Flashcards
marketing test
Flashcards do conjunto (108)
- 1what is marketing ?Marketing is the process by which a company engages with customers ,builds strong customer relationship , create customer value in order to capture value in return
- 2marketing definition (2 )marketing is the management process by identifying, anticipating and satisfying customer requirements profitably
- 3how does a product sell easilyif the marketer engages with consumers effectively , understands their needs , develops a product with superior customer value and prices , promotes and distributes them well , the product will sell easily
- 4the marketing process1)understand the marketplace and customer needs and wants
2) design a customer-driven marketing strategy
3) create an integrated marketing which delivers superior value
4) build profitable relationships and create customer delight
5) capture value from customers and customer equity to create profits - 5the five core customer and marketplace concepts1)customer needs, wants and demands
2)market offerings
3)customer value and satisfaction
4) exchanges and relationship
5)market - 6what is a need ?a need is a state of felt deprivation - something one can't live without - mandatory - example food, clothing ,safety
- 7what is a want?the form human needs take as they are shaped by culture and individual personality
example a German consumer needs food but want a sauerkraut ,sausage and beer - 8demand?a step ahead of wants- when an individual has a want and can buy it through financial power , then that want is converted into a demand
- 9market offeringsome combination of products , services , experiences and information offered to market to satisfy a need or want
- 10marketing myopiathe mistake of paying more attention to the specific product than to the benefits and experiences produced by the products - when focusing primarily on the customer's wants but losing sight of the underlying needs
- 11customer valuecustomer value is formed through the importance that a customer gives to a particular product so the higher the value , the higher the expectation towards the product
- 12exchangean exchange is something that is offered with the intention of getting something in return
- 13what do marketers want to exchangethey want to exchange relationship with the customer so that the customer trusts the company and will buy again
- 14what are markets ?the place where buyers and sellers meet - a transfer of ownership takes place - a place where a marketer meets potential customers.
- 15what is the aim of marketing?to find and attract , keep and grow the targeted customers by delivering superior value
- 16what is market segmentation ?the process of dividing a market of potential customer into groups based on the different characteristics
- 17target marketingrefers to the group of people a company wants to sell to and direct its marketing to .
- 18positioningassociating the product with a particular segmentation
- 19the STP processa fundamental concept in marketing success , - without it - a generic marketing strategy - fail to compete effectively .
- 20value of prepositiona set of benefits or values a company promises to deliver .
- 21the five concepts used to carry out a marketing strategy1) the production concept
2) the product concept
3) the selling concept
4) the marketing concept
5) the societal marketing concept - 22the production concept -holds that customers will favour products which are available and highly affordable - therefore the main objective should be minimizing the production -
improving production and distribution efficiency - 231760-1830the industrial revolution
- 24what are economies of scaleminimizing the production cost so that the product per unit is cheaper
- 25companies who practise this conceptlenovo , walmar , primemark , bortex(overseas manufacturing)
- 26what is mass production based on1)division of labour
2) specialisation - 27why could this lead to marketing myopia ?focusing narrowly on the operations and lose sight of satisfying the actual needs of consumers
- 28the product conceptstates that consumers will favour products which are innovative, with better feature and performance- therefore companies should devote energy on improvements
- 29examplesapple and google - always ahead of others
- 30why can this particular concept lead to marketing myopia -they focus too much on improving and innovating an object and lose sight of the actual need of customers - not a better mousetrap however a chemical spray of some sort
- 31the selling conceptholds that consumers will buy more of a product if they are pushed with aggressive and promotional effort - introduced during a world's recession .
- 32is the selling concept successful in short or long run ?short-run
- 33Marketing conceptholds that companies should identify customer needs and deliver satisfaction better than competition
- 34what does the marketing make use of ?the integrated marketing - the 4ps
product
promotion
price
place - 35examplescustomisation - nissan cars - choose colours engine etc
accomodating a group of people - ibot wheelchair . - 36The societal marketing conceptfocuses on satisfying the customer in the short-run wants , society long run welfare and company' s profit - should delivers value to customers in a way that maintains or improves both the consumer's and society's well being
- 37concept of shared valuerecognizes that societal needs , not just economics needs define markets- creating economic value whilst also creating value for society
- 38examplesbanif bank - sponser presidential fun run
body shop - campaign for ending unnatural beauty standars - 39white wash effectto gloss over a wrong doing
- 40what does a marketing strategy outline?which customers it will serve and how it will create value
- 41what are the 4 p's? elaborate and give examples for each1)product
2) price
3) promotion
4)place - 42The extended 3 p's1) person
2)process
3) physical evidence - 43how should employees be treated -? and why ?trained , praised and content - recruiting the right staff and training them appropriately is essential to obtain a form of competitive advantage
- 44what is a mission statement ?a company's issued statement for its reason of existence
- 45the swot analysisstrength
weaknesses
opportunities
threats - 46name plausible strengtha company being financially stable
reputable - 47threatsa pandemic
a newly opened restaurant - 48opportunitya competitor went bankrupt
a pandemic - 49what should a company do ?work on strengths, offset weaknesses so that you can take the opportunities and when threats come about the company would be able to fight them .
- 50define the customer relationship managementThe overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction
- 51how can a marketer attract?1) promoting and advertisement
2) decorate their shop
3) offers - 52customer perceived valuecustomer perceived value = customer perceived benefits - customer perceived benefits
the customer's evaluation of the difference between the benefits and all the costs of a marketing offering relative to those of competing offers - 53difference between customer perceived value and customer satisfaction1) customer perceived value is the difference between the benefits and the total costs whilst customer satisfaction is the relationship between the expectations and the customer's actual experience
2) crm follows a relative concept as it includes a comparison of the product with its competitors to determine the product that provides the greatest benefits whilst customer satisfaction is an emotional concept as it depends on the customer's feelings.
3) crm is a proactive process meaning that it evaluates the product before the purchases while customer satisfaction is a reactive process as it depends on the feelings after someone buys - 54what may customer relationships also include ?partnerships and companies
- 55customer managed relationshipsmarketing relationships in which customers ,empowered by today's new digital technology interact with companies and each other to shape their relationships with brands
- 56partner relationshiprefers to the strong bond that one business creates with another business because they are interdependent
- 57customer equitythe total combined customer lifetime values of all the company's customers
- 58customer lifetime valuevalue of the entire stream of purchases that the customer would make over a lifetime of patronage
- 59the marketing environmentthe marketing environment consists of actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
- 60The microenvironmentthe company lies at the very center of this environment and can be directly affected by these 5 other components -
the company itself can have a direct effect on the other five components - full control over the internal environment - 61Name the 6 components of microenvironmentcompany
publics
marketing intermediaries
suppliers
competitors
customers - 62what are marketing intermediaries?firms which help the company to promote , sell and distribute its goods to final buyers
(wholesalers which buy in bulk and retailers ) - 63why are marketing intermediaries important?they facilitate between the transaction
the more people in between the higher the price
marketing intermediaries can be eliminated but their actions won't
they perform marketing function faster and cheaper
they add to cost but they generally offset by the value they provide - 64Reseller -distribution of channel firms which help the company find customers or sales (wholesalers and retailers)
tesco in the uk -accounts for aver a quarter of all grocery stores - 65physical distribution firmshelps company stocks and move goods form their points of origin to their destinations
- 66Marketing services agenciesmarketing research firms, advertising agencies , media firms and marketing consulting that help the company target and promote
- 67financial intermediariesbanks ,credit companies
insurance companies and other business that help finance transaction or insure against risks associated with the buying and selling of goods - 68butterfliesprofitable but not loyal - high profit potential
stock market investors who trade shares often and invest in large amounts-
the company should create satisfying and profitable transactions with them - 69True friends -both profitable and loyal- a firm should invest in a continuous relationship to engage, nurture , retain and grow them to be true believers
- 70barnaclesloyal but unprofitable - limited fit between offerings and their needs- do not generate enough returns
- 71strangersnot loyal and unprofitable - dont invest
- 72customers -1) customer market/buyer - individuals and households that buy goods or services for personal consumption (individual preferences and budget )
2) business market/buyer- buying on behalf of an organisation for further production process ex laptops for school
( needs for organization )
3) government buyers/markets - involves a person buying on behalf of the government therefore these purchases are intended to serve for the provision of the public sector
4) reseller market - buys with the intention of selling again - a car dealer
5) international market/buyers - any of the 4 however the purchase has to be outside of malta - 73Suppliersprovide resources needed by the company to produce its goods and services
- 74what impact does supply shortages or delay have ?cost sales in the short run and damage customer satisfaction in the long run.
- 75on which basis should a company choose its suppliers?1) efficiency
2) price
3) quality
4) return policy
6) customer care - 76Publicsany group that has an actual/potential interest in or an impact on an organization's ability to achieve its objective
- 77financial publics-organizations like bank , investment houses they are interested because of loan repayment and loan interest
- 78media publics -carries news features ,editorial opinions etc - they are always on the lookout for stories
for instance - Pharsons - donation or a bad batch - 79employees -internal publics- interested in their wage - ultimate objective
- 80Government publicsinterested in each and every organisation -
1) to collect taxes
2) GDP of country - economy and employment - 81Citizen-action publicsa company's marketing decision may be questioned by environmental group , minority group etc
- 82Local publicsneighbourhood residents and community organisation
- 83General publica company that needs to be concerned about the general public's attitude towards its products and activities - the public's image of the company affects its buying behaviour
- 84the companythe bigger the company - the more sections
groups which form the internal environment -sets companies' mission , objective - all the departments share the responsibility for understanding customer needs and creating customer value - 85Macroenvironmentthe company and all the other actor operate in a larger environment of forces that shape opportunities and pose threats - even the most dominant company can be vulnerable .
- 86customer insightthe fresh understanding of the consumer and market which becomes the basis of creating customer value and relationships
- 87Marketing information systema system in which marketing information is formally gathered ,analyzed and distributed to managers in accordance to their informational needs on a regular basis
- 88internal databasesan electronic collection about the consumer and the market which is derived from data sources with the company - these include human resources records and sales report which has the potential for competitive advantage
- 89competitive marketing intelligencea systematic collection and analysis of publicly available marketing information about the consumer , competitors and the developments which helps the company gain insight on how consumers think and how they connect with brands - national statistic office and Intelligence firms
- 90The marketing researchA systematic collection , analysis and reporting of marketing data relevant to a specific marketing situation
- 91The marketing research process1) defining the problem and research objectives
2) developing a research plan
3) implementing the research plan
4) interpreting and reporting the findings - 92why is marketing research relevant ?1) to understand the customer
2) to check organization performance
3) to identify opportunities and threats
4) right marketing information leads to right marketing decisions
5)to improve the products - 93a research questionthe whole idea of a research question is to find the answers to the question in fact it is designed in such a way that the research concludes to the question
- 94a research hypothesisa statement that is tested through the marketing research
- 95Name the 3 research objectives1) exploratory objective research
2) descriptive objective research
3) causal objective research - 96exploratory objective researchthis is conducted when the problem has not yet been defined - this does not provide with enough information and relies mainly on secondary research such as case studies and pilot studies . the objective is to find preliminary information and insight concerning the issue at hand and come up with a hypothesis
- 97descriptive researchthis studies the consumers who are already making use of the product - to understand the who , where ,what and how .The objective is to
describe demographics and attitudes of customers who purchase the products. it involves a longitudinal study . - 98Causal research- the objective is to study the hypotheses of the cause and the effect for example - if an increase in the price of a loaf of bread had to happen what would be the impact on sales?
- 99Developing a research planbased on a well-defined research question , a framework for designing the marketing research program should be imposed
- 100secondary researchinformation that was collected for another purpose and that is already in existence
- 101primary data -freshly gathered information for a specific research project - this data doesnt exist
- 102quantitative researchused to quantify the research or hypothesis by generating numerical data that can be transformed into usable statistics
- 103qualitative researchto gain understanding of the underlying reasons, opinions and motivations
- 104name the 3 research approaches1) observational research
2) experimental research
3) descriptive/survey research research - 105observational researchgathering fresh data by observing unobtrusively as customers purchase or consume products . they are usually asked to write down what they're doing which leads to a detailed description - Within itself this may include ethnographic research which is when the observers observes first-hand the behaviour of people - example - noticing the amount of people going through a particular aisle .
a retailer wanting to open new shop in a new location may check for traffic patterns or competitors in vicinity - 106descriptive /survey researchwidely used for primary data collection- when a company wants to know about personal knowledge ,attitude preferences or buying behaviour - this is vey flexible as different information can be obtained in very different ways however one may not have been prepared for the question or would be unwilling to answer a personal question to an unfamiliar interviewer
- 107experimental researchused when one variable is kept undercontrol and the other is changed accordingly to see how people react to the change . Experimental research is the gathering of primary data by selecting groups of subjects giving them different treatment ,controlling related factor and checking for differences of group responses - explain cause and effect relationship - hardrock cafe might use experiments to test the effects of two different prices.
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- Descrição
- A levels Marketing FlashCards sobre marketing test , criado por kerstin Bonnici em 14-11-2020.
- Criado por
- kerstin Bonnici
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