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156 Cards in this Set
- Front
- Back
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Marketing |
Creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders |
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Value |
Marketing helps create _______? |
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Settings
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Marketing occurs in many _______? |
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Individuals and organizations
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Marketing can be performed by both ________ and __________? |
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Product
Place |
Marketing requires ________, price, ________, and promotion decisions. |
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Exchange
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Marketing entails an __________ |
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Needs
Wants |
Marketing is about satisfying customer _______ and ________ |
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Want vs need |
Apple computer vs fruit apple |
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Self actualization
Esteem Love/belonging Safety Physiological |
What do people need? (Maslow) |
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Time
Effort Money |
Consumers exchange more than money for a product. They exchange: |
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Services accounts for about 84% of GDP |
What percent of U.S. GDP is made up of services as opposed to products? |
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Teaching
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Pure Service? |
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Salt
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Pure Commodity Good? |
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Goods
Services Ideas |
Product: creating value. Includes what to satisfy customer needs? |
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Supply Chain Management
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Place: Delivering the Value Proposition. All activities necessary to get the product to the right customer |
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Money
Time Energy |
Price: Capturing Value. What does a buyer give up in exchange for the product? |
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Informs
Reminds |
Promotion: Communicating Value. Communicated by a marketer that ________, persuades, and _______ potential buyers about a product or service |
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Informative Advertising
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Launching a new product An updated or relaunched product The objective is to develop initial demand for a good, service, organization, or cause |
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Persuasive Advertising
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Marketers use _________ to increase the demand for an existing good, service, or organization Idea is to persuade a target audience to change brands, buy their product, and develop customer loyalty |
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Reminder Advertising
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Reinforces previous promotional information
Name of product, testimonials of past customers, public response, and sales techniques are repeated in hope of reminding past customers and garnering new ones |
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Production
Sales Marketing Value based Marketing |
Evolution of Marketing |
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Value
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Relationship of benefits to costs What you get for what you give |
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Sustainable competitive advantage |
Organization acquires or develops an attribute or combination of attributes that allows it to outperform its competitors
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Customer Excellence Locational Excellence Product Excellence Operational Excellence |
Customer Value |
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Customer Excellence
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Retaining loyal customers Customer service |
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Operational Excellence |
Efficient operations=Excellent supply chain management |
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Product Excellence |
Clearly positioned brand image and high quality of product |
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Locational Excellence |
Some say most important thing in retailing. Not easily duplicated |
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Great Britain |
McDonald's daily customer traffic is more than the population of? |
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1% |
McDonald's feeds 68 million people per day, about ____% of the worlds population. |
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75 |
McDonald's sells more than ____ hamburgers every second. |
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Mongolia |
McDonald's is richer than what country? |
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1 million workers |
McDonald's hires around ______ in the US every year. 700,000 domestic workforce with 150% turnover rate |
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Eight
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According to company estimates, one in every _____ American workers has been employed by McDonald's. |
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Toys, one included in 20% of sales |
McDonald's is the world's largest distributor of |
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China |
For the next 3 years, McDonald's is going to open one restaurant every day in ______ |
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South Dakota |
The only place in the lower 48 that is more than 100 miles from a McDonald's is a barren plain in _______ |
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One Billion |
Americans alone consume _____ pounds of beef at McDonald's in a year |
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1. Business mission and objectives 2. Situation analysis SWOT 3. Identify opportunities 4. Implement marketing mix 5. Evaluate performance using marketing metrics |
Marketing Plan |
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Planning Implementing Controlling |
Phases of a strategic plan |
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Mission Statement |
Step 1: Define the Business Mission. A one sentence statement describing the reason an organization or program exists and used to help guide decision about priorities, actions, and responsibilites |
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1982, capsules poisoned. 7 people died
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Tylenol case Study |
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Situation Analysis |
Step 2: Conduct a _________ __________ |
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Segmentation
Targeting Positioning |
Step 3: Identify and Evaluating Opportunities using ______ |
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Geographic Demographic Behavioral Psycho graphic |
Main bases of segmentation |
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Product Value Creation Place Value Delivery Price Value Capture Promotion Value Communication |
Step 4: Implement Marketing Mix and Allocate Resources |
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Product and Value Creation
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Successful products and services are those that customers perceive as valuable enough to buy |
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Price and Value Capture
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Price must allow for customers to perceive good value for the product they receive |
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Place and Value Delivery |
The product must be readily accessible |
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Promotion and Value Communication |
TV/Radio Magazines Sales Forces New Media |
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Invention: Mid to late 1990s Industrialization: 2000-2006 Entrepreneurial: 2007-Present |
Technology Evolution over the Life of the Social Web |
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Excite+Educate+Experience=Engage |
4E Framework for Social Media |
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Excite the Customer |
Offer must be relevant to its targeted customer Relevancy can be achieved by providing personalized offers |
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Educate the Customer |
Golden opportunity: Product's value proposition and offered benefits |
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Experience the Product or Service |
Information about a firm's goods and services
Simulating real experiences |
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Engage the Customer |
Action, loyalty, and commitment Positively engaged consumers lead more profitability Engagement can also backfire |
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20-40%
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Positively engaged consumers purchase ______% more than less engaged consumers |
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American Apparel The Gap |
Negative engagement to Hurricane Sandy |
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Social Network sites Thought sharing sites Media sharing sites |
Categories of Social Media
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Creators Bonders Professionals Sharers |
Social Network site consumers |
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Media-sharing sites |
Highlight how consumers can experience Encourage consumers to engage |
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Corporate Professional Personal Twitter (Micro) |
Though Sharing Sites (Blogs) |
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Self Expression Discovery Preparation Accomplishing Shopping Socializing Me Time |
Motivation for Mobile App Use |
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Ad supported Freemium Paid Paid with in app purchasing |
App Pricing |
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Listen
Do |
How do firms engage their customers using social media? |
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Listening
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Sentiment Analysis -Attitudes -Preferences |
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Analyzing |
Hits Page Views Bounce Rate Click Paths Conversion Rates Keyword Analysis |
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Hits |
Total requests for a page |
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Page view |
Number of times any page gets viewed by any visitor |
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Bounce Rate |
Percent of time a visitor leaves the site almost immediately |
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Click Paths |
How users proceed through information |
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Conversion Rate |
Percentage of consumers who buy a product after viewing it |
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Keyword Analysis |
Determining what key words people use to search on the internet for their products and services |
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Identify Strategy Goals Target Audience Campaign: Experiment and Engage Budget Monitor and Change |
How to do a social media marketing campaign |
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Social Reach |
Refers to how many people a person influences |
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Influence |
Extent to which the person influences others |
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Extended Network |
Influence of the person's cumulative network |
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Ethical business |
Marketers have an obligation to provide safe and functional products as part of their business activities |
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Serious long term consequences |
Greed and short term profit seeking |
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Long term success |
Creating value over the long run |
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High: Nurses, military officers
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High and low ethical standards of various professions |
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Genetics
Religion
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Influence of Personal Ethics |
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Socially responsible |
Firms should be both ethical and ______ |
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Ethical Differences by country |
Cigarette Smoking Bribery Organ Donation Business Agreements |
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Stereotypes |
Child Gender Roles
Racial |
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Mountain Dew, Tyler the Creator
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Most racist commercial ever |
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Subliminal |
______ messaging is proven not very effective |
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Financial Social Environmental |
Triple bottom line orientation |
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Green washing |
Companies claiming to be green that are not |
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Susan Komen Dawn |
Cause Marketing |
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Company
Competition Corporate Partners |
Immediate Environment for consumers
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Successful leveraging |
Core Competency--Existing knowledge, patents--applied to--new markets, new products
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Competitors
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Know strengths and weaknesses Proactive rather than reactive |
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Macro environmental Factors |
Culture Demographics Political/Legal Technology Economic Culture |
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Culture |
Country and Regional |
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Demographics |
Provides an easily understood snapshot of the typical consumer in a specific target market |
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Income |
Purchasing power is tied to _____ Many middle class families feel the decline in purchasing power in recent years |
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Education |
Related to income, which determines spending power |
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Gender |
Male/female roles have been shifting Marketing has changed to reflect these shifts |
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Ethnicity |
By 2050, minorities will represent 50% of population |
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Thrift Health and Wellness Concerns Greener Consumers Privacy Concerns Time-Poor Society |
Social Trends |
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Thrift |
Consumers attempting to save more, spend less on luxuries, do not dip into their savings |
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Health and Wellness Concerns |
Worldwide panademics or epidemics Child teenage obesity |
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Greener Consumers |
Customers who appreciate firms efforts to supply them with environmentally friendly merchandise |
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Loss of privacy Identity Theft Do not call Do not email |
Privacy concerns |
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Time Poor Society |
Majority of families, most parents work Consumers have many more choices regarding leisure time Many consumers multitask |
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New products New Forms of communication New retail channels |
Technological Advances |
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Need Rec Alt Eval Purchase Post Purchase |
Consumer Decision Process |
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Functional Needs |
A need that serves a direct purpose
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Psychological Need
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Need that gives personal gratification |
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Internal Search |
Search within your own thoughts |
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External Search |
Actual research outside own personal knowledge |
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Internal Locus of Control |
More search activities |
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External Locus of Control |
Fate, external factors |
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Performance risk |
Perceived danger inherent in a poorly performing product or service |
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Financial Risk |
Monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service |
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Social Risk |
Fears that consumers suffer when they worry others might not regard their purchases positively |
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Physiological risk |
Fear of an actual harm should the product not perform properly |
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Psychological Risk |
The way people will feel if the product or service does not convey the right image |
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Monetary Risk |
Those with very little income and wealth are most vulnerable.
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Functional Risk |
If the product is actually functional. |
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Physical Risk |
Risk of getting hurt |
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Social Risk |
Risk of self esteem and self confidence |
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Psychological Risk |
Risk consists of affiliations and status |
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Evaluative Criteria |
A set of important attributes about a particular product |
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Determinant Attributes |
Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ. |
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Universal Retrieval Evoked |
Attribute Sets |
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Affective Decision Making
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Decisions based on emotional reaction |
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Compensatory Decision Making |
High cognitive involvement Logical Attributes of product are averaged |
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Noncompensatory Decision Making |
Use of decision shortcuts Habitual or emotional basis Poor standing on one attribute cannot be offset by another |
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Real expectations correct product use money back guarantee feedback customer contact |
Post purchase: Customer Satisfaction |
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Reduce abandoned carts Merchandise in stock Reduce wait time |
Increase Conversion Rate |
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Dissonance |
Firms attempt to reduce ________ by reinforcing the decision |
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Customer loyalty |
Marketers attempt to solidify a loyal relationship |
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Marketing mix Psychological factors Social factors Situational factors |
Consumer Decision Process Factors |
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Motive |
Need or want that is strong enough to cause the person to seek satisfaction |
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Attitude |
Persons enduring evaluation of their feeling about behavioral tendencies toward an object or idea |
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Perception |
Process by which we select, organize, and interpret information to form a meaningful picture of the world |
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Perceptions |
Learning affects both attitudes and ______ |
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Time and money |
Lifestyle involves decisions in spending ______ and ________ |
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High involvement |
Greater attention Deeper procession |
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Low involvement
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Less attention Peripheral processing |
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Limited Problem Solving |
Impulse Buying
Habitual Decision Making |
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1/2 |
More than _____ of Americans drink bottled water |
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100 Billion |
World sales of water |
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2016, soda |
In ____, bottled water will over take ____ as most consumed beverage in the US |
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US Market |
Largest bottled water consumer |
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Dasani Aquafina Nestle |
Highest grossing bottled water companies |
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10% |
Consumption of bottled water goes up ___ each year. |
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560x |
Tap water is _______ less expensive than bottled water |
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84% |
____ of people worry about polluted drinking water. |
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Landslide, Stevie Nicks |
Budweiser Ad song? |
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Persil |
Laundry Detergent Ad from Super Bowl? |
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Skittles |
Listed on both sides of good and bad commercials? |
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Sadvertising
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Budweiser used what kind of advertising? |
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Nationwide |
Epic fail of all time? |
