Marketing - It's all about the customer Flashcards
Simple Definition of Marketing
Create, Communicate, and Deliver Customer Value
What is the Customer Value Heirarchy
Desired End State - Goals of the customer
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(Use Situation)- not always necessary
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Use Consequences - User/produce interaction
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Product./Service Attributes - describes product/service
What is the needed channel arrangement?
Number of Intermediaries in channel
Types and numbers of firms at each level
Geographic Coverage
What cooperation is needed for partner or supplier analysis?
Advertising Assistance
Pricing Assistance
Promotional Assistance
Inventory Management
Information Sharing
Product Servicing
Pricing Discounts, Advertising Allowances
Order Assistance
Delivery Terms
What are the normal operating procedures for partner and supplier analysis?
Terms of trade
Functional performed by channel members
Typical order cycles and quantities
Standard discounts
What are some Advantages and Disadvantages of Marketing Primary Data?
Advantages - Answers exact question, unbiased, accurate, current
Disadvantages - Expensive, Take time, require expertise
What are some Advantages and Disadvantages of Marketing Secondary Data
Advantages - Low cost, Obtained quickly
Disadvantages - potentially irrelevant, inaccurate, dated, biased
End User Value Analysis - What are Customers like?
Needs and wants
Important produce/service use situations
Activities, interests, opinions, attitudes, values
Demographic characteristics
End User Value Analysis - how do they buy?
Search process for information
how do they evaluate alternatives
purchase procedures
End User Value Analysis - What influences their buying?
Which macro-environmental forces?
how might they be changing?
Competitor Analysis - Who are the key competitors?
Companies serving the same markets
Companies successful in meeting demand
Competitor Analysis - What is their financial size, strength?
Sales, Profit Margins
Total Assets
Debt/Equity and other financial ratios
Competitor Analysis - What are their key technical, marketing, and management capabilities?
Mission and business objectives
Market share and position
Key Strategies
Access to Key Resources
