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54 Cards in this Set
- Front
- Back
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return is called...
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Marketing
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The reason a customer seeks to buy a product or service is because of their....
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Needs
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The reason that a customer actually buys a company’s product or service is because of its...
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Benefit
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What are the 3 types of benefits?
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-functional
-emotional -social |
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A benefit that is objectively measured, physical or tangible is a __________ benefit.
A. emotional B. functional C. social |
B. functional
e.g. “cleans better”, “more reliable” |
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A benefit that is subjectively measured, inner-directed, psychological, perceptual, or experiential is an __________ benefit.
A. emotional B. functional C. social |
A. emotional
“feel prettier”, “feel prouder” |
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A benefit that is subjectively measured, outer-directed psychological or perceptual is a __________ benefit.
A. emotional B. functional C. social |
C. social
e.g. “shows I’m successful”, “makes me look smart” |
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TRUE or FALSE: Functional and Social benefits almost always have an emotional context or overlay.
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TRUE
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When the value for the consumer and the enterprise are in balance, creating a “mutual value exchange," this is called the.....
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Sale
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The __________ is the totality of what the product delivers to the consumer, including functional, emotional, and social benefits.
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Brand
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Why do consumers NEED brands, not just products? (2 reasons)
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-Assurance of quality
-Simplification of the purchase decision |
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Why do consumers LIKE brands, not just products? (2 reasons)
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-Emotional satisfaction for themselves
-Badge of identity to others |
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The 3 key elements of the marketing strategy are…
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- Positioning
- Market segmentation - Target market |
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__________ is the place the brand occupies in customer’s minds relative to competitors.
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Positioning
eg: BMW - “the ultimate driving machine” |
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What are the 4 P's of the marketing mix?
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- Product
- Price - Place - Promotion |
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What is the ultimate end of the marketing process?
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the sale
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Because a dollar today is worth more than a dollar today, we use __________ value to weight future value.
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net present value
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TRUE or FALSE: For a business, satisfactory consumer relations is often not enough.
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TRUE
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What is the ultimate goal of marketing?
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consumer loyality
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What are the 2 types of consumer loyalities?
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-behavioral loyality
-emotional loyality |
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Tending to buy the same brand all the time is an example of:
A. emotional loyality B. behavioral loyality |
B. behavioral loyality
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Your feeling about a certain brand is an example of:
A. emotional loyality B. behavioral loyality |
A. emotional loyality
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TRUE or FALSE: Things that get in the way of emotional loyality may be distribution and price.
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TRUE
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The group of brands in which people are debating over are called the _________ group.
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considered group
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If you drink 300 soft drinks per year, and 60 of them are for coke, for you coke's __________ is 20%.
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share of customer
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From top to bottom, list the emotional loyality period.
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1. bonding (this is my brand)
2. advantage (this is one of my favorite brands) 3. relevance & performance (this brand is "OK") 4. presence (you know of this brand) 5. no presence (don't know anything about it) |
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What is a way of comparing things very quickly?
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using indexes
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If you are to have a base level of 5 sales per year and an actual level of 10 sales per year, what is your index?
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You have an index of 200, or double the amount.
(your base level index is always 100!!!) [this is also your midpoint!!!] |
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TRUE or FALSE: On the emotional loyality pyramid, advantage to bonding is usually a small step in value, while no presence to presence to relevance to advantage are all large steps.
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FALSE, advantage to bonding is the only large step step in value. (however, this does depend on the quanity of product that you use, whereby you may be strongly bonded to it but hardly use it.
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__________ is the use of individual customer data, stored in databases, to manage touchpoints and maximize loyality.
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CRM (Customer Relationship Management)
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The idea that a customer will get by feeling a benifit over time is a __________.
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bond
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What is MVC?
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Most Valuable Customers
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What are 4 types of bonds?
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-structual bonds
-financial bonds -social bonds -emotional bonds |
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What is a structural bond and list an example.
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Make the experience easier or more enjoyable.
ex: amazon's one-click |
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What is a financial bond and list an example.
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Reduce price or provide extra incentives.
ex: american airlines advantage program |
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What is a social bond and list and example.
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Inclusion in a community.
ex: google |
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What is an emotional bond and list an example.
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Attachment beyond satisfaction.
ex: virtually all advertising in TV and magazines |
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Consumer spending is generally between 65% and 70%, constituting __________ % of the world's economy.
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20%
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14.5 trillion Gross Nation product / 120 million households = __________ per year spent on products that are marketed aggressively.
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-$25,000 /year
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What are the 6 primary factors that influence consumer needs?
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-culture
-subculture (age, religion, ethnicity, economics) -social class -social network (family, friends, opinion leaders) -demographics and lifestyle (outdoor enthusiasts may need sporting equipment or specific clothing) -personality and self concept |
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From top to bottom, list Maslow's Hierarchy of Needs.
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1. self actualization needs (an individual focuses on what they can accomplish and what their purpose in life is)
2. esteem needs 3. social needs (leads to social benefits) 4. safety needs 5. physiological needs |
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In Maslow's Hierarchy of needs, what are 2 examples of self actualization needs?
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-self-development
-realization |
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In Maslow's Hierarchy of needs, what are 3 examples of esteem needs?
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-self-esteem
-recognition -status |
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In Maslow's Hierarchy of needs, what are 2 examples of social needs?
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-sense of belonging
-love |
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In Maslow's Hierarchy of needs, what are 2 examples of safety needs?
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-security
-protection |
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In Maslow's hierarchy of needs, list 2 examples of physiological needs.
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-hunger
-thirst |
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What are the 5 steps of the consumer buying process?
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1. need recognition
2. information search 3. evaluation of alternatives 4. purchase decision 5. postpurchase behavior |
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What are 2 important factors to the consumer that go into buying a product?
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-the amount of risk
-the amount of time |
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What are 4 examples of triggers that prompt a need recognition?
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-functional circumstance (shirt gets stained)
-physical sensation (hunger) -emotional desire (envy) -initial awareness (commercial introducing a new product) |
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What are 2 key questions for marketors in order to trigger a consumer need recognition?
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-What triggers the need?
-Can those triggers be stimulated? |
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What are 2 key questions for marketors in pursuing a consumer information search?
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-What is the most important information required by the consumer?
-How can that information best be delivered? |
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Name 8 examples of common information sources.
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1. Internet
2. News media 3. Consumer organizations 4. Friends & colleagues 5. Commercials & ads 6. Web sites 7. Packaging & displays 8. Sales force |
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What are 3 questions for marketors in evaluating alternatives? (or the considered set?)
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-What are the key factors in the evaluation process?
-How important are rational factors vs. emotional? -Is there any typical process? (probably not!) |
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The end result of the evaluation process is called __________.
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brand preference
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