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Marketing
Final
| Term | Definition |
|---|---|
| What is Marketing | Creating, communicating and delivering value to customers in a timely matter. Creating Keeping and Managing Customer Relationships in a way that benefits the organization and its stakeholders |
| What is marketing management | Its the art and science of choosing target markets and positioning the offering. Obtaining, keeping and growing customer relationships through creating delivering and communicating superior customer value. |
| Peter Drucker says the purpose of business | The only purpose of business is to create and keep profitable customers. |
| Peter Drucker says two basic functions of business | Marketing and Innovation |
| What is a marketer? | A marketer is someone who seeks a response from another party called a prospect. |
| What is the marketing process? | 1. Analyze Marketing Opportunities 2. Select Target Markets 3. Design Marketing Strategies 4. Develop Marketing Programs 5. Manage the marketing effort. |
| What are Needs? | Basic Requirements; Perceived lack |
| What are wants? | Directed to specific objects that might satisfy the need. |
| What are demands? | Wants for specific products backed by a willingness to buy and an ability to pay. |
| What is consumer behavior | study of how individuals groups and org select buy use and dispose of goods services ideas or experiences to satisfy their needs and desires. |
| Factors that influence consumer behavior | Cultural Social Personal |
| How are social factors created? | Reference Groups Family roles and Satus |
| Examples of Reference Groups | Membership Groups Aspirational Groups Dissociative Groups Opinion Leaders |
| What is Personality? What does it control | Collection of individual psychological characteristics that make a person unique. It controls an individuals response to and relationship with the external environment. |
| What are 5 different components of Self Image? | Real Self: Objective view Self Image: subjective self as we see ourselves Ideal Self: how we wish we were Looking glass self: the social self or the way we think others see us expected self image: how consumers expect to see self at some future time. |
| What is perception? | Depends on situation. Highly selective |
| What is the consumer buying process? | Problem Recognition Information Search Evaluation of Alternatives Purchase decision Postpurchase behavior |
| What is Product Value Analysis (PVA)? | a cost reduction approach in which components are studied to determine if they can be redesigned standardized or made by cheapter production methods. |
| What is value? | The sum of the perceived tangible and intangible benefits and costs to customers. |
| What is Satisfaction? | a persons business or governments comparative judgment of a products pereived performance or outcome in relation to expectation. |
| What are 3 points on Prof Protano's Triage of Value? | Emotional Functional and Experiential |
| What are product offerings? | A combination of products services information and experiences. |
| What is a brand? | an offering from a known source |
| Prof. Protano's Brand definition? | a brand is a uniquely identified promise of value and through nurturing can develop into a realtionship that consistently and competitively satisfies the perpetually wanting desires of the stakeholders. |
| What are the 4 Ps in marketing mix? | Product / Price /Promotion / Place |
| What is SIVA? | Solution Info & Incentive Value Access |
| What are the 5 product levels according to Kotler? | Core Benefit Basic Product Expected Product Augmented Product Potential Product |
| Packaging? what is it and what influences it? | Referes to all the activities of designing and producing a product's container. INfluenced by: self service consumer affluence company and brand image innovation opportunity |
| What are Warranties? | Formal statements of expected product performance by the manufacturer |
| What are Guarantees? | Purpose is to reduce the buysers perceived risk and provide assurance that the company and its offerings are dependable. |
| What are the dimensions of the Value Map? | Relative Price Low=High Perceived Performance Inferior = Superior |
| What are porters five forces and what does it show? | Supplier Leverage Intensity of Rivalry Potential Entrants Buyer Power Substitutes and Technological Obsolescence Shows how values is captured or destroyed. |
| Porters Generic Strategies Model: Target is Broad and Competitive Advantage is Unique Benefits What do you do. | Differentiated Prodcut |
| Target is broad and Competitive advantage is lower cost What do you do? | lowest cost supplier |
| Narrow target and lowest cost competitive advantage? what to do? | cost focus |
| narrow target and competitive advantage is unique benefits what do you do? | differentiaion focus |
| Competitieve Position by Category Attractiveness | how to spend your investment |
| What are the 3 arros of Wiersema's customer intimacy model | Best Product Performance Best total cost to customer Best customer relationship |
| The Triangle: Three Distinct Strategic Options: Hax and Wilde Model | System lock in: competition based on lockout the competition best customer solutions: competition is based on reducing customers costs or increaseing profits best product: competition based on low cost or differentiated position |
| Explain Red Ocean Strategy? | industry boundaries are defined and accepted, and the competitive rules of the game are known. Here, companies try to outperform their rivals to grab a greater share of existing demand. |
| Explain Blue Ocean Strategy? | Create uncontested market space. Make the competition irrelevant. Create and capture new demand. Align the whole system of a firm's activities in pursuit of differentiation and low cost. |
| Protanos 11 Sources of Competitive Advantage | Superior Inputs Superior Data Superior Tech Superior OFfering Superior Branding Superior Positioning Superior Access Superior Customers Superior Collaborations Superior Center of Influence |
| Porters 5 Core Business Processes: list them | Market Sensing New Offering Realization Customer Acquisition Customer Relationship Managment Fullfillment Mangment |
| What is a marketing plan? | central instrument for directing and coordinating the marketing effort |
| What are a marketing plan conents or how do you do a case analysis | Executive summary / situation analysis / marketing strategy / financial projections / implementation controls |
| Concentric diversification | new products or markets that have tech |
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