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404 - Marketing Management > Lecture 1-3 > Flashcards

Lecture 1-3 Flashcards

(100 cards)

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1
Q

What is the role of marketing?

A

To engineer growth by creating and delivering superior customer value.

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2
Q

What are the 5Cs of marketing?

A

Customer, Company, Competitors, Collaborators, Context.

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3
Q

What does STP stand for?

A

Segmentation, Targeting, Positioning.

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4
Q

What are the 4Ps of marketing?

A

Product, Price, Place, Promotion.

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5
Q

What is marketing strategy?

A

A long-term plan to achieve a firm’s objectives by creating customer value.

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6
Q

What is a tactic in marketing?

A

A short-term action that supports strategic goals.

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7
Q

What does ‘competitive myopia’ mean?

A

Defining competitors too narrowly based on category instead of customer need.

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8
Q

What is value co-creation?

A

Working with collaborators to create value for customers.

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9
Q

Why is context important in marketing?

A

It includes external factors like tech, regulation, and economy.

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10
Q

What is the difference between strategy and implementation?

A

Strategy is the plan; implementation is executing the plan.

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11
Q

What is the goal of segmentation?

A

To identify customer groups that are similar within and different across.

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12
Q

What makes segmentation actionable?

A

It must be reachable, distinct, and valuable.

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13
Q

What is strategic targeting?

A

Choosing segments that align with company goals and provide value.

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14
Q

What is tactical targeting?

A

Ensuring the segment is accessible and responsive.

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15
Q

What is profile-based segmentation?

A

Segmentation based on observable traits like age or income.

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16
Q

What is value-based segmentation?

A

Segmentation based on needs, behavior, and profitability.

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17
Q

What is positioning?

A

Creating a clear, distinctive place in the customer’s mind.

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18
Q

What is a competitive value map?

A

A tool to visualize competitive positioning based on key attributes.

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19
Q

What is cluster analysis?

A

A statistical method to group similar customers.

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20
Q

What is factor analysis?

A

A method to reduce variables into meaningful factors.

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21
Q

What is customer value?

A

The trade-off between perceived gain and perceived pain.

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22
Q

What is CLV?

A

Customer Lifetime Value - the total value a customer brings over time.

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23
Q

How do you calculate CLV?

A

CLV = Margin × (Retention / (1 + Discount - Retention)).

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24
Q

What is perceived gain?

A

The benefits customers associate with a product.

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25
What is perceived pain?
The costs, risks, or hassles associated with the product.
26
What is prospect theory?
A theory showing that people weigh losses more than gains.
27
What is framing?
The way information is presented to influence perception.
28
What is user-based framing?
Positioning based on who uses the product.
29
What is need-based framing?
Positioning based on what the product solves.
30
What is loss aversion?
People dislike losses more than they like equivalent gains.
31
Why integrate losses?
To minimize perceived pain.
32
Why segregate gains?
To maximize perceived benefit.
33
What is the customer journey?
The full experience from awareness to post-purchase.
34
What is AIDA?
Awareness, Interest, Desire, Action.
35
What are micro-moments?
Critical touchpoints in the customer journey.
36
What are benefit barriers?
Customer doubts about promised value.
37
What are experience barriers?
Negative past interactions with the brand.
38
What are awareness barriers?
Lack of knowledge about the brand or category.
39
What are purchase barriers?
Obstacles to transaction like price or availability.
40
What are attitudinal barriers?
Customer beliefs or biases that prevent buying.
41
What are influencer barriers?
Negative influence from trusted others.
42
What is a pre-purchase trigger?
An event or problem that starts the customer journey.
43
Why are customers assets?
Because they generate long-term value.
44
What is the role of perception in value?
Perception shapes how gain and pain are experienced.
45
What does ‘perception is reality’ mean?
Consumers act on what they perceive, not objective truth.
46
What is the zero moment of truth?
When a consumer begins researching online.
47
What is the post-purchase stage?
The phase after buying where loyalty is shaped.
48
What is a customer funnel?
A model describing the path from awareness to action.
49
What is margin in CLV?
Profit per customer before retention and discounting.
50
Why is discount rate used in CLV?
To account for the time value of money.
51
What is retention rate?
The percentage of customers who return over time.
52
Why is segmentation important?
It helps firms target the right customers effectively.
53
What is the role of competitors in the 5Cs?
They serve similar needs and influence strategy.
54
What are collaborators?
Partners that help deliver value, like retailers.
55
What is the economic value of advertising?
Its ability to generate profitable customer actions.
56
What is satisficing?
Choosing an option that is ‘good enough’ instead of optimal.
57
What is maximizing?
Seeking the best possible option.
58
What is choice under uncertainty?
Decisions made with incomplete or risky information.
59
What is choice over time?
Considering delayed outcomes or future benefits.
60
What does decreasing marginal value mean?
Each additional unit provides less satisfaction.
61
What are the Five Forces of Competition?
Threat of New Entrants, Threat of Substitutes, Bargaining Power of Buyers, Bargaining Power of Suppliers, Industry Rivalry.
62
What is the purpose of Porter’s Five Forces in marketing?
To analyze industry structure and understand competitive pressure.
63
How does the threat of substitutes affect marketing strategy?
It pushes firms to differentiate based on value, not price.
64
What increases buyer power in an industry?
Many alternatives, low switching costs, and price sensitivity.
65
How does supplier power influence marketing?
High supplier power can increase input costs and reduce flexibility.
66
What are key considerations in strategic targeting?
Segment profitability, growth, and alignment with firm resources.
67
What does 'pocket of value' mean in segmentation?
A customer segment that offers high value potential.
68
What’s the risk of focusing only on profile-based segmentation?
It overlooks motivations, needs, and behavior.
69
What does B2B segmentation often rely on?
Firmographics, purchase behavior, and decision-making roles.
70
What is firmographic segmentation?
Segmentation by company size, industry, location, etc.
71
What does 'customer journey mapping' help identify?
Pain points and opportunities at each touchpoint in the buying process.
72
What is an example of experiential value?
Ease of use, enjoyment, or aesthetics of a product.
73
What’s the function of the post-purchase stage?
Drives loyalty, repeat purchase, and referrals.
74
What is a good use of framing in pricing?
Presenting a product as 'only $1 a day' instead of $365/year.
75
What is the margin multiplier concept in CLV?
A way to scale per-customer margin by retention and discounting.
76
What is meant by 'perceived costs'?
Includes price, time, risk, and effort.
77
What’s a common psychological barrier to switching brands?
Loss aversion — fear of giving up a known experience.
78
What are some functional benefits in customer value?
Performance, features, durability, and reliability.
79
How does technology affect context in the 5Cs?
It creates new customer expectations and competitive threats.
80
What is category-based framing?
Positioning relative to the broader product category.
81
What is the danger of marketing myopia?
Missing out on broader needs and substitutes.
82
What is emotional value?
Value derived from feelings like trust, pride, or excitement.
83
What is the importance of customer equity?
It reflects the total value of all future customer relationships.
84
Why do marketers analyze choice under uncertainty?
To design offers that reduce perceived risk.
85
What does 'customer stickiness' refer to?
The likelihood that a customer remains loyal.
86
What’s an example of social value in a product?
A brand that signals status or group affiliation.
87
How does the customer journey help with messaging?
It clarifies when and how to communicate value.
88
Why does 'effort optimization' matter in decision making?
Consumers often seek satisfactory options to reduce decision fatigue.
89
What role do influencers play in the customer journey?
They can accelerate or block purchase decisions.
90
What is a touchpoint?
Any interaction between a customer and brand across the journey.
91
What is meant by 'reference point' in prospect theory?
The baseline from which consumers perceive gain or loss.
92
What is an example of satisficing behavior?
Picking the first phone that meets basic needs instead of comparing all options.
93
Why is 'awareness' not enough in the funnel?
Awareness doesn’t guarantee consideration or action.
94
What are the main uses of CLV in strategy?
Budgeting for acquisition, retention planning, and segment prioritization.
95
How can bundling be used strategically?
To integrate multiple small losses and reduce perceived cost.
96
What is psychological switching cost?
Emotional resistance to changing brands or providers.
97
What is product-line framing?
Positioning based on other offerings in the company’s portfolio.
98
What is economic customer value?
The quantifiable financial benefits minus the total cost to the customer.
99
Why is retention rate critical to CLV?
It determines how long value accrues from each customer.
100
What is the ultimate goal of marketing strategy?
To identify, create, and deliver sustainable value for target customers.

404 - Marketing Management (6 decks)

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