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chapter one and two Flashcards

1
Q

what is marketing?

A

managing profitable customer relations, aims to create value for customers

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2
Q

5 core customer and marketplace concepts

A
  • needs and wants
  • market offerings
  • value and satisfaction
  • exchanges and relationships
  • markets
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3
Q

needs

A

states of felt deprivation

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4
Q

wants

A

form human needs take as shaped by culture

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5
Q

demands

A

wants that are backed by buying power

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6
Q

market offerings

A

combination of goods etc offered to a market to satisfy a need or want

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7
Q

marketing myopia

A

focus only on existing wants, loose sight of underlying customer needs

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8
Q

transaction

A

trade between 2 parties that involves at least 2 things of value

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9
Q

market

A

set of all actual and potential buyers

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10
Q

marketing management

A

choosing a target get market and building a profitable relationship

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11
Q

demarketing

A

temp or permanently reduce demand

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12
Q

demand comes from

A
  • new customers

- repeat customers

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13
Q

production concept/orientation

A

company places its ability to produce goods at its core

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14
Q

product concept/orientation

A

Favour high quality and unique products at its core

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15
Q

selling concept

A

focus on sales transactions more than building long term profitable customer relationships

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16
Q

marketing concept/orientation

A

knowing needs and wants of the target market, creates lasting relos based on value and satisfaction

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17
Q

societal marketing concept

A

decisions consider consumer wants and long term interests

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18
Q

CRM (customer relationship marketing)

A

detailed info about customers and managing customer touch points in order to max customer loyalty

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19
Q

consumer perceived value

A

customers evaluation between all the benefits and all the costs relative to its competitors

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20
Q

customer satisfaction

A

products perceived performance exceeds expectations

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21
Q

consumer generated marketing

A

role in shaping their own brand experiences

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22
Q

partner relationship management

A

working with partners outside the company to bring greater value to customers

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23
Q

customer lifetime value

A

customers overtime exceed cost of attracting and selling to that customer

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24
Q

share of customer

A

portion of purchasing that a company gets in its product categories

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25
customer equity
total combined customer value
26
butterflies
potentially profitable but not loyal
27
true friends
both profitable and loyal
28
true believers
come back regularly and tell others
29
barnacles
highly loyal but not very profitable
30
not for profit marketing
aim to make surplus ace so they can continue to operate, dont seek profit
31
winning marketing strategies are able too....
serve target customer
32
value =
anything with money worth, represented by the fulfilment of a need
33
customer vs consumer
customer = makes the purchase | consumer =person who uses it
34
5'cs
context, company, collaborators, competition and customers
35
Strategic planning
developing and maintaining a fit between organisations goals and capabilities, detailed marketing plans
36
mission statement
statement of purpose
37
SBU (stratigraphic business units)
key business that makes up a company
38
business portfolio
businesses and products that make up the company
39
portfolio analysis
evaluation of how the company can best use their strengths
40
growth share matrix
portfolio planning method where the company evaluates how to best use their strengths
41
stars (maker share)
high growth, high share, need heavy investments to produce a rapid growth, eventually slow down and become cash cows
42
cash cows (maker share)
low growth, high share, need less investments to hold their market share, produces a lot of cash the compmay can use to pay bills
43
question marks (maker share)
low share, high growth markets, require a lot a cash, aim to be built into stars
44
dogs (maker share)
low growth, low share, generate enough to maintain themselves
45
problems with matrix approach
- difficult - time consuming - costly - hard to define and measure growth - hard to future plan
46
product/market expansion grid
planning for identifying company growth through market penetration
47
market penetration
increasing sales of current products to current market segments without changing the product
48
market development
new market segments for current products
49
product development
growth by modifying or new product to current market segments
50
diversification
growth by acquiring business outside current product and markets
51
marketing strategy
hopes to create customer value and achieve profitable customer relationships
52
market segmentation
Analysing and dividing markets into distinct groups
53
positioning
arranging for a product to occupy a clear and distinctive place in the minds of target consumers relative to competing products
54
differentiation
Differentiating the companies market offering from that offered by its competitors
55
marketing mix
set of controllable marketing tools, product placement, price, promotion, people and physical evidence that blends to produce the response it wants in the target market
56
3 additional marketing mix variables
people, process and physical evidence
57
SWOT analysis
strengths, weaknesses, opportunities and threats
58
marketing implementation
turns marketing strategies and plans marketing actions in order to achieve marketing objectives
59
ROI
return on marketing investments
60
4 steps for strategic planning
1. defining company mission 2. setting objectives 3. designing a business portfolio 4. develop functioning plans
61
actors in the enviro
- suppliers - customers - competitors - publics and other
62
enviro forces
- demographic - economic - natural - tech - political - cultural
63
public
group with actual or potential interest interest in ability to achieve objectives
64
types of public
Financial publics (shareholders, banks, investors) media publics (social media, tv etc) government publics (product safety, truth in ads act) citizen action publics (consumer organisations, enviro groups, being questioned by these) local publics (residents) general publics internal publics (workers, employee attitudes)
65
customers are
the most important actors in the micro environment
66
5 types of customer markets
- consumer market (personal consumption) - business markets (use in production process) - reseller market (buy to sell for profit) - government markets (public service) - international markets (buyers overseas)

marketing101 (1 decks)

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