Module 1: Marketing Fundamentals Flashcards
role of marketing is it works ______ with other areas within a business and with _______ outside the business
collaboratively
stakeholders
marketers ultimate objective is to
drive profits for a company
focuses on consumers and providing them with value with products that meet their needs
marketing
they attempt to create images for their products that set them apart from competition
marketers
marketers creating images for products that set them apart allows them to
build lasting relationships
focusing on customer needs and wants helps develop these 2 things
customer value
customer loyalty
things humans require to survive
needs
things humans desire
wants
all the goods/services, ideas, or experiences offered to consumers to satisfy their needs and wants
marketing offerings
evaluated based on perceived benefit - perceived cost
value to customers
measured by sales, profits, donations, and long term customer relationships
value to marketers
unique combination of benefits that will satisfy the needs of targeted consumers (price, quality, convenience, etc.)
customer value proposition
creating products with added value is achieved through: (3)
product design
pricing strategies
service elements
4 elements of the marketing mix
product, price, place, and promotion
all attributes that make up a g/s to satisfy customer need
product
design, packaging, service and brand are examples of
product elements
pricing strategy, discounts, returns are examples of
pricing elements
location, distribution and logistics are examples of
place elements
advertising, digital, PR, personal selling are examples of
promotion elements
tools needed to communicate with consumers about products
promotion
process of planning and managing g/s/i to meet consumer n/w
marketing
set of potential buyers with common n/w that are satisfied through exchange
market
specified group of potential consumers marketers aim their marketing efforts
target market
is designed to appeal to specific target market
marketing mix
first step of the Marketing Process
understand the marketplace and consumer n/w
second step of the marketing process
manage the marketing mix to meet consumer needs
third step of the marketing process
capture value from customers to create profits and customer equity
which step in the marketing process do we conduct primary and secondary research
1rst step
in which step of the marketing process do we develop a marketing strategy and execute a marketing program
2nd step
in which step of the marketing process do we evaluate and measure if objectives have been achieved
3rd step
we create value for customer in which steps of the marketing process
1st and 2nd steps
we capture value from customer in which step of the marketing process
3rd step
approach focused on manufacturing goods and improving production process
product orientation
supply couldn’t keep up with demand and consumer needs were not important
product orientation
approach focused on selling as many products as possible
sales orientation
companies operate in a more competitive enviro, and consumer needs are not a priority
sales orientation
approach focuses on understanding target customer n/w
marketing orientation
approach focuses on delivering value better than competitors
market orientation
relationship marketing orientation considers the ________ of customers
life-time value
approach prioritizes long-term relationships rather than short-term sales
relationship marketing orientation
improved customer relationships = improved… (3)
customer loyalty
retention levels
profits
approach has greater use of social media and focuses on CRM and CSR
relationship marketing orientation
focuses on identifying a business’ most valued costumers and creating customer loyalty
customer relationship management (CRM)
courtesy calls, customer loyalty programs, and capturing and analyzing customer data are examples of
customer relationship management (CRM)
is used to ensure customers remain loyal over long period of time
measuring customer relationships
marketers us CRM loyalty programs to gain a greater
share of wallet from customers
the % of a customer’s purchases that a company has in a specific product category
share of wallet
the sales that can be generated by customer if customer remains loyal to company over a lifetime
customer lifetime value (CLV)
when an org takes responsibility for how their business impacts consumers, suppliers, etc.
corporate social responsibility (CSR)
marketing programs that address the well-being of society and the enviro
social marketing concept
social marketing concept considers the long-term impact of marketing on… (2)
society and the enviro
deceptive use of marketing to imply that a g/s is enviro friendly
greenwashing
What company is guilty of greenwashing
dawn dish soap
8 current approaches to marketing
CRM programs CSR digital marketing real-time marketing experiential marketing partnership marketing metrics and analytics marketing regulations and ethical conditions
uses electronic means to reach consumers
digital marketing
when brands reach out by sharing expertise or brand info using research papers, e-books, videos, etc.
content marketing
create or join conversations or events that are occurring to create buzz that is shared by others and on social media
real-time marketing
marketing during The Olympics or the Superbowl is an example of
real-time marketing
real-time marketing teams include (3)
- brand and advertising specialists
- senior executive
- lawyers
used in conjunction with social media programs to create topic of conversation
experiential marketing
marketers create opportunity for consumers to directly interact with brand to generate word-of-mouth awareness (free publicity)
experiential marketing
brands with similar customers combine expertise and use each others strengths to build brand awareness and expand audience
partnership marketing
Tim Horton’s working with Nutella to offer the Nutella donut is an example of
partnership marketing
SCENE loyalty movie reward program with Scotibank is an example of
strategic alliance
a longer-term focus of partnership marketing
strategic alliance
provides easy to use platforms for gathering and analyzing data
metrics and analytcis
provides customer insights and predicts patterns
metrics and analytics
numeric data collected and grouped to track performance
metrics
process of taking metrics and applying it to gain insights to make better business decisions
analytics
has prompted privacy legislations and anti-spam laws
digital technology
