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Marketing @ IE > Session 1 - 11 > Flashcards

Session 1 - 11 Flashcards

(52 cards)

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1
Q

Marketing definition

A

Marketing is the activity, set of institutions, and processes for creating, communicating, delivered, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

Marketing 1.0

A

Marketing 1.0, appealing to the customer’s mind - the entity is doing the job, it is efficient and profitable and is making something for people.

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3
Q

Marketing 2.0

A

Marketing 2.0, appealing to the customer’s heart - they know who they are selling to and what they want or need.

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4
Q

Marketing 3.0

A

Marketing 3.0, knowing the customer’s head - they understand that the customer is more than a person interested in a product, they have concerns about the world they live in and are more intricate.

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5
Q

What does Strategic Marketing decide?

A
  • Target who we want our customers to be
  • Decide what to offer and why consumer will buy
  • It determines the markets/segments in which a company will compete on the basis of competition for a given market.
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6
Q

PESTEL

A

Political
Economic
Social
Technological
Environmental
Legal

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7
Q

5 Cs

A

Customer Needs
Company Skills
Competition
Collaborators
Context

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8
Q

Loyalty loop definition

A

an adaptation of the marketing funnel, which cuts steps that are designed to optimize and accelerate the journey of already converted customers, which will in turn be encourage to keep buying from you and be loyal to your brand.

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9
Q

For effective integrated journey

A
  1. Automation
  2. Proactive personalization
  3. Contextual Interaction
  4. Journey Innovation
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10
Q

What does the 5C’s Consumer answer

A
  • How can you anticipate whether the customers will purchase your brand?
  • How can you influence customers to purchase your brand?
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11
Q

Needs

A

Needs are universal from a psychological perspective (see Maslow’s Hierarchy of Needs). Consumer are in a deprivation state.

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12
Q

Wants

A

Wants shape the needs depending on culture, personality, etc.

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13
Q

Demands

A

Demands are feasible wants according to purchasing power.

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14
Q

Marketing myopia

A

when companies focus on the current wants, and thus lose sight of the ultimate need satisfied by their product.

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15
Q

Beliefs

A

descriptive thoughts or ideas that something is true, possible or probable. Belief is the state of mind in which a person thinks something to be the case regardless of empirical evidence to prove that something is the case with factual certainty. (ex: I believe the Earth to be flat)

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16
Q

Values

A

enduring beliefs about desired states of existence or modes of behavior. (ex: what is or isn’t desirable for society in our mind, they are hard to change in societies)

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17
Q

Attitudes

A

in psychology, an attitude refers to a set of emotions, beliefs, and judgments toward a particular object, person, thing, or event. They are often the result of experience or upbringing, and they can have a powerful influence over behavior. (ex: I think smoking is cool/is bad, it is personal)

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18
Q

Market Research processs

A
  1. Define the problem and the research objective.
  2. Choose the sources of information
  3. Design the method and the sample
  4. Analysis, interpretation and distribution of the data.
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19
Q

Steps in Marketing Strategy

A
  1. Define the market
  2. Segment the market
  3. Choose targets
  4. Choose positioning
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20
Q

Persona

A

a fictionalized description of the typical, average, or even the ideal customer within a segment. Personas are usually given a name (e.g., Deal Shopping Daniel), fleshed out in an interesting manner that captures the marketer’s imagination, and distributed widely to those in the company (and its collaborators, such as advertising agencies).

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21
Q

Mass Marketing

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A

also referred as undifferentiated marketing. This approach relies on choosing a very large segment, even though there might be subsegments.

22
Q

Multi-target marketing

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A

also referred as differentiated marketing or multisegment marketing. This strategy chooses to serve various segments of a market with a differentiated offering for each segment. The resources required here are substantial.

23
Q

Niche marketing

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A

realizes that there are many segments in a market but chooses to serve only one of those segments. However, it is important to note that what can be considered a niche by one definition of the market could be considered the entire market using a different definition.

24
Q

Ensure that your segment(s) and target(s) are…

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A
  1. Measurable
  2. Substantial
  3. Accessible
  4. Differentiated
  5. Actionable
25
4 types of market segmentation
Geographic, Demographic, Psychographic, Behavioral
26
Positioning statement
"(Our product/brand) is (here you will express the single most important claim) among all (decide which is the competitive frame) because (explain the most important support of the claim)."
27
Criteria to examine positioning choice
1. Relevance 2. Clarity 3. Credibility 4. Uniqueness 5. Attainability 6. Sustainability
28
POD
Points-Of-Difference (PODs) are attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe that they would not find to the same extent with a competitive brand.
29
POP
Points-Of-Parity (POPs) are associations that are not necessarily unique to the brand but may be shared with other brands.
30
CLV
The Customer lifetime value is the economic worth of a customer. For its calculation, it is necessary to project the cash flows that the company expects to receive from a "normal" customer and then calculate the Net Present Value (NPV) of these cash flows.
31
Brand
goes beyond the name, logo, or symbol. It represents the perceptions and feelings the individuals have about a product and its performance. This only exists in each consumer's mind.
32
Brand image
set of associations evoked by the consumer related to the brand, it represents the perceptions and the promise for each individual. To summarize, it is how consumers think of the brand.
33
Brand identity
set of association defined by the company to build the brand. It represents the desired positioning strategy for the brand and a promise to the consumers. To summarize, it is how the company wants the brand to be seen and sees it.
34
Brand associations
mental association that a customer makes between the brand and other concepts
35
Brand scope
the set of actions and imagery that can be expected from a brand
36
Touchpoints
any way in which consumers can interact with a business organization
37
Brand equity
the differential effect that a company generates from a product with a recognizable name when compared to a generic equivalent. It is the "power" of the brand in consumer's preferences. Generally speaking, brands with stronger brand equity have more loyal consumers and enjoy higher profitability.
38
Brand Dynamics Pyramid
1. Presence 2. Relevance 3. Performance 4. Advantage 5. Bonding
39
Portfolio strategy
Portfolio strategy involves a brand deciding to address diverse customers on various markets while minimizing risk and overlap by having a collection of business under one brand roof.
40
3 types of touchpoints
Pre-purchase, Purchase experience and Post-purchase
41
Value-pricing approach
Requiring a systematic and rigorous work but it can have substantial returns. Considers COGS, PV and TEV to determine Product price
42
TEV
True Economic Value (TEV) - is assessed through a cost-structure to understand the customer's underlying economics, the performance of competitors' products, and the relative advantage or disadvantage offered by the focal product.
43
PV
Perceived Value (PV) - represents what a fully informed, rational customer should be willing to pay. To assess PV, a market research is typically required.
44
Price customization
Price varies across customers. This increases profitability significantly through dynamic pricing through yield-management systems.
45
Dynamic pricing
Dynamic pricing is the practice of varying the price to reflect the current level of market demand.
46
Yield management
Yield management is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats or hotel room reservations or advertising inventory).
47
Price sensitivity
Price sensitivity is a measure of the impact of price points on consumer purchasing behaviors.
48
Breakeven analysis
An analysis to determine the sales volume required to cover fixed and variable costs fully. Profit at the breakeven sales volume is zero.
49
Cost-oriented pricing
an approach to pricing, most common on the market currently, in which the posted price is based on the cost of producing a product, plus some additional margin for the firm to realize a return.
50
Stakes in Distribution strategy
mostly about controlling availability of your offering. Your choice for distribution impacts and balances your coverage (how many consumers will you reach?), your control (what experience will your consumer have?), your efficiency (getting the offering to the consumer at the lowest cost).
51
Channel of distribution
set of interdependent firms that collaborate to make an offering available for end-use consumption.
52
Long distribution system
before reaching the consumer, the product goes through various economic agents which give away property over the product through each transaction.

Marketing @ IE (1 decks)

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