Lecture 1 (AI) Flashcards
(25 cards)
What is the primary focus of marketing?
Identifying and meeting customer and societal needs in a profitable way.
This involves understanding customer needs and creating value through various offerings.
Define marketing according to the AMA.
‘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.’
This definition emphasizes the comprehensive nature of marketing activities.
What can be marketed?
- Products
- Services
- Events
- Persons
- Places
- Ideas
- Experiences
This list illustrates the broad scope of marketing beyond just physical goods.
What is a common misconception about marketing?
Marketing is more than selling and advertising!
This highlights that marketing encompasses a wider range of activities and strategies.
What period is characterized by the company’s focus on production?
Production period (1870s-1930s)
In this period, demand exceeded supply, and the focus was on high production effectiveness.
What is the primary goal of the sales period (1930s-1950s)?
High sales volumes with limited product lines.
This period emphasized aggressive selling techniques.
What characterizes the marketing period (1950s-1980s)?
Customer is king!
This period marked a shift towards customer-centric strategies in response to intense competition.
List the four key components of the holistic marketing approach.
- Relationship marketing
- Integrated marketing
- Internal marketing
- Performance marketing
This approach emphasizes the integration of various marketing activities.
What is the focus of relationship marketing?
Deep, long-lasting relationships between companies and customers.
This approach aims for ongoing engagement rather than one-off transactions.
What are the differences between transactional and relationship marketing?
- Transactional Marketing: Emphasis on getting new customers, short-term orientation, interest in making a single sale.
- Relationship Marketing: Emphasis on keeping customers, long-term orientation, interest in repeat purchases.
Understanding these differences helps in strategizing marketing efforts.
What does integrated marketing focus on?
Creating, communicating, and delivering value to customers in a synchronized way.
Each marketing activity must support and enhance the effectiveness of others.
What is internal marketing?
Focuses on ensuring that employees are aware of the company’s vision and marketing plan.
Engaged employees are crucial for delivering the marketing strategy effectively.
What does performance marketing involve?
Understanding financial and non-financial marketing metrics, as well as the effects of marketing activities.
This includes tracking customer satisfaction and analyzing marketing effectiveness.
What are the original components of the marketing mix as developed by Borden?
- Product planning
- Pricing
- Branding
- Channels of distribution
- Personal selling
- Advertising
- Promotions
- Packaging
- Display
- Servicing
- Physical handling
- Fact finding and analysis
These components form the basis of marketing strategy.
What is the simplified version of the marketing mix proposed by McCarthy?
The 4Ps: Product, Price, Place (Distribution), Promotion.
This model simplifies the marketing mix for easier understanding and application.
What is a basic customer need in the airline industry?
Safe and time-efficient transportation.
This need drives the development of various airline offerings and services.
What are the target markets in the airline industry?
- Mass consumer market (economy class)
- Consumers wanting extra (economy plus)
- Business travelers (business class)
- Wealthy travelers (first class)
Different target segments require tailored marketing strategies.
Fill in the blank: Marketing is practiced when a target market is selected and aligned to a brand’s _______.
[positioning].
Positioning refers to how a brand is perceived in relation to its competitors.
What factors can influence price differences in the airline industry?
Factors include:
* Passenger class
* Purchasing approach (e.g., travel agency vs. internet)
Price differences can significantly affect consumer choice and overall travel costs.
What are common promotional methods used in the airline industry?
Promotional methods include:
* Internet ads
* Press
* Magazine ads
* Radio ads
* Billboards
These methods aim to increase visibility and attract potential customers.
What distribution channels are utilized in the airline industry?
Distribution channels include:
* Mobile apps
* Internet
* Physical travel agents
These channels facilitate ticket sales and customer engagement.
What is the self-service process in the airline industry?
Self-service can occur through:
* Cellphone/internet
* Travel agent at a physical location
This allows passengers to manage their bookings without direct assistance.
What are some varying levels of customization in the travel process?
Levels of customization can include:
* Size of baggage allowance
* Class of travel
Customization enhances customer satisfaction by catering to individual preferences.
What are some examples of physical evidence in the airline industry?
Examples of physical evidence include:
* Frequent-flyer loyalty cards
* Flight souvenirs
* Entertainment services
* Meals
Physical evidence contributes to the overall customer experience.
