Marketing Flashcards
what is the marketing concept?
the achievement of corporate goals through meeting + exceeding customer needs better than competition
what is meant by customer orientation?
focus upon providing customer satisfaction
what is meant by integrated effort?
marketing responsibility of all staff and beyond
what is meant by goal achievement belief?
belief that corporate goals can be achieved through customer satisfaction
what are the perceived benefits/
-product benefits
-service benefits
-image benefits
how is customer benefits calculated?
perceived benefits - perceived sacrifices
what are the perceived sacrifices?
-monetary costs
-time costs
-energy costs
-psychological costs
-environmental + social costs
what is value co-creation?
a joint, collaborative, concurrent, peer-like process of producing new value, both materially and symbolically, through the voluntary contributions of multiple actors resulting in reciprocal well-being
what does value co-creation?
collaboration or partnership with a
client / consumer as a co-creator of value
what is customer value proposition (CVP)?
a clear statement of a differential benefits offered by a product or service
what are the reasons for long customer relationships with firms?
CVP + USP
what is social marketing?
seeks to develop and integrate marketing concepts with other approaches to influence behaviour that benefit individuals and communities for the greater social good
what is social marketing practice guided by?
ethical principles
what are consumer products for?
personal or household use
what are organisational products used for?
-the operation of a business of a business or organisation
-to manufacture other products
-for resale to others
what are the roles in the consumer buying process?
- initiator
- influencer
- decider
- buyer
- user
what are the roles in organisational buying and decision making units or buying centres?
- initiator
- influencer
- decider
- buyer
- gatekeeper
how does information processing see consumption as?
a rational process based on need recognition
how does consumer culture theory see consumption as?
as a much less rational process more socio cultural and experiential activity
what does information processing refer to?
the process by which a stimulus is received, interpreted, stored in memory and later retrieved. It comes
from cognitive psychology. It sees consumption as a rational process: the consumer recognizes a need and then engages in a series of steps to fulfil this need.
what are the types of consumer decisions? (high involvement)
- extended problem solving e.g buying a car
-limited problem solving e.g buying a carpet
what are the types of consumer decisions? (low involvement)
-variety seeking behaviour e.g buying cookies
-habitual problem solving e.g buying a table of salt
what are the consumer buying decision process?
- need recognition/ problem awareness
- information search
- evaluation of alternatives
- purchase
- post-purchase evaluation
