Periodical Exam Flashcards
Marketing Philosophies:
Relationship Marketing
Marketing Strategies
Focused on building long-term customer relationships and satisfaction.
Relationship Marketing
Aim to maximize return on investment, customer satisfaction, and brand
acceptance.
Marketing Strategies
Market Entry Strategies:
*Product Adaptation and Promotion Extension
*Product Extension and Promotion Adaptation
*Market Development
Modifying the product to adapt for a new market
while keeping promotional strategies intact.
Product Adaptation and Promotion Extension
Modifying the promotional strategies to adapt for a new market while keeping the product
Product Extension and Promotion Adaptation
Expanding existing products into new markets to increase sales.
Market Development
Examples of Green Marketing:
Using post-consumer waste, reducing packaging, promoting recycling.
Examples of Not Green Marketing:
Sending electronics abroad for disposal.
Factors Beyond Company Control:
Economic conditions, changing consumer trends, and natural disasters are external factors.
Elements of Marketing:
Communication and Promotion
Marketing Products
Involves advertising, sales promotion, public relations, and other strategies.
Communication and Promotion
Tangible products perceivable by human senses; services are also part of market offerings.
Marketing Products
Physiological requirements like food, shelter, and clothing.
Needs
Preferences improving life conditions; psychological desires.
Wants
Wants backed by purchasing power.
Demands
Marketing Approaches:
Traditional Marketing Approach
Contemporary Marketing Approach
Focus on production methods, product quality, and effective selling methods.
Traditional Marketing Approach
Emphasizes customer needs, value, and relationships.
Contemporary Marketing Approach
How to handle Difficult Situations in customer service:
Apologies should be immediate, sincere, and personal when necessary.
Customer Feedback in customer service:
Should be focused, outgoing, and available to every employee.
How to Building Customer Loyalty in relationship marketing:
Focus on understanding customer characteristics, preventing negative transitions, and expanding the product market.
Customer Service:
Handling Difficult Situations
Customer Feedback
Relationship Marketing:
Brand costumer loyalty
Customer Value and Loyalty:
Customer Value Proposition
Customer Loyalty:
Customer Value Proposition:
Communicates unique benefits to the customer.
Customer Loyalty:
More cost-effective than acquiring new customers, relies on excellent customer service.
Market Expansion Strategies:
Market Penetration
Market Development
Product Development
Unrelated Diversification
Selling existing products in existing markets.
Market Penetration
Introducing existing products to new markets or geographical areas.
Market Development:
Introducing new products to existing markets.
Product Development
Entering new, unrelated markets.
Unrelated Diversification
Marketing Implementation:
Sequential Series, General Plan of action, Shorter period of time strategic planning, Strategic Decision, Activities to lay-off employees
Sequential Series:
Action Plan
General Plan of action:
Strategic Marketing
Shorter period of time strategic planning:
Tactical Marketing
Strategic Decision:
Activities to expand or divest from certain sectors
Activities to lay-off employees:
Retrenchment
Purpose of CRM:
Increase customer loyalty, track customer information, and assist business decision-making.
