MAKRETING Flashcards
1
Q
target marketing
A
groups or people or organizations you choose to sell to
2
Q
mass marketing
A
selling the same product, price and promotion to everyone
3
Q
target marketing helps to
A
- avoid competition
- develop new products
- remarked less profitable products or brands
4
Q
one-to-one marketing
A
steps companys take to target their best customers and form close relationships
5
Q
5 steps in 1-1 marketing
A
- establish short-term metrics for evaluation of efforts
- identify customers
- differnates amount customers
- interact with your customers/ target the best
- customize products and promos for their needs
6
Q
steps in the segmentation targeting positioning process
A
- needs based segmentation
- segment identification
- segment attractiveness’s
- segment profitability
- segment positioning
- market mix strategy
7
Q
need- based segmentation
A
groups customers into segments based on similar needs and benefits
8
Q
segmentation identifaction
A
determining the demographics, lifestyle and usage of behaviours
9
Q
segment attractiveness
A
using predetermines criteria to determine the attractiveness od the segment
10
Q
segment profitability
A
determining the profitability
11
Q
segment positioning
A
create a value position and product price positing strategy based on the segments unique customers needs
12
Q
marketing mix
A
include all aspects of the marketing mix, price product place promotion people
13
Q
4 segmentation identification
A
- by behaviour
- by demographics
- by geography
- by psychographics
14
Q
by behaviour
A
identifies people and organizations into groups based on how they behave or act towards a product
15
Q
by demographics
A
identifying a segment by personal charteistics such as age, income, or ethnicity
16
Q
by geography
A
divides market into areas based on location
17
Q
proximity marketing
A
technology used to market buyers geographically within a few hundred feet of the store
18
Q
by psychographics
A
by ruffling and understanding peoples needs and studying why
19
Q
charteistics of an attractive market
A
- identifiable
- accessible
- responsive
- sizeable
- growing
20
Q
concentrated marketing
A
targeting a very select group of customers
21
Q
niche marketing
A
targeting an even more select group of consumers
22
Q
micro targeting
A
isolation of markets and targeting them
23
Q
positioning
A
how consumers perceive a product relative to the completion
24
Q
positioning statement
A
used to communicate how you want customers to perceive your product
25
4 elements of a positioning statement
- target market charteistics
- customer needs
- customer benefits
- clear point of differetion
26
point of differentiation (POD)
unique aspect of your offering that cannot be found in other comeptive offerings
27
4 differentiation strategies
1. product (features, performance, style)
2. personnel (salespeople, suctomer service)
3. channel (coverage, performance)
4. . image (character value pro)
28
perpetual map
two dimensional graph that visually shows where your product stands to competitors
29
tagline
catchphrase designed to sum up the essence of a product
30
service
any act or performance that one party can offer to another that is intangible
31
4 elements of a service
- intangibility-
- interoperability
- variability
- perishability
32
5 aspects of customer evaluations
- reliability
- responsiveness
- assurance
- empathy
- tangible
33
knowledge gap
occurs when there is a disconnect between what a customer wants in service quality and what the management thinks the customer wants
34
standards gap
difference between what the management team wants and the actual service delivery specfactions that management develops for employees
35
delivery gap
can occur when there is a disconnect between the service standard and they actual service
36
commutations gap
happens when there is a difference in what a customer is told and the actual service
37
expectation gap
difference in what the customer expects and what they recieve
38
public relations
activities in which companies engage to create a positive image for the company product, service or person to address criticism
39
press release
news story written by a company to promote a product
40
sponsorships
paying a fee to have a companys corporate or brand name associated with events causes or places
41
product placement
placing products within a video to create brand awareness and interest
42
direct promotion
delivery of personalized and interactive promotional materials to individuals (texts, ads, emails, social media)
43
display ads
place on other companys websites
44
catalogues
developed from a collection of products to the prevention of multi sensory
45
direct mail
promotional strategy and a distribution channel for print materials
46
What do sales people do
- create value for their company’s customers
- mange relationships
- relaying customer and market information back to their company
47
Role conflicts
When the responsibility that a salesperson has toward their company and customer is different
48
Boundary spanners
Operate outside boundaries of the company and field
49
Missionary sales person
Call people who make decisions about products (but don’t actually buy them)
50
Trade salesperson
Calls on retailers and helps them display, advertise and sell products to consumers
51
Prospectors
Salesperson whose primary function is to find prospects or potential customers (cold calling)
52
Account mangers
Responsible for managing the ongoing business with customers as a way to identify new opportunities within the company
53
Order takers
Retail clerks and sales people who distributors of products like plumbing supplies who sell to plumbers
54
Sales support
Works with sales people to help make a sale and to take care of the customer after the sale
55
4 types of sale relationships
1.transactional
2. Functional
3. Affirmative
4. Strategic
56
Transactional relationships
Each sale is a separate exchange and the two parties have little or no interest in maintaining an ongoing relationship
57
Functional relationships
Limited ongoing relationships that develop when a buyer continues to purchase a product from a seller out of habit as long as needs are met
58
Affalitive selling relationships
Both the buyer and seller commit time and money to expand the market for both parties
59
Script based selling
Salesperson memorized and deliver sales pitches verbatim when they utilize a script based selling strategy
60
Need satisfaction selling
Process of asking questions to indemnify the buyers problem and needs, tailoring the sales pitch to those needs
61
Consaltive selling
Uses special expertise to solve a complex problem
62
Strategic partner selling
Both parties invest in resources and share their expertise with each other
63
Sales process
Approach, need identification, presentation, objection handling, close, customer service
64
Sales funnel
Measured in steps, in days or in months
65
Steps in the sales funnel
Lead - someone interested
Approach - sales person will contact the person
Suspect - person interested bug to early to tell if they will buy
Prospect- qualifying the account
66
Qualifying
Process if asking questions to determine whether the buyer id likely to become a customer
67
BANT
Budget, authority, need and time
68
Conversations ratio
Measures how good a sales person performs at moving customers from one stage to another
69
Activity goals
Number of sale calls each type of sale person has to make a in a certain time
70
Win loss analysis
Review of how well a salesperson has brought something to determine what went wrong or right
71
Sale quota
Minimum levels of sales performed
72
Lead management
Process of identifying and qualifying leads in order to grow new businesses
73
Closed loop lead management systems
Information systems that are able to tract leads all the way from the point at which the marketer identifies them to when they are closed
74
Lead scoring
Markpersonnel rate the leads to indicate where the lead is hot warm or cold
75
integrated marketing communication (IMC)
visible way that companys communicates its strategies
76
IMC main purposes
build customer relationships, mange brand equity and communicate csr
77
promotional mix
refers to specific promotion vehicles that inform and remind customers about the product
78
advertising
paying to disseminate a message that identifies a brand being promoted to many people at one time
79
sales promotion
directed towards consumer consist of short term incentives such as coupons, contests games and rebates
80
trade promotions
sale promotions directed towards other business
81
public relations and publicity
communication designed to help improve and promote a companys image and products
82
mobile marketing
online marketing that refers to messages delivered to a customers phone
83
geotargeting
specify ad content based on the customers location
84
professional selling
interactive, paid approach to marketing that involves a buyer and seller
85
promotion
plan of action that helps provide information to customers
86
communication process
how a person selects and interprets information
87
media
method by which advertising is delivered to a target audience
88
unique selling position (USP)
specific benefit of there position
89
attention, intrest, desire, and action (AIDA model)
promotional objective
90
competitie parity
when company's try to keep their promotional spending similar to competitors
91
objective and task method
marketing mangers determine what they want to accomplish and their communication
92
channel partners
companies that other companies work with in order to promote or sell their product
93
