marketing lecture 1 Flashcards
(21 cards)
What are the main elements of a marketing system?
Suppliers, company, competitors, marketing intermediaries, consumers
These elements interact to create a comprehensive marketing environment.
What is the goal of marketing management?
To determine who to sell to and create profitable relationships with customers
This involves identifying the target market.
What are the two groups that a marketing organization demands comes from?
New customers, repeat customers
New customers are vital for growth, while repeat customers provide stable revenue.
What is de-marketing?
Temporarily or permanently reducing demand
This strategy can be used to manage over-demand situations.
List the five marketing management orientations.
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal marketing concept
Each orientation reflects a different approach to marketing.
What is the production concept in marketing?
Consumers will favor products that are available and highly affordable
Focuses on improving production and distribution efficiency.
What does the product concept emphasize?
Quality, performance, innovation features
It involves continuous product improvements.
What is the selling concept?
Consumers will not buy enough product unless there is large-scale selling and promotion
This approach often requires aggressive sales tactics.
What does the marketing concept prioritize?
Detering the needs and wants of target markets and delivering desired satisfaction
Aligns organizational goals with customer needs.
What is the societal marketing concept?
Questions if the marketing concept overlooks conflicts between consumer wants and welfare
It emphasizes the importance of social responsibility.
What is the purpose of preparing an integrated marketing plan?
To build customer relationships by transforming the marketing strategy
This involves creating a marketing mix.
What are the 4 Ps of marketing?
- Promotion
- Product
- Price
- Place
These elements form the marketing mix.
What factors are included in the product aspect of the marketing mix?
- Features
- Quality
- Branding
- Packaging
- Services
- Warranties
Each factor contributes to the overall value of the product.
What elements are considered in the price aspect of the marketing mix?
- Price strategy
- Pricing
- Allowances
- Discounts
- Payment terms
Pricing strategies can significantly affect sales and profitability.
What is included in the place aspect of the marketing mix?
- Channels
- Market coverage
- Assortment
- Location
- Inventory
- Transport
These elements determine how products are delivered to customers.
What is customer relationship management?
Building and maintaining profitable customer relationships
Involves managing information about individuals and customer touch points.
What does customer value evaluate?
The difference between benefits and cost
A key factor in customer satisfaction.
How is customer satisfaction defined?
Products’ perceived performance matches or exceeds buyer expectation
Essential for loyalty and retention.
What are the four relationship groups in customer classification?
- Strangers: low profit and little loyalty
- Butterflies: potential profit and not loyal
- True friends: both profitable and loyal
- Barnacles: highly loyal but not very profitable
Understanding these groups aids in relationship management.
What is customer lifetime value?
How much money a customer brings to a company
A critical metric for assessing customer profitability.
What is the fastest growing digital marketing platform?
Mobile marketing
Reflects the increasing use of mobile devices for marketing.
