Philosophy And Orientation Flashcards

1
Q

What is marketing

A

“The management process responsible for identifying, anticipating, and satisfying customer requirements profitably”

(Chartered institute of marketing, 2001”

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2
Q

Key concepts of marketing

A

It is a management process

It is about giving customers what they want

It identifies and anticipates customer requirements

It fulfils customer requirements profitably

It offers and exchanges ideas, good and services

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3
Q

Needs wants and demands

A

Need- state of felt deprivation( physical, social, individual)

Want- needs shaped by culture and personality

Demand- wants that are backed by buying power

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4
Q

The market offering products and services and experiences

A

Companies address needs by establishing a “value proposition”
- a set of benefits that they promise to consumers to satisfy their needs

Product- tangible
Service - intangible
Experience

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5
Q

Value and satisfaction

A

Value- Difference between benefits from owning and using a product/service and the cost of obtaining and using it

Satisfaction- Difference between a product or service perceived performance and the buyers expectations and

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6
Q

Exchange, transactions and relationships

A

Exchange- the act of obtaining a desired object from someone by offering something in return

At least two parties participate, they offer something in value to the other, each party can accept or reject, parties must be able to communicate and deliver

A transaction is trade between two parties

Relationships- Creating, maintaining and enhancing relationships with all stakeholders

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7
Q

Marketing management philosophies

A

1) production orientation

  • Driven by manufacturing and factory processes
  • Consumers favour products that are available and affordable
  • increase production and reduce cost
  • achieve scale economy
  • make profit through volume sales
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8
Q

Marketing management philosophies

A

2) product orientation
- Driven by engineering process, production, and operational processes
- consumers favour products of highest quality, performance and innovative features
- Marketing myopia

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9
Q

Marketing management philosophies 3

A

Sales orientation

Driven by aggressive salesmanship and novel promotional methods

Products are sold and not bought

So companies need aggressive selling and promotion efforts

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10
Q

Marketing management philosophies - 4

A

Marketing orientation

Determine needs and wants of target markets

Coordinate all marketing activities affecting customers

Invest in brands and branding

Make profit by building long term relationship with customers by offering value and satisfaction

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11
Q

Marketing management philosophies 5

A

Emerging orientations and philosophies

Societal and ethical marketing orientation:
Responsive to the wellbeing needs of consumers, society, and the environment

Cost cutting: the dominance of accounting and the increasing focus on costs, the bottom line, and shareholder profits- also leads to shrinking product sizes, cheaper ingredients, poorer choice, poorer service etc

Data driven: the availability of consumer generated data provides marketers with a great degree and depth of consumers insights

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12
Q

Components of the Marketing mix (4 Ps)

A

Product - new product development, product management, product features, benefits, branding, packaging, after sales service

Price - costs, profitability, value for money l, competitiveness, incentives

Place- access to target market, channel structures and management, retail network, logistics

Promotion - promotional mix, advertising, sales, public relations, direct marketing

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13
Q

Marketing mix for products

A

Product- features, packaging, branding, customisation, delivery, after sales service

Price- costs, profit, competitiveness in the market

Place- distribution channel, location, assortment

Promotion- advertising, sales promotions, direct marketing

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14
Q

Marketing mix for services

A

Physical evidence- Intangibility in service, ambience, image, brand

People- quality of interaction between customer and employee, relationships, service provision

Process- Heterogeneity in service delivery, control and process becomes important , standardisation of services

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15
Q

Evolving with the times

A

The world wars greatly influenced - technologies developed through increased government R&D

Post war lifestyle standards rose

Rising demand for products and services

Lead to branding

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