Flashcards
Marketing midterm
Cards in this deck (47)
- 1Old and new view of marketingOld: telling and selling
New: satisfying customer needs - 2Marketing process1: Understand marketplace and customer
2: Desing customer-driven marketing strat.
3: Construct marketing program with superior value
4: Build profitable rel. + costomer delight
5: Capture value from costomer - 3Needs, Wants, Demands?-needs: basic human needs
-Wants: needs shaped by culture
-demands: human wants backed by buying power - 4Market offering and market myopia?Market offerings: Products, services etc. to satisfy need/wants
Marketing Myopia: firms focussing to much on their product rather than the underlying need (e.g. Kodak) - 5Def. exchange and market1. Getting a desired product by offering something in return
2. Place/set of suppliers, companies, marketing intermediaries and consumers were exchanges take place - 61. Production concept 2. Product conceptConcept that:
1. Consumers will favor available and affordable products
2. Consumers will want best quality - 71. Selling concept 2. Marketing concept1. Focus on selling and promotion efforts
2. Focus on knowing the needs and wants of target markets - 8Societal marketing conceptFocus on consumer wants, company requirements and societies (long-run) interest
- 9Marketing mix consists ofProduct: need-satisfying market offering (quality,variety,design,features,etc.)
Price: cost of product (discounts,allowances,payment period..)
Place: the location of the product
(coverage,locations,inventory, transport)
Promotion: communication with target costumers
(ads, PR and sales promotions) - 10Def. Customer relationship managementThe process of building and maintaining profitable customer relations by delevering superior customer value
- 11Def. 1)Customer-perceived value 2)Customer satisfaction1)Customer's evaluation of the difference between the benefits and costs of the market offering compared to competitors
2)The extent to which the performance matches expectation - 12def. Customer relationship?The way companies deal with their customers. Can be very personal (Boldking). Nowadays companies aim for rather personal relationships (improved technologies allow companies to increase interaction)
- 13Def. Customer - engagement marketing?Making a brand a meaning full part of consumer's lives by fostering consumer's involvement in improving the brand's experience and community
- 14Def. Consumer-generated marketing?Increasing involvement and exchange between consumer and firm --> Partner relationship management: working closely with e.g. other branches of the cooperation
- 15Capturing customer value?Satisfied customers remain loyal and talk favorably about the company
- 16Def. 1)Customer lifetime value 2)Customer equity1) Value of purchases a customer makes of his lifetime
2)Total combined customer lifetime values - 17Customer relationship groups1) Strangers: low loyalty and low profitability
2) Butterflies: Low loyalty but high profitability
3)Barnacles: high loyalty but low profit.
4) True friends: high loyalty and profit - 184 steps of strategic planning?1) Define company mission
2)Setting company objectives/goals
3) Designing business portfolio
4) Planning market stratagy - 19Def. 1)Mission Statement 2)Company objectivesA company's mission statement is the company's/firm's overall purpose in the larger environment.
The overall mission is often turned into detailed objectives - 20Def. 1) Business portfolio 2) Portfolio analysis1) Collection of businesses and products of the company
2) Management evaluates products and business; identifies strategic business units (SBUs) - 21Def. Boston consultancy group's portfolio-planning method in terms of the Growth-Share matrix (2 dimensions used: market growth rate (MGR) and Relative market share (RMS))Star: High market growth rate, and high relative market share
Cash cow: low market growth rate and high relative market share
Question mark: High Market growth rate and low relative market share
Dog: low MGR and low RMS - 22Def. Product/market expansion gridMarket penetration: company growth of current products in current markets
Market development: company growth of current products in new markets
Product development: company growth of new products in current markets
Diversification: company growth by expanding products and markets - 23Def. Customer-driven marketing strategy?Focus and investigate on customer needs and wants by using market segmentation, market targeting and differentiation
- 24Market segmentationCompanies can't serve consumers in every possible way, hence they divide the market into groups (e.g. gender, age, wealth) in order to pick their focus group
- 25Market targetingAfter having set up market segments, companies must choose the segments with most potential profit and most customer value to focus on.
- 26How to manage a marketing effort?1: analysis
2: planning
3: implementation
4: control - 27How: Marketing analysisDo a SWOT analysis
- 28How: marketing planningChose marketing strategy by taking note of current marketing situation, threats, and opportunities, objectives, budgets etc.
- 29How: marketing implementationTurning planned marketing strategies into actual actions to accomplish marketing objectives
- 304 departments of a marketing department organizationfunctional: experts on sales, adverts. etc.
Geographical: experts on special geograph. area
Product: exp. on certain products
Market/customer: expert on every customer - 31Def. microenvironmentActors close to the company that affect its ability to serve its customers: the company (and its other groups), suppliers, marketing intermediaries, markets, competitors, publics
- 32Types of marketing intermediaries:Reseller (distribution channel)
Physical distribution firms (help distribute and stock goods)
Marketing services agencies (marketing research and ads- firms)
Financial intermediaries (banks) - 33What is publics?Any group with (potential) interest/impact on the firm's objectives, e.g. media publics, government publics, the general public, etc.
- 345 types of customer markets1)consumer markets (households)
2) Business markets (other firms)
3)Reseller markets (sell at profit again)
4) Government market (government buys)
5) international market (the previous 4 but from abroad) - 35Factors of macro environment?Demographics, economics, natural, technology, political, cultural
- 36Demography and the four categories?Demography deals with human populations in terms of size, density, location, age etc.
4 groups:
-Baby Boomers (post-WWII)
-Generation X (after B-Boomers, less materialistic)
-Generation Y (millennials, fin. strapped and born with information tech.)
Generation Z (after 2000; Young customers) - 37Types of economies1) industrial economies (rich markets)
2) Subsistence economies (consume most of their own agriculture)
3)Developing economies (good opportunities for right products) - 38Responses to the marketing environmentreactive: accept marketing environment and don't try to change it
proactive: strategies to change the environment - 39Consumer markets, 4 types of segmentation?1)Geographic segmentation
2)Demographic Segmentation
3) Psychographic Segmentation: social class, lifestyle, personality characteristics
4)Behavioral Segmentation: Buying-patterns and behaviour - 40International markets, 4 types of segmentation?1)Geographical (regions)
2) Economic (same level of income)
3)Political/legal (governmentform, legal sytem and stability)
4)Cultural (e.g. religion, language) - 41Intermarket segmentationDeals with consumers in on segment whilst living in different nations
- 42Requirements for effective segmentation1. Measurable
2. Accessible
3.Substantial
4. Differentiable
5. Actionable - 43Def. Market targeting in regards to segmentationAfter segmentation, it has to be decided which segment to target
- 44Market orientation is the implementation of the marketing concept. 3 pillars of market orientation?1) Competitor orientation (monitor competitors)
2)Customer orientation (needs and wants of consumers)
3) Interfunctional coordination (coordination between marketing effort and firms capabilities) - 45When is Market orientation important?Important in turbulent and competitive markets
less important in technologically turbulent markets - 46Market orientation and sustainable competitive adventage?At first, it leads to a sustainable competitive advantage, however, it moves towards a failure preventer
- 47—
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- Flashcards on Marketing midterm, created by J.A.F. Hooimeijer on 27/02/2017.
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- J.A.F. Hooimeijer
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