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32 Cards in this Set
- Front
- Back
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Marketing Process Model five steps and the order
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1. understand the market place and customer needs/wants → 2.design a customer driven marketing strategy → 3. construct an integrated marketing program → 4. build relationships and create customer delight -> 5. capture value from customers to create profit and customer quality
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How is Customer Satisfaction achieved?
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meet and exceed customer expectations.
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What is CRM?
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how to acquire, keep and grow customer base.
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How are Needs and Wants different from each other?
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“Needs are a state of felt deprivation including physical, social and individual needs (hunger) Wants are a form that a need takes as shaped by culture and individual personality (cookies!)”
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Explain Marketing Myopia.
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when sellers pay more attention to specific products they offer than to the benefits and experiences produced by the products
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Know the four Ps of the Marketing Mix. Which one determines the warrantee? Packaging?
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Product (warrantee) , Place, Price, Promotion
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What are the parts of a Marketing Strategy?
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segment market, choose target segment, differentiate, positioning product in consumers mind
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What are the five Marketing Concepts and philosophies
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“1. Production concept : how much product can we get out 2. product concept : quality of the product 3. selling concept : salesmen 4. Marketing concept : target, finding the need to fill. 5. societal marketing : giving back to the community.”
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What is the slogan for the Marketing Concept?
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Find a need and fill it.
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Define Differentiation and Positioning.
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Positioning: clear and distinctive place against competing products in mind of consumer (#1 burger etc). Differentiation: creating superior customer value compared to other prodcuts.
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What is a market?
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actual and potential buyers of a product. These people share a need or want for this product.
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Define Segmentation.
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the process of dividing a market into groups of buyers with different needs, characteristics and behaviors who might require separate products of marketing programs. (different car companies offer different cars for different people based on income etc)
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What is the name for targeting only one segment? Which targeting strategy aims for all the segments at once with the same marketing mix?
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Single Segment, full market coverage
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Explain the four steps of the Target Marketing process.
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Who are the Marketing Intermediaries? – Define target market, reach your target market, identify what type of customers that are, tailor your marketing to your customers. Intermediaries: firms that help the company promote sell and distribute goods to final buyers
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What is the population of the United States? the World?
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321 mill 7.2 bill
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Who is considered Strategic Management and what do they do? What about Tactical managers?
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strategy defines goals, tactical are the ones who take action.
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What's an SBU?
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small businesses that make up a bigger business. Disney owns ABC and Marvel.
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Know all about the BCG Growth/Share Model. (How do you label the X and Y axes, what makes a Cash Cow, Dog, etc. and what strategies should you use for each quadrant?)
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memorize from sheet
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Understand all the parts of a SWOT analysis – memorize from sheet
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see sheet |
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Know the Four Growth Strategies Model for market or product expansion (mkt. development,prod. development, etc.) – SEE sheet
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see sheet
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Know the six "actors" of the Microenvironment
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The company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
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Know the six "forces" of the Macroenvironment
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demographic, economic, natural, technological, political, and cultural forces
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Understand how Demographics are measured
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Size, density, location, age, gender, race, occupation etc.
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Baby Boomers
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1946-64
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Millennials
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1977 through 2000, children of the baby boomers
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Gen X
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1965-76
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Be clear about Primary and Secondary research. (advantages and disadvantages)
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Exploratory research, descriptive research, casual research.
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Which is the most expensive method for primary data collection?
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Personal interview
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Explain the details of a focus group. How many people should be in a focus group?
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6-10 people to give opinions on products or concepts.
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What is an Ethnographic research?
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research involves observing in natural habitat.
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What are the three approaches (types) of Primary Research studies?
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detailed, experimental, casual
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Give examples of Experimental, Survey, and Observational research.
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Experimental: students in different groups, Survey
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