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Flashcards in H4 Deck (22)
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1

Marketing

the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

2

Relationship marketing:

creating, maintaining and enhancing long-term relationships with individual customers as well as other stakeholders for mutual benefit. Why?

3

Mass customization

a company can make a product or deliver a service in response to a particular customer’s need in a cost-effective way.
It is more cost-effective to retain existing customers than to acquire new ones

4

Three levels of company messages

1. Corporate: various aspects of a firm’s business practices and philosophies, such as its mission, philanthropies, corporate culture, and ways of responding to inquiries, all have dimensions that communicate with customers and other stakeholders and affect relationships
2. Marketing: consumers make inferences about a product on the basis of elements such as its design, appearance, performance, pricing, service support, and where and how it is distributed
3. Marketing communications: the goal is to communicate with one voice, look, and image across all the marketing communications functions and to identify and position the company and/or the brand in a consistent manner

5

Buzz marketing

when a brand hires trendsetters (not celebrities) in various communities to spread buzz about a particular product, e.g. by giving a number of local influencers in various regions a pair of new sneakers

6

Brand identity

a combination of many factors including the name, logo, symbols, design, packaging, and performance of a product or service as well as the image or type of associations that comes to mind when consumers think about a brand. It encompasses the entire spectrum of consumers’ awareness, knowledge, and image of the brand as well as the company behind it

7

Brand equity

the commercial value of a brand that derives from a consumer’s perception of the brand name of a particular product or service, rather than from the product or service itself

8

Direct marketing

organizations communicate directly with target customers to generate a response and/or a transaction. It involves a variety of activities, including database management, direct selling, telemarketing, and direct- response ads through direct mail, the Internet, and various broadcast and print media

9

Direct-response advertising

a product is promoted through an ad that encourages the consumer to purchase directly from the manufacturer, e.g. direct mail

10

Sales promotion

those marketing activities that provide extra value or incentives to the sales force, the distributors, or the ultimate consumer and can stimulate immediate sales.

11

Sales forces (two categories)

-Consumer-oriented sales promotion: targeted to the ultimate user of a product or service and includes couponing, sampling, premiums, contests etc. These promotional tools encourage consumers to make an immediate purchase and thus can stimulate short-term sales
-Trade-oriented sales promotion: targeted toward marketing intermediaries such as wholesalers, distributors, and retailers. E.g. promotional and merchandising allowances, price deals etc.

12

Publicity

refers to nonpersonal communications regarding an organization, product, service, or idea not directly paid for or run under identified sponsorship. It usually comes in the form of a news story, editorial, or announcement about an organization and/or its products and services → is usually perceived as credible by consumers because the source is unbiased

13

PR

the management function which evaluates public attitudes, identifies the policies and procedures of an individual or organization with the public interest, and executes a program of action to earn public understanding and acceptance. The goal is to establish and maintain a positive image of the company among its various publics

14

Personal selling

a form of person-to-person communication in which a seller attempts to assist and/or persuade prospective buyers to purchase the company’s product or service or to act on an idea (e.g. telephone sales)

15

Promotional management

coordinating the promotional-mix elements to develop a controlled, integrated program of effective marketing communications

16

Promotional plan

provides the framework for developing, implementing, and controlling the organization’s integrated marketing communications programs and activities

17

Marketingplan

a written document that describes the overall marketing strategy and programs developed for an organization, a particular product line, or a brand.

18

5 basic elements marketingplan

1. A detailed situation analysis that consists of an internal marketing audit and review and an external analysis of the market competition and environmental factors
2. Specific marketing objectives that provide direction, a time frame for marketing activities, and a mechanism for measuring performance
3. A marketing strategy and program that include selection of target market(s) and decisions and plans for the four elements of the marketing mix
4. A program for implementing the marketing strategy, including determining specific tasks to be performed and responsibilities
5. A process for monitoring and evaluating performance and providing feedback so that proper control can be maintained and any necessary changes can be made in the overall marketing strategy or tactics

19

Internal analysis

assesses relevant areas involving the product/service offering and the firm itself → advantages and disadvantages of performing the promotional functions in-house as apposed to hiring an external agency + assesses the strengths and weaknesses of the brand/product/service

20

External analysis

focuses on factors such as characteristics of the firm’s customers, market segments, positioning strategies, and competitors → what are the firm’s (in)direct competitors, what is the target market etc.

21

Marketing objectives

what is to be accomplished by the overall marketing program. They are often stated in terms of sales, market share, or profitability.

22

Two important aspects of an advertising program

-Creative strategy: determining the basic appeal and message the advertiser wishes to convey to the target audience
-Media strategy: determining which communication channels will be used to deliver the advertising message to the target audience