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Marketing > Module A: Defining Marketing And The Marketing Process > Flashcards

Module A: Defining Marketing And The Marketing Process Flashcards

1
Q

Definition of marketing

A

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

OR

Marketing is the management process which identifies and anticipates what the customer needs

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2
Q

What are the steps of the marketing process?

A
  1. Understand the marketplace and customer needs
  2. Design a customer-driven strategy
  3. Construct an integrated marketing program that delivers superior value
  4. Build profitable relationships and create customer delight
  5. Capture value from customers to create profits and customer supply
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3
Q

Tangible good

A

Products

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4
Q

Intangible good

A

Services or forms of entertainment

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5
Q

What are the 4 P’s?

A

Price, Product, Place, Promotion

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6
Q

What are the 7 P’s / the extended marketing mix?

A

Process, Physical Evidence, People

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7
Q

What is the marketing mix?

A

The marketing mix is a set of tools used at the disposal of the marketing maneger in order to implement the marketing strategy

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8
Q

What is a need

A

A need is a state of deprivation
- Physical : food, clothing, warmth, safety
- Societal : belonging and affection
- Individual : knowledge and self expression

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9
Q

What is a want?

A

A want is the form that needs take as they’re shaped by culture and individual personality

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10
Q

What is a demand?

A

A demand is a want which is backed by purchasing power

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11
Q

What are market offerings?

A

Market offerings are a combination of products, services, info or experienced offered to a market to satisfy a need or want

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12
Q

What is marketing myopia?

A

Marketing myopia is when companies focus only on current customer wants and not focusing on future potential customer wants

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13
Q

What is an exchange?

A

An exchange is the act of obtaining a desired object from someone by offering something in return

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14
Q

What is a market?

A

The set of actual and potential buyers of a product

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15
Q

What is market segmentation

A

Market segmentation refers to diving the markets into segments of customers

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16
Q

What is target marketing?

A

Target marketing refers to the choice of segments the business chooses to serve

17
Q

What is a marketing orientation / philosophy / concept?

A

Marketing orientation is a business philosophy - an analysis of how a company will implement its strategy of identifying customer needs or wants and satisfy them

18
Q

What are the 5 marketing concepts?

A

Production, product, selling, marketing, social

19
Q

What is the production concept?

A

The production concept is the idea that consumers will favour products that are available or highly affordable

20
Q

What is the product concept?

A

The product concept is the idea that consumers will favour products that offer the most quality, performance and features and that the organisation should therefore devote its energy to making continuous product improvements

21
Q

What is the selling concept?

A

The selling concept focuses on making every sale of the product, regardless of the quality of the product or the need of the customer. The main focus is to make money. This philosophy doesn’t include building relationships with customers

22
Q

What is the marketing process?

A

The marketing process is the idea that achieving organisational goals depends on knowing the needs and wants of the target markets and delivering tye desired satisfactions better than competitors do

23
Q

What is the societal marketing concept?

A

The societal marketing concept is the idea that a company’s marketing decisions should consider consumer’s wants, the company’s requirements consumer’s long-term interests and society’s long-run interests

24
Q

How is the societal market in concept split?

A

Society (human welfare)
Consumers (want satisfaction)
Company (profits)

25
Q

What is an integrated marketing program?

A

An integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers

26
Q

What is customer relationship management (CRM)?

A

CRM is the combination of practices, strategies and technologies that companies use to manage and analyse customer interactions and data throughout the customer lifecycle

27
Q

What are the two types of customer relationships?

A

Basic Relationships
Full Partnership

28
Q

What are the three main aspects of CRM?

A
  • Customer Value
  • Customer Perceived Value
  • Customer Satisfaction
29
Q

What are basic relationships?

A

Basic relationships are often used by a company with low-margin customers

30
Q

What are full partnerships?

A

Full partnerships are used in markets with few customers and high margins, sellers want to create full partnerships with key consumers

31
Q

What is a supply chain?

A

A channel that stretched from raw materials to components to final products to final buyers

32
Q

How can companies keep their customers loyal?

A
  1. Give customers a reason to be loyal
  2. Design a creative and engaging loyalty program
33
Q

What is customer lifetime value?

A

Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage

34
Q

What is the share of customer?

A

Share of customer is the portion of the customer’s purchasing that a company gets in its product categories

35
Q

What is equity?

A

Equity is a better measure of a firm’s performance than current sales or market share.

36
Q

What are the 4 types of customers?

A
  1. Strangers: low loyalty and profitability
  2. Barnacles: high quality, low profitability
  3. Butterflies: low loyalty, high profitability
  4. True Friends: high loyalty, high profitability

Marketing (2 decks)

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