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Marketing > Midterm > Flashcards

Midterm Flashcards

1
Q

What is marketing?

A

The process in which companies

  • Engage customers
  • Build customer relationships
  • Create Customer Value

Marketing is the 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

Goals of Marketing

A

Attract, keep, and grow current customers.

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3
Q

1st step of the marketing process

A

Understand the market place and customer needs and wants.

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4
Q

Maslows Hierarchy of Needs

A

Top to bottom:

Self Fulfillment needs (achieving ones full potential)

Psychological needs (feelings of accomplishment, relationships)

Basic need (food, water, security and safety)

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5
Q

Customer needs, wants, and demands

A

Needs: States of felt deprivation

Wants: Human needs shape by culture and individual personality

Demands: Human wants backed by buying power.

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6
Q

Market Offerings

A

Products, services, etc. that satisfy customer needs and wants

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7
Q

Marketing Myopia

A

Companies paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

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8
Q

Market

A

Set of all actual and potential buyers of a product.

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9
Q

2nd step of the marketing process

A

Design a customer driven marketing strategy

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10
Q

Marketing Management

A

Choosing target markets and building profitable relationships

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11
Q

Marketing Segmentation

A

Dividing the market into segments of customers

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12
Q

Target Market

A

Refers to which segments a company will focus on

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13
Q

Value Proposition

A

Set of benefits or values it promises to deliver to consumers to satisfy their needs.

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14
Q

Marketing Management Orientation

A

Production Concept
Consumers will favor products that are very affordable

Product Concept
Customers will favor products with the best features and the highest quality

Selling Concept
Customers will not buy products unless they are promoted on a large scale

Marketing Concept
When companies know the needs and wants of target markets and deliver it better than competitors

Societal Marketing Concept
Companies must focus on consumers’ wants and long-run interests, the company’s requirements,’ , and society’s long-run interests.

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15
Q

3rd step of the marketing process

A

Construct an integrated marketing program that delivers value.

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16
Q

Integrated Marketing Plan

A

Price
Product
Place
Promotion

17
Q

4th step of the marketing process

A

Engage customers, build profitable relationships, and create customer delight.

18
Q

5th step of the marketing process

A

Capture value from customers to create profits and customer equity.

19
Q

Customer Relationships Management

A

Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Ex. Promotions

20
Q

Customer Satisfaction

A

Is the extent to which a product’s perceived performance matches a buyer’s expectations.

21
Q

Customer-perceived Value

A

customer’s view of the difference between the benefits and the costs of a marketing offer relative to competition.

22
Q

Trends that change the marketing landscape

A

Digital Age

Changing Economic Environment

Growth of Not-for-profit marketing

Rapid Globalization

Sustainable Marketing

23
Q

Steps to a Consumer-Driven Marketing Strategy

A

Marketing Segmentation
Dividing the market into segments

Target Market
Selecting a segment(s) to focus on

Differentiation
Differentiating the product/service that the company is trying to sell

Positioning
Positioning product/service in a desirable place in the eyes of the consumers

24
Q

Market

A

A group of people or organization with needs or wants and the ability and willingness to buy.

25
Q

Market Segment

A

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

26
Q

Target Market

A

A group of customers towards which a business has decided to aim its marketing efforts and its products

27
Q

Major Segmentation Variables for

Consumer Markets

A

Geographic (nations, regions, states, etc)

Demographic (Age, life-cycle stage, gender , etc.)

Psychographic (social class, lifestyle, personality)

Behavioral (Occasions, benefits, user status)

28
Q

Demographic Segmentation

A

Gender Segmentation: Divides a market into different segments based on gender

Income Segmentation: Dividing a market into different income segments

29
Q

Behavior Segmentation

A

Occasion segmentation: Divides the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Benefit segmentation: Segments divided according to the different benefits that consumers seek from the product.

User Status: Markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users.

Usage rate: Markets can be segmented into light, medium, and heavy product users

Loyalty status: Consumers can be loyal to brands, stores, and companies.

30
Q

Variable for Segmenting International Markets

A

Geographic location
Economic factors
Political and legal factors
Cultural factors

31
Q

Requirements for Effective Segmentation

A 
Measurable
Accessible
Substantial
Differentiable
Actionable
32
Q

Market-Targeting Strategies

A

Undifferentiated (or mass marketing): refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Differentiated (or segmented marketing): refers to a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

Concentrated (or niche marketing): refers to a market-coverage strategy in which a firm goes after a large share of one or a few smaller segments or niches.

Micromarketing: tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Mass customization: The process by which firms interact one to one with masses of customers to design products, services, and marketing programs tailor-made to individual needs.

33
Q

Micromarketing

A

Local Marketing: Tailoring brands and marketing to the needs and wants of local customer segments like cities, neighborhoods

Individual Marketing: Tailoring products and marketing programs to the needs and preferences of individual customers

34
Q

The Product/Market Expansions Grid

A

Market Penetration: Same product & market

Market Development: Same product, different market

Product Development: Different product, new market.

Diversification: New product, new market

35
Q

Forces in Macoenvironment

A 
Culture
Economics
Natural 
Political 
Demographics
Technological
36
Q

Factors in Microenviroment

A

Suppliers
Marketing Intermediaries
Competitors
Public

Marketing (6 decks)

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