Flashcards
Marketing IQS
Cards in this deck (72)
- 1What is marketing?Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.
Marketing is the achievement of corporate goals through meeting and exceeding customer needs better than the competition. - 2what is exchange?Exchange is the act of obtaining a desired object from someone by offering something in return.
- 3what is a transaction?An interaction between two or more parties in which goods, services or something of value is exchanged for some type of remuneration.
- 4what can we apply marketing to?goods,services,events,people,places,properties,organizations,experience,ideas and information.
- 5key customer marketscustomers,business markets,global markets,nonprofit and governmental markets.
- 6what's a need?Needs are the basic human requirements.
- 7what's a want?The needs become WANTS when they are directed to specific objects that might satisfy the need.
- 8what's demand?Demands are wants for specific products backed by an ability to pay. (Example of beer: Moritz).
- 9what's segmentation?Firms divide the market into segments.
They identify distinct groups of possible buyers by examining demographic, psychographic and behavioral differences among them. Or other variables,… - 10what's a target market?After identifying market segments, the firm develops an offering to the specific market (target market).
- 11what's positioning?The firms develop a market offering that it positions in the minds of the target buyers as delivering some central benefits, such as price, quality, image,….
- 12what's offering?It‘s a result of a Value proposition to the target market.
What is a value proposition?
It ‘s a combination of products, services, information and experiences. - 13What's a Brand?A brand is an offering from a know source (firm) to create positive associations among customers.
All companies strive to build a strong, favorable and unique brand. - 14what's value?Value reflects the sum of perceived tangible and intangible benefits and costs to customers.
The consumer chooses between different offerings based on the most value.
Value increases with quality and services.
Value decreases with others factors, such as price - 15SatisfactionReflects a person’s judgments of a product’s perceived performance in relationship to expectations.
- 16Marketing channels to reach satisfactionDistribution Channels
To display, sell or deliver the physical products or services to the customer (distributors, retailers, agents).
Communication Channels
They have been used to deliver and receive messages from target buyers (newspaper, magazines, Internet, TV, radio, social media,...).
Service Channels
The firms use service channels to carry out transactions with potential customers (transportation companies, banks, insurance companies, warehouse companies,…) - 17Supply ChannelThe supply channel is a longer channel stretching from raw materials to components to final products, that are carried to final customers.
Each firm captures only a certain % of the total value generated by the supply chain’s value delivery system. - 18CompetitionCompetition includes all the actual and potential rival offerings and substitutes a customer might consider.
- 19What does marketing environment consist of?-Task environment
Includes the actors engaged in producing, distributing, and promoting the offering.
Company, suppliers, distributors, dealers and the target customers.
-Broad environment
That is forces that may influence task environment agents :
Demographic environment
Economic environment
Technological environment
Political-legal environment
Social-cultural environment
Natural environment - 20DemographyIs the study of human populations in terms of size, density, location, gender, occupation, and other statistics.
- 21economic environmentConsist of factors that affect consumer purchasing power and spending patterns.
- 22Natural environmentInvolves the natural resources that are needed as inputs or that are affected by marketing activities:
-Shortages of raw materials
-Pollution
-Increased government intervention in natural resource management: - 23TechnologyCompanies have to be alert to changes in technologies because:
A new technology would provide many advantages to customers.
Increase budgets in R & D in all the world.
The changes are very fast. - 24Political-legalMarketing decisions can be influenced by political and legal forces, which determine the rules by which business is conducted.
Consists of laws, government agencies, and pressure groups of interests, that influenced or limit various organizations and individuals in a given society:
Business legislations and regulations (local, national and EU).
Codes of practices to protect consumer interest. - 25Cultural environmentPeople in a given society hold many beliefs and values. We can talk about: core and secondary beliefs.
- 26What does MK Planning consist of?Identify and analyze business opportunities.
Select the markets.
Develop strategies.
Implement and manage programs / operational policies. - 27Product conceptProduct concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.
Management should focus on improving production and distribution efficiency.
Efforts to obtain a production efficiency, low costs and mass distribution. - 28Selling ConceptThis approach holds that the products are not sold if not encourages consumers to buy.
The selling concept is typically practiced with unsought goods. This kind of products that buyers do not normally think of buying (insurance products).
It focuses on creating sales transactions rather than on building long-term, profitable customer relationships.
Companies make aggressive efforts to promote and sell. - 29Marketin Concept(Customer orientation)The Mk concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
- 30What's holistic approach to marketing?Development, design and implementation of programs, processes and marketing activities that recognize the breadth and interdependence of its effects.
Everything is important, customers, employees, competition, society as a whole. It is necessary to adopt an integrated perspective. - 31Internal MarketingEnsures that all members of the organization adopt principles of marketing. Non-commercial departments of a company also consider customers.
Requires the best staff to meet customers.
Coordination of all marketing functions (research, product management, sales, advertising, ...) - 32Integrated MarketingIn Mk decisions that affect many different areas of the company are taken.
Mk run many activities at once (promotion, price, adverts)
So any marketing activity is prepared and applied taking into account the other activities and areas of the company - 33Marketing of Social responsibilityThe effects of marketing actions affect society as a whole.
Companies must always act for the welfare of consumers (ethical principle), environmental conservation (environmental principle) and the interest and progress of civil society in which the company does business (social principle).
This affects in Marketing: products, distribution systems, communication campaigns (adverts, sponsors,…). - 34Relationship MarketingSatisfactory long-term key stakeholders (customers, suppliers, distributors) relationships are established in order to preserve and increase the business of the company.
Information is needed to understand the needs and desires of these key groups
With this information it may propose appropriate products and services to the market. - 35What's to create loyalty?Increase customer engagement:
Increase sales through identification of needs that we can satisfy. - 36Whats Consumer behavior?Consumer behavior is the study of how individuals, groups and organizations select, buy goods or use services to satisfy their needs and wants.
Successful marketing requires a great sensitivity to identify the influences of behavior and ability to anticipate how they influence
A consumer’s buying behavior is influenced by cultural, social, and personal, and, also, by psychological process. - 37Cultural factors affecting social behaviorCulture refers to the traditions, values and basic attitudes of the whole society within which an individual lives.
It provides the framework within which individuals and their lifestyles develop, and consequently affects consumption. - 38Social Factors affecting Consumer BehaviorGroups
Family
Social Roles
Status - 39Personal Factors Affecting Consumer BehaviorAge and life-cycle stage
Lifestyle
Occupation
Economic circumstances
Personality
Self-concept - 40Psychological Factors affecting consumer behaviorA person’s buying choices are further influenced by four major psychological factors:
Beliefs and attitudes
Motivation.
Perception
Learning
Memory - 41What's a belief?A belief is a descriptive thought that a person has about something.
Consumers acquire beliefs as a result of their experiences with products and services.
Beliefs are related to attitudes because beliefs determine the attitude towards the product. - 42What's an attitude?Attitudes describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object of idea.
They can be positive or negative toward a product, and are difficult to change. - 43What's motivation?A motive is a need that is sufficiently pressing to direct the person to seek satisfaction.
One of the best known theories of human motivation is Maslow’s Hierarchy of Needs Theory - 44What's perception?The perception is the process by which we select, organize, and interpret information inputs to create a significative picture of the world.
The key point is that it depends not only on the physical stimuli, but also on the stimuli’s relationship to the surrounding field and on conditions within each of us.. - 45What's learning?Learning induces changes in our behavior arising from experience.
Learning is produced through the interplay of drives (strong internal stimulus impelling action), stimuli (the object that stimulates), cues (minor stimuli that determine when, where, and how a person responds), responses (consumer response to stimuli and cues), and reinforces (positive experiences that reinforce the brand). - 46Memory?All the information and experiences we encounter as we go through life can end up in our long-term memory.
We can think of marketing as a way of marketing sure consumers have the right types of product and service experiences to create the right brand knowledge structures and maintain them in memory - 47What's Marketing Research?Mk research is the systematic design, collection, and reporting of data relevant to a specific marketing situation facing an organization.
Mk research can help firms to assess market potential and market share or to measure the effectiveness of product, pricing, distribution, and promotion policies.
Mk research gives firms insights into customers motivations, purchase behavior, satisfaction, and loyalty. - 48Purpose of Marketing Research, marketers often need formal studies that provide customer and market insights for specific marketing situations and decisions.
- 49Concept TestTo understand how the target interprets and evaluates the product or service concept.
- 50Packaging testEvaluation that makes the target audience of the perceptual aspect of packaging.
- 51Brand researchWhether or not the brand is crucial in the buying process.
How much is the consumer willing to pay to have a particular brand?
Does the brand adds value? - 52Design and redesign of products/servicesTo Know what alternative design or redesign would have more acceptance among current customers, or potential customers.
Market share than we could achieve with each of the alternatives (design or redesign).
To Know what potential customer profile could attract - 53Research planThe research plan outlines sources of data, specific research methods, contact methods, sampling plans, instruments that researchers will use to gather new data and research costs.
- 54Exploratory researchExploratory research is designed with the objective of providing a first orientation on the whole or any part of the phenomena occurring in the market under investigation.
In general it is useful in the definition of the research problem where exploratory research may be used to:
Define the problem more precisely and set priorities for further investigation.
Identify alternative courses of action.
Suggest hypothesis.
Identify key variables and relationships for further investigation. - 55Conclusive researchConclusive research is designed in order to help make decisions.
The main objective is to test hypotheses and examine relationships.
The research process is more formal and structured than exploratory research.
The samples are large and representative, and the data are analyzed by quantitative methods. - 56Descriptive ResearchThe main objective is to draw conclusions that help to describe the whole or a part of the phenomena occurring in the market under study.
To do a good research, it is necessary to clearly specify the following information:
Who interview.
What information should be obtained.
When and where should I get the information.
Why will you get all the information we will collect.
How will you get the information. - 57Descriptive research methodsobservation and survey
- 58Descriptive research designTransversals: the information is collected from a sample of a population at a particular time.
Longitudinals: the information is collected from the same sample of the same universe, repeatedly over time. - 59Casual ResearchThe aim is to draw conclusions about cause-effect relationships that occur between the phenomena under study:
Determine what are the causes and what are the effects of a phenomenon:
Example: Identify the effect of customer satisfaction on loyalty - 60Qualitative ResearchQualitative techniques studied by methods unstructured internal aspects of the individual. Its purpose is to discover the causes and motivations of their behavior.
Qualitative research in marketing research comes from the knowledge and techniques of the social sciences (psychology and sociology).
Care has to be taken when interpreting the results of the qualitative techniques, because the findings are based on small sample sizes. - 61AD-HOC SurveyIt is a method to ask directly to potential customers or customers to know their attitudes, preferences, buying behavior in a specific market context.
The major advantage of ad-hoc survey research is the flexibility (the sample and questionnaire are designed to fit the needs of specific research).
Survey can be conducted in person, by phone or mail, by web,… - 62OMNIBUSIt is a product of Research Institutes, Consultants,…
Type of survey that makes a Research Institute, periodically, to a variable but representative sample of a fixed universe. The survey is multi-thematic and multi-customer (companies with complementary products).
The questionnaire was developed by the Research Institute with the questions from each company that participates in the omnibus. - 63PANELPanel studies are a particular design of longitudinal study in which the unit of analysis is followed at specified intervals over a long period, often many years. The key feature of panel studies is that they collect repeated measures from the same sample at different time.
- 64Probability SampleEach population member has a know chance of being included in the sample, and researchers can calculate confidence limits for sampling error.
Probability sample size of around 1000 can provide measurements that has tolerable error levels when representing a populations >100,000.
The calculation is done through mathematical formulas or obtained directly from standard tables. - 65NonProbability SampleThe researcher select the easies population members from which to obtain information or people who are good prospects for accurate information.
This kind of sample is used when probability samples cost too much or takes too much time.
In this case, the sampling error cannot measured. - 66How to collect primary data?-Questionnaires
Questions should be arranged in a logical order. First, questions that create interest. At the end of the questionnaire, difficult or personal questions to avoid defensive answers.
-Mechanical instruments
People meters: instrument to be installed in homes to record TV audiences
Checkout scanners: to record shoppers’ purchases (retailing).
Eye camera: to study viewers’ eye movements while watching ads.
Neuromarketing: measures brain activity to learn how consumers feel and respond to stimuli. - 67Implementation(collect)This involves collecting, processing, and analyzing the information.
The data collection phase of marketing research is generally the most expensive and the most prone to error because:
Some respondents will not be at home.
Others refuse to cooperate.
Others will give dishonest answers.
And is it possible that some interviewers will be biased when ask the questions. - 68Implementation(Analyze results)Extract findings by tabulating the data and developing frequency distributions. The researches compute averages and measures of dispersion for the major variables and apply some advanced statistical techniques to test different hypotheses.
- 69SegmentationMarket segmentation is defined as the identification of individuals or organizations with similar characteristics that have significant implications for the determination of marketing strategy.
- 70Niche MarketingA niche is a more narrowly defined customer group seeking a distinctive mix of benefits. Usually a subsegment.
- 71Local MarketingTarget marketing is leading to marketing programs tailored to the needs and wants of local customer groups.
- 72Individual MarketingToday customers are taking more individual initiative in determining what and how to buy. In many cases, design the product they want (Internet).
Customization is not for every company. It may be difficult to implement for complex products.
This level of segmentation requires One-to-one marketing strategies.
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- Flashcards on Marketing IQS, created by Sabina Capon Bilialo on 11/03/2015.
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- Sabina Capon Bilialo
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