1. Introduction Flashcards
(111 cards)
What is the definition of Marketing Management?
The process of planning, organizing, implementing, and controlling marketing activities to achieve organizational goals and satisfy customer needs.
Involves analyzing market opportunities, researching target markets, developing strategies, and managing the marketing mix.
What is the core idea of Marketing Management?
Creating value and building relationships.
It involves understanding and anticipating customer needs to design and deliver products effectively.
What is the strategic role of Marketing Management?
Aligning the company’s offerings with market demands to meet customer needs and achieve financial objectives.
What is a customer-centric approach in Marketing Management?
Prioritizing customer satisfaction and experience in every aspect of the marketing process.
List the key components of Marketing Management.
- Market Research
- Target Market Selection
- Marketing Strategy Development
- Implementation and Control
What is the difference between traditional and modern marketing management?
Traditional marketing was product-centric, while modern marketing is customer-centric.
How has digital marketing influenced Marketing Management?
It provides new opportunities for reaching customers, gathering insights, and personalizing marketing efforts.
What is the significance of adaptability in Marketing Management?
Marketing management must evolve with changing consumer behaviors, market conditions, and technologies.
What does market share indicate?
The percentage of total sales in a market captured by a company.
What are the key objectives of Marketing Management?
- Customer Satisfaction
- Profitability
- Market Share
- Brand Loyalty
- Sustainable Growth
Define Customer Satisfaction.
The extent to which a product or service meets or exceeds customer expectations.
Why is profitability important in Marketing Management?
It ensures marketing strategies lead to a positive return on investment (ROI).
What is Brand Loyalty?
A customer’s consistent preference for one brand over all others.
What does sustainable growth refer to?
The ability of a company to grow consistently over time without compromising its long-term viability.
What are the key activities in Product Planning and Development?
- Idea Generation
- Market Research
- Product Design and Development
- Product Launch
- Product Life Cycle Management
What is the definition of Pricing Strategies?
Setting the price for a product or service considering factors like production costs and market demand.
List the types of Pricing Strategies.
- Cost-Plus Pricing
- Value-Based Pricing
- Competitive Pricing
- Penetration Pricing
- Skimming Pricing
What is Distribution Management?
The processes and logistics of delivering a product from the manufacturer to the end customer.
What are the key components of effective Distribution Management?
- Channel Selection
- Logistics Management
- Inventory Management
- Channel Relationships
What does Promotion and Communication involve?
Activities that communicate the value of products or services to the target audience.
List the key promotional tools.
- Advertising
- Sales Promotion
- Public Relations (PR)
- Personal Selling
- Digital Marketing
What is Sales Promotion?
Short-term incentives, such as discounts, coupons, or contests, to encourage immediate purchases.
Define Public Relations (PR).
Managing the company’s image and building positive relationships with the public through media coverage, events, and other outreach efforts.
What does Personal Selling involve?
Direct interaction between sales representatives and potential customers to make a sale.