mktg ch1-3 Flashcards
what is marketed
goods, services, events, experiences, people
marketer
someone who seeks a response (attention, money, vote) from another party
types of markets
resource markets, manufacturer markets, consumer markets, intermediary markets, government markets
major market forces
technology, globalization, environment, social responsibilities
holistic marketing
everything matters, internal marketing, performance marketing, integrated marketing, relationship marketing
corporate culture
shared experiences, stories, belief and norms that characterize an org
Strategy
choosing a well defined market in which the company will compete and determining the value it intends to create in this market
tactics
marketing mix, make strategy come alive
5-C framework
to make a clear strategic plan, understanding of customers –> company, collaborators, competitors, context
3-V market value principle
OVP has company value, customer value and collaborator value
7-T’s, seven tactics defining market offering
product, service, brand, price, incentives, communication, distribution
G-STIC approach
set Goal, develop Strategy, design tactics, define implementation, identify control metrics
goal focus
monetary goals and strategic goals
performance benchmarks
quantitative or temporal benchmarks
Designing tactics
resource development, development of the offering, commercial deployment
Identifying controls
evaluate performance (benchmarks), monitor environment
consumer characteristics vs psychology
nature vs nurture
culture
environment, has smaller subcultures
Reference groups
all groups that have direct/indirect effect on a persons beliefs, decisions and behavior
Aspirational groups
groups they want to be like
Dissociative groups
Groups they don’t want to be like
Opinion leader/influencer
offers informal advice or information about a specific product or product category
family of orientation
what you were born into
family of procreation
what you choose
influences on consumer behavior
personal factors, age, life stage, occupation and financial, personality/self concept, lifestyle & values
consumer psychology
consumer motivation, perception, learning, memory
brand statements
often tied to maslow’s hierarchy of needs
maslows hierarchy of needs
physiological, safety, belonging & love, esteem, self actualization
Perception
process by which we select, organize and interpret information to create a meaningful picture of world
selective distortion
tendency to interpret information in a way that fits our preconceptions
selective attention
things you focus on are more prone to be seen again
emotional appeal
most adverts try to evoke emotions
