Marketing lec 1-5 Flashcards
marketing
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
5 steps of marketing process
- understand mkt & customer needs/wants
- design customer driven mkting strategy
- construct integrated mkting programme (Deliver superior value)
- build profitable relationships = customer delight
- capture value from customers = profits & customer equity
3Cs
- customers
- company (SWOT, ansoff, BCG, PESTLE)
- competitors (Porter, comp strategies, perceptual maps)
fitting 5 elements together
- 3Cs
- SWOT
- segmentation & targeting
- differentiation & positioning
- Target market
-narrowing down to focused strategy with quantitative and qualitative screening criteria
-external mkt env
target market
- product (solution)
- price (value)
- place (access)
- promotion (education)
business orientation
facilitates exchange
management philosophies
1. product concept
2. production
3. selling
4. marketing
product concept
consumers prefer products that = offer quality, performance, innovative features
e.g artisan products
production concept
consumers prefer products that are widely available and inexpensive
e.g. mass produce inexpensive products
selling concept
buy only if company actively promotes or sells to them
-high pressure selling tactics
production -> existing products -> selling/promotion -> profit via sales volume
marketing concept
consumers buy/prefer products that focus on their needs/wants and deliver better value than competitors
marketing concept 4 elements
- TM (segment/target/position)
- customer needs (keep input for successful marketing)
- integrated marketing (coordinating all mkting activities affecting customers)
- profits through customer satisfaction (consumers choosing between wide range of products that might satisfy a given need)
6 customer needs
1-tangible/intangible
2-rational/emotional
3-existing
4-latent(not yet satisfied)
5-incipient (not yet known)
6-market driven/market driving
choosing between product/services?
- customer value
- customer satisfaction
- customer loyalty
customer value
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
customer satisfaction
expected/reputed performance
perceived/experiential performance
meet expectations perceived benefits > perceived sacrifices
customer loyalty
retention
habitual use of product/service arising from experiential value and satisfaction & inertia (laziness) or unavailability
brand
name/term/design/symbol or any other feature
identifies 1 sellers goods/service as distinct from other sellers
customer vs consumer
customer = person who buys good/service from shop/business
consumer = user of bought product/service
may be same person not necessarily tho
offering/product
what company/business is selling
physical good/service
product may mean both physical goods and services
market vs product orientation
marketing concept = customer needs
-define mission in terms of customer needs not products
e.g. railways vs transportation
e.g. movies vs entertainment
market research
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
5 levels of market research
- competitors
- trends
- habits
- segments
- campaign development, measurement, planning
types of data
primary & secondary
(mintel = company specific) data monitor, statista etc
big data
big data
window into customers lives = understand/predict behaviour
invaluable = optimise business process