Exam 1 Flashcards
(40 cards)
What is marketing and what are it’s goals
Marketing is…
…creating value for customers
…satisfying needs and wants
…building strong customer relationships
Goals:
Attract new customers
Keep and grow current customers
what are the 4 P’s of marketing
Understand 4 P’s of Marketing:
Product
Price
Place
Promotion
what is the 5 step marketing process
Research: Understand the marketplace and the consumer needs and wants
Design strategy: Design a customer driven marketing strategy
Implement: Construct an integrated marketing program that delivers superior value
Monitor/control: Build profitable relationships to deliver customer delight
Equity: Capture value from customers to create profits and customer equity
what are a customers basic needs
Physical: food, clothing, warmth, safety
Social: belonging, affiliation
Individual: self-esteem, self-expression, knowledge
what is the difference between a need want and demand
Need: shelter
want: a mansion
Demand Money
things to keep in mind when making a marketing strategy
2 questions: who? and how?
GOALS
STP
Segmentation
Target Market
Positioning
what is product orientation
You buy the product because its a better product, market the product
what is sales orientation
Price focus / cheaper/ more affordable
what is Market orientation
designed for the consumer/ built to their needs
how do you capture value from customers
Current and future sales, market share, and profit
Value Loyalty
Customer value =
loyalty and retention
customer share
customer equity
what is strategic planning and what questions do we need to ask
Developing and maintaining a strategic fit between the company’s goals and capabilities and its changing marketing opportunities.
Questions to ask: Where do we want to be? Who we are? What do we have? How do we go after opportunities?
what are the types of customers
Stranger: Low potential profit, low loyalty
Butterfly: High potential profit, low loyalty
True friend: High potential profit, high loyalty
Barnacle: low potential profit, low loyalty
how do we set objectives and goals
we look at our mission and we base our objectives on that
what goes in the mission statement
Organization’s purpose
What is the business? Who is the customer? What do the customers value? What should our business be?
how do we identify consumer opportunities
Create value for customers and build profitable customer relationships
Marketing strategy decisions (STP):
Market Segmentation and Targeting
Differentiation and Positioning
STP guides Marketing Mix decisions
how do we implement our plans
Marketing plans - Marketing actions:
Implementation involves day-to-day, month-to-month activities that effectively put the marketing plan to work
what are the 4 steps of marketing control and what are the two types
Marketing control involves four steps:
Set specific marketing objectives and metrics
Measure performance in the marketplace
Evaluate performance
Take corrective action to ensure that objectives are attained
Operating vs. Strategic Control
how do we measure ROI
Multiple methods to assessment:
Standard marketing performance measures:
Brand awareness, sales, market share
Customer-centered measures:
Customer acquisition, customer retention, customer lifetime value, customer equity
how do we perform a portfolio analysis
Evaluation of products and businesses that make up the company
Strategic Business Units (SBUs) – 2 important dimensions:
Attractiveness
Strength of SBU’s position in market
what are the strategies for growth and downsizing
Market penetration: current market, current product
Market development: new market, current product or service
Product development: current market, new product
Diversification:New market, new product
explain the marketing environment
Forces outside marketing that affect the company’s ability to build and maintain successful relationships with consumers
2 different types of environments:
Micro- (or immediate) environment
Macroenvironment
what is the micro environment
Microenvironment: direct influences on the consumer and the company
actors close the company that directly affect its ability to serve its customers
what are the three parts of micro environment
Coorporate partners
company
competition
all around customers
explain corporate partners: suppliers
Supply raw materials for the finished goods
Quality and reliability are key
