Introduction Flashcards
(15 cards)
Definition of marketing
The process of creating, communicating, and delivering offerings that have value for consumers.
Goal of marketing
To facilitate an exchange
Exchange vs Value
Exchange : An exchange is the process by which an organization exchanges value for customer ressources.
Value : A product creates value if it meets customer needs in a cost-effective way.
Customer needs can be :
Functional (I need to do a task)
Social (I need to fit in)
Esteem (I need to feel good about myself)
Exchanges
Exchanges can be one-time or can be repeated
If possible, companies will make more money if they can get consumers to come back repeatedly.
- The cost of obtaining a new customer is 5x the cost of retaining an old customer.
To encourage repeat exchange, make sure your product performs as well as or better than expected (bonus: delight your customer in other ways as well)
Definition consumer, customer and the market
Consumer: An entity (usually person, sometimes business) who expresses wants and needs by exchanging for products, services or ideas.
Customer: A consumer who buys from your business.
The market: All consumers
Process of marketing
Identify an Unmet needs
- There is no way for people to monitor their pets while they’re away from home.
Segment the Market
- People who treat their pets like family
People who treat their pets like animals
Select your target
- Selecting the target (people who treat their pets like family) who are most likely to use the product
Position & Differentiate (4P)
- Product, Price, Place, Promotion
What p marketing communications is ?
marketing communications are the “Promotion” P of the marketing mix.
Definition of Marketing Communications:
Marketing communications are coordinated promotional messages and related media used to communicate with consumers.
Goal of Marketing Communications:
To communicate an organization’s offer (i.e., the way(s) they provide value) to the customer
Function of Marketing communication
Inform, persuade, remind&reassure and diffrentiate
Inform
- Customer—who was previously unaware of the brand—becomes aware because of MarComs.
- Persuade
Persuading current and potential customers that the offering has value (i.e., fills needs in a cost-effective way) - Remind & Reassure
Reassuring consumers of the value of the product (e.g., check-ins, warranty) & reminding them of the products’ value with the goal to elicit future purchase.
Ex- Coke va continuer à faire des publicités pour nous rassurer - Differentiate
Differentiate your brand and offer from other brands offering similar products, with the goal of capturing market share.
What are the main tools of MarCom ?
Ads, Sales promotion, personnal selling, public relations, direct marketing and word of mouth.
Ads
A form of communication targeted at a segment (e.g., audio, print, television)
Sales promotion
Providing incentives (e.g., coupons, loyalty points, samples) to accelerate sales growth or gather marketing information
Personal Selling
A salesperson engages in one-on-one communication with a customer to encourage a sale.
Public relations
The dissemination of messages through third party media.
Direct marketing
Targets individual customers with the intention of delivering personalized messages (can involve a personal selling component)
Word of mouth
When one consumer shares information about a brand with another consumer. Can be encouraged by the brand but ultimately comes from other consumers
Isn’t digital a tool ?
No, digital marketing is a medium not a tool. For example, we can use the digital medium to transmit ads, direct marketing and sales promotion.
Communication theory :
Feedback: The receiver’s communication back to the source after receipt of the message
Signal: Transferring the intended message to a symbolic state that can be transmitted
Encoding: Transferring the intended message to a symbolic state that can be transmitted
Decoding: Understanding the symbolic state of the message in order to understand the message
Receiver: The individual or organization receiving the message
Source: The individual or organization sending the message
Questions à se poser ?
Who is the source? _______________
What is the signal (i.e., what tool did they use to transmit the message?) ___________
Who is the receiver? ___________________
