

Excite, Educate, Experience, Engage

Need first three to engage.

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24
Q

Excite (Social Media)

A

Offer must be relevant to target customer.

Relevancy can be achieved by providing personalized offers.

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25
Q

Educate (Social Media)

A

Golden opportunity: Product’s value proposition and offered benefits.

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26
Q

Experience

A

Information about a firm’s goods and services.

Simulating real experiences.

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27
Q

Engage the Customer

A

Action, loyalty, and commitment.
Positively engaged consumers lead to more profitability.
Engagement can also backfire.

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28
Q

Categories of Social Media

A

Social network sites.
Thought sharing sites.
Media sharing sites.

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29
Q

Media Sharing Sites

A

Highlight how consumers can experience.

Encourage customers to engage.

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30
Q

Thought Sharing Sites

A

Blogs - corporate, professional and personal.

Microblogs - Twitter

31
Q

Social Reach

A

How many people a person influences.

32
Q

Influence

A

Extent to which the person influences others.

33
Q

Extended Network

A

Influence of the person’s cumulative network.

34
Q

Bonders

A

Social butterflies who use social media to enhance and expand their relationships, which they consider all-important in their lives.

35
Q

Creators

A

Hip, cool contributors, sit at the cutting edge and plan to stay there. Social media give them new ways to post and share their creative, clever ideas.

36
Q

Hits

A

Total requests for a page.

37
Q

Page Views

A

Number of times any pages get viewed by any visitor.

38
Q

Bounce Rate

A

Percentage of times a visitor leaves the site almost immediately.

39
Q

Click Paths

A

How users proceed through the information.

40
Q

Conversion Rates

A

What percentage of visitors act as the marketer hopes.

41
Q

Keyword Analysis

A

What keywords people use to search on the internet for their products and services.

42
Q

Sentiment Analysis

A

Allows marketers to analyze data from these sources to collect consumer comments about companies and their products.

43
Q

Immediate Environment

A

Company, Competition, Corporate Partners

44
Q

Macroenvironment

A

Culture, Economic, Demographics, Political/Legal, Technology, Education

45
Q

Competition

A

Know strengths and weaknesses.

Proactive rather than reactive strategy.

46
Q

Corporate Partners

A

Firms are part of alliances.
Align with competitors, suppliers, etc.
Just in Time Delivery Systems (JIT)

47
Q

Demographics

A

Provides an easily understood snapshot of the typical consumer in a specific target market.

48
Q

Gen Z

A

2001-2014

49
Q

Gen Y

A

1977-2000

50
Q

Gen X

A

1965-1976

51
Q

Baby Boomers

A

1946-1964

52
Q

Income

A

Purchasing power is tied to income.

53
Q

Education

A

Related to income, which determines spending power.

54
Q

Gender

A

Male/female roles have been shifting.

Marketing has changed to reflect these shifts.

55
Q

Social Trends

A

Thrift, Health and Wellness Concerns, Green Consumers, Privacy Concerns, Time-Poor Society

56
Q

Thrift

A

Consumers attempting to save more, spend less on luxuries, do not dip into their savings.

57
Q

Health and Wellness Concerns

A

Worldwide pandemics or epidemics, child-teenage obesity.

58
Q

Greener Consumers

A

Customers who appreciate firms efforts to supply them with environmentally friendly merchandise.

59
Q

Privacy Concerns

A

Loss of privacy, identity theft, do not call, do not email.

60
Q

Time Poor Society

A

In the majority of families, both parents work. Consumers have many more choices regarding leisure time. Many consumers multitask.

61
Q

Technology

A

Has impacted every aspect of marketing - new products, new forms of communication, new retail channels.

62
Q

Economic Situation

A

Foreign currency fluctuations. Combined with inflation and interest rates affect firms’ ability to market goods and services.

63
Q

Consumer Behavior

A

Buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption.

64
Q

Consumer Decision Process

A 
Need Recognition
Information Search
Alternative Evaluation
Purchase
Post Purchase
65
Q

Information Search

A

Length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.

66
Q

Locus of Control

A

Internal - more search activities

External - fate, external factors

67
Q

Actual or Perceived Risk

A

Performance, financial, social, physiological (safety), psychological
Higher Risk = more likely to engage in extended search.

68
Q

Evaluative Criteria

A

Important attributes.

69
Q

Determinant Criteria

A

Something special that differentiates - must have

70
Q

Steps Toward Postpurchase Satisfaction

A 
Build realistic expectations.
Demonstrate correct product use.
Money-back guarantees and warranties.
Encourage customer feedback.
Customer contact.
71
Q

Marketing Mix

A

4 Ps: Product, Price, place, Promotion

72
Q

Psychological Factors

A

Motives, attitudes, perceptions, learning, lifestyle

73
Q

Social Factors

A

Family, reference groups, culture

74
Q

Situational Factors

A

Purchase situation, shopping situation, temporal state

Adult Development and Aging (5 decks)

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