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Business Test 1 > Unit 7 - Marketing > Flashcards

Unit 7 - Marketing Flashcards

(104 cards)

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1
Q

Marketing

A

The creation and satisfaction of demand for a product or service

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2
Q

Strategy

A

A set of ideas that outline how a product line or brand will achieve its objectives

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3
Q

Tactic

A

A specific action or method that contributes to achieving a goal

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4
Q

Marketing Tasks

A
  • Analyze Needs
  • Predict Wants
  • Estimate Demand
  • Determine Where
  • Estimate Price
  • Decide Promotion
  • Estimate Competition
  • Provide Service
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5
Q

Marketing Functions

A
  • Buying
  • Selling
  • Transporting
  • Storing
  • Standardization & Grading
  • Financing
  • Risk Taking
  • Market Information
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6
Q

Customer Value

A

Benefits vs. Costs

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7
Q

Strategy 5 Cs

A
  • Customers
  • Competitors
  • Company
  • Collaborators
  • Context
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8
Q

Customers

A

Potential buyers with wants and needs that the company aims to fulfill with its offerings

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9
Q

Consumers vs. Customers

A

Business buyers vs. Non-business buyers

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10
Q

Company

A

Organization or business unit providing certain goods or services

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11
Q

SWOT

A

Strengths
Weakenesses
Opportunities
Threats

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12
Q

Competitors

A

Organizations that offer products or services that aim to fulfill the same wants and needs of the same customers as the company’s offering

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13
Q

Competitive Matrix

A

Analysis tool that captures the features and benefits provided by an organizations competitors

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14
Q

Porter’s Five Forces

A

Framework that attempts to capture competitive analysis attributes

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15
Q

Collaborators

A

External business entities that work with the company to create value for customers

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16
Q

Examples of Collaborators

A
  • Raw material suppliers
  • Distributors
  • Marketing Agencies
  • 3rd Party Retailers
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17
Q

Context

A

Environment in which the company operates and it’s associated elements:

  • Regulations or laws
  • Economic conditions
  • Cultural norms
  • Technological factors
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18
Q

PESTEL Analysis

A 
Political
Economic
Social
Technological
Environmental
Legal Factors
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19
Q

Marketing Strategy

A

Target Market

Marketing Mix

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20
Q

Target Market

A

Group of customers a company wishes to reach

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21
Q

Marketing Mix

A

Controllable variables the company uses to satisfy the target group

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22
Q

Customer Marketing Model

A
  1. Awareness
  2. Interest/Engagement
  3. Acquisition
  4. Customer Segmentation
  5. Customer Retention
  6. Support and Advocacy
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23
Q

Awareness

A

Customer knows a company exists

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24
Q

Interest/Engagement

A

Informing the customer about company’s offerings

Encouraging them to interact and learn more

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25
Acquisition
Converts potential customer to customer
26
Customer Segmentation
Differentiation between customer segments and marketing accordingly
27
Customer Retention
Convincing consistent customers to purchase again
28
Support & Advocacy
When customers become vocal advocates for your brand
29
Customer Profiling
- Demographic profiling - Geographic variables - Psychographic profiling - Behavioral Variables - RFM
30
Demographic Profiling
- Age - Gender - Marital Status - Education
31
Geographic Variables
- State - Population - Climate
32
Psychographic Profiling
- Lifestyle - Values - Attitudes - Personally
33
Behavioral Variables
- Usage Rate - Brand Loyalty - Benefit Sought
34
RFM
- Recency - Frequency - Monetary
35
Buyer Journey
``` - Loosening of the status quo (Discovery) - Committing to change - Expiring possible solutions (Consideration) - Committing to a solution - Justifying the decision (Decision) - Making the Selection ```
36
Comprehensive Approach
- Total company effort to satisfy customers - Offer superior customer value - Attract Customers - Satisfy Customers - Retain Customers - Increase Sales to Customers - Build Profitable customer relationships
37
Marketing Plan
- Marketing Strategy | - Time-Related Details
38
A Firm's Marketing Program
- Marketing Plan | - Other Marketing Plans
39
Marketing Management Process
- Marketing Planning - Implement Marketing Plans & Program - Control Plans & Program
40
Marketing Planning
- Set objectives - Evaluate opportunities - Create strategies - Prepare plans & program
41
Control Plans & Program
- Measure results | - Evaluate progress
42
Marketing Strategy Planning Process
- External Market Environment - Customers, Company, Competitors - SWOT - Segmentation and Targeting, Differentiation and Positioning - Target Market (Product, Place, Price, Promotion)
43
Marketing-Oriented Manager
Sees everyone as different and practices "target marketing"
44
Production-Oriented Manager
Sees everyone as basically similar and practices "mass marketing"
45
Attractive Opportunities
Breakthrough Opportunities Competitive Advantage Avoid Hit or Miss Marketing
46
Breakthrough Opportunities
- Difficult to Copy | - Profitable for a long time
47
Competitive Advantage
A Marketing Mix the target customer sees as better than the competition's mix
48
Avoid Hit-or-Miss Marketing
- Marketing Strategy planning | - Sound market research
49
Market Penetration
- Drive increased sales of current product in existing markets - Enhance customer relationship (LTV)
50
Product Development
- New/Unique Benefits | - Create new markets
51
Customer Lifetime Value (LTV)
Relationships that Develop Satisfied Customers + Time = Return Business
52
International Opportunity Considerations
- Risks Involved - Better Trends - Smaller World - Competitive Advantage - Early Start
53
Marketing Mix
- Product - Place - Price - Promotion
54
Product
- Physical Characteristics - Warranties - Application benefits
55
Place
Right: - Product - Consumer - Place - Time - Quantity - Condition
56
3 Types of Promotion
- Personal Selling - Mass Selling - Sales Promotion
57
Personal Selling
- Direct to consumer | - Customer Service
58
Promotion
Informing and Selling the Customer
59
Mass Selling
- Advertising- paid | - Publicity- unpaid
60
Sales Promotion
- Stimulate Interest | - Encourage trial or purchase
61
Price Factors of Marketing Mix
- Objectives - Flexibility - Price of the Life Cycle - Discounts and Allowances - Geographic Pricing Terms - Competition
62
Marketing Strategy Planning Process
- Narrowing down to the best opportunities | - Develop a strategy (Competitive advantage, superior customer value)
63
Strategy Planning: Company
- Objectives | - Resources
64
Strategy Planning: Competitors
- Current | - Prospective
65
Strategy Planning: External Market Environment
- Economic - Technological - Political and Legal - Cultural and Social
66
Evaluating Opportunities
- Screening criteria - Planning grids - Planning for multiple products
67
Direct Marketing Environment
- Resources and Objectives of the Firm - Customers - Competitive Environment
68
External Marketing Environment
- Cultural and Social Environment - Political and Legal Environment - Technological Environment - Economic Environment
69
Company Objectives
- Production - Finance - Marketing - HR - R&D - IT
70
Marketing Objectives
- Product - Place - Promotion - Price
71
Promotion Objectives
- Personal Selling - Mass Selling - Sales Promotion
72
Key areas that limit the search for opportunities
- Financial Strength - Producing Capability and Flexibility - Marketing Strengths
73
Types of Market Situations
- Monopoly - Monopolistic Competition - Oligopoly - Pure Competition
74
Key Economic Forces
- Global Economy - Rapid Change - Interest Rates
75
Political Environment
- Political Stability - Trade Policy - Labor Law
76
Legal Environment Examples
- FDA | - Consumer Product Safety Commission
77
Changes in Cultural and Social Environment
- Health Consciousness | - Demographic Data
78
Planning Grid
- Industry Attractiveness | - Business Strenghts
79
Industry Attractiveness
- Market size - Growth - Competitive Structure
80
Business Strenghts
Resources of the organization - People skills - Technological position - Growth within own environment - Market Share
81
Grid Areas
High- Growth Med- Borderline Low- No growth
82
Total Profit Approach
Delayed profits can lead to greater overall profits
83
Segmentation
- Defining markets - Dimensions to use - Identifying segments - Identifying segments to target - Segmentation approaches
84
Strategy Planning is a...
narrowing down process
85
Generic Market
Broadly similar needs, sellers offering diverse ways of satisfying those needs
86
Product Market
Very similar needs, sellers offering similar ways of satisfying those needs
87
Generic Market Definition=
Customer needs + Customer Types + Geographic Area
88
Product Market Definition=
Customer needs + Customer Types + Geographic Area + Product Type
89
When determining customer needs:
1) Narrow down to specific product market - Break apart all customer needs - Determine Generic Market - Define Market Broadly 2) Segment into possible target markets - Homogeneous Product Markets 3) Select Target Market approach & Strategy - Single target market - Multiple Target Markets - Combined Target Markets
90
Segmentation (Definition)
An aggregating process that clusters people with similar wants and needs into a market segment
91
Effective Market Segmentation Process
1. Define the broad product market (Bicycle Riders) | 2. Segment it into sub-markets (Types of Bicycle riders)
92
Single Target Market Approach
Marketer segments the market and picks one of the homogeneous segments as the firm's target market
93
Multiple Target Market Approach
Marketer segments the market and picks 2 or more segments, then treats each as a separate target market needing a different marketing mix
94
Combined Target Market Approach
Combines 2 or more submarkets with the same marketing mix
95
Criteria for Determining Segments
1. People in segment are roughly alike, along some important consumer dimensions. 2. People in the segment are different from people in other segments. 3. The segment is large enough to be profitable. 4. The segmenting dimensions should be useful for identifying customers and designing the marketing mix. 5. If chosen to pursue: the company has the resources available to adjust its marketing mix to appeal to each segment.
96
Demographic Dimensions
- Income - Sex and age - Family size or family life cycle - Occupation or education - Ethnicity or social class
97
Geographic Dimensions
- Region of world, country - Region in a country - Size of city
98
Behavioral Dimensions
- Needs - Benefits sought - Thoughts - Rate of use - Purchase relationship - Brand familiarity - Kind of shopping - Type of problem-solving - Information Required
99
Segmenting Dimensions for Business Markets
- Kind of relationship - Type of customer - Demographics - How customers will use the product - Type of buying situation - Purchasing methods
100
Qualifying Dimensions
Relevant to including a customer type in a product market | - Help identify "core benefits"
101
Determining Dimensions
After the customer's purchase of a product or brand | - Can be further segmented
102
Clustering Techniques
Find similar patterns within sets of data
103
Customer Relationship Managements (CRM)
Sophisticated modeling techniques can predict the types of products or services an individual customer might want based on the information stored in the database.
104
Best Practice Approach for Segmenting Product Markets
1. Select the broad product market 2. Identify potential customers' needs 3. Form initial homogeneous submarkets 4. Identify determining dimensions 5. Name the possible product markets 6. Evaluate product-market segment behaviors 7. Estimate the size of each product-market segment

Business Test 1 (25 decks)

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