Marketing Flashcards
Example of a need
Adam is hungry
A ______ delivers a benefit when it satisfies a _____
Product; need or want
What does a customer experience when a product is expensive, complex or outcome of use is uncertain?
Perceived risk
List the 5 steps of consumer decision-making process.
- Problem or need recognised
- Information search
- Evaluation of alternatives
- Purchase
- Post-purchase evaluation
When Anna was invited to go skiing she realised she needed a much warmer coat than her current coat. Anna was in which stage of the decision-making process?
Problem or need recognised
Evaluation of alternatives
When a customer gathers information, identifies a small number of products and narrows down the choice by comparing pros and cons or both.
Perception
Is the process by which people select, organise and interpret information from the outside world.
What does Maslow’s hierarchy suggest?
A person cannot move to the next level until previous need levels are satisfied.
Learning is ______?
A change in behaviour caused by information or experience.
Strategic business marketing _____.
Should identify and build on the firm’s strengths, and it helps managers at all levels make informed decisions.
A marketing manager sets the objective of gaining a 20% share of the market and introducing three new products over the coming year. This objective would be part of what plan?
A functional plan.
What is the first step in strategic planning?
Develop a mission for the total corporation.
(SBUs) Dogs
Small market share in slow-growth markets.
(SBUs) Question marks
Low market share in high-growth markets
(SBUs) Cash cows
Dominant market share in low-growth markets
(SBUs) Star
Dominant market share in high-growth markets
Sources of information for a marketing intelligence system?
- Trades publications
- Salespeople
- Observational research
- Current customers
Marketing research is the process of ________.
Collecting, analysing, and interpreting data about customers, competition, and the business environment to improve marketing effectiveness.
Secondary data refers to data ________.
Collected for some other purpose than the one at hand.
Primary data refers to data _____.
Collected to help in making a specific decision.
List parts of the marketing concept.
- Providing customer satisfaction
- Relies on the integrated effort of numerous departments, not just marketing.
- That corporate goals can be achieved through customer satisfaction.
- Understanding customer needs.
What decision making is a customer considering buying a new car going to use?
Extended consumer decision making
Before selecting a marketing strategy, a marketing manager should consider ________.
- Company’s resources and objectives
- Company’s competitors.
- The needs of potential customers
- Relevant technological changes in the area.
According to the BCG growth matrix, what does diversification strategies emphasise?
Both new products and new markets to achieve growth.
In which kind of market would a production orientation be most successful?
When demand exceeds supply
List the 5 utilities and what they are.
Form utility - the creation of the product
Place utility - accessibility
Time utility - availability when needed
Possession utility - transfer of ownership, use
Image utility - emotional or psychological
List the 4 forms of customer value
Price
Performance
Emotional
Relational
List the 4 Ps of the marketing mix.
- Price
- Product
- Place
- Promotion
List the 4 marketing orientations
Social marketing orientation
Sales orientation
Production orientation
Marketing orientation
Management focus of production orientation
- Improving production efficiency and distribution efficiency
- Consumers will favour products widely available and low cost.
- Improving product features.
Management focus of sales orientation
- Improving sales techniques
- Increasing spending on promotion
- Relatively short-term view
- Unsought goods
Management focus of marketing orientation
- Customer needs and wants
- Functional integration
- Long-term success, profits come from need satisfaction.
Mananagment focus of social marketing orientation
- Satisfying customer needs and wants
- Achieving the organisation’s goal
- Trying to maintain and improve society/at least not diminish
What are the dimensions of social responsibility?
Philanthropist
Ethical
Legal
Economic
4 elements of SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
What 2 questions does the mission statement answer?
- Who are our customers?
2. What is our core competency?
Elements of corporate identity.
- unique symbols
- personalities
- philosophies
What are the SMART marketing objectives
Specific Measurable Actionable Relevant Time-bound
Marketing goals should be ________. (4)
- Stated in clear, simple terms
- Accurately measurable
- Specific time-frame to accomplish
- Consistent with business-unit and corporate strategy.
What is marketing strategy?
A plan of action of identifying and analysing a target market and developing a marketing mix to meet the needs of the market.
Characteristics of effective marketing strategy?
- Reflects overall direction of organisation
- Coordinated with firm’s functional areas
- Contributes to achievement of marketing objectives and organisational goals
What is marketing implementation?
The process of executing marketing strategies.
Determines the success of marketing strategies.
What does CRM stand for?
Customer Relationship Management.
What is CRM?
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
- Uses technologies to enable marketers to better satisfy their customers’ needs.
- Aims to estimate customer lifetime value (CLV)
(2) types of organisation of marketing unit
Centralised: top management delegates little authority to levels below.
Decentralised: decision-making authority is delegated as far down the chain of command as possible.
What is market research?
Systematic design, collection and interpretation of data. Helps marketers solve specific problems or take advantage of marketing opportunities.
The purpose of market research is to inform about ________.
- customers’s need and desires
- marketing opportunities for particular goods and service
- changing attitudes and purchase patterns of customers.
What are the value of marketing research
- Provide new insights that can increase company’s ability to respond to customer needs. Changing customer trends.
- Improve company’s ability to make profitable decisions. General profit: pay staff, suppliers, make new products.
- Improve marketer’s ability to make informed decisions.
List the 5 steps of marketing research.
- Determining the scope for marketing research.
- Selecting the research design.
- Collecting and preparing the data.
- Analysing the data.
- Transforming the analysis results into insight.
Define reliability.
A condition exisiting when a reseach technique produces almost identical results in repeated trials. REPEATIBILITY
Define validity.
A condition exisiting that a research method actually measured what it is supposed to.
What are the 3 types of research?
Exploratory
Descriptive
Experimental
Characteristics of qualitative research?
- Descriptive in nature
- Used in exploratory research
- Yields non-numerical data
- Common techniques: focus groups, observation and interviews.
Characteristics of quantitative research?
- used in descriptive and experimental research.
- yield numerical data
- common techniques: structured questionnaires, and surveys.
