9. Marketing Flashcards
(11 cards)
Marketing
Identifying a problem, or convincing people that they have a problem, and then offering a solution
The Five C’s of marketing
- Customer’s needs: Needs firm seek to satisfy
- Company skills: Special competence the firm pocesses to meet those needs.
- Competition: Who competes with firm in meeting needs
- Collaborators: Whom should firm enlist to help it and how to motivate them
- Context: Cultural, technological, and legal factors limit possibilities
Three phases of marketing
Phase I: Marked by a fragmented market, characterized by local production for local tastes, with no vertical or horizontal integration.
Phase II: Marked by unification, a national market is created around a product with mass appeal and supported by national distribution and advertising.
Phase III: Marked by segmentation, boundaries are re-created, market is divided again along demographic and psychographic lines.
Aspiring qualities
Positive, customer-centric, empowering
Product positioning
Facilitated by a graphical technique called perpetual mapping. “Art of tailoring the image and presentation of a product or service to appeal to a selected market segment
Value proposition
Define the benefits to the customers (a reason for customers to buy rather than do nothing, to buy specifically our product and not that of the competitor).
Hierarchy of effects
Unaware of product - Awareness (Cognitive stage) - Knowledge - Liking (Affective stage) - Preference (Behavioral stage)
Three key elements in the marketing process
Market segmentation, targeting, positioning
Marketing segmentation
Classification of consumers and markets into groups based on one or more characteristics under the assumption that these characteristics will lead to behavior in a certain way, specifically to buy the same products.
Targeting
Finding/developing of the right customer segments
Positioning
Refers to the place a product occupies in a customer’s mind relative to their needs and competing products
