print-mar Flashcards
1
Q
“nambubudol”
saying whatever it is you need to say just to convince people to buy the product/service
A
Traditional Marketing
2
Q
allows us to speak and share information in the internet
allows consumers to post complaints about unsatisfactory products and services that don’t match its marketing and advertisements
A
social media
3
Q
group of people who can avail products and services
A
market
4
Q
three word explanation of marketing
A
understanding the market
5
Q
not just trying to understand the needs and wants of the consumers, you also have to understand their ____
A
behavior
6
Q
figuring out how to fit your product/service to the consumers’ needs and lifestyle
A
Marketing
7
Q
Different methods of market research
A
conducting surveys
studying artifacts
8
Q
Facts about marketing
A
Advertising is the many tools marketing can use.
You can market without advertising.
9
Q
proposed by Abraham Maslow in 1943
human needs are arranged in a hierarchy (lower level basic needs require fulfillment before higher-level needs can be addressed)
A
Maslow’s Hierarchy of Needs
10
Q
Maslow’s Hierarchy of Needs
A
Physiological Needs
Safety Needs
Love and Belonging
Esteem
Self-actualization
11
Q
physiological needs
A
(air, water, food, shelter, sleep, clothing, reproduction)
12
Q
Safety Needs
A
(personal security, employment, resources, health, property)
13
Q
Love and belonging
A
(friendship, intimacy, family, sense of connection)
14
Q
Esteem
A
(respect, self-esteem, status, recognition, strength, freedom)
15
Q
Self-actualization
A
(desire to become the most that one can be)
16
Q
Beliefs caused by bad marketing
A
if a guy doesn’t buy a girl a diamond engagement ring when proposing, it means he doesn’t love her
drinking 8 glasses of water a day is essential for hydration
buy expensive coffins if you love the deceased person
listerine removes bad breath because it cures “halitosis”
weddings are expensive
video games are for boys
17
Q
marketers use it as a basis for marketing decisions and action
the goal is to know the actual consumer behavior
A
Market Research
18
Q
why is a target market of ‘everyone’ is not possible?
A
you cannot understand the entire population for a business
another reason for this is limited resources
19
Q
Bases for Segmenting Consumer Markets
A
Geographic
Demographic
Paychographic
20
Q
Geographic
A
Location, density, climate
21
Q
Demographic
A
Age
Gender
Family size
Race
Occupation
Income
22
Q
Psychographic
A
Lifestyle
Personality
Social class
23
Q
Research Methods
A
read
experiment
interview
observe
survey
focus group
Delphi method
24
Q
Production Concept
A
- oldest concepts in business
- consumers prefer products that are widely available and inexpensive
- high production efficiency, low costs, and mass distribution
- marketers use this when they
want to expand the market
25
Product Concept
consumers favor products offering the most quality, performance, or innovative features
“better-mousetrap” fallacy (believing a better product will automatically attract customers)
a new or improved product will not necessarily be successful unless it’s priced, distributed, advertised, and sold properly
26
Selling Concept
people don’t recognize that they need a product/service until they are told so (businesses ‘sell’ the idea)
27
Marketing Concept
finding the right products for your customers
focusing on the market
28
Holistic Concept
integration of all concepts
29
internal marketing
marketing within the company
30
integrated marketing
products must be in line with the business’ vision and mission
31
performance marketing
gauging performance of the company’s departments
32
relationship marketing
interactions with customers, channels, and partners)
33
The Marketing Process
Understand the marketplace and customer needs and wants
Design a customer driven marketing strategy
Construct an integrated marketing plan that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
34
Understand the Marketplace
needs, wants, and demands
market offerings
value and satisfaction
exchanges and relationships
markets
behavior and lifestyle
35
states of felt deprivation
basic physical needs (food, clothing, warmth, and safety)
Needs
36
shaped by culture and individual personality
Wants
37
wants backed by buying power
Demand
38
combination of products, services, information, or experiences offered to a market to satisfy a need or want
Market offerings
39
a mistake that sellers make when they focus more on the product than the benefits and experiences produced by it
Marketing myopia
40
the act of obtaining a desired object from someone by offering something in return.
Exchange
41
consists of actions to build and maintain desirable relationships.
Marketing
42
art and science of choosing target markets and building profitable relationships with them
Marketing Management
43
Designing a Strategy
What customers will we serve?
How can we serve these customers best?
44
difference between total customer value and total customer cost of a market offering relative to those of competing offers
Customer Perceived Value
45
extent to which a product’s perceived performance matches a buyer’s expectations
Customer Satisfaction
46
Customer Loyalty and Retention
customers remain loyal and talk favorably to others about the product
losing a customer means losing customer lifetime value
47
stream of purchases that the customer would make over a lifetime of patronage
Customer Lifetime Value
48
programs that cross-sell and upsell to existing customers to increase share of customer
Growing Share of Customer
49
portion of the customer’s purchasing that the company gets
Share of Customer
50
total combined lifetime values of current and potential customers
Customer Equity
51
the process of dividing the total market into smaller groups seeking similar needs and wants from a product or service
Market Segmentation
52
the market should be segmented based on ____
Behavior
53
Effective segmentation has two features
It defines needs and wants on which the groups strongly differ
The needs and wants must be capable of being served by the firm
54
Market Segments
Geographic
Demographic
Paychogeaphic
Behavioral
55
Behavioral
Consumer knowledge
Attitudes
Uses or responses to a product
56
Market Segmentation Requirements (MASDA)
Measurable
Accessible
Sustainable
Differentiable
Actionable
57
the size, purchasing power, and profiles of the segments can be measured
Measurable
58
the market segment can be effectively reached and served
Accessible
59
the market segments are large or profitable enough to serve
Sustainable
60
conceptually distinguishable, responds differently to different marketing mix elements and programs
Differentiable
61
effective programs can be designed for attracting and serving the segments
Actionable
62
how companies evaluate and select target segments
Market Targeting
63
set of buyers with common needs
potential customers for a company’s products
Target Market
64
Evaluating Market Segments
segment size and growth
structural attractiveness (competitors, substitute products, bargaining power of buyers and suppliers)
organization resources (objectives and resources in relation to that segment)
65
provide very specialized services
a larger corporation cannot serve smaller products like that
employees of niche stores will be more knowledgeable
Niche marketing
66
local or individual marketing
Micromarketing
67
an advantage over competitors gained by offering customers greater value
competitive advantage
68
“how is your product/service different from your competitors?”
differentiation
69
brands can be differentiated on features, performance, or style and design
product differentiation
70
companies can market through speedy, convenient, or careful delivery
services differentiation
71
gain competitive advantage through the way they design their channel’s coverage, expertise, and performance
channel differentiation
72
hiring and training better people than their competitors do
a company selects its customer-contact people carefully and train them well
people differentiation
73
a company or brand image should convey a product’s distinctive benefits and positioning
image differentiation
74
specific product features or characteristics that set it apart from competitors
product attributes
75
benefits a product offers to consumers (time-saving, cost-effectiveness, or convenience)
benefits offered
76
the difference between traditional and modern marketing
Traditional marketing
- don’t care about the needs and wants of the market
- social media will make sure that they will post who do scams
Modern marketing
- focuses on understanding the market
- come up with a solution for their lifestyle and behaviors
77
Excluding lying about the product itself, explain one example of a manipulation tactic used by traditional marketers and salesmen
- fear of missing out which causes pressure to follow advice without seeking alternative perspectives
- companies will isolate you from engaging with individuals that could give you valuable insights
- they want you only to take their input
- their opinion dominates your decision making process
78
Do marketers agree with marketers who say they should focus on the competition
- no because some marketers believe in focusing more on their own customers
- both perspectives (competition-oriented and customer-oriented) are correct but some focus on one more than the other
79
should all markets be segmented by gender? why?
- segmentation should be based on behavior
- no reason to segment if both genders have the same behavior, needs, and wants
80
Can small stores compete with much larger stores through niche marketing? why?
- Yes, because a small store can know what specifications of product
- marketers are very specialized in certain areas so they can cater to the customer’s needs
81
involves looking at the past and generates the data
Accounting
82
looking at the future, interpreting the data, and using it to know what will be done in the future
Finance
83
in charge of hiring employees and addressing the problems of employees
Human Resources
84
You should conduct a ____ before designing products or services
Market research
85
MARKET RESEARCH
- we use market research as a basis for our marketing decisions and actions
- we use the actual results in our marketing campaigns.
86
Why is Jollibee the number one fast food chain in the Philippines, not MCDO?
because they cater to the tastes of the Filipinos
87
Operations
where inputs(production) converts to outputs(goods/services)
88
organizing the operations in the most efficient way to ensure the business uses their resources effectively
organizing
89
setting long term goals as well short-term strategies needed to execute those goals
Planning
90
serves as the leader for organizations (being a leader with integrity matters)
Leading
91
controlling the activities within the business to ensure that it’s achieving its goals
Controlling
92
STRATEGIC 3 C’S OF MARKETING
Company
Customer
Competition
93
brand identity, values, culture, and capabilities
COMPANY
94
understanding competitive landscapes, strengths
* COMPETITION
95
things you desire but not needed
WANTS
96
[read]
if the company is a big company, then it will be harder to have customer relationships, while if your store is a local or small business, then you can connect with the customers and cater to every individual, unlike if your company is big.
()
97
[read]
CRM is not limited to software
98
[read]
there is no single way to segment a market. a marketer has to try different segmentation variables, alone and in combinations, to find the best way to view market structure.
()
99
[read]
it is better to get data as raw as possible
100
example of geographic
local starbucks
local banks
101
example of demographic
Dove men vs. Dove women
102
example of PSYCHOGRAPHIC
: people who like to hike/adventurous would buy hiking shoes
103
TARGET MARKET VS TARGET AUDIENCE
* target market is defined as the whole group of people that a brand wants to sell to
* target audience is much narrower; its a particular group of individuals the company expects to buy the products
104
the company must fine the segment with the right size and growth
Segment size and growth
105
examine if the segments structural factors is profitable
Structural Attractiveness
106
companies must consider its own objectives and resources in relation to that segment
organization resources
107
Is it more expensive to gain new customers or maintain existing clients?
It is more expensive to get new customers than maintain current customers due to more resources into getting the new customers such as advertising
108
