MARKETING Flashcards
- “_____________is the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offerings that
have value for customers, clients, partners,
and society at large.” - According to?
- Marketing
- American Marketing Association
Key takeaways from definition of Marketing? (4)
1.) Is an organizational function because it is a core task that is expected of a modern
organization, whether or not it operates for profit.
2.) Is a set of processes because there are
essential tasks that have to be engaged in order to produce a viable marketing strategy.
3.) Has the delivering of value to customers.
4.) Has at its heart a give-and-take relationship.
Why study marketing? (5)
- Enables profitable transactions to occur.
- Delivers value
- Benefits society
- Costs money
- Offers people career opportunities
3 GOALS OF MARKETING
1) Acquiring customers
2) Retaining Customers
3) Turning customers into brand ambassadors
The Marketing Process Components?
Strategic Marketing
‒ Customer segmentation
– Target market selection
– Value positioning
Tactical Marketing: Value Deployment
‒ Product design and development
– Product portfolio management
– Service development
– Pricing
– Distribution and logistics
Tactical Marketing: Value Communication
– Sales force strategies
– Sales promotion strategies
– Advertising
A ______ is a state of felt
deprivation about
something that is
deemed to be necessary.
Need
The theory states that the most basic needs (represented as
the lower levels of the pyramid model) must first be met
before the individual can feel a strong desire for the higher
level needs
Maslow’s Hierarchy of Needs Theory
The specific manifestations
of needs.
Wants
These are wants that are backed
by purchasing power.
Demands
The Marketing Process Components - STAGES:
Stage ___: ______________________
_________________ -> a situation wherein the
manufacturers generally have no problems selling whatever they produce.
__________________ -> a mindset characterized by taking advantage of the demand for a particular product by producing as much of the product as possible in order to meet the demand.
Stage 1: Supply < Demand (S less than D)
Seller’s market, ProductION Orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
______________ –> using sales organizations to push a product directly to the customers.
When this works, it can work for the benefit of all parties. Insurance. On the other hand, when it does not work, it can quickly turn into hard selling.
Stage 3: Supply > Demand (S greater than D)
Sales orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
_____________ -> a mindset that drives
innovation; improvement in a product, such as quality, features, comfort, design, are undertaken in the hope that the product will speak for itself and that consumers will choose the product based on its merits. Colloquially referred to as “building a better mousetrap”
Stage 2. Supply < Demand, Competition growing
Product orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
________________ -> a mindset wherein firms
prioritize customer needs more than their own.
This begins with identifying and
understanding a particular target market; then products are designed according to what could best fit the needs of the target market, priced according to their
typical budgets, sold where it is most convenient for them, and promoted in a way that best catches their
attention.
Stage 4. Supply > Demand, Customer-centric Strategies Emerge
Marketing orientation
FILL IN THE BLANKS (The Concept of “___________”):
Marketing is all about fostering ______________________. It is
imperative that the customers feel better off after a transaction
because otherwise they may feel that they should have spent
their money elsewhere, a feeling which will prevent them from
____________________________.
For a marketing-oriented exchanges to be successful, it is
essential that companies know what the market really needs.
Exchange, Positive exchanges, becoming loyal customers.
VALUE ILLUSTRATION:
Creating -> Communicating -> Delivering -> Exchanging -> Value
This is the figure with circles.
FILL IN THE BLANKS (The Concept of “___________”):
In marketing sense, ________ is a very personal thing, which means
it can be very subjective or a function of the customer’s personal condition (such as hunger), experiences, personal
history, social interactions, perceptions, education, and so much more.
Value, value,
Five Kinds of Economic Utility That Can Be
Offered by Products and Services
- ___________________ = Knowing certain things about the product can already imbue it with value.
- ___________________ = For some products, mere ownership is already valued by the customer
- ___________________ = If a firm can offer a product or service far quicker
than alternative providers, the customer will also value this
speed of service. - ___________________ = The convenience offered by making a product
available around the proximity - ___________________ = A product, by its very form, saves the consumer
from the effort of having to make the product himself.
Information utility, possession utility, time utility, place utility, form utility
A strategy of Customer
Relationship Management
(CRM) that emphasizes
customer retention, satisfaction,
and lifetime customer value.
Is also the process of building and
maintaining profitable customer
relationships by delivering
superior customer value and
satisfaction thus ensuring brand
loyalty.
RELATIONSHIP MARKETING
- ______________________ focus on production,
product, selling methods, and the market
- Non interactive approach or one way
communication.
- Main goal is to pull customers whatever the cost. - ______________________ focus on relationships, social awareness and content.
- Interactive approach
- Stress the importance of customer satisfaction and offering great support to the customers or clients.
Traditional approaches, Contemporary approaches
ALSO CALLED DIRECT SALES, and the most
basic level of interaction between the
company and customer. This level is
where sales talk happen wherein
sales people introduce and give
information on the quality and
benefits that can be derived from the
product he/she is selling
(LEVELS OF RELATIONSHIP MARKETING)
BASIC MARKETING
In these level, sales agent already
persuaded buyer to buy the
product, these is where the sales
agent give contact number to the
customer in case of concerns or
question about the product
(LEVELS OF RELATIONSHIP MARKETING)
REACTIVE MARKETING
here the sales agent voluntarily contacts the new customer to get the feedback and
suggestion to the product
(LEVELS OF RELATIONSHIP MARKETING)
ACCOUNTABLE MARKETING
salesperson contact regular customers to get feedback
(LEVELS OF RELATIONSHIP MARKETING)
PROACTIVE MARKETING
company already built a
loyal group of customers.
These is also where these loyal customers
are helping in promoting
the products or business
by word of mouth.
(LEVELS OF RELATIONSHIP MARKETING)
PARTNERSHIP MARKETING
is the perception of what a product or service is worth to a customer versus the
possible alternatives. Worth means whether the customer feels s/he got
benefits and services over
what s/he paid.
- In a simplistic equation form,
this is:
benefits – cost (CV = B – C).
CUSTOMERS VALUE
WHAT IS THE IMPORTANCE OF CUSTOMER VALUE? (6)
- Designing and providing superior customer value are the keys to successful business strategy in the 21st century.
- Value reigns supreme in todays marketplace and marketspace.
- Customers will not pay more than a product is worth and will reward excellence.
- A customer centric culture provides focus and direction for the organization, ensuring that exceptional value will be offered to customers.
- Designing and delivering superior customer value propels organizations to market leadership positions in todays highly competitive global market
- Providing outstanding customer value has become a mandate for management.
The act of taking care of
the customers needs, by
providing and delivering
professional, helpful, high
quality service and
assistance before, during
and after the customers
requirements are met.
CUSTOMER SERVICE
RELATIONSHIP MARKETING STRATEGIES AND TOOLS? (9)
- Networking
- Cherish each customer
- Listen to your customers
- Build a brand identity
- Give free information
- Loyalty rewards
- Communicate often
- Special events
- Face to Face time
CHARACTERISTICS OF GOOD CUSTOMER SERVICE (4 P’S)
Promptness
Politeness
Professionalism
Personalization
8 BENEFITS OF A GOOD CUSTOMER SERVICE
- Retain your customers
- Encourage customers loyalty
- Build a strong culture and reputation
- Get Referrals
- Boost Sales
- Upsell a products
- Improve employees happiness
- Remain competitive in the marketplace
____________ is a sales strategy that involves encouraging customers to buy a higher-end version of a product
than what they originally intended to purchase
Upselling
