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Lecture 1 Flashcards

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1
Q

Marketing

A

Marketing is a multifaceted process that involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

American Marketing Association Definition of marketing

A

American Marketing Association Definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

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3
Q

4 Components of Marketing

A

Creating, Exchanging, Communicating, Delivering

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4
Q

Traditional 4 Ps of Marketing

A

Product, price, Place, Promotion

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5
Q

7 Ps of Marketing

A

Product, price, Place, Promotion, Positioning, People, Value Proposition

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6
Q

Value Proposition

A

The benefit buyers receive that meet their needs when considering the price they pay and the effort needed to get the benefit

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7
Q

Positioning

A

How your offering’s product, price, promotion, and place compare to others in marketplace

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8
Q

Marketing Eras

A

Marketing has evolved through various eras, each characterized by a different focus and approach

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9
Q

Production Orientation

A

Companies completed by reducing production costs, focusing on mass produced products at minimal cost

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10
Q

Selling orientation

A

Company focuses on advertising and selling, using persuasion techniques to convince customers

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11
Q

Product Orientation

A

Companies focused on product innovation, prioritizing the customer needs and satisfaction

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12
Q

Value Era

A

Company focused on creating value for customer and adopting customer centric approach

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13
Q

One-to-one era

A

Company builds relationships with customers individually seeking to serve each customer’s needs

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14
Q

Transformative Era

A

Marketing transformed companies and products to serve customers more comprehensively

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15
Q

Creating offerings that have value

A

Marketing involving creating offers that provide value to customers including both tangible and intangible assets

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16
Q

Value proposition

A

Succinct statement explaining why consumers choose specific brand
Ex: Company makers durable cars that handles well
Delivering performance for all levels of golf
Quality

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17
Q

Positioning

A

Differentiated place that product occupies in minds of target customers

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18
Q

Differentiation

A

Creating a unique, and memorable position for product in market

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19
Q

Compelling Positioning

A

Position that is attractive and appealing to target customers

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20
Q

Positioning Map

A

Visual representation how different products are perceived in relation to key attributes

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21
Q

People

A

Identifying and understanding target customer crucial for success in marketing

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22
Q

Target Customer

A

Specific group of people you aim to market to

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23
Q

Importance of identifying target

A

Ensures marketing message connects with right audience
Efficient use of resources (catering to right customers)
Helps develop effective marketing strategies

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24
Q

Consequences of incorrect targeting

A

Wasted marketing effects
Reduced sales and profitability
Damage to brand reputation

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25
Promotion
All activities designed to create awareness and generate interest in your product or service
26
Promotional tools
Advertising (web, tv, billboard, magazines) Product placement in moves Social media Earned media Event marketing Sponsorship
27
Product or service
Any item or service sold to satisfy buyer's wants, needs, or both
28
Branded products
Products with a unique name and image that promises significant and differentiated benefit
29
Unbranded products
Commodities or products without distinct brand identity
30
Brand
A brand is a unique name or image for an offering in the minds of the target segment that promises a significant and differentiated benefit.
31
Brand Benefits
Command a higher price. Deliver more volume than competitors at a parity price
32
Place (or Distribution)
Place refers to the distribution channels used to deliver your product or service to customers.
33
Beyond Physical Delivery
Ensuring the user understands how to get the most out of the product and receives support if needed
34
Supply Chain
The network of organizations and functions involved in the production and delivery of goods from manufacturer to consumer.
35
Logistics
The transportation and storage of materials and products, a key component of supply chain management.
36
Price
Price is the amount customers pay for your product or service.
37
Pricing Considerations
Customer willingness to pay. Competitor pricing. Costs of production and distribution. Desired profit margin
38
Importance of Marketing
Marketing is essential for individuals and businesses alike, as it plays a crucial role in achieving goals and building success.
39
Possible Marketing Roles
Branding Pricing Strategy Merchandising Advertising Direct Marketing Event Marketing Customer Satisfaction Public Relations Marketing Research Sales Product Development Digital Media Non-Profit Marketing
40
Strategy
Strategy is a plan or approach for achieving your objectives.
41
Objective Setting
Strategy begins with defining clear objectives.
42
Marketing Strategy
focuses on turning people in your target group into customers or consumers.
43
How to Develop a Marketing Strategy
analyzing both the external and internal environments.
44
External Environment
Secondary Research: Databases, trade journals. Primary Research: Interviews and surveys with customers and consumers.
45
Internal Environment
Secondary Research: Business results, interviews and surveys with employees. Primary Research: Interviews and surveys with customers and consumers.
46
SWOT Analysis
Strengths: Internal factors that give the company an advantage. (Page 51) Weaknesses: Internal factors that hinder the company's performance. (Page 51) Opportunities: External factors that present potential for growth. (Page 51) Threats: External factors that pose risks to the company. Internal Factors: Strengths and weaknesses. (Page 51) External Factors: Opportunities and threats. (Page 51)
47
PESTEL Analysis
framework for analyzing the political, economic, social, technological, environmental, and legal factors that affect a company's operations.
48
Competitive Analysis
Competitive analysis involves evaluating the strengths and weaknesses of competitors, their image, and resources.
49
Direct Competitors
Companies offering similar products or services.
50
Five Forces Model
Analyze industry competition Competitive Rivalry: Competition among existing firms. (Page 56) Potential New Entrants: The threat of new competitors entering the market. (Page 56) Supplier Bargaining Power: The ability of suppliers to influence prices and terms. (Page 56) Buyer Bargaining Power: The ability of buyers to negotiate prices and terms. (Page 56) Substitutes: Products or services that can replace the company's offerings. (Page 56)
51
Mystery Shoppers
Individuals hired to gather information about competitors by posing as customers
52
Marketing Plan
comprehensive document that outlines a company's marketing strategies and tactics.
53
Purpose of Marketing Plan
To sell the plan to an audience. To provide details of the project. To seek feedback or approval to proceed.
54
Components of Marketing Plan
Executive Summary Objectives Research Findings & Methodology Brand Architecture Communication Plan
55
Executive Summary
The executive summary provides a concise overview of the marketing plan, highlighting key findings and recommendations.
56
Purpose of executive summary
To tell the story leading with numbers. To be easily understood in a minute or two. To engage key decision-makers quickly.
57
Timing
Written after the marketing plan is complete.
58
Objectives
define the goals and desired outcomes of the marketing plan.
59
Firm Objectives
The overall goals of the company.
60
Project Objectives
The specific goals of the marketing plan.
61
Alignment
Ensuring that firm and project objectives are aligned.
62
Research Findings & Methodology
This section details the research conducted to support the marketing plan, including the methodology used and key findings.
63
Proof Points
Evidence that supports the recommendations.
64
Methodology
Methodology: Description of the research methods used, including sampling, questionnaire development, and interview guide creation.
65
Brand Architecture
outlines the brand's positioning, target audience, and key attributes.
66
People (brand architecture)
Target customer description (demographics, psychographics, geography). Justification for target selection.
67
Positioning (brand architecture)
Key attributes in the category. Comparison of competition on key attributes. Repositioning plan if necessary. (Page 74)
68
Product (brand architecture)
Key product attributes. Changes needed to deliver desired attributes
69
Price (brand architecture)
Retail and wholesale prices. Attractiveness of wholesale price to distribution channels. Competitiveness of retail selling price. Consistency of retail selling price with positioning. (Page 77)
70
Place (brand architecture)
Distribution channels. Volume split by channel. Trade support challenges and opportunities. Keys to success in each channel. (Page 78)
71
Communication Plan
promotional strategies and tactics used to reach the target audience.
72
Promotional Tools:
Media (offline and online). Creative (offline and online). Experiential.
73
Media Plan
Objectives. Strategy. Plan. Cost.
74
Creative Plan
Objectives. Strategy. Plan.
75

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