MARKETING Flashcards
What is Marketing?
Four P’s of Marketing
Place, Product, Promotion, Price
What is Product?
Customer Solution/ What we offer/Sell
Price
What the customer pays( what they outlays)
Do I have to pay for deliver? What is the repair cost of a car? The mileage?
What is Place?
Convenience ( Where the consumer can access or purchase)
What is Promotion
Communications( Advertising, digital media, sales promotions, personal sales force, PR)
What are the Approaches to Marketing?
Production, Sales, Marketin
What is Production Orientation?
The the firm focuses on making good products and making them available.
WW11 made this philosophy successful.
Developing international markets
Launch of a product that catches on quickly
What is Sales Oreintation
The firm focuses on personal selling and sales techniques.
Selling orientations became popular after the untapped demand following WW11
What is Marketing Orientation
Theodore Levitt.
What customers want or need.
Developing products based on customers desires, insights, and opinions
What is Societal
An organization exists not only to satisfy customer wants but also to preserve or
enhance individuals’ and society’s long-term best interests.
What are the Importance of Customers
Building a relationship with them, Enhancing their loyalty and repeat purchase, and quantifying their value are key functions of marketing, sales and customer service departments.
What are the Customer Life Cycle
Acquiring the customer is costly
Ensuring satisfaction with the purchase is critical ‘
Retaining customers and building loyalty creates higher profits
What are the customers tiers of loyalty?
No brand loyalty(customer will change) Satisfied Customer(No reason to change) Satisfied( with switching costs) Values the Brand Devoted to the brand
What are the Customer Relationship Management
Requires a strong focus on customer satisfaction, customer retention and enhancement of customer relationship
