Understanding marketing management Flashcards
What is marketing?
marketing is about identifying and meeting human and social needs at a profit
Which types of customer needs are there?
Stated needs real needs unstated needs delight needs secret needs
Name the three transformative forces
Technology, globalization and social responsibility
What is the production philosophy
Proposes that consumers prefer products that are widely available and inexpensive
What is the product philosophy
Proposes that consumers favour products offering the most quality, performance, or innovative features.
What is the selling philosophy?
holds that consumers and businesses, if left alone, won’t buy enough of the organisations offerings.
What is the marketing philosophy?
A customer-centered sense-and-response philosophy. Hols that it is a total company effort to achieve customer satisfaction at a profit.
What is the holistic marketing philosophy?
An extension to the marketing philosophy
What is management?
a process that involves the major functions of planning, organising, leading and controlling resources in order to achieve goals.
What is a manager?
the people within an organisation charged with running the organisation on behalf of the owners
What are the main management styles?
democratic, autocratic and participative
What is marketing management?
a business discipline which achieves goals through the practical application of marketing techniques and the management of a firms marketing resources and activities
What is relationship marketing?
the practice of building long-term satisfying relations with key parties
name the entry strategies
the waterfall approach, the sprinkler approach,
What is the waterfall approach
gradually enteringcountries in sequence
What is the sprinkler approach?
Namely entering many countries simultaneously
What is a standardised marketing mix?
Standardisation of all marketing mix activities
What is an adapted/localised marketing mix?
The marketing mix activities are tailored to each target group
What is a global strategy?
Standardisation of certain elements in the marketing mix and localisation of others
What are the models of entry global?
indirect exporting, direct exporting, licensing, joint ventures and direct investment
What is the value chain?
A tool for identifying ways to create more customer perceived value.
What are the primary activities in the value chain?
inbound and outbound logistics, operations, marketing and sales, service
What are the support activities in the value chain?
Firm infrastructure, human resource management, technology development, procurement
What is digital marketing?
the management and execution of marketing using digital technology
Why does firms make a value Chain?
Is used to see what parts of the value chain that creates more value being outsourced or owned by the company itself.
What is linkages?
The relationship between the way one value activity is performed and the cost or performance of another. How do they influence each other. Often between primary and support activities.
What is vertical linkages?
Linkages doesn’t only exist in a firm’s value chain, but also between a firm’s chain and the value chains of suppliers and channels. The way supplier or channel activities are performed affects the cost of performance of a firm’s activities
What is a buyers value chain?
A value chain of the household. It is difficult to construct a value chain that include everything, but it is possible to construct a chain for those activities that are relevant to the firm’s product.
Name the four competitive scopes
Segment Scope, vertical scope, geographic scope and Industry Scope.
Explain the Boston Model
Question mark, Stars, Cash Cows and Dogs.
Ansoffs product - market expansion grid
Market penetration strategy(current markets, current products)
Market development strategy(Current products, new markets)
Product development strategy(New products, current markets)
Diversification strategy(new product, new markets)
What does the strengths and weaknesses in the SWOT show?
What is helpfull to achieving the goal
What is harmfull to achieving the goal
Porters generic strategies
Overall Cost leadership
Differentiation
Focus (market focus)
