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BU121 Midterm > Marketing > Flashcards

Marketing Flashcards

1
Q

what is marketing

A

The entire process of creating relationships with customers by offering goods, services, and experiences that they value

The company engages through the customer

Provide goods and services that satisfy customer needs through a coordinated set of activites

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2
Q

marketing mix

A

Coordinates set of activities involving Product, Pricing, Place/Distribution and Promotion

Help convince the customer you are developing a unique product/ service that will solve their problems and create value for them

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3
Q

price

A

revenue streams

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4
Q

promotion

A

Promotion - channels, how you make them aware of your product through marketing – how to build relationships with customers

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5
Q

distribution

A

plays role in channels, where are you selling it, channel in which they get the product delivered to them

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6
Q

product

A

what you are selling

unique/ differentiating factors

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7
Q

understand the consumer decision process

A

Depends on perceived importance of purchase (often connected to price)

Affected by a variety of influences

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8
Q

influences that affect the customer decision process

A
  • situational
  • psychological
  • social
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9
Q

situational

A
  • situation
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10
Q

psychological

A

perception

lifestyle you are looking for

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11
Q

social

A

social pressure from friends
family
cultural
how will people react if I do something

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12
Q

consumer buying decision process

A
  • recognize problem/ opportunity
  • search for information
  • Evaluate alternatives
  • purchase
  • evalutate after purchase
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13
Q

STP process

A
  • segment
  • target
  • position
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14
Q

segment

A

Identify sub-set of customers, learn about their problems, describe them

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15
Q

target

A

Identify the customers to who you wish to direct your product toward (the ones that are not satisfied with existing solution)

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16
Q

position

A

Identify how to best compete in selected target markets
Understand exactly where you need to be perceived in the customers’ mind

Position the product in the midst of the customer when they are going through the problem – make them think it is the right solution

17
Q

Post STP

A
  1. Convince customers you meet their needs and are better than the competition
  2. The 4P’s – product, price, promotion, place/distribution
18
Q

STP example

A

Product – high-end skincare
Pricing – higher than competitors
Promotion – a luxury good
Place – skin wholesale / dollar store – would not align

Must have alignment between 4ps

19
Q

bases for segmentation

A
  • benifit sought
  • state of being
  • state of mind
  • behaviour
20
Q

benefit sought

A

what they are looking for, benefit they are seeking

Start with benefit sought before looking at other characteristics

21
Q

state of being

A
  • geographic
  • demogrphic
  • customer type
22
Q

geographic

A

urban/ suburban/rural, region, climate

23
Q

demographic

A

age, gender, ethnicity, income, education, family, state, religion

24
Q

customer type

A

business, customer

25
Q

state of mind

A
  • Lifestyle/ psychographic – values, attitudes beliefs, personality
  • Busy on the go vs laid back
  • Fundamental beliefs
26
Q

behaviour

A
  • Media usage, product usage, brand loyalty, price sensitivity
  • How often are they consuming this product

ex - Computers vs lawn mowers

27
Q

selecting target market

A

Determine which of the segments will be the target market by finding the biggest gap between:

  • what the customer wants and needs – preference analysis
  • how the customer perceives the competition that is currently meeting those needs – perceptual map
28
Q

what the customer wants / needs

A
  • preference analysis
  • Talk to potential customers, ranking criteria
  • Ideal car, what will satisfy their needs and wants
29
Q

how the customer perceives the competition that is currently meeting those needs

A
  • perceptual map
  • Perception of existing competition
  • Perceive Toyota, lamborgeni
30
Q

target market selection

A

Draw axes that represent the relevant dimensions/ criteria by which people perceive and evaluate different product offerings

31
Q

create perceptual map

A

locate the positions of competing products on the axes/ dimensions according to customer perceptions

32
Q

create preference anaylsis

A

locate each segment’s ideal product

33
Q

how to find biggest gap in the market

A

Overlay preference analysis onto perceptual map

  • Where the biggest gap is
    segment that we should go after
34
Q

selection of target marketing

A

X is the average ideal product for the entire segment

The biggest gap between the ideal and where the competition currently is

Segment 2 - furthest away - needs are not being met, no one is serving this market
Look at how big the segment is
The viability and feasibility of the segment – is it realistic for you to go after the market

35
Q

positioning

A

Let them know you are the ideal product

Position ourselves in the customer’s mind that we are going to be servicing their needs – Unique value proposition

Value proposition statement

How your product is filing the gap

The circles represent – what customer segments want

36
Q

marketing concept

A

shifted from producer orientation –> to consumer orientation

37
Q

producer oriented

A
  • take orders
  • mass-produce –> get to as many people as possible
  • distribute goods
38
Q

consumer orientated

A
  • determine customer needs
  • satisfy needs
  • use customer feedback to improve
  • use marketing mix and tailor it around ensuring the product is satisfying the needs of your customers
  • who is your customer, what is the voice of the customer, how do they want to be spoken to
  • customers are looking for experiences and customization

BU121 Midterm (5 decks)

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