Quiz 1 Flashcards
5 steps of MARKETING PROCESS
UM CD CR CV
- Understand your market (stpd)
2.? - Consumer Decision (third party PV)
4.Customer Relationships (b2b, frequency marketing, club marketing, etc) - Capture customer value
What is customer lifetime value?
What is customer equity?
How good a product/service can be at achieving loyalty/retention
The sum of all customers lifetime value
Market share vs customer equity
Ms: measures past and current value
CE: measures future value
Segmentation vs targeting vs positioning vs differentiation
Seg: which demographic are you customers
Target: how can we target you customers
Pos: where is your brand in consumers mind
Diff: what do you offer that separates you from competitor
Macro environment vs micro environment :
Macro: industry wide impacts and implications
Micro: inner company components
What are the 6 factors that effect a company’s MARKETING MICROENVIRONMENT (CISCPC)
Company
Suppliers
Intermediaries
Competition
Public
Customers
What is the shared goal of a companies Marketing Microenvironment
Understanding customer needs and creating consumer value
Consumer
Business
Reseller
Government
International
What do these adjectives make up
The different types of customer markets
6 Elements of Marketing macro environment. Recall 6 external influences of four ps ( cegep)
Demographic
Economic
Technological
Environmental/natural
Political
Cultural
What about swot is more important than the swot itself?
Figuring out the relationships between swot categories
Marketing managements 4ps, 3cs, and 1 M
Place
Product
Price
ProMotion
Consumer
Company
Competition
Market
What is a competitive advantage
It is a companies differention factor; their selling point ; what we or they do better
3 types of competitive advantage PAPOSA
Positions of advantage
Performance outcomes
Sources of advantage
What is a strategy profile used for
To compare traits of competitors with your own companies traits
Strategy profile is made up of what key success factors
CaPaTaSs PQ
awareness
availability
Assistance
Quality
Staff
MIS: what is internal data
Primary data
Accounting
Sales reports
Product reports
MIS: What is competitive marketing intelligence (external data)
Act of monitoring and collecting all available data on competitors as well as trends and stuff
MIS: 4 steps of marketing research process
Define (objective)
Plan (methods)
Collect (data)
Interpret ( report)
4 types of primary data
Research approaches
Contact methods
Sampling plan
Research instrument
What are the 5 pillars of CORE MARKETING CONCEPTS
Markets
Needs wants and demands
Marketing offers
Value and satisfaction
Exchange, transactions and relationships
Needs vs wants vs demands
Needs: not created by marketers, necessary for survival “ I am thirsty”
Wants: needs as shaped by society and individual “ I am thirsty and so I want Diet Coke”
Demands: WANTS backed by purchasing power “ I am thirsty so I will buy a Diet Coke”
why is value important
Customer’s form expectations about value
- marketers must deliver value to customers
- satisfied customers are returning customers
What is a market?
The set of actual potential buyers of a product
What is Production concept?
Consumer: favours available/affordable products
Company: focus on improving production p/ distribution
What is product concept?
Consumers: favour quality, performance, feature ps
Company: focus on product improvement/ innovation
What is selling concept?
Company: focus on large scale promotion efforts regardless of consumer/product
What is the marketing concept?
Company: focus on understanding the consumers wants and needs and delivering more satisfaction than competition
What is the societal marketing concept
Company: focus entirely on the consumer including long run interests and societal long run interests
Ex environmentally friendly consumer s goods
