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36 Cards in this Set
- Front
- Back
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MARKETING |
Creating offers through communication that have value to the customer. |
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EXCHANGE |
Buying and selling products with the option to accept or reject offers. |
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MARKETING ORIENTATIONS AND PHILOSOPHIES |
Production Orientation "Quality product" Sales Orientation "aggressive selling" Market Orientation "customers needs" Societal Orientation "long term environmental issues" |
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CUSTOMER VALUE |
Each customer's perception on the value of a product. Focuses on perceived benefits and perceived costs. |
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CUSTOMER SATISIFACTION |
Based on customer's expectations.
Relationship marketing/switching costs |
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TARGET MARKETING STRATEGIES |
Realistic Measurable Time specific Compared to a benchmark |
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MARKETING ENVIRONMENTS |
Controllable variables Uncontrollable variables |
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SWOT ANALYSIS |
Strength Weakness Opportunity Threat |
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ELEMENTS OF THE MARKETING MIX |
Product Price Place Promotion |
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SOURCES OF COMPETITIVE ADVANTAGE |
Something that makes your product superior to the competitions. These factors include uniqueness, location, history, a niche, etc. |
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STRATEGIC ALTERNATIVES |
Market penetration - existing customers buy more. Market development - new customers, existing products (promotion) Product development - new products, existing customers Product/Market Development - new product, new customer |
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PORTFOLIO MATRIX |
Star (high high) Cash Cow (high low) Problem Child (low high) Cow (low low) |
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CONSUMER DECISION MAKING PROCESS |
Recognizing needs - utilitarian/hedonic Information research - internal/external Evaluate alternatives - judging options Attributes - features Purchase - point of sale Post purchase - cognitive dissonance Inertia - continuing to use the product |
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EVOKED SET |
Final few choices in the decision making process |
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INVOLVEMENT LEVELS |
Routine Limited Extensive |
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MARKETING IMPLICATIONS OF INVOLVEMENT |
High involvement - lots of info for people interested
Low involvement - giving away to people who were not interested before |
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FACTORS THAT INFLUENCE INVOLVEMENT |
Interest - research Perceived risk - what it may cost Situation - social influences Social visibility - public/private consumption |
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COMPONENTS AND EFFECTS OF CULTURAL BUYING |
Values and beliefs, for example the ways you are raised. |
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SOCIAL INFLUENCES ON BUYING |
PEERS/FRIENDS/FAMILY/COLLEGE REFERENCE GROUPS/OPINION LEADERS |
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PSYCHOLOGICAL INFLUENCES ON BUYING |
Selective exposure, retention, distortion |
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MASLOW'S HIERARCHY OF NEEDS |
Psychological, Safety, Social, Self Esteem, Self Actualization |
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CUSTOMER LIFETIME VALUE |
80/20 RULE |
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MARKET SEGMENTATION |
Groups of people with similar characteristics or likings.
Homogeneity/Heterogeneity |
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IMPORTANCE OF MARKET SEGMENTS |
Targeting your market Defining customer needs more clearly |
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BASES FOR MARKET SEGMENTATION |
Demographics Geodemographics Psychographics |
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BENEFITS OF SEGMENTATION |
Customers get the features out of a product that they are looking for. |
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PSYCHOGRAPHICS SEGMENTATION |
How you think, your attitude, your lifestyle. Better than demographics. |
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STEPS IN SEGMENTING MARKET |
Are they: substantial measurable accessible responsive |
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TARGET MARKETS |
Undifferentiated - targeting everyone Differentiated - targeting different segments |
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POSITIONING |
The way a company wants their product perceived |
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REPOSITIONING |
Changing the perspective of a product |
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PRODUCT DIFFERENTIATION |
The same product for different segments |
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PERCEPTUAL MAPPING |
A map to find empty spaces that could be a potential area to target a new segment. |
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POSITIONING BASES |
Based on: Price Use Product user Attributes Competitors Emotions
(Think of the P&G examples of laundry detergent) |
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PORTFOLIO MATRIX STRATEGIES |
Build Hold Harvest Divest |
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CANNIBALIZATION |
To cannibalize is to make a new product that outdoes the company's original product to reach out to new customers. This is so that the competition doesnt do it first. |
