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LABORATORY MANAGEMENT > TOPIC 5: Principles of Marketing > Flashcards

TOPIC 5: Principles of Marketing Flashcards

1
Q

a form of communicating or promoting the value of a product, service, or brand to the consumers

A

MARKETING

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2
Q

According to _______“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

A

American Marketing Association

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3
Q

4 basic marketing principles: In marketing, a key principle is offering products or services that meet customer needs and preferences. To ensure profitability, businesses must research factors like quality and safety.

Refers to what is being offered to meet customer needs, including goods, services, or experiences.

A

Product

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4
Q

4 basic marketing principles: Pricing involves research to understand customer willingness to pay and competitor prices. Setting the right price requires determining the market value.

The cost the customers pay for the product or service.

A

Price

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5
Q

4 basic marketing principles: Refers to how and where the product or service is made available to customers, ensuring convenience and accessibility.

How and where the product is made available to customers.

A

Place

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6
Q

4 basic marketing principles: The strategies used to communicate with and persuade customers, including advertising, public relations, sales promotions, and social media campaigns.

Methods used to communicate with and persuade customers, such as advertising, public relations, sales promotions, and social media.

A

Promotion

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7
Q

basic marketing principles: Represents the staff, employees, and customer service involved in delivering the product and creating a positive customer experience.

A

people

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8
Q

basic marketing principles: The systems and workflows used to deliver the product or service efficiently and effectively to customers.

A

Process

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9
Q

basic marketing principles: The things customers see that show the product or service is real, like branding or design.

A

Physical evidence

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10
Q

-Introduce and innovate products and services that improve human condition and the quality of life.
-Understand the market and it’s consumers and satisfy their changing needs and wants.
-Design and implement effective customer-driven marketing strategies.
-Develop marketing programs that deliver superior value to consumers.

A

GOALS OF MARKETING

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11
Q

THE 5 VALUE PRINCIPLES OF THE MARKETING PROCESS: You must know everything about your customers’ wants and needs and what the marketplace looks like from the perspective of your company and industry.

A

UNDERSTAND THE MARKETPLACE & CUSTOMER NEEDS & WANTS

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12
Q

Requirements that are essential and must be met.

A

Needs

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13
Q

Desires that go beyond simply satisfying a basic need.

A

Wants

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14
Q

When buyers want specific products that they feel they want or need and are willing to pay for them.

A

Demands

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15
Q

THE 5 VALUE PRINCIPLES OF THE MARKETING PROCESS:
-All good marketing strategies have one thing in common: they’re customer-driven.
-To ensure that your strategies are focused on your customers, you should select the customers you want to serve to have a good definition of your target market.

A

DESIGN A CUSTOMER-DRIVEN MARKETING STRATEGY

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16
Q

THE 5 VALUE PRINCIPLES OF THE MARKETING PROCESS:
-To build plans on how you’ll provide your customers with the quality they expect.
-This program should incorporate the principles of product, price, place, and promotion. This needs a comprehensive understanding of your target audience.

A

CONSTRUCT AN INTEGRATED MARKETING PROGRAM THAT DELIVERS SUPERIOR VALUE

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17
Q

THE 5 VALUE PRINCIPLES OF THE MARKETING PROCESS: Ensure that your customers are happy with your product and customer service so they’ll keep coming back for more.

A

BUILD PROFITABLE RELATIONSHIPS & CREATE CUSTOMER DELIGHT

18
Q

THE 5 VALUE PRINCIPLES OF THE MARKETING PROCESS:
-Customers should always be treated as the most important persons in the world.
-You want your customer to be loyal — they should continue to buy from you for the rest of their lives, if feasible.
-This results in outstanding customer equity, and to do that, you need excellent customer relationship management.

A

CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFITS & CUSTOMER EQUITY

19
Q

THE 4 ACTIVITY PRINCIPLES OF MARKETING THAT LEAD TO CUSTOMER VALUE: The solutions you use that provide value to your customers. You build functional value marketing strategies based on the physical performance of your products.

A

FUNCTIONAL VALUE

20
Q

THE 4 ACTIVITY PRINCIPLES OF MARKETING THAT LEAD TO CUSTOMER VALUE: Function and price will intersect. Remember that your customers need to feel that they got good value for the money they spent on your product.

A

MONETARY VALUE

21
Q

THE 4 ACTIVITY PRINCIPLES OF MARKETING THAT LEAD TO CUSTOMER VALUE: To encourage specific behavior by focusing on your target audience’s needs and wants through subtle messages in your marketing

A

PSYCHOLOGICAL VALUE

22
Q

THE 4 ACTIVITY PRINCIPLES OF MARKETING THAT LEAD TO CUSTOMER VALUE: Refers to how your customers feel your product lets them connect with their peers or interact with others.

A

SOCIAL VALUE

23
Q

MARKETING CREATES VALUE FOR CUSTOMERS THROUGH THE FOLLOWING ACTIVITIES: Happens when you engage with both your suppliers and customers to ensure you give them something of value.

A

CREATING

24
Q

MARKETING CREATES VALUE FOR CUSTOMERS THROUGH THE FOLLOWING ACTIVITIES: Effective communication lets you describe what you’re offering while also learning from your customers if they’re satisfied with what you’ve given them.

A

COMMUNICATING

25
Q

MARKETING CREATES VALUE FOR CUSTOMERS THROUGH THE FOLLOWING ACTIVITIES: You have to get your product or service to your customers effectively that makes the most sense money-wise and optimizes value.

A

DELIVERING

26
Q

MARKETING CREATES VALUE FOR CUSTOMERS THROUGH THE FOLLOWING ACTIVITIES:Your customers are paying for something of value, so you are exchanging something they want or need for their support and money. They must feel that the exchange is favorable and that they’re not wasting their money on something that will disappoint them or leave them dissatisfied.

A

EXCHANGING

27
Q

outlines the employees’ base salary and the company’s commission and incentive program.

A

COMMISSION PLAN

28
Q

TYPES OF COMMISSION PLAN STRUCTURE: A structure where people earn money solely from the commissions on their sales.

A

STRAIGHT COMMISSION

29
Q

TYPES OF COMMISSION PLAN STRUCTURE: A guaranteed base salary plus an additional commission.

A

BASE SALARY COMMISSION

30
Q

TYPES OF COMMISSION PLAN STRUCTURE: The commission rate increases as the salesperson achieves higher sales targets.

A

TIERED COMMISSION

31
Q

TYPES OF COMMISSION PLAN STRUCTURE: The commission is calculated based on the profit made on each sale, rather than just the total sales amount.

A

GROSS-MARGIN COMMISSION

32
Q

is a document that provides important marketing data that can be used to track performance and provide a basis for future planning.

A

MARKETING REPORT

33
Q

TYPES OF MARKETING REPORTS: A marketing report for campaigns that operate on a pay-per-click (PPC) model, in which the advertiser pays a small fee each time someone clicks on their ad.

A

DIGITAL ADVERTISING REPORTS

34
Q

TYPES OF MARKETING REPORTS: A report that monitors whether email campaigns reach the audience and fulfill their engagement goals.

A

EMAIL MARKETING REPORTS

35
Q

TYPES OF MARKETING REPORTS: Monitors digital content performance in terms of engagement and brand awareness. This tracks different channels, such as video, podcast, and blog performance.

A

CONTENT MARKETING REPORTS

36
Q

TYPES OF MARKETING REPORTS: A report after a specific marketing campaign ended.

A

CAMPAIGN REPORTS

37
Q

-Refers to the way your product or services are represented to the people.
-Another principle of marketing.
-Makes a big difference in making a good initial impression.

A

PACKAGING

38
Q

-Refers to ready-made data or materials designed to help businesses.
-Simplifies decision-making and execution in the marketing process.

A

PREPACKAGED INFORMATION

39
Q

-Ready-made data about customer preferences and trends.
-Example: A report showing that eco-friendly products are popular among millennials.

A

Market Research Reports

40
Q

-Pre-designed formats for ads or campaigns.
-Example: A template for social media posts promoting a holiday sale.

A

Marketing Templates

LABORATORY MANAGEMENT (7 decks)

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