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Marketing Strategy > Profitable Customer Relationship I > Flashcards

Profitable Customer Relationship I Flashcards

1
Q

what is marketing

A

engaging customers and managing profitable
customer relationships.

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2
Q

what are the goals of marketing

A
  • Attract new customers by promising superior value
  • Keep and grow current customers by delivering satisfaction
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3
Q

marketing is about ____ What Your Target Customers’ Needs/Desires & Problems
are (Through Research)
And Then Producing Something that can ______ these Needs/Desires or Solve
their Problems,

A

finding out, satisfy

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4
Q

START WITH CUSTOMERS &
NOT COMPANY is called the ________ approach.

A

OUTSIDE IN

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5
Q

what does a business need to do to stand out and succeed

A
  • A Great Product with superior value
  • To Constantly Find out (Research on CB & Trends) What can Satisfy & then deliver Satisfaction
  • To have a GREAT MARKETING Strategic Plan 4Ps - ALWAYS
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6
Q

what are the 5 key points you must know about marketing

A

1) WHAT are you Marketing? Comes in all forms.
2) WHY are you Marketing This Product?? To SOLVE a Problem, SATISFY a
Craving ..OR??
3) WHO are you marketing to? Segmentation
4) Understand Customers & their Behaviour
5) HOW & WHEN & WHERE to Market to them: 4Ps

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7
Q

what can be marketed ?

A

goods
services
events and experiences
persons
places and properties
organizations
Information
Ideas

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8
Q

what are 2 forms of marketing

A

traditional
contemporary

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9
Q

what is the traditional form of marketing

A
  • Making a sale
  • Abundance of products in
    the nearby shopping
    centers
  • Television, magazine,
    and direct-mail ads –
    Mass Marketing (for All)
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10
Q

what is the contemporary form of marketing

A
  • Satisfying customer
    needs
  • Imaginative Web sites
    and mobile phone apps,
    blogs, online videos, and
    social media
  • Reach customers
    directly, personally and
    interactively
    (Personalise)
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11
Q

what are the ‘Forces’ that are Changing the Marketing Landscape

A
  • digital age: learn more abt customers, change the way distribution is done, customize dialogue with customers and more engagement
  • changing economic environment: customers are more affluent (rich) and now are more demanding. marketers have to focus on value, practicality and durability.
  • growth of non for profit marketing: marketing has become important for hospitals, gov and charity organizations.
  • rapid globalization and sustainable marketing: global view of the industry. also glocalisation where you go global but tune the offerings for local.
  • socially responsible marketing: greater responsibility for social and environmental impacts of their actions. (no animal testing, recycle more, etc)
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12
Q

what are the 7 core marketing concepts

A
  1. Needs, wants, and demands
  2. Marketing offerings
  3. Marketing Myopia
  4. Value & Satisfaction
  5. Exchange, Transaction & Relationship
  6. Target Market
  7. Marketing Mix
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13
Q

what is a need

A

Basic human requirements.
A state of felt deprivation
including physical, social,
and individual needs.

NEEDS ARE NOT CREATED BY MARKETERS

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14
Q

what are the types of needs

A

physical: decency & warmth, convenience, safety, shelter, hunger and thirst

social: communication, sense of belonging, affection

individuals: ego, learning, self-expression, knowledge

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15
Q

what is wants

A

A form that a
human need takes,
as shaped by culture
and individual
personality.

WANTS ARE
THINGS THAT CAN
SATISFY NEEDS.

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16
Q

example of need and want

A

thirst is need

water, coffee, coke is want

17
Q

what is demand

A

DEMANDS ARE WANTS FOR A SPECIFIC PRODUCT, BACKED BY BUYING
POWER/ABILITY TO PAY.

want + buying power = demand

18
Q

what is marketing offerings

A

Marketing offerings are a combination of product, services,
information or experiences offered to a market, to satisfy a need
or want.

19
Q

what is products

A

Anything that can be Offered to a Market to Satisfy a Need or Want

20
Q

what is services

A

Activity or Benefit Offered for Sale That is Essentially
Intangible and Does Not Result in the Ownership of Anything

21
Q

what is marketing myopia

A

Marketing myopia occurs when sellers pay more attention to the
specific products they offer (Eg how they can improve and make it
better & better) rather than to the benefits and experiences produced
by the products (what the customers Original Needs or Wants are).

  • IN SHORT – TOO SHORT-SIGHTED from a Business Perspective.
22
Q

marketing myopia 2 examples ?

A
  • Eg1. Train Companies – What biz are they in? Trains or
    Commute? In which case, shouldn’t they also think of ways to
    help customers Commute BEYOND Trains??
  • Eg2. Nokia vs Apple – Epic Myopia
23
Q

what is value proposition

A

 Value Proposition - The set of benefits or values a company
promises to deliver to consumers to satisfy their needs.

 It is the Thing that Differentiates product from others.

24
Q

what is customer satisfaction

A

– Customer satisfaction: Extent to which a product’s perceived
performance matches a buyer’s expectations.

– If BUYERS’ EXPECTATIONS MET, A CUSTOMER WILL BE SATISFIED.

– If EXCEED BUYERS’ EXPECTATIONS, THEN A CUSTOMER WILL BE
DELIGHTED. Even greater chance for Loyalty.

25
Q

what is exchange

A

Act of obtaining a desired
object from someone by
offering something in
return. Like Barter Trade.
Money not involved.

  • 2 Parties involved
  • Desire to trade with each
    other
  • Something of value
26
Q

what is transaction

A

A trade of values
between 2 willing
parties.

Mainly include cash,
cheque, credit etc

27
Q

what is Relationship marketing strategy

A

Consist of actions to
build & maintain
desirable relationships

28
Q

what is target market

A

▪ The set of actual and potential buyers of a product.

▪ These people share a need or want that can be satisfied through exchange relationships.

▪ Eg. Families, Young Parents, Babies, or Silver Population (Old Folks)

29
Q

what is in the marketing mix

A

customer needs are fulfilled by 4Ps

product
price
promotion
place

30
Q

what ar the 4Cs

A
  • co creation
  • currency
  • communal activation
  • conversation
31
Q

example of product as a service

A
  • UOB (banking services)
  • drew and napier (legal services)
32
Q

product as an experience

A

universal studios
legoland

33
Q

product as a place

A

taj mahal
gardens by the bay

34
Q

product as a person

A

christiano ronaldo
miley cirus

35
Q

product as an organization

A
  • IBM
  • NYP
  • Intel
36
Q

Product as an idea

A
  • think and promote sustainability

Marketing Strategy (9 decks)

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