Marketing Ch. 1,3,6,7 & 8 – Flashcards
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Value from seller´s perspective
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Lifetime value of a customer
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Lifetime value of a costumer
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Total profit from a particular customer for a firm over his/her lifetime.
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Stakeholders
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Buyers, sellers, investors, community residents, citizens, consumers
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Marketing concept
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Identifying and satisfying consumer needs to ensure long-term profitability
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Needs
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Difference between an actual state and an ideal state
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Wants
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Desire to satisfy needs in specific ways that are culturally or socially influenced
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Demand
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Desire for products coupled with the resources to obtain the,
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Market
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A group of consumers with a common need that can be satisfied by a product
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Target Market
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The group(s) of consumers a company choose to serve
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Marketplace
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Any location or medium used to conduct an exchange
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Modern marketplace
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Takes many forms: Physical, online, or virtual
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The heart of marketing
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An exchange relationship
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Exchange
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Transfer of value between a buyer and a seller
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Exchange
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Buyer receives an object, service, or idea that satisfies a need
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Exchange
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Seller receives something of equivalent value
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Marketers
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Come from different backgrounds
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Marketers
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Work in many locations
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Marketers
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Maintain cross-functional relationships within the firm
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Marketers
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Enjoy exciting, diverse careers
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All that can be market
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Any products
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Marketing as a decision making process
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Understand the opportunity-environment analysis
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Marketing as a decision making process
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Develop marketing strategy- segmentation, targeting,, positioning
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Marketing as a decision making process
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Design marketing mix 4ps
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Marketing as a decision making process
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Realise value- implementation/evaluation
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Segmentation
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Divide the overall market into groups of consumers, with consumers within a group sharing similar needs, wants, preferences, and behaviours
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Targeting
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Decide how many market segments to focus on
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Positioning
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Arrange the brand to be known by customers as being different and better than competitors
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Distinctive competency
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What a brand does really well, and better than its competition
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Differential benefit
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What is the benefit that is uniquely offered by the brand
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Brand personality
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What is the distinctive, desirable image of the brand
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The 4ps
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Product Price Promotion Place
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Value Chain
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A series of activities involved in designing, producing, marketing, delivering and supporting any product
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Triple Bottom Line
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Is a perspective that emphasises the need to maximise three components
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Financial Bottom Line
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Financial profits for stakeholders
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Social bottom line
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Contributing to the communities
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Environmental bottom line
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Creating sustainable business practices that preserve the environment
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CRM
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Involves systematically tracking consumers' needs in ways that also benefit society and delivers profit to the firm
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Social marketing concept
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Management philosophy that marketers must satisfy customers' needs in ways that also benefit society and deliver value to the firm
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Sustainable development
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Creating products that meet present needs and ensuring that future generations can meet their needs
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Green marketing
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Is one type of sustainable business practice
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ROI (return on investment)
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Measures value
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Product Orientation
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A management philosophy that emphasises the most efficient ways to produce and distribute products
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Product Orientation
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Obsesses with low costs in production and distribution
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Product Orientation
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Nor concerned with how to best satisfy consumers' needs
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Product Orientation
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Focus on products rather than consumers
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Selling Orientation
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A managerial view of marketing as a sales function, or a way to move products out of a warehouse to reduce inventory
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Selling Orientation
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Focus on aggressive selling, building, sales volumes, rather than satisfying consumers' needs
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Selling Orientation
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When product availability exceeds demand, businesses may focus on a one´time sales of goods rather than repeat business
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Consumer Orientation
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A management philosophy that emphasises satisfying customers' needs and wants
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Consumer Orientation
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More progressive than selling and product orientations
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Consumer Orientation
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Emphasise that marketers need to be proactive and responsive in identifying and satisfying consumers needs'
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Business Ethics
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Rule of conduct in an organisation
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Code of ethics
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Written standards of behaviour to which everyone in the organisation must subscribe
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Criticism of marketing
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Marketing corrupts society
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Criticism of marketing
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Marketing and advertising are unnecessary
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Criticism of marketing
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Marketers manipulate consumers
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Criticism of marketing
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Marketers support addictive consumption
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Criticism of marketing
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Marketers exploit people
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Consumerism
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A social movement that attempts to protect consumers from harmful business practices
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Consumers' Association of Canada CAC
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Inform and educate consumers
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Consumers' Association of Canada CAC
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Advocate on consumers' behalf
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Marketing research ethics
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Taking an ethical and above-brard approach to conducting marketing research that does no harm to the participant in the process of conducting the research
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Marketing information system
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Is a process that first determines what information marketing managers need and then gathers, sorts, analyses, stores, and distributes relevant and timely marketing information to system users
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Type of data
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Internal company data
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Type of data
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Marketing intelligence
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Type of data
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Marketing research
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Type of data
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Acquired databases
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MIS
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Types of data
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MIS
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Computer hardware and software
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MIS
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Information for marketing decisions
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Internal company data
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Uses information from within the company to produce reports on the results of sales and marketing activities
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Intranet
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Internal corporate communications network that links company departments, employees, and databases
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Marketing Intelligence system
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A method by which marketers get information about everyday happenings in the marketing environment
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Marketing Intelligence system
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Is gathered via monitoring everyday sources, observation, and discussion with salespeople or others
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Marketing research
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Is the process of collecting, analysing, and interpreting data about customers, competitor, and the business environment to improve marketing effectiveness
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Marketing research
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Syndicated research
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Marketing research
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Custom research
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Aquired Database
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External database
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Aquired Database
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Misuse of databases
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External Databases
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Can be used to collect a variety of information from different sources: non-competing businesses, government databases
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Misuse of Databases
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Can be problematic and has led to "do -not-call" lists and anti-spam laws
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Marketing Decision Support System MDSS
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Is a system of data, analysis software, and interactive software that allows managers to conduct analyses and find the information they need for decision making
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Is an enhancement to MIS
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MDSS
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MDSS
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Makes it easy for marketing managers to access the MIS and find answers to their questions
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Data mining
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Is sophisticated analysis techniques to take advantage of the massive amount of transaction information now available
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Data warehouse
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Companies need o build ir for complex operation of data mining
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Reality mining
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Market products based in specific phone users' location and calling habits
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Use of data mining
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Customer acquisition
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Use of data mining
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Customer retention and loyalty
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Use of data mining
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Customer abandonment
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Use of data mining
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Market basket analysis
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First step in marketing research process
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Define the research problem
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Second step in marketing research process
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Determine the research design
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Third step in marketing research process
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Choose the method to collect primary data
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Fourth step in marketing research process
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Design the sample
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Fifth step in marketing research process
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Collect data
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Sixth step in marketing research process
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Analyse and interpret the data
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Seventh step in marketing research process
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Prepare the research report
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Define the research problem
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Means managers need to clearly understand what information is needed, includes: Specify the research objectives, identify the consumer population if interest, place the problem in an environmental context
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Determine the research design
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Is a plan that specifies what information marketers will collect and what the of study they will do
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Secondary research
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Data that have been collected for some purpose other than the problem at hand
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Internal sources
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Company reports, previous company research, salesperson feedback, customer feedback
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External sources
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Published research, trade organisations, syndicated research, government sources
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Primary research
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Data from research conducted to help make a specific decision
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Exploratory research
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Customer interviews, focus groups, projective techniques, case studies, ethnographic
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Descriptive research
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Cross-sectional, longitudinal
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Casual research
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Laboratory research, field studies
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Exploratory research
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Techniques generate insights for future, more rigorous studies
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Type of exploratory research
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Focus groups
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Type of exploratory research
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Case studies
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Type of exploratory research
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Ethnography
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Descriptive research studies
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Prove systematically into the problem
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Descriptive research studies
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Base conclusions on large numbers of observations
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Descriptive research studies
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Typically expresses results in quantitative terms
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Descriptive research studies
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Often use cross-sectional design
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Descriptive research studies
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Sometimes a longitudinal design is used instead
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Casual research
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Is a technique that attempts to understand cause-and-effect relationships
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Casual research
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Experiments test predicted relationships among variables in a controlled environment
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Casual research
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Independent variables are factors that might cause a change
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Casual research
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Dependent variables are those which measure chance in outcome
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Method of primary data collection
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Survey
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Method of primary data collection
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Observation
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Survey methods
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Are used to interview respondents
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Example of survey method
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Questionnaires
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Observation research
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Data collection method where the researcher records consumers' behaviours, often without their knowledge
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Type of observation research
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Personal observation
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Type of observation research
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Mechanical observation
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Types of online research
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Gathering information via consumer surfing, gathering information via online sources
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Cookies
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Allow marketers to track people's web browsing behaviour
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Validity
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The extent to which research actually measures what it was intended to measure
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Reliability
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The extent to which research measurement techniques are free of errors
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Representativeness
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Th extent to which consumers in a study are similar to a larger group in which the organisation has interest
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Probability sampling
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Each member of the population has some known chance of being included
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Probability sampling
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Sample is representative of population, and inferences about population are justified
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Type of probability sampling
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Simple random sampling
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Type of probability sampling
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Systematic sampling
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Type of probability sampling
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Stratified sampling
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Non-probability sampling
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Personal judgement is used to select respondents
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Non-probability sampling
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Some members of the population have no chance of being included so samples is not representative of the population
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Type of non-probability sampling
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Convenience sampling
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Type of non-probability sampling
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Quota sampling
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Garbage collector in and out
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Marketers must train and supervise interviwers
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Challenge to gather data in foreign countries
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Very costly
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Challenge to gather data in foreign countries
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Local customs and cultural differences
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Challenge to gather data in foreign countries
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Language problems
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Tabulation
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Arranging data in a table or other summary form to get a broad picture of overall responses
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Cross-tabulation
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Examining data by subgroups to see how results vary between categories
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Section a research report contains
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Executive summary
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Section a research report contains
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Description of research method
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Section a research report contains
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Discussion of study results
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Section a research study contains
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Limitations of study
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Section a research study contains
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Conclusions and recommendations
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Value proposition
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The benefits a consumer will receive when buying the product
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A product
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tangible good
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A product
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intangible products
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Good
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A tangible product, something we can see, touch, smell, hear, taste or possess
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Intangible products
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Services, ideas, people, places
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Products
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A bundle of attributes
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Durable products
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Provide benefits over a period of months, years, decades
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Durable products
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Furniture, appliances, cars.
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Non-durable products
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Are consumed in the short term
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Non-durable products
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Newspapers, beverages, printer cartridges
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Convenience Products
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Are low priced, widely available, and purchased frequently with a minimum of comparison and effort
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Convenience Products
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Marketers make the products easily obtainable for consumers
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Type of convenience product
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Staples
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Type of convenience product
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Impulse products
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Type of convenience product
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Emergency products
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Shopping products
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Are purchased with considerable time and effort
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Speciality products
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Have unique characteristics important to buyers almost any price
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Unsought products
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Are those in which consumers have little interest or awareness until a need arises
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Equipment
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Products used by organisations in daily operations
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Maintenance repair, and operating products
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Goods that business customers consume in a relatively short time
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Raw materials
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Products of the fishing, lumber, agricultural, and mining industries that organisational customers purchase to use in their finished products
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Processes materials
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Products created when firms transform raw materials from their original state
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Component parts
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Manufactured goods or subassemblies of finished items that organisations need to complete their own goods
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Services
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Acts, efforts, pr performances exchanged from producer to user without ownership rights
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Intangibility
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Customers can't see, touch, or smell good service
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Perishability
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It is impossible to store for later sale or consumption
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Perishability
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Firms match supple and demand via capacity management
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Variability
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Even the same service performed by the same individual for the same customer can vary
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Inseparability
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It is impossible to separate the production of a service from the consumption of that service
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Service encounter
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The actual interaction between the customer and the service provider
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Service encounter
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To avoid bad service encounter, firms turn ro disintermediation
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Disintermediation
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Customers obtain an outcome without the intervention of a human provider
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Dimension of the service encounter
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Social contact dimension
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Dimension of the service encounter
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Physical dimension
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Dimension of the service encounter
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Customer also plays part in the service encounter
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Goods-dominated products
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Firms that sell tangible products still provide support services
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Equipment-or-facility-based services
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Operational factors, locational factors, and environmental factors are important
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People-based services
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Increasing an importance as people lack he time or expertise to do their own
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Core services
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The basic benefits of having a service performed
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Augmented services
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Additional services that enhance value
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Search qualities
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Characteristics that the consumer can examine before purchase
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Experience qualities
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Characteristics that buyers can determine during or after consumption
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Credence qualities
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Characteristics that are difficult to evaluate even after they have been experienced
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SERVQUAL scale
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Measures customer perceptions of five key dimensions
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Dimension measured by SERVQUAL
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Tangibles
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Dimension measured by SERVQUAL
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Reliability
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Dimension measured by SERVQUAL
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Responsiveness
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Dimension measured by SERVQUAL
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Assurance
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GAP analysis
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A marketing research method that measures the difference between a customer's expectation of a service quality and what actually occurred
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Major GAP identified
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Gap between consumers' expectations and management's perceptions
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Major GAP identified
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Gap between management's perception and quality standards the firm sets
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Major GAP identified
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Gap between established quality standards and service delivery
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Major GAP identified
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Gap between service quality standards and consumers' expectations
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Major GAP identified
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Gap between expected service and actual service
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Critical incident technique
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A method for measuring service quality in which marketers use customer complaints to identify critical incidents- specific face-to-face contacts between consumers and service providers that cause problems and lead to dissatisfaction
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Requirement for maximising the likelihood that a customer will use a service and become a loyal user
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Development of effective marketing strategies
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Requirement for maximising the likelihood that a customer will use a service and become a loyal user
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Fast and appropriate responses to service failures
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New dominant logic for marketing
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Argues that service is the central deliverable in every exchange
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Services will continue to grow due to it
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Changing demographics
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Services will continue to grow due to it
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Globalisation
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Services will continue to grow due to it
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Technological advances
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Services will continue to grow due to it
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Proliferation of information
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Innovation
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A product that customers perceive to be new and different from existing products
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Continous innovation
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A modification of an existing product
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Continous innovation
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Sets a brand apart from the competition
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Continous innovation
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Consumers don't need to learn anything new; change is minimal
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Continous innovation
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A knockoff is a new product that copies, with slight modification, the design of an original product
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Dynamically continuous innovation
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A pronounced modification to an existing product
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Dynamically continuos innovation
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Requires a modest amount of learning a behaviour change
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Discontinuous innovation
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A totally new product that creates major changes in the way we live
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Discontinuous innovation
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No similar products have been on the market
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Discontinuous innovation
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Consumers must learn a great deal to use a discontinuous innovation
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A way to measure innovation
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Firm strategy
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A way to measure innovation
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Firm culture
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A way to measure innovation
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Outcomes of innovation
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New product development
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The phase by which firms develop new products including idea generation; product concept development and screening, marketing strategy development, test marketing, and commercialisation
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Idea generation
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Is the first step in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission
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Product concept development and screening
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Product ideas are tested for technical and commercial success
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Marketing strategy development
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Developing a marketing strategy to introduce the product to the market place
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Business analysis
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These product's commercial viability is assessed
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Technical development
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Even continous innovations may require multiple prototypes and consumer tests as part of the technical development phase
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Test marketing
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The complete plan is tested in a small geographic area similar to the larger market
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Commercialisation
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The new product is launched into the market
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Commercialisation
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Full-scale production, distribution, advertising, and sales promotion are begun
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Product adoption
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Process by which a consumer or business customer begins to buy and use a new good,service, or idea
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Diffusion
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Process by which the product spreads throughout a population
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Tipping point
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In diffusion
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Creating interest
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An attempt to stimulate interest among prospective adopters by showing them how the product satisfies a need
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Characteristic that affects the speed of innovation
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Relative advantage
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Characteristic that affects the speed of innovation
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Compatibility
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Characteristic that affects the speed of innovation
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Complexity
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Characteristic that affects the speed of innovation
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Trial ability
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Characteristic that affects the speed of innovation
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Observability
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Product management
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The systematic and usually team-based approach to coordinating all aspects of a product's marketing initiative including all elements of the marketing mix
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Product Line
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Firm's total product offering designed to satisfy a single need or desire of target customers
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Product line length
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Full-line vs. limited strategies
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Product line length
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Upward, downward, or two-way line strategies
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Product line length
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Filling out or contracting a product line
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Cannibalisation is a risk
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A new product steals sales from existing product
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Product mix
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The total set of products a firm offers for sale
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Product mix width
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Width of product mix must be considered
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Product mix width
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A mix of product lines usually have some things in common
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Product quality
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The overall ability of the product to satisfy customers' expectations
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Product quality
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Product objectives often focus on product quality
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Total Quality Management TQM
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A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
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ISO 9000
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Standards for quality management
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ISO 14000
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Standards concentrate on environmental management
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Six Sigma Methodology
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Process allowing no more than 3.4 defects per million
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Product life cycle
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A concept that explains how products go through 4 distinct stages from birth to death
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Product life cycle
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Introduction
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Product life cycle
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Growth
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Product life cycle
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Maturity
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Product life cycle
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Decline
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The introduction stage
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Products that are offshoots of well-known brands have an advantage. Many products don't make it poor or insufficient advertising is often the cause
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Growth stage
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The product is accepted and sales rapidly increase
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Maturity stage
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Sales peak, profit margins narrow
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Declines stage
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Sales decrease as customer needs change
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Brand
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A name, term, symbol or any other element that identifies one firm's product and sets it apart from the competition
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Cause of a good brand name
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Maintains relationship with customers
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Cause of a good brand name
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Positions a product by: conveying an image or personality
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Cause of a good brand name
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Is easy to say, spell, read and remember
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Cause of a good brand name
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Fits the target market, product benefits, customer's culture, and legal requirements
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Trademark
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The legal term for a brand name, brand mark, or trade character
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Brand equity
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A brand's value to its organisation over and above the value of the generic version of the product
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A brand equity
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Provides competitive advantage
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A brand equity
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Results in brand loyal consumers and attachment
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Brand meaning
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Refers to the beliefs and associations that a consumer has about the brand
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Brand storytelling
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Marketers seek to engage consumers with compelling stories about brands
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Brand extensions
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New products sold with the same brand name
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Sub-branding
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Creating a secondary brand within a main brand that can help differentiate a product line
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Individual brands
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Use a separate, unique brand for each product item
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Family brands
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Market multiple products under the same brand name
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Family brands
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Family brands provide an umbrella under which multiple products can be marketed
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National brands
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Brands that the product manufacturer owns
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Store brands
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Brands that a certain retailer or distributor owns and sells
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Generic brands
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A strategy in which products are not branded and are sold at the lowest price possible
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Licensing
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One firms sells the right to another to use a legally protected brand name for a specific purpose and for a specific period of time
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Co-branding
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Two brands combine to create a new product
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Co-branding
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Provides greater recognition or other strengths than either could achieve alone
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Co-branding
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Ingredient branding is increasing
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Brand metrics
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Customer mind-set metrics
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Brand metrics
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Product-market outcomes metrics
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Brand metrics
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Financial market metrics
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Brand metrics
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Revenue premium metric
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Package
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The covering or container of a product
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Packaging includes
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QR (quick response) code
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Packaging includes
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UPC (Universal product) code
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The consumer packaging labelling act
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Aims to make labels more helpful to consumers by providing useful information
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Brand Managers
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Responsible for developing and implementing the marketing plan for a single brand
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Product category managers
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Responsible for developing and implementing the marketing plan for all the brands and produces within a product category
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Market managers
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Responsible for developing and implementing the marketing plans for products sold to a particular customer group
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Venture teams
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Groups of people within an organisation who work together to focus exclusively on the development of a new product
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Skunk works
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Small and isolated venture team in remote location that function with minimal supervision
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A condition of market segmentation
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People's diverse interest and backgrounds divide them into numerous groups with distinct needs and wants
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Targeting marketing strategy
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Marketers divide the total market into different segments, select one or more segments, and develop products to met the needs of those specific segments
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Segmentation
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The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
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A key segmentation variable
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Behaviour
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A key segmentation variable
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Psychographics
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A key segmentation variable
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Demographics
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Behavioural segmentation
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A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a product.
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Type of behavioural segmentation
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Benefit segmentation
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Type of behavioural segmentation
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Usage segmentation
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Type of behavioural segmentation
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Usage occasion segmentation
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Benefit segmentation
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A segmentation approach that groups consumers or customers based on the benefits or value they seek in buying and using products
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Usage segmentation
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A segmentation approach that groups consumers or business customers based on the amount of a product purchased or consumed or how the product is used
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Usage occasions segmentation
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A segmentation approach that segmentation is based on the context in which consumers use a product most
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Psychographic segmentation
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Approach that groups people based in their attitude, beliefs, values, lifestyles or other psychological orientations
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VALS
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A psychographic system that divides people into eight segments
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Demographics
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Variables that describe objective characteristics of a population or group
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Income
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Strongly correlated with buying power
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Social class
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Consumers buy according to the image they wish to portray rather than where they fall in the framework
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Geodemography
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A segmentation technique that combines geography with demographics
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PSYTE
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a CANADIAN GEODEMOGRAPHIC SYSTEM
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Type of firm segmentation
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Organisational behaviour
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Type of firm segmentation
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Industrial psychographics
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Type of firm segmentation
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Organisational demographics
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Segment profiles
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Demographics, location, lifestyle, and product-usage characteristics
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Cluster analysis
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Is an analytical tool to verify profile assumptions or to scientifically identify the segments and their characteristics
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Market potential
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Marketers forecast each segments
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Target market
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A group that a marketing organization focuses on when developing marketing programs
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Undifferentiated targeting strategy
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Appealing to a broad spectrum of people
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Differentiated targeting strategy
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Developing one or more products for ech of several distinct customer groups and making sure these offerings are kept separate in the market place
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Concentrated targeting strategy
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Focusing a firm;s efforts on offering one or more products to a single segment
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Niche marketing
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A type of concentrated targeting strategy where the market segment chosen is relatively small
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Custom marketing strategy
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An approach that tailors' specific products and the messages about them to individual customers
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Step in positioning
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Strategic orientation
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Step in positioning
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Differentiation
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Step in positioning
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Defendability
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Step in positioning
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Brand personality
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Strategic orientation
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The overall approach to how you plan to compete and create value for your customers
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Differentiation
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Is to make an offer different from and better than competing offerings
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Brand image
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Establish one for one's offer in the minds of target consumers
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Perceptual image
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To understand the perceived positioning of competing brands in a market
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Repositioning strategy
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Involves modifying a brand image, marketers take it to keep up with changing times
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Customer relationship management
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Systematic tracking of consumers' preferences and behaviours over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs
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CRM systems
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Capture information
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Touchpoint
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Is a direct interface between customers and businesses
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Characteristic of CRM
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Lifetime value of a customer
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Characteristic of CRM
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Customer equity
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Characteristic of CRM
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Customer prioritisation
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Characteristic of CRM
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Share of customer
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