Flashcards in 1 Deck (147)
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1
What is Marketing?
A customer focus that is geared towards making value promises, enabling fulfillment of expectations due to these promises --> value creation in firm, customers and stakeholders
ideally result should be product that sells itself
2
What is Marketing not?
Advertising & Selling
3
Why is Marketing important?
Shaping products and services
Building strong brands
Identifying target groups
Buying a product means more than becoming the owner of a tangible item. often added with services -> service dominant logic
4
What is Marketing's Role in the market?
Identify:
needs: basic human requirements
wants: directed towards objects that satisfy needs
demands: wants for products with ability to pay
5
What is a Marketplace?
Physical (eg Store)
6
What is a Marketspace?
Digital (eg Internet)
7
What is a Metamarket?
complentary products (eg car market and financing)
8
What are Metamediaries?
Bring together collections and people (autotrader.com)
9
What are Marketing realities and challenges?
- major societal forces (economic, technological, industrial)
- changing consumption patterns
10
How have consumption patterns and consumers changed?
- consumer sophistication
- hybrid consumption behavior (income does not predict well what people will buy)
- importance of health and sustainablity
- local (vs global) values
- aging consumers
11
What is the Marketing philosophy?
consumer centered
goal is to be ore effective than competitors in understanding target group needs
12
What is the marketing mix and what are its dimensions?
Holistic approach
Product/service, Price, Promotion, Place, Physical evidence, Process, People
13
What is marketing management?
Goal directed process:
-Planning
-Implementing
-Controlling
Increase organization wide commitment to put customer first
often includes external suppliers
14
What steps does the Value-Delivering Process have (Kotler)?
Discovering value
Developing suitable customer offering
Delivering value
Communicating value
15
What are planning activities on corporate level?
Mission statement
Vision statement
Defining business
Assigning resources to business units
Assessing growth opportunities
16
What should a mission statement answer?
What is our business?
Who are our customers?
What is the value to our customers?
What will our business be?
What should our business be?
17
How to define a companies' business?
Product definition to Market definition
(companies should take marketing perspective)
eg BP selling fuels -> delivering energy
18
What are strategic business units?
Sub-units of a business that can be managed independently
Each business unit has own set of competitors
Own Manager is responsible for each BU
19
What are the four categories of the BCG Growth-Market Share Matrix?
High growth + low market share = Question Marks
Low Market Growth + Low Market Share = Dogs
High Market Growth + High Market Share = Stars
Low Market Growth + High Market Share = Cash Cows
20
Assessing Growth Opportunities through Ansoff's Product-market expansion grid, what strategies can be taken and when?
current market + current products = market penetration
current market + new product = product development
new market + current product = market development
new market + new product = diversification
21
What is essential when developing BU strategy?
Goal formulation (BU are managed by objectives)
Objectives mus be arranged hierachically, quantified, realistic, consistent
22
What generic strategies does Porter propose?
Differentiation (focus on quality)
Cost leadership (focus on cost)
work in both broad and narrow market scopes
23
BU: Program formulation & implementation, what are the 7 S?
Strategy, Systems, Structure
Skills, Style, Staff, Shared values
24
What are the contents of a marketing plan?
Executive summary and table of contents
introduction of company
situation analysis
marketing strategy
marketing-mix instruments
financial projections
implementation control
25
What is customer-perceived value?
Difference between total customer benefit minus Total customer cost and perceived alternatives
26
What is customer satisfaction?
Perception of actual outcome minus pre-purchase expectations
27
Why is customer satisfaction important?
Satisfied customers are more loyal, promote, pay more
28
What is customer loyalty?
Deeply held commitment to re-buy/re-patronize a preferred product in future despite influences having the potential to cause switching behavior
29
What is the relation of customer-perceived value, customer satisfaction and customer loyalty?
benefits and costs -> perceived value -> satisfaction -> loyalty
30
