Summative Exam (Part 2) Flashcards
fundamental concepts and guidelines that serve as the foundation for effective marketing strategies and practices.
These principles are essential for businesses and organizations to understand and apply when planning, executing, and evaluating their marketing efforts.
Marketing principles
Here are some key marketing principles:
Customer-Centricity
Value Proposition
Segmentation
Targeting
Positioning
Marketing Mix (4Ps)
Place the customer at the center of all marketing activities.
Understand their needs, preferences, and behaviors to create products and campaigns that resonate with them.
Customer-Centricity
Clearly communicate the unique value that your product or service offers to customer
Explain how it solves their problems or fulfills their desires better than alternatives.
Value Proposition
Divide your target market into distinct segments based on factors like demographics, psychographics, behavior, and needs.
Tailor your marketing efforts to each segment for better effectiveness.
Segmentation
Focus your marketing resources on the most promising segments that are most likely to respond positively to your offerings.
Targeting
Establish a clear and differentiated position in the minds of your target audience.
Communicate what sets your brand apart from competitors.
Positioning
Develop and offer products or services that meet customer needs and are designed to create value. (Customer Needs and Wants)
Product
Determine pricing strategies that align with customer perceptions of value while covering costs and generating profits. (Cost to the Customer)
Price
Ensure products are available to customers through effective distribution channels and locations. (Convenience)
Place
Create and execute marketing communication strategies to raise awareness, educate, and persuade target audiences. (Communication)
Promotion
customer-oriented framework that evolved as a response to the traditional 4 P’s (Product, Price, Place, and Promotion) of marketing.
The 4 C’s of marketing
Coordinate and align marketing efforts across various channels and tactics to ensure consistency in messaging and a seamless customer experience.
Integrated Marketing
Conduct research to gather data and insights about customer behavior, market trends, and competitive landscapes.
Use this information to make informed decisions.
Marketing Research
Utilize data and analytics to measure the performance of marketing campaigns, optimize strategies, and make data-based decisions.
Data-Driven Decision-Making
Adhere to ethical standards and social responsibility in marketing practices. Avoid deceptive or harmful tactics.
Ethical and Responsible Marketing
Aim for long-term success rather than short-term gains. Build and maintain customer relationships for sustained growth.
Long-Term Focus
Embrace innovation and adapt to changing market dynamics, technologies, and consumer trends
Innovation
Collect feedback from customers and stakeholders to identify areas for improvement and refine marketing strategies.
Feedback and Continuous Improvement
Assess the effectiveness and efficiency of marketing efforts by measuring ROI
Return on Investment (ROI)
Identify and leverage your strengths and _____________ in the marketplace.
Competitive Advantage
Invest in brand development to create a strong and recognizable brand identity that resonates with customers.
Brand Building:
involves the systematic gathering, processing, and interpretation of data related to the market, customers, competitors, and internal factors.
It helps in understanding the current market conditions and identifying opportunities and threats.
Serves as the foundation for the entire marketing process. It provides insights and data that inform marketing planning decisions.
It helps identify target audiences, market trends, and competitive
Marketing Analysis
the process of setting marketing objectives, developing strategies, and creating a detailed action plan to achieve those objectives.
It involves making decisions about product/service offerings, pricing, promotion, and distribution.
relies heavily on the insights gained from marketing analysis
Marketing Planning
the phase where the marketing plan is put into action. It involves executing marketing activities, such as advertising campaigns, product launches, and sales promotions, as per the plan
Marketing Implementation
the practical application of the marketing plan.
Implementation
requires clear planning to ensure that the right activities are carried out at the right time and in the right manner.
Effective implementation
the process of monitoring and measuring the results of marketing activities to ensure they are in line with the marketing plan and organizational goals.
It involves comparing actual performance to planned performance and making adjustments as needed.
Marketing Control
feedback mechanism that helps identify whether the marketing plan is achieving its objectives.
It relies on data and metrics to assess the effectiveness of marketing efforts
Control
is a strategic planning tool that helps businesses and organizations assess their current internal strengths and weaknesses, as well as external opportunities and threats.
SWOT analysis
internal attributes and resources that give a business a competitive advantage.
Strengths (Internal)
A well-recognized and respected brand in the market.
Strong Brand
Highly trained and motivated employees with specialized skills
Skilled Workforce
Efficient production processes that lead to cost savings.
Cost Efficiency
Superior product or service quality compared to competitors.
Quality Products/Services
Dominance in a particular market segment
Market Leadership
Healthy cash flow, strong financial reserves, or access to capital.
Financial Resources
the internal factors that hinder a business’s ability to perform at its best or compete effectively.
Weaknesses (Internal)
Use of outdated or inefficient technology.
Outdated Technology
A narrow range of products or services compared to competitors.
Limited Product Range
Difficulty in retaining skilled employees.
High Employee Turnover
Limited financial resources or high debt.
Financial Constraints
Weak marketing strategies or limited brand recognition.
Inadequate Marketing
Low customer satisfaction due to service issues.
Poor Customer Service
external factors and trends that a business can capitalize on to achieve its goals and grow
Opportunities (External)
A growing market for the industry’s products or services.
Market Growth
Opportunities to expand into new geographic markets.
Emerging Markets
Using new technology to improve operations or develop new products.
Technological Advancements
Aligning products or services with changing consumer preferences.
Changing Consumer Trends
Forming partnerships or collaborations with complementary businesses.
Strategic Alliances
Opportunities arising from favorable changes in government regulations.
Regulatory Changes
external factors and forces that can potentially harm or disrupt a business.
Threats (External)
Increased competition from existing or new players in the market.
Intense Competition
Economic recessions affecting consumer spending
Economic Downturn
New regulations that impact the industry.
Changing Regulations
Interruptions in the supply chain due to various factors.
Supply Chain Disruptions
Risks related to natural disasters like hurricanes, earthquakes, etc.
Natural Disasters
Shifts in consumer preferences away from the organization’s products or services.
Consumer Trends
Dividing the market into distinct segments based on characteristics such as demographics, psychographics, or behavior. This allows businesses to target specific groups with tailored marketing efforts.
Market Segmentation
Identifying a specific group of customers who are most likely to be interested in a product or service and directing marketing efforts toward them.
Target Marketing
The unique value that a product or service offers to customers compared to competitors. Effective value propositions address customer needs and pain points.
Value Proposition
Building long-term relationships with customers through personalized interactions, loyalty programs, and excellent customer service.
Relationship Marketing
comprehensive plan that outlines how a company will achieve its marketing objectives and create a competitive advantage.
It involves making decisions about product positioning, target market selection, pricing, distribution, and promotion.
Marketing Strategy
Identify and segment the market into distinct groups based on characteristics like demographics, psychographics, behavior, or needs. This helps in targeting specific customer segments effectively.
Market Segmentation
Choose the most attractive customer segments to focus on. These segments should align with the company’s resources and objectives.
Target Market Selection
Determine how the product will be positioned in the minds of customers. This involves highlighting unique features or benefits that differentiate the product from competitors.
Positioning
Define the product’s features, quality, design, and branding. Consider product development, improvement, and innovation to meet customer demands.
Product Strategy
Decide on pricing models (e.g., premium pricing, value pricing, competitive pricing) that align with market demand and the perceived value of the product.
Pricing Strategy
Develop marketing and advertising campaigns to create awareness, generate interest, and drive sales. Consider various promotional tactics, such as digital marketing, traditional advertising, social media, and public relations.
Promotion Strategy
Allocate budget and resources to each component of the marketing mix to ensure efficient and effective implementation.
Budgeting and Resource Allocation
Establish key performance indicators (KPIs) to track the effectiveness of the marketing strategy. Regularly analyze data and adjust the strategy as needed to optimize results.
Monitoring and Evaluation
Continuously assess the competitive landscape to identify opportunities and threats and refine the marketing strategy accordingly.
Competitive Analysis
Identify potential risks and develop contingency plans to mitigate them.
Risk Management
