Temu flashcards
(33 cards)
What is marketing?
Marketing is the process of creating value for customers and building strong customer relationships to capture value in return. For Temu, this involves understanding how their low-price strategy impacts consumer perception.
What is societal marketing?
Societal marketing balances company profits, customer satisfaction, and societal well-being. Temu’s approach could be critiqued for prioritizing low prices, possibly at the expense of quality or sustainability.
What is customer perceived value (CPV)?
CPV is the customer’s evaluation of the benefits and costs of a product compared to alternatives. Temu’s strategy relies on maximizing CPV through aggressive pricing.
What is the BCG matrix and how is it relevant?
The BCG matrix evaluates a product portfolio based on market growth and market share. Temu’s low-cost products might often fall into the “Question Mark” or “Star” categories, requiring strategic resource allocation.
What is the difference between B2B and B2C marketing?
B2B focuses on selling to businesses, while B2C targets individual consumers. Temu’s strategy heavily emphasizes B2C by appealing to price-sensitive customers.
What are competitive strategies?
Competitive strategies include cost leadership, differentiation, and focus. Temu uses cost leadership to gain a competitive edge in the market.
What are the stages of the product life cycle (PLC)?
Introduction, growth, maturity, and decline. Temu likely focuses on introducing and growing low-cost products rapidly to capture market share.
How does packaging contribute to marketing?
Packaging serves as a tool for differentiation and customer appeal. Temu might prioritize minimalistic, cost-effective packaging to keep prices low.
What is brand personality?
Brand personality refers to the human traits associated with a brand. Temu’s brand personality might focus on affordability, accessibility, and inclusiveness.
How does culture influence consumer behavior?
Culture shapes buying habits and preferences. Temu tailors its offerings to resonate with diverse cultural norms in global markets.
What is segmentation, and why is it important?
Segmentation involves dividing the market into smaller groups with similar needs. Temu segments based on price sensitivity and targets 18-30-year-olds with budget-friendly products.
What is a positioning strategy?
Positioning strategy determines how a product is perceived in the market. Temu positions itself as the go-to platform for affordable and diverse goods.
What is marketing research?
It is the process of gathering and analyzing data to make informed marketing decisions. Temu uses market research to understand how their pricing affects perceived quality among young consumers.
What are the main steps in the marketing research process?
Define the problem, develop the research plan, collect data, analyze data, and report findings. Temu could apply this to assess the success of its pricing strategy.
What is brand equity?
Brand equity is the value a brand adds to a product. Temu’s brand equity may hinge on its ability to consistently deliver low prices and a wide selection.
What is a global brand?
A global brand has a consistent identity across markets. Temu aims to establish itself as a global low-cost leader.
What is the Marcoms Mix?
The Marcoms Mix includes advertising, sales promotion, personal selling, PR, and direct marketing. Temu heavily utilizes digital advertising and promotions to attract customers.
What is psychological pricing?
Psychological pricing uses tactics like setting prices at $9.99 instead of $10 to make products appear cheaper. Temu frequently uses this to appeal to budget-conscious consumers.
How should companies respond to competitors’ price changes?
Companies can lower prices, offer added value, or differentiate. Temu focuses on maintaining the lowest possible prices to stay competitive.
What is omnichannel marketing?
Omnichannel marketing ensures seamless customer experiences across platforms. Temu integrates its app and website for a unified shopping experience.
What are common types of channel conflicts?
Conflicts arise from pricing, distribution rights, or competition among retailers. Temu might face channel conflicts if its low prices undercut other retailers.
What is Return on Marketing Investment (ROMI)?
ROMI measures the financial return from marketing activities. Temu analyzes ROMI to ensure its promotional spending aligns with revenue growth.
Why are marketing metrics important?
They track performance and guide decision-making. Temu could use metrics like customer acquisition cost and lifetime value to refine its strategy.
Q: How does Maslow’s Hierarchy of Needs apply to marketing strategies like Temu’s?
A: Temu fulfills lower-level needs (physiological and safety) for consumers with limited resources through affordable essentials, and higher-level needs (social belonging and esteem) for younger, trend-driven shoppers.
