Marketing Principles and Application Flashcards
(57 cards)
1
Q
Define marketing
A
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
2
Q
What are the marketing concepts?
A
- Negative Demand
- Expectations
- Satisfaction
- Quality
- Value
- Loyalty
3
Q
Negative Demand
A
Not wanting the goods or services but realizing that you have to have it
4
Q
Negative Demand goals
A
- To focus marketing on why these negative demand services or products are being bought….what is the result? (focusing on your outcomes)
- Identify needs and influence wants and demands (focus on the outcomes of those around you)
5
Q
Expectations
A
- Internal standards of customers when evaluating products or services
- Finding the balance between
• Desired service (what they hope to receive)
• Adequate service (the minimum they are willing to accept
• Zone of tolerance (difference between desired and adequate, willingness to accept variation)
• Predicted service (level of service customers think they will get)
6
Q
Satisfaction
A
A person’s feeling of pleasure or disappointment resulting from comparing a product’s perceived performance
7
Q
Types of Satisfaction
A
- Confirmation: performance matches expectations
- Disconfirmation: doesn’t match; positive - better than what you expected; negative - worse than expected
8
Q
Quality
A
Superiority or excellence
9
Q
What are the types of quality?
A
- Service quality
- Technical quality
- Functional quality
10
Q
Service quality
A
more global, long-term evaluation of service
11
Q
Technical quality
A
specific, was outcome successful
12
Q
Functional quality
A
how service was performed
13
Q
Value
A
- What did customers get vs. what they gave up
- Perceived benefit vs. perceived costs
14
Q
Loyalty
A
The consumable product must be subject to adoration
15
Q
What are the 4 P’s of marketing
A
- Product
- Price
- Place
- Promotion
- People
16
Q
4 P’s of marketing: Product
A
- Good and/or service
- Any OTC front-end product
- Any clinical service
- Any ‘special event’ (health fairs)
- Any medication
- Take into consideration the packaging of the product
17
Q
What are the major characteristics of service marketing decisions?
A
- Intangibility
- Inseparability
- Variability
- Perishability
18
Q
Characteristics of service marketing decisions: Intangibility
A
- Services cannot be seen, tasted, felt
- Add something tangible to the service
- Want to make the experience memorable; take into consideration: interaction, location of service
19
Q
Characteristics of service marketing decisions: Inseparability
A
- Services produced/consumed at once
- Provider/patient relationship
- Keep an ‘agenda’
20
Q
Characteristics of service marketing decisions: Variability
A
- Services are impacted by people delivering the service
- Hire the ‘right’ people
- Train for consistency
21
Q
Characteristics of service marketing decisions: Perishability
A
- Services cannot be ‘stored’
- Meeting supply and demand can be challenging
- Create appointment based services
22
Q
4 P’s of marketing: Price
A
Cost of good or service
23
Q
What should you take into consideration with pricing?
A
cost of developing service, demand for service, competitors, objective vs. perceived price, willingness to pay for expertise
24
Q
What are strategies of pricing?
A
- Cost-plus
- Value-based
- Competitive
- Closeout
- Discount
- Membership
- Loss-leader
- Psychological
- Bundle and quantity discounts
25
Pricing Strategy: Cost-Plus
Adding a percentage of profit over and above the cost of the product or service to the pharmacy
26
Pricing Strategy: Value-Based
- Using the patient’s perception of the value.
- If high value perceived or prestige associated with product / service, patients will be willing to pay a higher price for it.
27
Pricing Strategy: Competitive
Mirroring or ‘beating out’ competitor’s pricing
28
Pricing Strategy: Closeout
Offering steep discounts on excess inventory items to avoid having to discard it
29
Pricing Strategy: Discount
Uses tools like coupons to reduce the cost
30
Pricing Strategy: Membership
Used to offer cost reductions through loyalty programs
31
Pricing Strategy: Loss-Leader
Reducing the price of one product to attract customers and making up for this lost revenue by encouraging purchases of other items
32
Pricing Strategy: Psychological
Strives to make a price more attractive.
33
Pricing Strategy: Bundling
Offering a discount to individuals or organizations that buy more than one
34
4 P's of marketing: Place
Physical ‘characteristics’ and distribution, product or service availability, shelf placing, having the product available when customers want to buy it
35
4 P's of marketing: Promotion
Activities that seek to inform, remind, and persuade the target market about the availability of goods / services
36
What are the different approaches you can take in promotion?
- Advertising: mass media, 3rd party
- Sales promotion: short term incentives
- Publicity: ‘external’ advertising
- Personal selling: interpersonal communication
37
What are the marketing philosophies?
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Customer concept
- Societal marketing concept
- Holistic marketing concept
38
Marketing Philosophies: Production Concept
- Efficiency in the production and distribution of goods and services
- Belief: Consumers interested in product availability and low prices
39
Marketing Philosophies: Product Concept
- Making good products and improving them over time
| - Belief: Consumers appreciate well-made products
40
Marketing Philosophies: Selling Concept
- Actions directed at stimulating consumers’ interest through aggressive sales and promotion efforts
- Belief: Consumers can be coaxed into
buying products; little concern to consumers’ needs, wants and postpurchase satisfaction (ex. commission salesman)
41
Marketing Philosophies: Marketing Concept
- Focused towards needs of consumer and target market
| - Belief: Consumers dictate the market
42
Marketing Philosophies: Customer Concept
- Companies direct separate offers, services and messages to individual customers
- Belief: Customization towards the consumer and building customer loyalty
43
Marketing Philosophies: Societal Marketing Concept
- Organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively than competitors in a way that preserves or enhances the consumer’s and the society’s well-being
- Belief: Promote customers’ wants and needs as well as public interest
44
Marketing Philosophies: Holistic Marketing Concept
- Combines features of the marketing concept, customer concept, and the societal marketing concept
45
What are the types of advertising strategies?
- Relationship
- Cause
- Branding
- Brand-lover
- Niche / Scarcity
- Seasonal
- Guerilla
- Digital
- Word-of-Mouth
- Print
46
Relationship Marketing - People
- Activities aimed at developing long-term, cost-effective links between an organization and its customers for the mutual benefit of both parties
- Involves the entire company, partners and customers
47
Advertising Strategy: Cause Marketing
Play to the perception/values of community
48
Advertising Strategy: Branding
- Recognizable characteristics
- Your overall ‘image’ to the customer
- Important in building loyalty
- Key Concept – all components tie together
49
Advertising Strategy: Brand Lover / Ambassador
Gives customers a feeling of “belonging”
50
Advertising Strategy: Niche / Scarcity Marketing
- Target market – Groups to which an organization directs its mktg program
- Market segment – Subgroup of individuals or organizations that have one or more similar characteristics or similar needs or interests
- Market niche – Narrower segment of a population that needs or desires specialized goods or services
51
Key concepts in Niche Marketing
- Be sufficient in size
- Have growth potential
- Not be well served by other organizations
- Have adequate purchasing potential
- Demonstrate a need and interest for special treatment or distinction
52
Advertising Strategy: Seasonal
Focused marketing during seasons
53
Advertising Strategy: Guerilla
Use unconventional and inexpensive techniques with imagination, big crowds, and surprise elements
54
Advertising Strategy: Digital
Uses all aspects of social media
55
Advertising Strategy: Word-of-Mouth
Use social network of people
56
Advertising Strategy: Print
Any print source – flyers, ads, newspapers, magazines
57
What are the phases in the product life cycle?
- Introduction
- Growth
- Maturity
- Decline
