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Intro to Marketing 2201 > Marketing strategy and the consumer > Flashcards

Marketing strategy and the consumer Flashcards

1
Q

What is marketing?

A

It is engaging customers and managing
profitable customer relationships

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2
Q

What are the goals of marketing?

A
  • Identify and attract new customers by offering superior value
  • Maintain and grow existing customers by delivering satisfaction and fostering loyalty
  • Create value for and capture value from customers
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3
Q

What is the marketing concept?

A

It is the philosophy that a company should deliver on desired customer satisfaction in order to create loyalty, which will in turn create profit

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4
Q

What is the customer lifetime value (CIV)?

A

It is the value of the entire stream of purchases a customer makes over a lifetime of patronage

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5
Q

Why does a company want to keep customers satisfied and loyal?

A
  • Can lose that customer’s lifetime value
  • May cause other customers to defect
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6
Q

What is a ‘need’?

A

Something a customer is deprived of/lacks

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7
Q

What is a ‘want’?

A

Something a customer is looking for

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8
Q

What is a ‘demand’?

A

Wants which are backed up by financial power

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9
Q

What is marketing myopia?

A

Paying too much attention to market offering that customers already buy within an existing product category rather than focusing on the needs/wants

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10
Q

What is the value proposition?

A

What value does this company propose to provide its customers?
The reason to purchase your product

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10
Q

Who is the target customer?

A

The people the company wants to sell their products to

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11
Q

Why does a company need a value proposition?

A

it allows to compete effectively by focusing on the USP and the core competencies

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12
Q

What is positioning?

A

How does your product compare to the competition?

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12
Q

What is differentiation?

A

Does the product provide greater value and can the customers tell?

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13
Q

What is the perception map?

A

A simplified way to visually represent the relationships between the company and the competitors from the customer’s perspective

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14
Q

What is the positioning statement?

A

Value proposition and target customer in linked with the positioning statement

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15
Q

What are the 4Ps?

A

Product
Price
Promotion
Place

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16
Q

What is product?

A

Value creation - benefits

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17
Q

What is price?

A

Value capture - revenue

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18
Q

What is place?

A

Value delivery/access - distribution

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19
Q

What is promotion?

A

Value communication - messaging and media

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20
Q

4As in the customer’s perception:

A

Acceptability
Affordability
Accessibility
Awareness

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21
Q

What is the ansoff matrix?

A

Growth strategy

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22
Q

What is market penetration?

A

Focus on sales to current target customers without changing the original products

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23
Q

What is market development?

A

Identify and develop new markets for current products

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24
Q

What is product development?

A

Offer new products for a current customer

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25
Q

What is diversification?

A

Start or acquire new products/businesses

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26
Q

What are the different target market segments?

A

Total market, available market, target market, penetrated market

27
Q

What is market segmentation?

A

Dividing a market into distinct group of buyers who have different needs, characteristics, behaviours, etc.
It is a group of consumers who respond in a similar way to given marketing efforts

28
Q

What is market targeting?

A

Evaluating each market segment’s attractiveness and selecting one or more target segments to enter

29
Q

How do you identify the target market?

A

Market segmentation and market targeting

30
Q

What are the different consumer segmentations?

A

Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioural segmentation

31
Q

What is geographic segmentation?

A

Dividing the market into different geographical units

32
Q

What is demographic segmentation?

A

Dividing a market into segments based on easily observable, individual-level variables
Age, gender, religion, etc.

33
Q

What is psychographic segmentation?

A

Dividing a market based on social class, lifestyle, and personality characteristics

34
Q

What is behavioural segmentation?

A

Using consumer behaviours to distinguish segments
Occasion, usage, loyalty, etc.

35
Q

What are the requirements for identifying profitable target segments?

A

Measurable, accessible, substantial, differentiable, actionable

36
Q

What are the targeting strategies?

A

Undifferentiated, differentiated, concentrated, micromarketing

37
Q

What is undifferentiated targeting strategy?

A

Mass marketing– strategically ignore market segment differences and go after the whole market with a single offer

38
Q

What is differentiated targeting strategy?

A

Target several market segments and design a separate marketing mix

39
Q

What is concentrated targeting strategy?

A

Target a large share of smaller segments

40
Q

What is micro-marketing targeting strategy?

A

Tailoring products and marketing programs to suit the tastes of specific individuals and locations
- local marketing - tailoring to specific geographic segments
- individual marketing - tailoring to specific customers

41
Q

What is marketing intelligence?

A

Systematic monitoring and evaluation of consumers, competitors, and other internal and external factors that can impact marketing

42
Q

What is market research?

A

Systematic design, collection, analysis, and reporting of data relevant to a specific marketing problem facing an organization

43
Q

How do you design a market research plan?

A
  1. Research question - what problem does the company face? What data does the company need?
  2. Sampling plan - who will be the subject(s) of the research? How will they be selected?
  3. Research method - what kind of research are you using? How will you contact respondents?
  4. Implementation - who will collect data and how? How much will it cost? How are you ensuring data quality and accuracy? Are you conducting ethical research?
44
Q

What are the types of samples?

A

Probability - relies on randomness
Non-probability - prioritizes convenience and affordability

45
Q

What are the advantages of secondary data?

A

Low cost/quick to obtain
Some data could not be collected otherwise

46
Q

What are the disadvantges of secondary data?

A

Irrelevant, inaccurate, biased
Out-of-date

47
Q

What are the different research approaches?

A

Observational research
Survey research
Experimental research
Marketing analytics

48
Q

What is observational research?

A

Collecting data by observing relevant people, actions, and situations
* Ethnographic research
– Sending trained observers to watch and interact with consumers in their natural environments
* Tracking research
– Logging consumer actions in order to review their behaviors and preferences
– Online and offline methods

49
Q

What are methods of online tracking research?

A

Online listening, web tracking, social targeting

50
Q

What are methods of offline tracking research?

A

Scanner data, mechanical tracking, volunteers

51
Q

What is marketing analytics?

A

Collecting and finding valuable or meaningful patterns in big data.
Big data refers to the huge and complex data sets generated

52
Q

What are research ethics?

A

Failure to address privacy issues result in angry, less cooperative consumers and increased government intervention

53
Q

What is a customer?

A

An actual/potential patron of your business

54
Q

What is a buyer?

A

Someone who has decided to give you money in exchange for your product or service

55
Q

What is a shopper?

A

A customer who is currently comparing your products against your competition’s

56
Q

What is a consumer?

A

An individual person who makes purchase decisions based on their needs, wants and demands

57
Q

What is the customer journey?

A

Pre-purchase, point-of-purchase, post-purchase

58
Q

What is the B2C customer journey?

A
  1. Need recognition
  2. Information search
  3. Evaluate alternatives
  4. Purchase decision
  5. Post-purchase decision
59
Q

What is the B2C conversion funnel?

A

Product awareness
Interest
Consideration
Purchase
Relationship management

60
Q

What is the online conversion funnel?

A

Impressions
Clicks
Click-through
Conversion
CRM

61
Q

What is the B2B customer journey?

A
  1. Need recognition
  2. Formally describe the need
  3. Identify product specifications
  4. Search for suppliers
  5. Solicity proposals/quotes
  6. Select a supplier
  7. Specify an order routine
  8. Review supplier relationship
62
Q

What is a single/new task?

A

Buyer purchases a product for the first time/once

63
Q

What is the straight rebuy?

A

Buyer routinely reorders something without any modifications

64
Q

What is the modified rebuy?

A

Buyer wants to modify product specifications, prices, terms

65
Q

What is the systems/solutions selling?

A

Buyer purchases a packaged solutions to a problem from a single seller

66
Q

What is the vendor-manage inventory?

A

Buyer turns over ordering and inventory responsibilities to their supplier

Intro to Marketing 2201 (3 decks)

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