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Marketing Midterm Flashcards
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- 1What is MarketingProcess if creating value for customers and building strong customer relationships to capture value from customers in return
Managing profitable customer relationships - 2What are the steps of the MARKETING PROCESS1. Understand the market place & customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers superior value
4. Build a profitable relationship and create customer delight
5. Capture value from customers t create profits and equity.
(value = sales, profit, customer equity) - 3What are customer NEEDS WANTS & DEMANDSNeeds: Human state of deprivation
Wants: shaped by culture and personality
Demands: supported by purchases - 4What are MARKETING OFFERINGSCombination of products, services, information or experiences offered to a market to
SATISFY A NEED OR WANT - 5What is MARKETING MYOPIAFocusing on consumers' "wants" and neglecting consumers' "needs"
- 6What is EXCHANGEAct of obtaining a desired object from someone for something in return
when consumers reach in a favourable matter
exchange relationships to retain and grow the business - 7What is a MARKETA set/group of potential buyers of a product
Marketers search for the most profitable markets - 8What is MARKETING MANAGEMENTThe art and science of choosing target markets and building profitable relationships with them.
What customers will we serve?
How can we serve them? - 9How do you select customers? Explain the strategiesMarketing segmentation:
dividing the markets into segmented customers?
Target marketing
Which segments to go after - 10What is demarketingMarketing to reduce demand temporarily or permanently. the aim isn't to destroy demand but to reduce it or shift it
- 11What is a VALUE PROPOSITIONSet of benefits or values a company promises to deliver to its customer to satisfy their needs
How are you different from other companies?
convince? time saving? - 12What are the MARKETING MANAGEMENT ORIENTATIONSProduction concept
Product concept
Selling Concept
Marketing concept
Social Marketing concept - 13What is PRODUCTION CONCEPTIdea that consumers will favour products that are highly available or highly affordable
- 14What is PRODUCT CONCEPTThe idea that consumers will favour products that are high quality, perform well and have high features
- 15What is SELLING CONCEPTIdea that consumers won't buy enough of the product unless it undertakes a large scale selling and promotion efforts
- 16What is the MARKETING CONCEPTIdea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering desired satisfaction better than other competitors do
- 17What is the SOCIAL MARKETING CONCEPTIdea that a company should make good marketing decisions by considering consumer wants, company's requirements, consumers' long-term interests, and society's long-run interests
- 18What is the MARKETING MIX?A set of tools used to implement the marketing strategy
Product, price, promotion, place - 19What is an INTEGRATED MARKETING PROGRAM?A comprehensive plan that communication and delivers the intended values to chosen customers
- 20What is CUSTOMER RELATIONSHIP MANAGEMENT?Process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Manage client information to build profitable relationshops - 21What are the RELATIONSHIP BUILDING BLOCKS?Customer perceived value:
difference between total customers value and total customer cost
Customer satisfaction:
Extent to which a product's perceived performance matches a buyer's perception.
perception vs reality - 22Describe 2 levels of Relationships with CustomersBasic relationship: brand building, advertisement, sales promotion
Full relationships: close collaboration - 23How can you change the NATURE OF CUSTOMER RELATIONSHIPS?Target more profitable customers by relating with them and using selective relationship management
Relating more deeply and interactively. Two way communication: website, blogs, social netwerks
Maintain good custom relationships = good partner relationships - 24What is PARTNER RELATIONSHIP MANAGEMENT?Partners inside the company: every function area with customers (electronically, cross-function teams)
Partners outside the company: how marketers connect with supplier, channel partners and competitors by developing partnerships - 25CUSTOMER LIFETIME VALUE is a way to increase customer value. What is it?Value of the entire stream of purchases that the customer would make over a lifetime of patronage
- 26SHARE OF CUSTOMER is a way to increase customer value. What is it?The amount of customers that belong to a specific company within a particular market
- 27CUSTOMER EQUITY is a way to increase customer value. What is it?Total combined customer lifetime values of all the company's customers
Better measure of performance than sales & market share - 28How can you build CUSTOMER EQUITY?Build the right relationships with the right customers
Different types of customers need different types of relationship management strategies - 29What are challenges within the NEW MARKETING LANDSCAPE?1. Digital Age
2. Rapid Globalization
3. Ethics and Social Responsibility
4. Non-profit Marketing - 30What is STRATEGIC PLANNING?Process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing market
adapting the firm to take advantage of opportunities in its constantly changing environment - 31What is a MISSION STATEMENT?- Organization's purpose, what it wants to accomplish
- Defines the business in terms of satisfying basic customer needs
- Acts as an individual hand that guides everyone in the company
- Should be meaningful and specific, yet motivating
- Emphasises a company's strengths in the market place - 32What is a BUSINESS PLANCollection of businesses and products that make up the company.
Best fits the company's strengths and weaknesses to opportunities in the environement - 33What is a PORTFOLIO ANALYSISMajor activity in strategic planning whereby management evaluated products and businesses that make up the company.
- 34What is an SBUStrategic Business Unit
Unit of the company that has a separate mission and objectives that can be planned separately
-company divisions
- product line within a division
- single product or brand - 35What is an SBU STAR?- High growth, high share product
- Often needed heavy investments to finance their rapid growth - 36What is an SBU QUESTION MARK?- Low share business units in high growth market
- Require a lot of cash to hold their share, let alone increase it - 37What is an SBU CASH COW- Low-growth, high-share businesses or products
- These established and successful SBYs need less investment to hold their market share - 38What is an SBU DOG- Low-growth, low-share products
- They may generate enough cash to maintain themselves but do not promise to be large sources of cash - 39What are the steps to ANALYZE THE CURRENT BUSINESS PORTFOLIO1. Identify key businesses that make up the company
2. Assess the attractiveness of the SBU's
3. Decide how much support each SBU deserves - 40What are the problems with the MATRIX APPROACH?- Difficulty in defining SBUs and measuring market share and growth (time consuming, expensive, focuses on current business instead of the future)
- Companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers whoa re close to their market - 41What are the strategies for GROWTH AND DOWNSIZING?1. Market Penetration
2. Market Development
3. Product Development
4. Diversification - 42What is MARKET PENETRATION?Growth strategy increasing sales to current market without changing the product
Normally supported by advertisements - 43What is MARKET DEVELOPMENT?Growth strategy that identifies and develops new a market segments for current products
Reaching out to new segments of the population - 44What is PRODUCT DEVELOPMENT?Growth strategy that offers new or modified products to existing marker segments
- 45What is DIVERSIFICATION?Growth strategy through starting up or acquiring businesses outside the company's current products and markets
- 46What is DOWNSIZING?Reduction of the business portfolio by eleeminiting products or business units that are not profitable or no longer fit the comapny's strategy
- 47What is a VALUE CHAIN?- Series of departments that carry out value- creating activities to design, produce, market, deliver, and support a firm's products
- The firms activities depends not only on each department's performance but how well each department is able to coordinate - 48What is a VALUE DELIVERY NETWORK?- Made up of the company, suppliers, distributors, and customers who partner with each other to improve performance of their entire system
- Exteriror to the organization - 49What is MARKET SEGMENTATION?The division of a market into distinct groups between buyers who have distinct needs, characteristics, or behaviour and who require separate products or marketing mixes
- 50What is a MARKET SEGMENT?A group of consumers who respond in a similar way to a given set of marketing efforts
- 51What is MARKET TARGETTINGEvaluating each market segment's attractiveness and selecting one or more segments to enter
- 52What is MARKET POSITIONINGThe arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer
- 53What is the MARKETING MIXSet of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market
Product, price, place, promotion - 54What does SWOT stand for?Strengths, weaknesses, opportunities, threats
- 55What is a STRENGTH?Internal capabilities that can help the company reach their objectives
- 56What is a WEAKNESS?Internal limitations that can interfere with a company trying to reach their objectives
- 57What is an OPPORTUNITY?External factor that a company can use to their advantage
- 58What is a THREAT?Current or emerging external factors that can challenge a company's performance
- 59What is a RETURN ON MARKETING INVESTMENT? ROI = return on investment- The net return from a marketing investment divided by the cost of the marketing investing
- Marketing ROI provides a measurement of the profits generated by investments in the marketing activities - 60What is a MARKETING ENVIRONMENT?The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers
- 61These will be found in the MICROENVIRONMENT: company, suppliers, intermediates, competitors, publics, customers...
- 62What is a COMPANY?Marketing management takes into account other company groups
Top management
Finance
Research and development
Purchasing
Operations
Accounting - 63What are SUPPLIERS?- Provide the resources to produce goods and services
- treated as partners to provide customer value
- Must watch supply availability and cost - 64What are Intermediates- Help the company to promote, sell and distribute its products to final buyers
○ Physical distribution firms
○ Marketing service agencies
○ Financial intermediaries
○ Resellers
- Some resellers are so big, they can dictate terms of contract - 65What are COMPETITORS?Firms must gain strategic advantage by positioning their offerings against competitors' offerings
- 66What are PUBLICS?Any group that has an actual impact or potential interest in or impact on an organization's ability to achieve its objectives
- 67These will be seen in macroenvironment: Demography, economics, natural, technological, political
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- Beschreibung
- Business/Economics Karteikarten am Marketing Midterm Flashcards, erstellt von Melissa Aparicio am 09/03/2021.
- Erstellt von
- Melissa Aparicio · Mär 2021
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- 10 Mär 2021
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