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MARKETING Flashcards

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1
Q

What are the 4Ps of marketing?

A

Product, Price, Promotion, Place

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2
Q

what is the definition of marketing?

A

Marketing is the process where companies create value for customers and build strong relationships to achieve brand loyalty.

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3
Q

What is customer relationship management (CRM) ?

A

CRM involves acquiring, building and maintaining long-term relationships with customers.

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4
Q

What is Customer Lifetime Value (CLV) ?

A

CLV is the total profit a company expects from a customer over their relationship, helping in targeting profitable customers.

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5
Q

What are ways to increase CLV?

A
  1. Reduce acquisition cost
  2. Increase retention
  3. Increase net profit margin per customer
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6
Q

What are the steps in the marketing research process?

A
  1. Define the problem
  2. Design the research
  3. Design the data-collection forms
  4. Specify the sample
  5. Collect the data
  6. Analyse the data
  7. Write the report and present the findings.
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7
Q

What is primary data in marketing research?

A

Data collected directly for the specific project, such as surveys and interviews.

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8
Q

What is secondary data?

A

Data that has already been collected, such as reports or public data, which can save time and money.

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9
Q

What is Maslow’s hierarchy of needs?

A

A theory in psychology that explains human motivations, with self-actualization at the top of the pyramid.

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10
Q

What is the law of demand?

A

When the price of a product increases, the quantity demanded generally decreases.

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11
Q

What is price elasticity of demand?

A

It measures how sensitive customer demand is to changes in the price of a product.

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12
Q

What is the difference between skimming and penetration pricing?

A

Skimming sets a high initial price to attract early adopters, while penetration sets a low initial price to gain market share.

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13
Q

What are the benefits of AI in customer segmentation?

A

AI improves data analysis, personalisation, predictive insights, cost savings, and customer retention.

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14
Q

What is differentiated marketing?

A

Different strategies are developed for different market segments, such as airlines offering first, business, and economy classes.

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15
Q

What is uniform pricing?

A

charging the same price across different geographic markets regardless of local conditions.

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16
Q

What is a perceptual map?

A

A visual representation of how consumers perceive a product in relation to its competitors, often used in positioning.

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17
Q

What is the value proposition in Marketing?

A

The unique benefits or value a product offers to a target market, making it stand out from competitors.

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18
Q

what is second-degree price discrimination?

A

Charging different prices based on quantity or usage patterns, such as offering lower lunch prices compared to dinner prices at a restaurant.

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19
Q

What is first- degree price discrimination?

A

Charging each customer a different price based on their willingness to pay, is often seen in negotiations like buying a house, haggling.

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20
Q

What is third degree price discrimination?

A

charge different group different prices when consumer type is observable. eg movie theatres, public transportation.

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21
Q

What is dynamic pricing?

A

A pricing strategy where prices fluctuate based on market demand, often used by industries like airlines or ride-sharing services.

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22
Q

What is causal research?

A

Research that explores cause and effect relationships, such as how a price change affects sales.

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23
Q

What is exploratory research?

A

Research used to investigate a problem that is not well defined, often qualitative in nature.

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24
Q

What is psychographic segmentation?

A

Dividing a market based on consumers’ lifestyles, values, personalities and interests.

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25
What are the criteria for effective segmentation (MASDA) ?
1. measurable 2. accessible 3. substantial 4. differentiable 5. actionable
26
What is the overarching goal of a company?
To maximize profit and shareholder value.
27
What is retention rate and how is it calculated?
Retention rate is the percentage of customers who stay with a company after a given time. It is calculated as 1 - churn rate.
28
What is primary data ?
Conducting research and interviews
29
What is secondary data
data collected by someone else earlier. eg) websites, journal articles, government publications.
30
What is the characteristics of big data?
1. Volume - number of bytes 2. velocity - speed of data, accumulation over time 3. variety - multiple types of data 4. veracity - quality and trustworthiness of the data.
31
What is structured data?
A standardized format for providing information about a page and classifying the page content.
32
How does ikea manage to maintain low prices while offering good design and functionality?
IKEA focuses on supply-side cost efficiency - Labor, source different suppliers eg. manufacturing frames in china - packaging, ship disassembled - design, shared components with diff products, economies of scale - customer self service - cheaper rent ( location of showrooms) - large sales volume
33
What is IKEA's "reverse positioning strategy"?
IKEA strips down the conventional value proposition by removing some expected features (e.g., in-store assistance) while supplementing it with unique attributes (e.g., Swedish meatballs, DIY assembly).
34
What qualities define an ideal product manager?
A T-shaped skillset (breadth of knowledge and depth in one area) and being an ambivert who can lead teams and interact effectively.
35
Why is the tech industry important for product management?
It attracts increasing investor funds, and Southeast Asia's market is expected to grow sixfold by 2025.
36
What is the "brand-building framework" for tackling market share loss?
Identify the target consumer (Who) and create a value proposition to convert them (What).
37
Why is social media marketing valuable for B2B brands like Maersk?
It helps build brand image, empower salespeople, and engage stakeholders.
38
What was a key takeaway from Maersk's social media pilot program?
Social media campaigns can succeed even with limited resources if aligned with customer engagement objectives.
38
What are the challenges of measuring social media ROI?
ROI measurement is non-trivial due to assumptions and difficulty in attributing impact.
39
What are the key elements of the promotional mix?
Advertising, sales promotion, public relations, personal selling, and direct marketing.
40
What are the two main advertising appeal routes?
Cognitive appeals (thoughts, beliefs) for informative advertising and affective appeals (feelings, emotions) for persuasive advertising.
41
What does the "6M" framework in promotional strategy stand for?
Mission, Market, Message, Media, Money, and Measurement.
42
What is the difference between push and pull promotional strategies?
Push strategies target intermediaries to promote products, while pull strategies directly engage customers to generate demand.
43
What are the downsides of IKEA's self-service model?
It requires customers to build furniture themselves, which may lead to improper assembly, potential injury, and less durable products.
44
How does IKEA's maze-like store layout influence shopping behavior?
It encourages customers to explore the entire store, increasing the likelihood of impulse purchases.
45
What is IKEA’s approach to segmentation and targeting?
IKEA targets customers who are young, risk-takers, enjoy DIY projects, and prefer functional yet affordable furniture.
46
What industries or companies use strategies similar to IKEA’s reverse positioning?
Decathlon in sportswear, offering affordable products without compromising quality.
47
What is the product development lifecycle?
It involves stages such as idea generation, development, testing, launching, and improving products based on feedback.
48
How does marketing fit into product management?
Marketing contributes to product strategy and analytics, helping understand customer needs and guiding product development.
49
What leadership qualities do product managers need?
The ability to align cross-functional teams, make data-driven decisions, and empathize with customers.
50
Why is Southeast Asia considered a growth hotspot for product managers?
The region's market is projected to grow significantly, attracting investment and creating opportunities for product innovation.
51
What are the limitations of relying solely on social media for marketing?
Lack of integration with other departments, challenges in ROI measurement, and potential stagnation without consistent updates.
52
What is the difference between informative and persuasive advertising?
Informative advertising focuses on rational, functional aspects of a product, while persuasive advertising appeals to emotions and symbolic needs.
53
What is the role of inbound and outbound communication in advertising?
Outbound communication is initiated by the firm (e.g., ads), whereas inbound communication is initiated by the consumer (e.g., inquiries).
54
Why might companies prefer CPA over CPM or CPC in certain scenarios?
CPA places all the risk on the publisher and ensures payment only for completed actions (e.g., sales), making it cost-effective for advertisers.
55
What is amazon's customer obsession?
LIP ( LISTEN, INVENT, PERSONALISE )
56
What are the domains of finance and marketing?
domain of marketing : marketing strategy decisions and customer value domain of finance: cash flows/profits and firm/market value
57
qualitative research ( exploratory, seeking for insights)
eg of qns: - which types of values do consumers consider in purchase decisions? why do consumers value these features?
58
quantitative research (descriptive and experimental)
eg of qns: - what are the relative importance of each value? how well does each product do on each feature? what promotion/price works?
59
what is the ideal marketing research method one should use for measuring price elasticity of demand?
A/B test or experiments
60
Benefits of using AI for customer segmentation
data analysis efficiency, personalisation, predictive insights, cost savings, enhances customer retention
61
why do we need a positioning statement?
making marketing strategy explicit, expressing how you wish to be perceived ensuring internal consistency to guide tactical decisions
62
what products did Ikea first start selling?
pens, wallets and picture frames
63
Ikea's other factors for success
retail therapy, make consumers spend more time than planned, comfortability, employ mirrors everywhere, maze like structure
64
Downsides of shopping at ikea
- furniture not durable - lack of sales assistance - no interior design services - lack of variety - assembly not included
65
consequences of successful reverse positioning strategy
- outside of the conventional linear brand hierarchy ( neither low or high-end) - disrupting market segmentation ( stealing market share from both ends ) - strong brand identity and some of the most loyal customers
66
how does ikea avoid marketing myopia?
not just selling furniture at low prices but also offering customers a lifestyle both affordable and comprehensive
67
key to success for posts on social media
- first launch on FB instead of linkedin ( images videos and content that heavily builds on emotions and aesthetics, personal tone ) - authenticity - focus on user-generated content ( feedback and suggestions ) - Connectedness/differentiating across platforms ( audiences, messages, content )
68
returns not captured by the ROI calculations
prizes, broad press coverage, increased sales, customer service, human resources
69
social media can be useful for B2B brands to
- build the brand image - empower sales people - engage stakeholders
70
ROI ( increased sales )
social platform makes sales people relevant generates additional leads - find and target potential customers via linkedin - hearing if customer search for something
71
ROI ( customer service )
reactive social listening crisis management - prompt , centralized updates 100% more efficient at responsiveness
72
ROI ( human resources )
employee satisfaction jumps recruiting easier issues are voiced on the social platforms
73
what is the most important M ?
MISSION , overall goal of communication , make sure it is consistent with positioning
74
does picking the media channel come before or after designing the message?
media and message go hand in hand
75
what is search advertising?
intent based targeting : at people who search for a specific keyword platform: search engines. google is the dominant player with ~65-70% of searches and ~75% of revenue in US
76
how does google decide which ad to show at each rank
cost per click ( how much you bid ) quality score = f ( expected click through rate, relevancy)
77
in analysing customer value, what is the useful two-by-two matrix we can look at?
customer and company
78
if a good has a inelastic demand of -0.4 what happens to total revenue when the price increases?
total revenue increases
79
what does descriptive research focus on ?
describing things using numbers and facts
80
which of the following research designs is most likely to involve focus groups and interviews?
exploratory research
81
formula for consumer surplus
consumer surplus = willingness to pay - price
82
formula for quantity of demand
% change in quantity demand / % change in price

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