Marketing Roleplay Flashcards
Explain marketing and its importance in a global economy.
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
In a global economy, marketing plays a crucial role in several ways:
Market Expansion: Marketing enables businesses to reach beyond their domestic markets and tap into new international markets.
Cultural Sensitivity and Adaptation: Marketing in a global economy requires sensitivity to cultural differences, preferences, and norms.
Successful global marketers tailor their products, messaging, and marketing strategies to resonate with diverse cultural backgrounds and market dynamics.
Competitive Advantage: Effective marketing can give businesses a competitive advantage in the global marketplace. By understanding customer needs and preferences better than competitors, companies can differentiate
Brand Building and Reputation Management: Marketing plays a central role in building strong brands and managing reputations on a global scale.
Economic Development: Marketing contributes to economic development by stimulating demand, promoting innovation, creating employment opportunities, and fostering trade and investment across borders.
Describe marketing functions and related activities.
Market Research: Conducting market research to gather information about customer needs.
Product Development: Developing new products or modifying existing ones to meet customer needs and preferences
Pricing Strategy: Establishing pricing strategies based on factors such as production costs, competition, customer demand, and perceived value.
Promotion and Advertising: Creating promotional campaigns and advertising strategies to raise awareness, generate interest, and drive sales.
Brand Management: Building and managing brand identity, image, and reputation to create strong brand equity and customer loyalty.
Digital Marketing and Social Media: Leveraging digital channels and social media platforms to reach and engage target audiences. This includes activities such as website development, search engine optimization (SEO), content marketing, social media marketing, email marketing, and online advertising to drive traffic, leads, and conversions.
Marketing Analytics and Performance Measurement: Analyzing marketing data and metrics to evaluate the effectiveness of marketing efforts and make data-driven decisions. This includes tracking key performance indicators (KPIs), conducting marketing analytics, interpreting results, and optimizing marketing strategies based on insights gained from data analysis.
Explain factors that influence customer/client/business buying behavior.
Psychological factors
Perception
Motivation
Attitudes, beliefs
Social factors
Reference groups: influenced by others
Culture: Cultural values, norms, and customs shape individuals’ preferences, tastes, and buying behaviors.
Social class: socioeconomic status
Personal factors
Demographics: age, gender, education, income, etc.
Lifestyle: interests, hobbies, activities
Personal values: ethics
Economic factors
Environmental factors
Situation and context: urgency, convenience, etc.
Explain management’s role in customer relations.
Developing customer-centric culture: emphasizing the importance of customer satisfaction, loyalty, and retention
Setting customer service standards
Training and development
Implementing customer feedback mechanisms
Monitoring Customer Metrics: Management monitors key customer metrics, such as Net Promoter Score (NPS), Customer Satisfaction Score (CSAT), Customer Effort Score (CES), and retention rates, to assess overall customer satisfaction and loyalty levels.
Building Long-Term Relationships: Management focuses on building long-term relationships with customers based on trust, transparency, and mutual value creation.
Recognize/Reward others for their efforts and contributions.
Recognizing and rewarding others for their efforts and contributions is essential for fostering motivation, engagement, and a positive work culture within a business.
Verbal Recognition: Express appreciation and recognition verbally during team meetings or company-wide gatherings
Written personalized recognition
Peer Recognition: Encourage peer-to-peer recognition by providing opportunities for colleagues to acknowledge and appreciate each other’s contributions.
Rewards and Incentives: Provide tangible rewards and incentives to recognize exceptional performance or achievements.
This may include monetary rewards, gift cards, bonus payments, extra paid time off, or merchandise rewards.
Team Celebrations and Events: Organize team celebrations, social events, or team-building activities to recognize collective accomplishments
Opportunities for Leadership Roles: Recognize high-performing employees by offering opportunities for leadership roles, special projects, or cross-functional assignments.
Demonstrate connections between company actions and results.
Set Clear Goals and Objectives: Establish clear and measurable goals and objectives that align with the company’s mission, vision, and strategic priorities.
Track Key Performance Indicators (KPIs): Define and track key performance indicators (KPIs) that directly reflect the outcomes of company actions and initiatives.
Use Data and Analytics: Utilize data analytics and predictive modeling techniques to analyze the impact of company actions on business results. Identify correlations, trends, and causal relationships between specific actions and desired outcomes, allowing for more informed decision-making and strategic planning.
Provide Feedback and Insights: Provide timely and relevant feedback to employees, teams, and stakeholders regarding the outcomes of company actions.
Iterate and adapt
Explain the role of promotion as a marketing function.
Creating Awareness: Promotion helps create awareness of a product, service, or brand among target customers.
Generating Interest and Desire: Promotion aims to generate interest and desire for a product or service by highlighting its unique features, benefits, and value propositions.
Driving Sales and Conversions: Promotion plays a crucial role in driving sales and conversions by influencing customer purchasing decisions. By offering promotions, discounts, incentives, and limited-time offers, businesses can create a sense of urgency and encourage customers to take action and make a purchase.
Building Brand Equity: Promotion contributes to building brand equity by enhancing brand awareness, perception, and loyalty.
Differentiating from Competitors: Promotion helps differentiate a product or brand from competitors in the marketplace.
Explain the concept of marketing strategies
Market Segmentation: Marketing strategies often begin with market segmentation, the process of dividing the market into distinct groups of customers with similar characteristics, needs, or behaviors.
Targeting: Once market segments are identified, businesses select target markets or segments to focus their marketing efforts on.
Positioning: Positioning refers to** how businesses differentiate** their products or services in the minds of target customers relative to competitors.
Marketing Mix (4Ps): Marketing strategies incorporate the marketing mix, also known as the 4Ps framework, which includes product, price, place, and promotion. The marketing mix outlines the strategic elements that businesses use to meet customer needs, achieve competitive advantage, and drive sales and profitability.
Marketing Channels and Distribution: Marketing strategies address how products or services will be distributed to target customers through various channels, such as direct sales, retail channels, e-commerce platforms, or distribution partners.
