Marketing

Front 1

AMA American Marketing Association Marketing Definition

Back 1

Marketing is create, communicate, and deliver value to customers

Front 2

what are the 2 goals of marketing?

Back 2

1.attract new customers by promising superior value
2.Keep and grow current customers by delivering satisfaction

Front 3

What is Marketing Myopia?

Back 3

they focus on the wants and lose sight of the needs
focuses more on the features than what they really want


Occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.

Front 4

What is Marketing Management?

Back 4

Designing a winning marketing strategy requires answers to the following questions

1. What customers will we serve?
— What is our target market?

2. How can we best serve these customers?
— What is our value proposition?

Front 5

What are the 4 P's of Marketing?

Back 5

price, product, place (distribution), promotion

Front 6

What is CRM?

Back 6

Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Front 7

Customer Perceived vaules

Back 7

to some customers "value" might mean paying more to get more

Front 8

What are the 4 Q's of a Mission Statement?

Back 8

What is our business?
Who is our customer?
What do consumers value?
What should our business be?

Front 9

The Mission Statement

Back 9

Meaningful
specific
motivating

Front 10

What is a business portfolio?

Back 10

The collection of business and products that make up the company
Sony has: movies music games speakers tv's

Front 11

What is a strategic business unit?

Back 11

independent business within their own goals

SBU smaller business unit

Front 12

Segmentation

Back 12

the process of dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing or products.

Front 13

What is targeting?

Back 13

involves evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 14

Positioning

Back 14

trying to put a product in someones mind

Front 15

differentiation

Back 15

creating superior customer value by actually differentiating the marketing offering

Front 16

What is a SWOT analysis?

Back 16

Strength, weaknesses, opportunities, threats

Front 17

What is Marketing Environment?

Back 17

Consists of actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.

Front 18

What is Micro environment?

Back 18

Actors close to the company that affect its ability to serve its customers.
people in the environment
the company, suppliers, marketing, competitors, publicies customers

Front 19

Macro Environment

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Larger societal forces that affect the microenvironment.
demographic economic natural technological political cultural

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Reactive responses

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Many firms are passive & simply react to changes in the marketing environment.

Front 21

Proactive responses

Back 21

Some firms attempt to manage the marketing environment via aggressive actions designed to affect the publics and forces in the marketing environment.

Front 22

What is Marketing?

Back 22

managing profitable customer relationships

Front 23

What is a need?

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State of felt deprivation including physical, social, and individual needs.

Front 24

What is a want?

Back 24

Form that a human need takes, as shaped by culture and individual personality.

Front 25

Wants + Buying Power =

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Demand

Front 26

What is Market segmentation?

Back 26

Dividing the market into segments of customers

Front 27

Target marketing

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Selecting one or more segments to cultivate.

Front 28

Customer insights

Back 28

can you figure out what customers want before they get there?

Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

Front 29

Three Things the Marketing Information System helps Managers do

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1. asses information needs
2. develop needed information
3. analyze and use information

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Marketing research

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exploratory research
descriptive research
casual research

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Primary data

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Consists of information collected for the specific purpose at hand.

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Sample

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Segment of the population selected to represent the population as a whole.

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Factors influencing consumer behavior

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cultural, social, personal, psychological

Front 34

4 social classes

Back 34

upper
middle
working
lower

Front 35

Maslow's Hierarchy of Needs

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self- actualization needs
esteem needs
social needs
safety needs
physiological needs

Front 36

belief VS attitude

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belief
A descriptive thought that a person holds about something.
Attitude
A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

Front 37

belief

Back 37

A descriptive thought that a person holds about something.

Front 38

attitude

Back 38

A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

Front 39

Cognitive Dissonance

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occurs shortly after a purchase when a buyer doubts if he or she made the right decision.

Front 40

5 Stages in the adoption process

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Awareness: Consumer becomes aware of the new product, but lacks information about it.

Interest: Consumer seeks information about  new product.

Evaluation: Consumer considers whether trying the new product makes sense.

Trial: Consumer tries new product on a small scale to improve his or her estimate of its value.

Adoption: Consumer decides to make full and regular use of the new product.