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Year 1 Semester 2 > Marketing lec 1-5 > Flashcards

Marketing lec 1-5 Flashcards

1
Q

marketing

A

Long lasting process/strategy
companies create value for customers
build strong customer relationships (long lasting = profits)
capture value from customers in return

needs/wants of customers

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2
Q

5 steps of marketing process

A
  1. understand mkt & customer needs/wants
  2. design customer driven mkting strategy
  3. construct integrated mkting programme (Deliver superior value)
  4. build profitable relationships = customer delight
  5. capture value from customers = profits & customer equity
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3
Q

3Cs

A
  1. customers
  2. company (SWOT, ansoff, BCG, PESTLE)
  3. competitors (Porter, comp strategies, perceptual maps)
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4
Q

fitting 5 elements together

A
  1. 3Cs
  2. SWOT
  3. segmentation & targeting
  4. differentiation & positioning
  5. Target market

-narrowing down to focused strategy with quantitative and qualitative screening criteria
-external mkt env

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5
Q

target market

A
  1. product (solution)
  2. price (value)
  3. place (access)
  4. promotion (education)
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6
Q

business orientation

A

facilitates exchange
management philosophies
1. product concept
2. production
3. selling
4. marketing

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7
Q

product concept

A

consumers prefer products that = offer quality, performance, innovative features

e.g artisan products

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8
Q

production concept

A

consumers prefer products that are widely available and inexpensive

e.g. mass produce inexpensive products

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9
Q

selling concept

A

buy only if company actively promotes or sells to them

-high pressure selling tactics

production -> existing products -> selling/promotion -> profit via sales volume

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10
Q

marketing concept

A

consumers buy/prefer products that focus on their needs/wants and deliver better value than competitors

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11
Q

marketing concept 4 elements

A
  1. TM (segment/target/position)
  2. customer needs (keep input for successful marketing)
  3. integrated marketing (coordinating all mkting activities affecting customers)
  4. profits through customer satisfaction (consumers choosing between wide range of products that might satisfy a given need)
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12
Q

6 customer needs

A

1-tangible/intangible
2-rational/emotional
3-existing
4-latent(not yet satisfied)
5-incipient (not yet known)
6-market driven/market driving

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13
Q

choosing between product/services?

A
  1. customer value
  2. customer satisfaction
  3. customer loyalty
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14
Q

customer value

A

value - difference between perceived benefits of owning & perceived sacrifices of acquiring

benefits = +ve = product/service/relationships/image/experiential

sacrifices = -ve = monetary/time/energy/psychological

e.g. Alessi Anna G wine opener

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15
Q

customer satisfaction

A

expected/reputed performance
perceived/experiential performance

meet expectations perceived benefits > perceived sacrifices

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16
Q

customer loyalty

A

retention
habitual use of product/service arising from experiential value and satisfaction & inertia (laziness) or unavailability

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17
Q

brand

A

name/term/design/symbol or any other feature
identifies 1 sellers goods/service as distinct from other sellers

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18
Q

customer vs consumer

A

customer = person who buys good/service from shop/business

consumer = user of bought product/service

may be same person not necessarily tho

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19
Q

offering/product

A

what company/business is selling
physical good/service
product may mean both physical goods and services

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20
Q

market vs product orientation

A

marketing concept = customer needs

-define mission in terms of customer needs not products
e.g. railways vs transportation
e.g. movies vs entertainment

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21
Q

market research

A

quantitative & qualitative (meaning)
longitudinal = career vs static = job
-surveys/focus groups/product tests
-diagnostic/comparative
-netnography/ buzz-monitoring

-happens at all levels, not just about customers

companies increasingly aware of need to understand customer data

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22
Q

5 levels of market research

A
  1. competitors
  2. trends
  3. habits
  4. segments
  5. campaign development, measurement, planning
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23
Q

types of data

A

primary & secondary
(mintel = company specific) data monitor, statista etc

big data

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24
Q

big data

A

window into customers lives = understand/predict behaviour
invaluable = optimise business process

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25
Q

PESTLE & examples

A

political, economic, social, tech, legal, env
external analysis
broad & overarching (various factors)
avoid tunnel vision
most important factors to be linked to business threats and opportunities

e.g. COVID & scented candles
e.g. alcohol free beer

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26
Q

SWOT

A

external - opps & threats
internal - strengths & weaknesses

  1. utilise strength = capitalise on opps
  2. maximise strength to overcome threats
  3. minimise weakness = maximally capitalise on opportunities
  4. minimise weaknesses and threats (difficult position)
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27
Q

marketing planning

A

sequential process = involving series of activities leading to setting of mkting obj & formulation of plans for achieving them

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28
Q

corporate level strategic planning
4 levels

A
  1. define company mission (LT) -> customer focused
  2. company obj & goals set (corp level)
  3. design business portfolio
  4. planning mkting & other functional strategies (company wide guides mkting strategy & planning)
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29
Q

defining the business (strategy pyramid)

A
  1. Values (stand for)
  2. Vision (want to get to)
  3. Mission (business we are in)
  4. strategic obj (goals)
  5. actions & KPIs (get there)
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30
Q

values

A

define acceptable interpersonal & operating behaviour standards
govern & guide behaviour of individuals within org

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31
Q

vision

A

statement about what org wants to become
give shape and direction to org future

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32
Q

mission

A

broad statement of intent
sets out org purpose and direction
what it wishes to achieve in LT

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33
Q

strategic obj/goals
5 ways they are articulated

A

desired outcomes of orgs various activities
articulated in terms of:
1. profit
2. MS
3. share value
4. return on inv
5. numbers of customers served

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34
Q

actions & KPIs

A

means by which resources of org are matched with needs of env in which organisation decides to operate

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35
Q

McDonalds example

A
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36
Q

SMART goals

A

objectives & KPIs
Specific, measurable, actionable (do something about), relevant, time limited (when reach goal by)

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37
Q

strategic planning

A

analysis -> planning -> implementation -> control

develop and maintaining fit between organisations goals & capabilities and changes taking place in marketing opportunities

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38
Q

strategic planning descriptions

A

strategic plans - analysis at corporate & product level

develop marketing plans & carry out = at operational level 7Ps or SAVE

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39
Q

7Ps

A

price
product
promotion
place

Service:
people
process
physical env

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40
Q

SAVE

A

4Ps but for a service
solution (instead of product)
access (place)
value (price)
education (promotion)

relevant in B2B and digital contexts

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41
Q

Ansoff’s growth matrix

A
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42
Q

portfolio analysis
3 things company does

A

business portfolio = collection of businesses and products and brands (SBUs) that make up company

company must:
1-analyse current SBUs/ product portfolio
2-decide which SBU (brand/product) = receive more/less/no inv
3-develop growth strategies = adding new products/businesses to portfolio

e.g. Danone & Cars & Beauty

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43
Q

SBU

A

strategic business units

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44
Q

Boston consulting group growth share matrix

A

question mark = build to star or phase out, require cash to hold MS
dogs = low profit potential
cash cow = established, successful, cash generators, likely to decline (less attractive)
stars = profit potential, may need heavy inv

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45
Q

generic competitive & differentiation strategies

A

WHAT:
1. cost leadership/operational excellence e.g. Lidl
2. differentiation/product leadership e.g. Wholefoods
HOW:
3. customer intimacy e.g. Mindful chef

trying to be good at all value disciplines, company ends up being best at none

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46
Q

competitive positions in the market and strategies
examples (food industry)

A
  1. market nicher (specialise limited mkt, maintain fit offering/mkt needs) WHOLE FOODS
  2. market follower (focus on growth & maintain market share follow closely/at a distance focus on differentiation and profit) LIDL, OCADO
  3. market challenger (attack mkt leader, fight for leadership, attack rivals) SAINSBURYS
  4. market leader (expanding existing mkt, protecting/growing MS) TESCO
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47
Q

competitive strategy
4 types

A

winning - consumer want & brand does best

losing - consumer want & competitor does best

dumb - brand does best & competitor do best

risky - consumer wants & competitor do best & brand do best

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48
Q

CVP & USP

A

customer value proposition
unique selling point
positioning statement

  1. what is the product
  2. who targeted at
  3. key benefit/need
  4. different from others
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49
Q

sustainable competitive advantage

A

sticks & dont want someone to be able to copy it
Effective (do the right things) - consumers
important & perceived

efficient (do things right)
protectable & profitable

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50
Q

important & perceived competitive advantage

A

important - Zappos - shoe store customer service should be so good that if a customer calls for a pizza they should provide

perceived - Deutsche Bank - looking at different methods of travel whether will be on time) car vs train vs plane

cola wars vs Pepsi (compete on something else as pepsi cant compete with coke)

51
Q

blue ocean strategies

A

new market
competition irrelevant
new demand

52
Q

red ocean strategies

A

existing market
crowded high comp
diminishing margins
compete = beat comp and capture more existing demand

53
Q

red ocean strategies

A

existing market
crowded
highly competitive
diminishing margins
compete by beating competition & capturing more of existing demand

54
Q

consumer behaviour

A

consumer black box
needs and motivation
perception, learning and memory
personality factors

55
Q

consume

A

eat/drink
completely destroy
reduce to nothing
engage full attention of (engross/dominate/use up)

56
Q

consumer

A

person who consumes
one who uses product
purchaser of goods/services

57
Q

consumption

A

act or process of consuming

58
Q

consummation

A

completion
parallels with idea of customer satisfaction but broaden concept

59
Q

consumer society

A

society which marketing of goods/services is important social and economic activity

60
Q

consumer culture

A

culture = pattern of beliefs/values/meanings/customs

suggests consumption is a cultural activity linked to meaning and driven not just by practical or economic factors
more about want than need

61
Q

consumerism

A

protection or promotion of consumer interests in relation to the producer
often derogatory
preoccupation with consumer goods and their acquisition

62
Q

economics view vs marketing view of consumers

A

economic:
consumers = rational decision makers
carefully weigh pros and cons

marketing:
consumers = partly emotional decision makers
decisions influenced by multitude of irrational factors

63
Q

consumer black box

A

stimuli (external factors) marketing mix & environmental

black box (buyers mind/internal factors) consumer characteristics & decision making process

responses purchase vs none

64
Q

personality

A

trait approach
bipolar scales used to try and build up profile of typical customer
often draws on stereotypes (masculine vs feminine)

65
Q

opinions

A

cognitive(based on thought)
quick responses
held with limited conviction, often not yet formed/fully developed underlying attitude on this issue or item

66
Q

attitudes

A

affective (link to emotional state/feeling)
internalised deep ingrained into system
held with greater degree of conviction
longer duration more likely to influence behaviour

67
Q

values

A

cognitive (link to motivations/behaviour - actually do)
held more strongly & underpin our attitudinal and behavioural systems
link to conscience, develop via familial socialisation process (culture/sub culture/religion)
frequently formed in early childhood

68
Q

maslow’s hierarchy of needs

A

fill from bottom up

69
Q

paradox of value

A

exchange value
use value
law of diminishing marginal utility
utility used (satisfying wants and needs)
utility something has to you is reflected by how much you’d be willing to pay for it.

70
Q

life stage concept

A

depending on your life stage
different needs and means
life stage someone is in = gives a lot of insight on what kind of consumer they are

71
Q

understanding consumers
6 ways

A
  1. motivations
  2. personality
  3. perceptions
  4. learning
  5. beliefs and attitudes
  6. self concept (actual vs ideal vs online)
72
Q

classical and operant conditioning and social learning

A

classical conditioning - associating two unrelated things together because they always happen, associate stimulus to reaction

operant conditioning - teaching through rewards/punishments for specific behaviours

social learning - see something happen to someone else because they did something and dont try it because saw them get hurt from it or rewarded for something good

73
Q

how is learning relevant for brands examples

A

Coca Cola - santa or colour red
nokia - sound
nike - logo
Tiffany - blue box

74
Q

consumption of pretty products

A

if something is aesthetic or pretty = use/eat less of it

e.g. cupcakes & toilet roll

75
Q

panic buying/internal and social influences
loss aversion & herd mentality

A

loss aversion - dislike uncertainty & avoid losses
e.g. stockpiling gives sense of control

herd mentality - follow example of others
e.g. Bandwagon effect, scarce products more attractive

76
Q

dual process theory of thinking

A

system 1:
intuitive, associative, unconscious, quick, not under our control (“auto pilot”) - lots of decisions based on this

system 2:
rational, lazy, effortful, slow, controlled

77
Q

classical models of consumer behaviour

A
  1. buyer decision process
  2. buyer decision process in a B2B setting

differences:
-more complex, more people involved, more rational,

78
Q

types of buying behaviour

A
  1. complex
  2. variety seeking
  3. dissonance reducing
  4. habitual

axis = involvement & level of differences between brands
doesn’t account for different decision making styles of consumers

79
Q

high involvement decision making & what it helps understand

A

application of cognitive psychology, implicitly assumes consumers are rational problem solvers

understand…
-high prices, complex, speciality goods, self image associated products, product with perceived risk

80
Q

high vs low involvement factors

A
  1. level of perceived personal importance/interest (relationship have to products)
  2. stimulus specific
    (product/brand/service)
  3. situationally specific
  4. implications
    -same product = treated by different people with different involvement levels
    -same person at different times and in different situations could have different involvement levels for same product

involvement = important determinant in motivation of consumers

81
Q

consumer decision making
factors influencing

A

-high vs low involvement
-thinking vs feeling rational choice vs emotional choice
impulse buying
habitual consumption

82
Q

consumer choice processes

A

classic model = car
emotion driven = holiday
habitual = bread
impulse = cake

83
Q

foote cone and belding product classification system

A

level of involvement
thinking
feeling

84
Q

sensory branding

A

e.g lush
certain smell

85
Q

consumers making decisions

A

most often not rational decision makers
many factors in black box - influence how consumers make decisions
high vs low involvement decisions
thinking vs feeling

different phases of decision making process influenced by external internal and social forces

86
Q

segmenting

A

identify
analyse
describe market segments
whole market subdivided into different segments

DESCRIBE

87
Q

targeting

A

evaluate each and decide which to go after
selecting particular segments

CHOOSE

88
Q

positioning

A

design product/service to meet segments needs
develop offer and marketing mix that will create a competitive adv in minds of selected TM
ensuring brand becomes most attractive to selected segments

OFFER

89
Q

targeting marketing process same as STP process

A

ensure success
1. segmenting
2. targeting
3. positioning

defining the market influences this process

90
Q

market segment

A

group of buyers
-similar needs/wants
-respond in similar way to marketing actions

91
Q

target market

A

segments of the market you will try to reach

92
Q

why segment the market

A

-diff wants (varied/sophisticated) (Segmentation reflects complexities in the market)
-design focus marketing programmes
-determine resource allocation (allows matching demand and supply)
-increases efficiency & effectiveness of companies
-sets basis for targeting

93
Q

segmentation process:

A
  1. identify broad market of interest
  2. identify key buyer characteristics
  3. cluster buyer types (identify truly differentiating dimensions & name/label different segments)
  4. find out WHY behave the way they do
  5. make rough estimates of size, potential, cost of each segment
  6. select your target
94
Q

segmentation terminology

A
95
Q

segmentation/targeting/positioning process

A

segmentation (select market and variables & develop segment profiles)

targeting (analyse segment attraction & select target segments)

positioning (analyse differentiators by target segment and develop segment proposition)

96
Q

understanding customer segments

A

5Ws
1H

97
Q

variables for segmentation

A
  1. geographic
  2. socio-demographic
  3. geo-demographic
  4. customer value
  5. psychographic (lifestyle/attitudes)
  6. consumer behaviour (purchase behaviour/benefit)

use a mix

98
Q

ways to segment consumer markets

A
  1. profile (general) e.g. gender
  2. psychographic (domain) e.g. travel ad
  3. behavioural (specific) e.g. McDonalds wifi
99
Q

ways to segment business markets

A
  1. geography
  2. demography (industry/company size)
  3. benefits sought (user status/usage rate/loyalty status)
100
Q

segmenting profiling for car example or shoppers

A
  1. older/less mobile
  2. less affluent urban young families
  3. less affluent older sceptics
  4. affluent empty nesters

rational planners vs everyday deal hunters

101
Q

effective segmentation and target group evaluation

A
  1. measurable (identify who belongs)
  2. accessible (way to reach consumers/businesses in segment)
  3. differentiable (clearly different)
  4. substantial (worth adapting offering/programme to this segment)
  5. actionable (company take actions needed to reach segment)

target group = not every effective segment is a good target group

102
Q

targeting pros and cons

A

pros:
1-high price customers only (max profit)
2-specific customer needs (min comp, satisfy better)
3-restrict distribution (barrier to entrants)

cons:
1-expense (money to define market)
2-exclude customers (reduce business potential)
3-increase vulnerability (paradigms/patterns shift away from sector)

103
Q

targeting strategies:

A

1 segment/multiple/one person/everyone
broad -> narrow
1. undifferentiated (mass)

  1. differentiated (segmented)
  2. concentrated (niche)
  3. micro-marketing (one-one individual)
104
Q

example of differentiated strategy Arcadia group

A
105
Q

undifferentiated mass marketing

A

one product = entire market
-not really marketing
-everyone assumed want same thing & same needs

e.g. you can have any colour you want as long as its black

106
Q

differentiated marketing

A

diff segments = diff products/marketing mixes
common targeting strategy - pursued by most large FMCG
e.g. global car markers

requires considerable resources
organic vs acquisition
not option for all companies

107
Q

niche concentrated strategies

A

market to one or few segments
to maximise resource effectiveness (financial, HR, skills, knowledge, competencies)
particular attractiveness to one segment

108
Q

one to one micro marketing

A

different product/mkting mix for individuals

e.g e tailers
e.g. tesco club card holders
possible due to advances in IT
price premium

109
Q

social responsibility as a marketer

A

increased focus in targeting is good for consumers
avoid unfitting products/mass spamming

risk of exploitation
e.g. junk food ads banned in children’s media

110
Q

positioning

A

ensure brand becomes most attractive to selected segments
act of designing company’s offering so it occupies meaningful and distinct position in target consumers mind
creates backbone for marketing mix

111
Q

effective positioning

A

act of linking products and services to solutions that customers seek

112
Q

keys to successful positioning

A
  1. clarity
  2. consistency
  3. credibility
  4. competitiveness
113
Q

unique selling proposition

A

who you are
what you Stand for

winning - consumer wants & brand does well (best features meet consumer needs, make it bigger)

risky - battle your competitor for positional power - go emotional)

avoid - competitor meets the consumer needs better than you

who cares - competitors battle in areas consumers just dont care about, time waste

114
Q

positioning statement elements

A

promise to whom
reason to believe
what

115
Q

positioning map

A
  1. traditional
  2. conservative
  3. minimalist
  4. planner
  5. digital
  6. striver

clear market gap - aim to fill?

116
Q

segmentation/targeting/positioning process

A

segmentation (select market and variables & develop segment profiles)

targeting (analyse segment attraction & select target segments)

positioning (analyse differentiators by target segment and develop segment proposition)

117
Q

moving from products to brands

A

material utility/functional benefit vs symbol meaning/utility
brands as symbols
meaning from advertising/celebrity culture/popular culture

118
Q

porters 5 forces

A
119
Q

Ansoffs matrix

A
120
Q

BCG matrix

A
121
Q

Perceptual mapping

A
122
Q

SWOT

A

Strength
Weakness
Opportunity
Threat

123
Q

PESTLE

A

Year 1 Semester 2 (10 decks)

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