MArt112 Flashcards
(123 cards)
What is marketing?
Activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
Must have parts of storytelling include:
A beginning, a middle and an ending
Why is the beginning important?
Sets up story, introduces topic, signposts where story will go, engages audience
Why is the middle important?
Story develops, complications introduced, show something is at stake, make audience care
Why is the ending important?
Complications resolved, conclusions reached, point of story made clear, provide resolution for audience, satisfying audience
What are the different segments?
Demographic, geographic, psychographic, behavioural
What is market segments?
The relatively homogenous groups of prospective buyers that result from the market segmentation process
What does STP (segmenting, targeting and positioning) do?
It links consumer needs to marketing actions such as identifying market needs, link needs to actions and execute marketing program actions
How does STP benefit a product?
Benefits in terms of:
Product features
Expense
Quality
Savings in time and convience
How does STP execute marketing program actions
Through a marketing mix of
Product
Price
Promotion
Place (distribution)
What is the marketing mix?
Product, Price, Promotion, Place (distribution)
What are the 4Ps
Product
Price
Place (distribution)
Promotion
What is PESTLE?
Political
Economic
Social
Technologoical
Legal
Environment
What are the regulatory forces
All of PESTLE except environment
What are the categories of marketing innovation?
Continuous innovation, dynamic continuous innovation, discontinuos innovation
What is continuous innovation?
Requires no new learning by consumers
What is the marketing strategy for continuous strategy?
Gain consumer awareness and wide distribution
What is dynamically continuous innovation?
Disrupts consumers normal routine but does not require totally new learning
What is the marketing strategy for dynamically continuous innovation?
Advertise points of difference and benefits to consumers
What is discontinuous innovation?
Requires new learning and consumption patterns by consumers
What is the marketing strategy for discontinuous innovation?
Educate consumers through product trial and personal selling
What is the five step marketing research process (5 steps)?
- Define the problem
- Develop the research plan
- Collect relevant information
- Develop findings
- Take marketing actions
What is the first step of the marketing research process?
Define the problem:
Set research objectives
Identify possible marketing actions
What is the second step of the marketing research process?
Develop the research plan:
Specify constraints
Identify data needed for marketing actions
Determine how to collect data