Marketing Flashcards
Define Marketing
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others
Kolter 2001
UK Institute of Marketing’s definition
The management process which is responsible for identifying, anticipating and satisfying consumer requirements PROFITABLY
What does marketing include?
- identifying unmet consumer needs.
- Coordinating the production of products and services to identify those needs.
- Pricing, distributing and promoting those products/ services to produce a profit.
What are the 6 stages of the marketing strategy?
- Identify the product/ brand to be marketed.
- Analyzing the current market
- Identify the target market.
- Set the objectives of the marketing strategy.
- Divide the marketing strategy (marketing mix).
- Implement and monitor the marketing strategy.
What is a marketing plan?
- Marketing objective:
Financial, volume or positioning - Marketing strategy
Designed to meet objectives.
Sets targets for profit/ volume: turnover - Marketing tactics (marketing mix)
Used to achieve strategy and objectives.
Uses the 5 p’s
Product, price, place, promotion, people - Regular review, research and revision.
What are the 5 P’s?
Product Price Place Promotion People
What is consumer behavior and what is the process?
‘Human responses in a commercial world’ East 1997
- Need recognition
- Information search
- Evaluation of alternatives
- Purchasing decisions
- Post purchase behavior
What is a brand?
‘A brand is a set of physical attributes of a product or service together with the beliefs and expectations surrounding it - a unique combination which the name or logo should evoke in the mind of the consumer’
A name, term, sign, symbol or design or combination of these intended to identify the goods or services of one seller and differentiate them from competitors’
Kolter 2001
Why are brands important?
Implies high level of customer involvement. Involvement in,it’s a greater chance of trading up and building loyalty.
Successful brands give producers a greater chance of increasing profits.
‘People use brands as shortcuts to make purchase decisions’ - Adamson In 2006
What does a brand need?
- Substance
- Consumer trust
- Consumer engagement
- A brand story
Brand equity implies a a serious level of consumer loyalty.
What effect does a brand have?
Brands make products distinct from commodities. People will pay more than the cheapest price.
Brands imply a level of quality that will make consumers pay more than the minimum price.
Product is believed to have substance and will deliver a consistent style and quality.
What is important to a brand name?
Easy to remember Culturally appropriate Easy to pronounce Ties into the brand identity: May use a geographic indicator I.e. Jacobs Creek or invoke an historic name of a producer I.e. Krug Champagne, Taylor’s port
Both tie into the brand story
What is brand equity?
The intangible value of the brand.
Increases the value of the business
What are the world’s strongest wine brands?
Yellow Tail
Casillero del Diablo
What is marketing trying to achieve?
Awareness - of a product
Interest - in the product
Desire - for the product
Action - buy the product