Marketing Basics

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Questions and Answers

What is marketing?

Strategies and activities companies use to acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.

What is market positioning?

Arranging products to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers; effective positioning starts with differentiation.

What does it mean to be product oriented?

Focusing on the actual product being sold.

What does it mean to be market oriented?

<p>Focusing on the mission statement.</p> Signup and view all the answers

What are the 4 P's of marketing?

<p>Price, place, promotion, product.</p> Signup and view all the answers

Give an example of price in marketing.

<p>Ford calculates a suggested retail price that customers may pay for cars but they rarely charge full price, adjusting price based on economic status as well as competition.</p> Signup and view all the answers

Give an example of promotion in marketing.

<p>Companies spending money advertising products via social media, television, print, mail, etc.</p> Signup and view all the answers

What are the two types of marketing environments?

<p>Macro and micro.</p> Signup and view all the answers

Give an example of a macroenvironment.

<p>Demographic, economic, natural, technological, political, cultural. Example: Pandemic.</p> Signup and view all the answers

What are the 3 sources of marketing information?

<p>Internal data, market intelligence, marketing research.</p> Signup and view all the answers

What is marketing research?

<p>Collecting, analyzing, and reporting data, information, and insights to a specific market.</p> Signup and view all the answers

What are some data collection methods?

<p>Surveys, focus groups.</p> Signup and view all the answers

What is the buyer decision/customer journey process?

<p>Need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior.</p> Signup and view all the answers

Give an example of internal data.

<p>Nordstrom's Trunk Club, built loyal following by leveraging deep data about individual customer preferences and order history stored in database.</p> Signup and view all the answers

Give an example of market intelligence.

<p>Monitoring, collection, and analysis of available information about competitors and developments in marketplace. Example: Companies can pay to receive information on competitors.</p> Signup and view all the answers

Give an example of marketing research.

<p>Design and execution of initiatives to collect, analyze and report data, information, and insights relevant to specific marketing situation. Example: surveys, focus groups.</p> Signup and view all the answers

What is differentiation?

<p>Differentiating companies market offering to create superior customer value relative to competition.</p> Signup and view all the answers

What is product-oriented marketing?

<p>Focusing on the actual product being sold.</p> Signup and view all the answers

What is market-oriented marketing?

<p>Focusing on the mission statement.</p> Signup and view all the answers

Give an example of price in the 4 P's of marketing.

<p>Ford calculating suggested retail price that customers may pay for cars but they rarely charge full price, adjust price based on economic status as well as competition.</p> Signup and view all the answers

Give an example of Promotion in the 4 P's of marketing.

<p>Companies spending money advertising products, social media, television, print, mail etc.</p> Signup and view all the answers

What are the marketing environments?

<p>Macro and micro.</p> Signup and view all the answers

What are the parts to the buyer decision/customer journey process?

<p>Need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior.</p> Signup and view all the answers

Give a 'price' example in marketing.

<p>Ford calculates a suggested retail price for cars but adjusts the final price based on economic status and competition.</p> Signup and view all the answers

Give a 'promotion' example in marketing.

<p>Companies spending money advertising products through social media, television, print, mail, etc.</p> Signup and view all the answers

Give a macro environment example.

<p>Demographic, economic, natural, technological, political, cultural; the pandemic.</p> Signup and view all the answers

What are the data collection methods in marketing?

<p>Surveys and focus groups.</p> Signup and view all the answers

Give an internal data example.

<p>Nordstrom's Trunk Club built a loyal following by leveraging deep data about individual customer preferences and order history stored in a database.</p> Signup and view all the answers

Give a market intelligence example.

<p>Monitoring, collection, and analysis of available information about competitors and developments in the marketplace; companies paying to receive information on competitors.</p> Signup and view all the answers

Give a marketing research design example.

<p>Design and execution of initiatives to collect, analyze, and report data, information, and insights relevant to a specific marketing situation; surveys, focus groups.</p> Signup and view all the answers

Flashcards

What is marketing?

Strategies and activities companies use to acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.

Market positioning

Arranging products to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Effective positioning starts with differentiation.

Product oriented

Focuses on the actual product being sold.

Market oriented

Focuses on the mission statement and what the company represents.

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4 P's of marketing

Price, place, promotion, product.

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Price example

Adjusting the price based on economic status as well as competition.

Signup and view all the flashcards

Place example

Changing from storefront to online.

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Promotion example

Companies spending money advertising products through social media, television, print, mail, etc.

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Product example

All the offerings of a company, including cars but also the parts of the car and accessories.

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Marketing environments

Macro and micro environments.

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Macroenvironment example

Demographic, economic, natural, technological, political, cultural.

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Micro environment example

Inside company, suppliers, marketing intermediaries, competitors, publics, customers.

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3 sources of marketing information

Internal data, market intelligence, marketing research.

Signup and view all the flashcards

Marketing research

Collect, analyze, and report data, information, and insights to specific markets.

Signup and view all the flashcards

Data collection methods

Surveys, focus groups.

Signup and view all the flashcards

Buyer decision/customer journey process

Need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior.

Signup and view all the flashcards

Internal data example

Leveraging data about individual customer preferences and order history stored in database.

Signup and view all the flashcards

Market intelligence example

Monitoring, collection and analysis of available information about competitors and developments in marketplace.

Signup and view all the flashcards

Marketing research example

Design and execution of initiatives to collect, analyze and report data, information, and insights relevant to a specific marketing situation

Signup and view all the flashcards

Differentiation

Differentiating the company's market offering to create superior customer value relative to competition.

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Study Notes

Marketing Definition

  • Marketing involves strategies and activities to acquire and engage customers.
  • It builds strong customer relationships.
  • It creates superior customer value.
  • The ultimate goal is to capture value from customers in return.

Market Positioning

  • Arranging a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
  • Effective positioning starts with differentiation.
  • Example: Liberty Mutual's tagline, "Only pay for what you need," positions them as the company that prevents overpaying for insurance.

Product Oriented

  • Focuses on the actual product being sold.
  • Example: Starbucks sells coffee.

Market Oriented

  • Focuses on the mission statement.
  • Example: Starbucks sells the experience rather than just coffee.

4 P's of Marketing

  • Price
  • Place
  • Promotion
  • Product

Price Example

  • Ford calculates a suggested retail price for cars but rarely charges full price.
  • Price adjustments are based on economic status and competition.

Place Example

  • Nike changing from storefront to online.

Promotion Example

  • Companies spending money advertising products through various channels.
  • Examples: social media, television, print, mail, etc.

Product Example

  • All the offerings of a company.
  • Ford offers cars, car parts, and accessories.

Marketing Environments

  • Macroenvironment
  • Microenvironment

Macroenvironment Example

  • Demographic, economic, natural, technological, political, and cultural factors.
  • Example: a pandemic.

Microenvironment Example

  • Internal company factors, suppliers, marketing intermediaries, competitors, publics, and customers.
  • Example: Zara relying on suppliers to get products.

3 Sources of Marketing Information

  • Internal data
  • Market intelligence
  • Marketing research

Marketing Research

  • Collect, analyze, and report data, information, and insights to a specific market.
  • Example: companies sending surveys.

Data Collection Methods

  • Surveys
  • Focus groups

Buyer Decision/Customer Journey Process

  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Post-purchase behavior

Internal Data Example

  • Nordstrom's Trunk Club built a loyal following by using deep data about individual customer preferences and order history stored in a database.

Market Intelligence Example

  • Monitoring, collection, and analysis of available information about competitors and developments in the marketplace.
  • Example:Companies can pay to receive information on competitors.

Marketing Research Example

  • Design and execution of initiatives to collect, analyze, and report data, information, and insights relevant to a specific marketing situation.
  • Examples: surveys, focus groups

Differentiation

  • Differentiating a company's market offering to create superior customer value relative to the competition.

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