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54 Cards in this Set
- Front
- Back
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What is the "marketing concept"? |
The philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition |
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What are core competencies? |
A defining capability or advantage that distinguishes an enterprise from its competitors |
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How does marketing fit in strategic planning? |
The aim of strategic planning is to shape the company's businesses and products to yield target profits and growth. Market-oriented strategic planning is the process of maintaining a fit between the organizations resources and it's changing market opportunities. |
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What is a SWOT Analysis? How is SWOT analysis info used? |
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats Helps business carve a sustainable niche in a market. The analysis helps to assess the most promising situations and the most vital issues. |
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What is a marketing intelligence system? |
The people, equipment and procedures to gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to marketing decision makers
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What are the overall "big picture" marketing research steps in Cheryl Ladd's presentation? Definition of market research: Gathering information about consumers needs and preferences |
Figure out why you need the research. What is the cost of not knowing? What will you do with the information? Are we in a position to take action when we have the information? Formulate the problem. Understand the background. Translate the business problem into a research problem. Create a hypothesis Determine the research approach. Exploratory research, Descriptive research (most common), Casual research – testing cause/effect |
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What were the lessons of the TaterStiks case? |
Core competency of AmeriFoods was excellent marketing, distribution system Strength was a unique product Main problem was not understanding why people who purchase do, and who that market is |
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What is an attitude? |
• lasting, general evaluation of people (including oneself), objects, advertisements, or issues. • positive or negative. • learned • persist over time. • usually based on our associations linked to it. |
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How do consumer attitudes form and change? |
The are embedded in broader social and cultural structures that represent consumers’ attitudes toward other people and reference groups. Attitudes change with experience. |
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What is satisfaction? Is it more than just a consumer's rating of how much he/she liked something? |
= expectations - perception feeling of pleasure or dissapointment that results from comparing a product/service's percieved performance to expectations |
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How do consumers make decisions? 5 Stage Model of consumer buying process |
- Problem recognition - Information search - Evaluation of alternatives - Purchase decision - Post-purchase behavior |
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What roles do cognition (thinking) and affect (feeling) play in decision making? What might that depend on? |
Role that cognitions vs. affect play is undecided. Motivation, perception and memory may affect the way someone feels and acts An ad may create feelings of amusement, disgust or wonder. An emotion filled brand story can trigger people to pass things along about a brand |
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What are the 5 business concepts? |
- Production concept (in limited use today) - Product concept (in limited use today) - Selling concept (in limited use today) - Marketing concept - Holistic Marketing Concept |
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How does the "marketing concept" differ from other historical business concepts? |
The marketing concept focuses on the needs of the buyer. |
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4 components of holistic marketing |
- Relationship marketing - Integrated marketing - Internal marketing - Performance marketing |
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The original Four P's The modern Four P's |
Product, Price, Place, Promotion People, Processes, Programs, Performance |
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Why are Marketing Intelligence Systems important? |
The MIS combines what managers think they need, with what they really need, along with what is economically feasible. |
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Benefits of the three components of Marketing Information System (MIS) |
Internal Records System, info about order-to payment cycle & sales info systems. Marketing Intelligence System, procedures to obtain information about the marketing environment. Marketing Research System, allows for collection and reporting of data
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Definition of marketing |
an organizational function and set of processes for creating, communicating and delivering value for customers and managing customer relationships in ways that benefit the organization and its stakeholders "Meeting needs profitably" |
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What is the most important part of marketing? |
to understand the customer so well that the product or service fits them and sells itself |
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Ten types of entities marketed |
- Goods - Services - Events - Experiences - Persons - Places - Properties - Organizations - Information - Ideas |
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What is the party that a marketer seeks a response from? |
Prospect |
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Eight types of demand states |
Negative - dislike Nonexistent - unaware Latent - no existing product for existing need Declining - less frequent need Irregular - seasonal or otherwise infrequent need Full - adequate buying Overfull - consumers want more Unwholesome - undesirable consequences |
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Key customer markets |
Consumer Markets Business Markets Global Markets Nonprofit & Governmental Markets |
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Differences between Needs, Wants and Demands |
Needs Basic human requirements Wants Needs directed to specific objects Demands Wans for products + ability to pay |
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5 types of needs |
- Stated - Real - Unstated - Delight - Secret |
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Identification of distinct segments of buyers by demographic, psychographic, and behavioral differences |
Segmentation |
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A set of benefits that satisfy a consumer's needs |
Value proposition |
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Differences between Paid, Owned and Earned media |
Paid - show ad/brand for a fee Owned - channels marketers own Earned - streams in which consumers communicate brand info |
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Impressions vs engagement |
Impressions when consumer views communication Engagement Extent of a customer's attention and involvement with a communication |
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Three central themes that change the way companies do business |
- Increased consumer participation & collaborative marketing - Globalization - Rise of a creative society |
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Two key themes of integrated marketing |
- Many different marketing activities can deliver value - Marketers should implement any one activity with all the other activities in mind |
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The Four A's |
- Acceptability - Affordability - Accessibility - Awareness |
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3 characteristics of Core Competencies |
1. Source of competitive advantage 2. Applications to a wide variety of markets 3. Difficult for competitors to emulate |
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Characteristics of a good mission statement |
1. Limited number of goals 2. Stress major policies and values 3. Define major competitive spheres 4. Long-term view 5. Short, memorable and meaningful |
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The shared experiences, stories, beliefs and norms that characterize an organization |
Corporate culture |
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Goals should be specific with respect to _____ and ___ |
magnitude time |
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Components of a marketing plan |
- Executive summary, TOC - Situation analysis - Marketing strategy - Marketing tactics - Financial projections - Implementation controls |
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Information used to estimate current demand |
- total market potential - area market potential - industry sales - market share |
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Information used to estimate future demand |
- survey of buyer intentions - sales force input - export opinions - analyze past sales - market testing |
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Measures of market demand |
- Potential Market - Available Market - Qualified available market - Target Market - Penetrated market |
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The total volume that would be bought by a defined customer group in a defined area for a defined time period in a defined marketing environment under a defined marketing program |
Market demand |
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The selective demand for a particular product |
Market share |
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How the market demand corresponds to actual marketing expenditure |
Market forecast |
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3 influencers on consumer behavior |
- Cultural (deepest influence) - Social (reference groups) - Personal Research can provide clues to reach and serve consumers more effectively |
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4 psychological processes that affect consumer behavior |
- Motivation - Perception - Learning - Memory |
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3 types of people that help ignite public interest in an idea |
- Mavens (know it alls) - Connectors (communicate with many people) - Salesmen (natural persuaders) |
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3 factors that help ignite interest |
- Influential people (Mavens, Connectors, Salesmen) - Stickiness - Power of Context |
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In marketing, _____ are more important than reality |
perceptions |
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The tendency to attribute success to oneself and failure to external causes |
hedonic bias |
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4 techniques to convert low-involvement product into a higher-involvement |
- link product to an engaging issue - link product to personal situation - trigger emotions - add an important feature |
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Buying situations characterized by low involvement but significant brand differences |
Variety-seeking buying behavior |
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Some of the Behavioral Decision Theories Consumers... |
- are more likely to choose an alternative after an inferior option is added - overestimate duration of emotional reactions to future events - overestimate their future consumption, esp. w/limited availability - assume they will want more variety than they actually do - predictions of future tastes are not accurate - choices influence their assesment of their own tastes and preferences |
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Types of mental accounting (the way consumers code, categorize and evaluate financial outcomes of choices) |
Consumers... - Segregate gains - Integrate losses - Integrate smaller losses with larger gains - Segregate smaller gains from large losses |
