Marketing Management Chapter 1 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Value Proposition
answer
Set of benefits they offer to customers to satisfy their needs
question
5 types of needs
answer
Stated Need (in expensive car) Real Need (operating cost, not initial price is low) Unstated Need (expects good service from dealer) Delight Needs (would like dealer to include GPS) Secret Needs (appeal to friends view of buyer)
question
Demands
answer
Wants for specific products backed by ability to pay Companies measure not only how many people want product but also how many willing & able to buy it
question
Wants
answer
Needs become wants when directed to specific objects that might satisfy the need i.e. need food...wants burger and fries with a soda
question
Needs
answer
Basic human requirement i.e. air, food, water, shelter
question
5 key functions of CMO in leading marketing organization
answer
1. Strengthen the brand 2. Measure marketing effectiveness 3. Driving new product development based on consumer needs 4. Gathering meaningful customer insights 5. Utilizing new marketing technology
question
Marketing Planning Process (5 steps)
answer
1. Analyzing marketing opportunities 2. Selecting Target Markets 3. Designing marketing strategies 4. Developing marketing programs 5. Managing marketing effort
question
Metamediaries
answer
assist buyer seamlessly through metamarkets although they are disconnected in physical space i.e. car website buyers pick car site finds lowest price for financing accessories and bargain price also: wedding, home ownership, parenting/baby care
question
Metamarket
answer
cluster of complimentary products/services that are closely related in mind of consumer by spread across diverse set of industries automobile metamarket: car dealers, insurance co., mechanics, parts dealers, magazines, service shops, ads in newspaper, auto sites online
question
Marketspace
answer
Digital (amazon.com ebay.com)
question
Marketplace
answer
Physical (store you shop in)
question
Nonprofit and Governmental Markets
answer
i.e. churches, universities, charitable organizations, government agencies -buyers have limited purchasing power -lower selling prices affect features and quality seller can build into offering -purchase w/bids=lowest most favorable
question
Global Markets
answer
-Which country to enter? -How to enter? (exporter, licenser, joint venture partner, contract manufacturer, solo manufacture) -How to adopt communications for the culture -How to adopt products/services features -How to price Different requirements: buying, negotiating, owning, disposing of property, legal/political system, currency value
question
Business Markets
answer
-Sales force, price, reputation for reliability and quality -Sells goods to well-trained well-informed professional buyers, skilled @ evaluating competitive offerings -Buy goods to make/resell product to others @ profit -Help to higher revenue or lower costs
question
Consumer Markets
answer
-Companies selling mass consumer goods and services must establish superior brand image -Strengths depend on superior product packaging, availability, engaging communications and reliable service
question
Key Customer Markets
answer
Consumer, Business, Global and Nonprofit
question
Market
answer
Collection of buyers and sellers who transact over a particular product or product class i.e. housing market
question
Unwholesome Demand (8 of 8 Demand States)
answer
Consumers may be attracted to products that have undesirable social consequences
question
Overfull Demand (7 of 8 Demand States)
answer
More consumers would like to buy the product than can be satisfied
question
Full Demand (6 of 8 Demand States)
answer
Consumers are adequately buying all products put into marketplace
question
Irregular Demand (5 of 8 Demand States)
answer
Consumers purchases vary on a seasonal, monthly, weekly, daily or even hourly basis
question
Declining Demand (4 of 8 Demand States)
answer
Consumers begin to buy the products less frequently or not at all
question
Nonexistent Demand (1 of 8 Demand States)
answer
Consumer may be unaware/uninterested in the product
question
Negative Demand (2 of 8 Demand States)
answer
Consumers dislike product and may even pay a price to avoid it
question
Latent Demand (3 of 8 Demand States)
answer
Consumers may share a strong need that cannot be satisfied by an existing product
question
Prospect
answer
Party who marketers seek response from
question
Marketer
answer
Someone who seeks a response (attention, donation, vote, purchase) from another party
question
Task environment (examples)
answer
The company, suppliers, distributors, dealers and target customers
question
Marketing Environment
answer
Consists of two environment; task environment and broad environment
question
Task Environment
answer
actors engaging in producing distributing and promoting the offer
question
Supplier Group
answer
Material suppliers/Service suppliers ex: market research agencies, advertising agencies, banking and insurance companies, transportation companies, telecommunication companies
question
Distributors and Dealers
answer
Agents, brokers, manufacturer representatives and others who facilitate finding/selling to customers
question
Broad Environment
answer
Demographic, Economic, Physical, Technological, Political-to-Legal and Social-Cultural Environments
question
Network information technology
answer
digital revolution created an Information Age. Will lead to more accurate levels of production, more targeted communications and more relevant pricing
question
Globalization
answer
Advances in transportation, shipping and communication have made it easier for companies to market in other countries, and easier for consumers to buy products and services from markets in other countries
question
Deregulation
answer
Deregulate industry to create greater competition and growth opportunities (US loosened laws restricting financial services, telecommunications, electric utilities to encourage competition)
question
Privatization
answer
Converting public companies to private ownership and management to increase their efficiency (such as British Airways and British Telecom in the UK)
question
Heightened competition
answer
intense competition
question
Industry convergence
answer
...
question
Consumer resistance
answer
...
question
Retail transformation
answer
...
