Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

OU Management Spring 2018 > Marketing Principles and Application > Flashcards

Marketing Principles and Application Flashcards

1
Q

Define marketing

A

Marketing 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the marketing concepts?

A
  • Negative Demand
  • Expectations
  • Satisfaction
  • Quality
  • Value
  • Loyalty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Negative Demand

A

Not wanting the goods or services but realizing that you have to have it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Negative Demand goals

A
  • To focus marketing on why these negative demand services or products are being bought….what is the result? (focusing on your outcomes)
  • Identify needs and influence wants and demands (focus on the outcomes of those around you)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Expectations

A
  • Internal standards of customers when evaluating products or services
  • Finding the balance between
    • Desired service (what they hope to receive)
    • Adequate service (the minimum they are willing to accept
    • Zone of tolerance (difference between desired and adequate, willingness to accept variation)
    • Predicted service (level of service customers think they will get)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Satisfaction

A

A person’s feeling of pleasure or disappointment resulting from comparing a product’s perceived performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Types of Satisfaction

A
  • Confirmation: performance matches expectations

- Disconfirmation: doesn’t match; positive - better than what you expected; negative - worse than expected

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Quality

A

Superiority or excellence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the types of quality?

A
  • Service quality
  • Technical quality
  • Functional quality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Service quality

A

more global, long-term evaluation of service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Technical quality

A

specific, was outcome successful

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Functional quality

A

how service was performed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Value

A
  • What did customers get vs. what they gave up

- Perceived benefit vs. perceived costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Loyalty

A

The consumable product must be subject to adoration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 4 P’s of marketing

A
  • Product
  • Price
  • Place
  • Promotion
  • People
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

4 P’s of marketing: Product

A
  • Good and/or service
  • Any OTC front-end product
  • Any clinical service
  • Any ‘special event’ (health fairs)
  • Any medication
  • Take into consideration the packaging of the product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the major characteristics of service marketing decisions?

A
  • Intangibility
  • Inseparability
  • Variability
  • Perishability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Characteristics of service marketing decisions: Intangibility

A
  • Services cannot be seen, tasted, felt
  • Add something tangible to the service
  • Want to make the experience memorable; take into consideration: interaction, location of service
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Characteristics of service marketing decisions: Inseparability

A
  • Services produced/consumed at once
  • Provider/patient relationship
  • Keep an ‘agenda’
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Characteristics of service marketing decisions: Variability

A
  • Services are impacted by people delivering the service
  • Hire the ‘right’ people
  • Train for consistency
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Characteristics of service marketing decisions: Perishability

A
  • Services cannot be ‘stored’
  • Meeting supply and demand can be challenging
  • Create appointment based services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

4 P’s of marketing: Price

A

Cost of good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What should you take into consideration with pricing?

A

cost of developing service, demand for service, competitors, objective vs. perceived price, willingness to pay for expertise

24
Q

What are strategies of pricing?

A
  • Cost-plus
  • Value-based
  • Competitive
  • Closeout
  • Discount
  • Membership
  • Loss-leader
  • Psychological
  • Bundle and quantity discounts
25
Q

Pricing Strategy: Cost-Plus

A

Adding a percentage of profit over and above the cost of the product or service to the pharmacy

26
Q

Pricing Strategy: Value-Based

A
  • Using the patient’s perception of the value.
  • If high value perceived or prestige associated with product / service, patients will be willing to pay a higher price for it.
27
Q

Pricing Strategy: Competitive

A

Mirroring or ‘beating out’ competitor’s pricing

28
Q

Pricing Strategy: Closeout

A

Offering steep discounts on excess inventory items to avoid having to discard it

29
Q

Pricing Strategy: Discount

A

Uses tools like coupons to reduce the cost

30
Q

Pricing Strategy: Membership

A

Used to offer cost reductions through loyalty programs

31
Q

Pricing Strategy: Loss-Leader

A

Reducing the price of one product to attract customers and making up for this lost revenue by encouraging purchases of other items

32
Q

Pricing Strategy: Psychological

A

Strives to make a price more attractive.

33
Q

Pricing Strategy: Bundling

A

Offering a discount to individuals or organizations that buy more than one

34
Q

4 P’s of marketing: Place

A

Physical ‘characteristics’ and distribution, product or service availability, shelf placing, having the product available when customers want to buy it

35
Q

4 P’s of marketing: Promotion

A

Activities that seek to inform, remind, and persuade the target market about the availability of goods / services

36
Q

What are the different approaches you can take in promotion?

A
  • Advertising: mass media, 3rd party
  • Sales promotion: short term incentives
  • Publicity: ‘external’ advertising
  • Personal selling: interpersonal communication
37
Q

What are the marketing philosophies?

A
  • Production concept
  • Product concept
  • Selling concept
  • Marketing concept
  • Customer concept
  • Societal marketing concept
  • Holistic marketing concept
38
Q

Marketing Philosophies: Production Concept

A
  • Efficiency in the production and distribution of goods and services
  • Belief: Consumers interested in product availability and low prices
39
Q

Marketing Philosophies: Product Concept

A
  • Making good products and improving them over time

- Belief: Consumers appreciate well-made products

40
Q

Marketing Philosophies: Selling Concept

A
  • Actions directed at stimulating consumers’ interest through aggressive sales and promotion efforts
  • Belief: Consumers can be coaxed into
    buying products; little concern to consumers’ needs, wants and postpurchase satisfaction (ex. commission salesman)
41
Q

Marketing Philosophies: Marketing Concept

A
  • Focused towards needs of consumer and target market

- Belief: Consumers dictate the market

42
Q

Marketing Philosophies: Customer Concept

A
  • Companies direct separate offers, services and messages to individual customers
  • Belief: Customization towards the consumer and building customer loyalty
43
Q

Marketing Philosophies: Societal Marketing Concept

A
  • Organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively than competitors in a way that preserves or enhances the consumer’s and the society’s well-being
  • Belief: Promote customers’ wants and needs as well as public interest
44
Q

Marketing Philosophies: Holistic Marketing Concept

A
  • Combines features of the marketing concept, customer concept, and the societal marketing concept
45
Q

What are the types of advertising strategies?

A
  • Relationship
  • Cause
  • Branding
  • Brand-lover
  • Niche / Scarcity
  • Seasonal
  • Guerilla
  • Digital
  • Word-of-Mouth
  • Print
46
Q

Relationship Marketing - People

A
  • Activities aimed at developing long-term, cost-effective links between an organization and its customers for the mutual benefit of both parties
  • Involves the entire company, partners and customers
47
Q

Advertising Strategy: Cause Marketing

A

Play to the perception/values of community

48
Q

Advertising Strategy: Branding

A
  • Recognizable characteristics
  • Your overall ‘image’ to the customer
  • Important in building loyalty
  • Key Concept – all components tie together
49
Q

Advertising Strategy: Brand Lover / Ambassador

A

Gives customers a feeling of “belonging”

50
Q

Advertising Strategy: Niche / Scarcity Marketing

A
  • Target market – Groups to which an organization directs its mktg program
  • Market segment – Subgroup of individuals or organizations that have one or more similar characteristics or similar needs or interests
  • Market niche – Narrower segment of a population that needs or desires specialized goods or services
51
Q

Key concepts in Niche Marketing

A
  • Be sufficient in size
  • Have growth potential
  • Not be well served by other organizations
  • Have adequate purchasing potential
  • Demonstrate a need and interest for special treatment or distinction
52
Q

Advertising Strategy: Seasonal

A

Focused marketing during seasons

53
Q

Advertising Strategy: Guerilla

A

Use unconventional and inexpensive techniques with imagination, big crowds, and surprise elements

54
Q

Advertising Strategy: Digital

A

Uses all aspects of social media

55
Q

Advertising Strategy: Word-of-Mouth

A

Use social network of people

56
Q

Advertising Strategy: Print

A

Any print source – flyers, ads, newspapers, magazines

57
Q

What are the phases in the product life cycle?

A
  • Introduction
  • Growth
  • Maturity
  • Decline

OU Management Spring 2018 (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions