Session 1 Flashcards
What is marketing
create, communicate, deliver and exchange an offering. Product, promotion, place, price. It creates value, it satisfies customers wants
Marketing should optimize
Company value, customer value, value to the world
What is empathic design (3 steps)- put yourself in consumers shoes
1.observe consumers
2.Identify needs and pain points
3.Brainstormédvelop solutions
Whats the goal of empathic design
identify needs/opp that consumers cant express
What is a market
Se of actual and potential customers for a G&S. People with desire/ability to buy. End users, intermediaries
What are the 4 evolution of marketing (eras)
Product orientation
Sales orientation
Market orientation
Value-Based orientation
What is product orientation
Compete on dimensions of price/quality.
Assumed product would sell itself
What is sales orientation
Focus on acquiring customers -focus on selling
What is market orientation
wants/need of consumers should guide all firm actions
What is Value-based orientation
Value in a broader sense
Focus on retaining customers; functional integration
T OR F, product based approach is less effective today. Why
True.
Technology changed ; product life cycles have become shorter.
Global competition ; firms can copy innovation quickly
Consumer power ; highly informed/empowered customers
Which type of firm understand, attract and retain the most valuable customers
Value-based firms
No business can succeed without customers.
customers dont buy products- buy benefits, value.
Are new customers cheap
No, it costs up to 25x to attract vs retain a customer
What customer relationship management strategies to build long term relationships do firm use
Customer service, loyalty programs
What is the marketing mix
Product, promotion, place price. TACTICS
What are the 3 c of marketing (analysis)
Customer
Satisfying wants
STP (value proposition) Segmentation, targeting, positioning
Customer lifetime value
Company
Value proposition
SWOT
competitors
Positioning : how firms offerings are perceived by customers relative to what competitors can offer
Direct, indirect
competitive analysis
