Flashcards
Marketing Midterm
Cards in this deck (53)
- 1Marketing GoalDiscover & Satisfy the needs and wants of a customer
- 2How can we satisfy customer goals1. Focus on customer needs
2. Create customer value
3. Target our offering to a specific market
4. Coordinate all our marketing efforts - 3Marketing MixPlace - distribution
Product - design, colours, packaging
Promotion - advertising, PR
Price - retail, wholesale, online - 4Needs vs Wantsneeds = necessary, cannot be influenced by marketing, states of felt deprivation
wants = preference, influenced by marketing, shaped by culture and individual personality - 5why is loyalty important? & where does it come fro,?easier to retain existing customers than attract new ones
it comes from providing added value (pricing strategies, product design, service elements) - 6customer valueunique combination of benefits received by targeted buyers that will satisfy their needs
(include quality, price, convenience, on-time delivery) - 7target marketspecific group or segments of existing and potential customers to which marketers direct their marketing efforts
- 8marketing definitionprocess of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. it includes the conception of these products and the pricing, promotion, and distribution programs designed to make a profit and generate revenue for org.
- 9the marketing process1. identify consumer needs
2. manage the marketing mix to meet consumer needs
3. realize profits for a company - 10marketused to describe potential consumers who have both the willingness and ability to buy a product
- 11three elements of relationship marketing1. social media
2. customer relationship management (CRM)
3. corporate social responsibility - 12environmental scanthe process of continually acquiring information on events occurring outside the org. to identify trends, opportunities, and threats to a business
- 13SWOT analysisassessment of how well an org. or brand is servicing its businesses and target markets by evaluating its internal strengths and weaknesses, and its external opportunities and threats
- 14environmental forces1. Social - demographic shifts, cultural changes
2. Economic - macro conditions, consumer income
3. Tech - tech impact on customer value
4. Competitive - alternative forms of comp.
5. Regulatory - laws protecting comp, self regulation - 15Demographicsage, gender, geographic, income, occupation
- 16socio-cultural forcessociety's morals and beliefs, covers cultural values, ideas and attitudes
- psychographics (beliefs)
- cultural changes (where you live, who you hang out with, parents values) - 17economic forceseconomy up or down, consumer confidence, where the company is in business cycle, consumer income
- 18technological forcesimpact on customer value (decrease in cost of goods, more products, changing products)
technological advances - 19Purchase Decision Provess1. Problem Recognition - perceiving a need
2. Information Search - seeking value
3. Evaluation of Alternatives - assessing value
4. Purchase Decision - buying value
5. Postpurchase behaviour - value in consumption or use - 20Information Search (internal vs external)internal - comes from within, remembering an experience that we have had with respect to a product or brand
External - when your dont have enough info to make purchase decision, you rely on further info from outside sources (personal, public, marketer dominated) - 21Evaluative Criteriarepresent both the objective attributes of a brand and the subjective ones used to compare different products and brands
marketers try to identify this and include them in the marketing mix to create customer value - 22Evoked Setthe group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
- 23Purchase Decison1. What brand to buy
2. From whom to buy
3. When to buy - 24Why are there perceived difference in the importance of some of the steps?consumers may minimize one or more steps in purchase decision process depending on level of involvement
- 25Psychological Influences on why we buy1. Motivation
2. Personality
3. Perception - selective perception, exposure, comprehension, retention
4. Learning
5. Values, Beliefs, Attitudes
6. Lifestyle - 26selective perception, exposure, comprehension & retentionperception - filter info so only some is understood
exposure - pay attention only when it suits them
comprehension - interpret info to suit their beliefs
retention - only some of info is remembered - 27Learning & Behaviourlearning - continual process
behaviour - response to learning - 28Attitudespersonal values + beliefs = favourable or unfavourable attitudes
- 29Attitude Change1. changing beliefs about the extent to which a brand has certain attributes
2. changing the perceived importance of attributes
3. adding new attributes to the product - 30Situational Influences1. Purchase Task - reason for having to make purchase in first place
2. Social Surroundings
3. Physical Surroundings
4. Temporal Effects - how much time do you have to make this purchase
5. Antecedent States - what has been occurring just before you are going to consider the purchase - 31Sociocultural Influences on Consumer Behaviour1. Personal Influence - opinion leaders (have social influence) and word of mouth
2. Reference Groups
3. Family Influence
4. Culture
5. Subculture - 32Reference Groupsreference group - people to whom an individual looks as a basis for self appraisal or as a source of personal standards
membership group - one to which a person actually belongs
aspiration group - one that a person wishes to be a member of / identified with
dissociative group - one which a person wishes to maintain a distance from because of differences in values or behaviours - 33Family Influences result from1. Consumer Socialization - process by which people acquire skills, knowledge and attitudes necessary to function as customers
2. Family Life Cycle - familys progression from formation to retirement
3. Family Decision Making - spouse dominant & joint decision making - 34Psychographicsthe analysis of cosumers lifestyle that offers insight into behaviours
- 35Market Researchthe process of collecting and analyzing info in order to recommend actions to improve marketing activities (reduces risk)
collect , analyze , interpret - 36two types of market researchprimary - research results in facts and figures that are newly collected for a specific project at the time of project
secondary - research results in data, facts, and figures that have already been recorded before the project - 37metricsnumerical data that is collected and grouped to track performance, often presented in spreadsheets and dashboards
- 384 Vs of Big Data1. Volume - amount of data
2. Variety - different types of data
3. Velocity - speed of data
4. Veracity - certainty of data - 39Types of Data1. Structured
2. Unstructured
3. Hybrid - 40Analyticsprocess of taking metrics data and applying smart thinking and tech to gain actionable insights that can help make better business decisions
- 41The Six-Step Market Research Approach1. Define Problem
2. Design Research Plan
3. Conduct exploratory and qualitative research
4. Collect quantitative primary research
5. Compile, analyze and interpret data
6. Generate reports and recommendations - 42objectivesspecific measurable goals that the decision maker seeks to achieve
- 43collection methods and samplingcollection methods - how to collect honest data
sampling - process of gathering data from a subset of the members to be studied - 44Qualitative vs Quantitative Researchqualitative - uses approaches to provide insightful and directional info
quantitative - statistically reliable info that uses observational and/or questioning techniques - 45Why not use secondary data- may be out of date
- definitions or categories of preexisting data may not be right for the project
- may not be accurate or specific to study - 46Market Segmentationprocess of putting individual customers into groups based upon their common needs and their common response to marketing actions
- 47target market profilescreated by considering
1. geographics
2. demographics
3. psychographics
4. behaviouristics - 48personacharacter descriptions of a brands typical customer, brings data alive, captures a day in the life
- 49Forms of Market Segmentation1. Mass Marketing
2. Segment Marketing
3. Niche Marketing
4. Individualized Marketing - 50Product Differentiationinvolves the firm using different marketing mix activities such as product features and advertising to help consumers perceive the product as being different and better than competing products
- 51product positioningthe impression of the branded product you want to establish in consumers minds relative to their needs and also in contrast to the competition
(Image, product attribute, price) - 52positioning statementhow product meets consumer needs and is differentiated
1. branded product name
2. category in which it competes
3. one or two main reasons to buy
4. what sets it apart - 53—
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- Fall 2018 Flashcards on Marketing Midterm, created by Lauren Wilson on 06/10/2018.
- Created by
- Lauren Wilson · Oct 2018
- Updated
- Oct 6, 2018
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