week 1 Flashcards
(36 cards)
what is product
fufill need and how they market it, create value
what is promotion
communicate value inform and persuade
what is place
delivering value like marketing channel, including all activity from manufacture to customer
what is price
transacting value, balance customer satisfaction and profit
4 marketing philosphy
1- product oreint: good product sell itself think product then sell without customer needs
2-sales: what consumer want before they sell giving customer a choice, marketing integrated through company
4- market oreint: consumer at center
3- value based: TBL, satisfy need and want
what is coercion
customer collab to increase value including size speed and price
firms more value driven by
o 1- gather info
o 2- balance customer benefit
o 3- build relations
o 4- take advantage of tech
why does marketing matter
o Delivering value
o Marketing is engine of corp
o How to create good communication with consumer
core marketing aspects
o Create value
o Both org and person perform
o 4 ps
o Satisfy customer needs
o Entails exchange
what is relational orientation
o Think relations not in terms of transactions
o Systematically collect info on needs and use it to target customers with appeal and importance to them
- 3 fundamentals for consumers
o Consumer share same values
o Consumers feel like they know each with brand and how this happens
Consumers give data to brands
o Trust
Consumers need to trust brands, no trust = no buy and relationship
what is branding about
create value, establish and build relations
5 steps of marketing
research, design start, implement, monitor, equity
what is happening in research stage
needs and wantanalysis, ID consumers who want and can afford to divide on target market
people with a need and want willing to pay 2 questions
who are they and how to reach them
demographic, behavioural and pyscographic
d- variables such as age, gender, income, education,
b- Dividing the market based on consumer knowledge, attitudes, uses, or responses to a product.
P-Definition: Dividing the market based on lifestyle, activities, interests, opinions, and values.
ways to research the enviroemtn
o Situational analysis
o Marketing environment
o Consumer behavior
what is marketing strategy
firm taregt market-market mix 4 ps- how it plans to build competitive advantage
o Once we have market need to segement it by
demographic, pyscographic and behavior
ways to create compeitive advantage
lower costs, differentiation, quality, speed, innovation
competitve advantage by deliver on customer value 4 diff types
o Customer excellence- sustain loyal customer service like loyalty program
o Operation excellence- effeciet operations and supply chain HR, incl lower costs
o Product excellence- product with prceieved high value
o Locational excellence- good location physically or online
5 step dev marketing plan and which pases steps fall in
step 1 bus mission, step 2 situation analysis –> planning phas
step 3 ID opp: target, segment, pos step 4 implement market mix: 4 ps–> implement phase
step 5: eval perform with metrics–> control phase
step 1 mission statement what is it
broad description of firm objective and scope of actitivty plan to undertake. answers what type of bus we are what we need to achieve goals
step 2 situational analysis main way is
SWOt
