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markting Flashcards

1
Q

Marketing :

A

is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

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2
Q

The goals of marketing are to:

A

attract new customers by promising superior value
grow current customers by delivering satisfaction

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3
Q

The Marketing Process Steps:

A

Understanding The Marketplace And Customer Needs And Wants.
Designing A Customer-Driven Marketing Strategy.
Constructing an integrated marketing plan that delivers superior value.
Build Profitable Relationships.
Capturing Value From Customers.

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4
Q

The five core marketplace concepts:

A

Needs, Wants, and demands
Market offerings
Value and satisfaction
Exchange and relationships
Markets

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5
Q

Marketing myopia :

A

is focusing only on existing wants and losing sight of underlying consumer needs..

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6
Q

Market :

A

is set of actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships.

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7
Q

Marketing management :

A

is the art and science of choosing target markets and building profitable relationships with them

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8
Q

How can we best serve these customers ?

A

value proposition

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9
Q

Value Proposition

A

A brand’s value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.

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10
Q

The selling concept :

A

takes an inside-out perspective. It starts with the factory, focuses on the company’s existing products, and calls for heavy selling and promotion to obtain profitable sales.

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11
Q

The marketing concept :

A

takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. In turn, it yields profits by creating relationships with the right customers based on customer value and satisfaction

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12
Q

Societal marketing:

A

The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

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13
Q

The marketing mix is comprised of a set of tools known a the four Ps:

A

product
price
promotion
place

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14
Q

Customer- perceived value

A

The difference between total customer perceived benefits and customer cost

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15
Q

Customer satisfaction

A

The extent to which perceived performance matches a buyer’s expectations

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16
Q

Customer-Engagement Marketing

A

:goes beyond just selling a brand to consumers. Its goal is to make the brand a meaningful part of consumers’ conversations and lives.

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17
Q

Consumer-Generated Marketing

A

Companies themselves are inviting consumers to play a more active role in shaping products and brand content. Brand exchanges created by consumers themselves and consumers are playing an increasing role in shaping brand experiences in blogs, video-sharing sites, social media, and other

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18
Q

Partner relationship management

A

Involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers such as suppliers, channel partners, and others outside the company

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19
Q

The business portfolio

A

portfolio is the collection of businesses and products that make up the company.

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20
Q

Business portfolio planning involves two steps.

A

The company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment.
It must shape the future portfolio by developing strategies for growth and downsizing

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21
Q

Portfolio analysis

A

is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company.

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22
Q

Strategic business units (SBU) can be a:

A

Company division
Product line within a division
Single product or brand

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23
Q

A company classifies all its SBUs according to the :

A

the growth-share matrix.

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24
Q

the growth-share matrix:

A

:A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share.
The vertical axis, market growth rate provides a measure of market attractiveness

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25
The horizontal axis
relative market share serves as a measure of company strength in the market.
26
Problems with Matrix Approaches
Difficulty in defining SBUs and measuring market share and growth Time consuming Expensive Focus on current businesses, not future planning
27
Market penetration
involves making more sales to current customers without changing its original product such as by adding new stores in current market areas to make it easier for customers to visit.
28
Diversification
involves starting up or buying businesses beyond its current products and markets. For example, the company could acquire a company that operates in different market segments with a different product mix.
29
Downsizing
is when a company must prune, harvest, or divest businesses that are unprofitable or that no longer fit the strategy.
30
Marketing ROI
ROI is the Net return from a marketing investment divided by the costs of the marketing investment
30
Marketing ROI
ROI is the Net return from a marketing investment divided by the costs of the marketing investment
31
Marketing expenditures
are investments that produce returns in the form of more profitable customer relationships.
32
The marketing environment
includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
33
Microenvironment
consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
34
Macroenvironment
consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
35
the major actors in the marketer’s microenvironment
company departments Suppliers marketing intermediaries competitors various publics customers
36
Marketing intermediaries
help the company promote, sell, and distribute its products to final buyers.
37
Marketing intermediaries include:
resellers physical distribution firms marketing services agencies financial intermediaries.
38
Types of Marketing Intermediaries:
agents and brokers, wholesalers, distributors, and retailers
39
Types of Marketing Intermediaries:
agents and brokers, wholesalers, distributors, and retailers
40
Responding to the Marketing Environment
Uncontrollable Proactive Reactive
41
uncontrollable
they passively accept the marketing environment
42
proactive
stance toward the marketing environment
43
reactive
watching and reacting to the environment
44
Consumer buyer behavior
is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
44
Consumer buyer behavior
is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
44
Consumer buyer behavior
is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
45
Consumer markets
are made up of all the individuals and households that buy or acquire goods and services for personal consumption.
46
Characteristics Affecting Consumer Behavior
situation, psychological, environmental and marketing factors, personal factors, family, and culture.
47
Culture
is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
48
Cultural Factors
Subcultures Cross-cultural marketing
49
Subcultures
are groups of people within a culture with shared value systems based on common life experiences and situations.
50
Cross-cultural marketing
marketing is the practice of including ethnic themes and cross-cultural perspectives within mainstream marketing.
51
Social Factors
Reference groups Membership Groups Aspirational Groups
52
Membership Groups
Groups with direct influence and to which a person belongs
53
Aspirational Groups
Groups an individual wishes to belong to
54
Reference Groups
Groups that form a comparison or reference in forming attitudes or behavior
55
Buzz marketing
involves enlisting or even creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products. Many companies are now turning everyday customers into brand evangelists.
56
Psychological Factors
Motivation Perception Learning Beliefs and attitudes
57
Perception
is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
58
Perceptual Processes
Selective attention Selective distortion Selective retention
59
Selective attention
is the tendency for people to screen out most of the information to which they are exposed
60
Selective distortion
is the tendency for people to interpret information in a way that will support what they already believe
61
Selective retention
is the tendency to remember good points made about a brand they favor and forget good points made about competing brands.
62
Types of Buying Decision Behavior
Complex buying behavior
63
Types of Buying Decision Behavior
Complex buying behavior Dissonance-reducing buying behavior Habitual buying behavior Variety-seeking buying behavior
64
complex buying behavior
when they are highly involved in a purchase and perceive significant differences among brands. Consumers may be highly involved when the product is expensive, risky, purchased infrequently, and highly self-expressive
65
Dissonance-reducing buying behavior
occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
66
Habitual buying behavior
occurs under conditions of low-consumer involvement and little significant brand difference.
67
undertake variety-seeking buying behavior
in situations characterized by low consumer involvement but significant perceived brand differences. In such cases, consumers often do a lot of brand switching.
68
The Buyer Decision Process
Need Recognition Information Search Evaluation of Alternatives Purchase Decision Postpurchase Behavior
69
Cognitive dissonance
is buyer discomfort caused by postpurchase conflict.

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