Podcast
Questions and Answers
What are the key components of the marketing mix? (Select all that apply)
What are the key components of the marketing mix? (Select all that apply)
The customer is always right is a key marketing philosophy.
The customer is always right is a key marketing philosophy.
True (A)
What does a customer need to do to create a relationship with a company categorized as a True Friend, according to the text?
What does a customer need to do to create a relationship with a company categorized as a True Friend, according to the text?
Make repeat purchases and patronize the brand as long as it satisfies their needs.
Guerrilla Marketing is a promotion tactic that involves using unexpected and unconventional interactions to evoke strong emotions and provoke word of mouth.
Guerrilla Marketing is a promotion tactic that involves using unexpected and unconventional interactions to evoke strong emotions and provoke word of mouth.
Signup and view all the answers
Which of the following are examples of traditional marketing channels? (Select all that apply)
Which of the following are examples of traditional marketing channels? (Select all that apply)
Signup and view all the answers
What is the main goal of inbound marketing?
What is the main goal of inbound marketing?
Signup and view all the answers
What is a key benefit of market segmentation?
What is a key benefit of market segmentation?
Signup and view all the answers
What does STP stand for in the context of Marketing?
What does STP stand for in the context of Marketing?
Signup and view all the answers
What is the primary function of marketing research?
What is the primary function of marketing research?
Signup and view all the answers
Flashcards
Marketing Definition
Marketing Definition
Creation and communication of value to customers while maintaining relationships.
Customer Needs and Wants
Customer Needs and Wants
The fundamental desires and requirements customers seek in a market.
Customer Orientation
Customer Orientation
Planning and operations focused on fulfilling customer needs and wants.
Marketing Concepts
Marketing Concepts
Signup and view all the flashcards
Traditional Marketing Concept
Traditional Marketing Concept
Signup and view all the flashcards
Production Concept
Production Concept
Signup and view all the flashcards
Sales Concept
Sales Concept
Signup and view all the flashcards
Relationship Marketing
Relationship Marketing
Signup and view all the flashcards
Customer Loyalty
Customer Loyalty
Signup and view all the flashcards
Market Research
Market Research
Signup and view all the flashcards
Tactical Marketing
Tactical Marketing
Signup and view all the flashcards
Strategic Marketing
Strategic Marketing
Signup and view all the flashcards
Micro Environment Factors
Micro Environment Factors
Signup and view all the flashcards
Macro Environment Factors
Macro Environment Factors
Signup and view all the flashcards
B2B Marketing
B2B Marketing
Signup and view all the flashcards
B2C Marketing
B2C Marketing
Signup and view all the flashcards
Market Segmentation
Market Segmentation
Signup and view all the flashcards
STP Marketing Model
STP Marketing Model
Signup and view all the flashcards
Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs)
Signup and view all the flashcards
Ansoff's Matrix
Ansoff's Matrix
Signup and view all the flashcards
Marketing Mix (7 P's)
Marketing Mix (7 P's)
Signup and view all the flashcards
Influencer Marketing
Influencer Marketing
Signup and view all the flashcards
Email Marketing
Email Marketing
Signup and view all the flashcards
Referral Marketing
Referral Marketing
Signup and view all the flashcards
Guerrilla Marketing
Guerrilla Marketing
Signup and view all the flashcards
Green Marketing
Green Marketing
Signup and view all the flashcards
Video Marketing
Video Marketing
Signup and view all the flashcards
Inbound Marketing
Inbound Marketing
Signup and view all the flashcards
Pay Per Click Advertising
Pay Per Click Advertising
Signup and view all the flashcards
Customer Service Channels
Customer Service Channels
Signup and view all the flashcards
Study Notes
Reviewer Principles of Marketing
- Marketing is the creation and communication of value to customers, maintaining long-term relationships.
- It bridges the gap between societal needs and wants and providing solutions through exchange processes.
- The American Marketing Association (AMA) defines marketing as a set of processes for creating, communicating, and delivering value to customers, benefiting organizations and stakeholders.
- Philip Kotler defines it as a social and managerial process enabling individuals/groups to obtain desired products/services through exchange.
Customers' Needs and Wants
- Garovillas (2004) proposed that the marketing concept is a business philosophy centering on identifying target market needs and wants, exceeding competitors in delivering satisfaction.
- Customer satisfaction is paramount in most marketing philosophies.
Marketing Concepts
- Customer-Oriented: Marketing planning and execution must focus on customer needs.
- Coordinated Activities: Product planning, pricing, promotion, and distribution must combine to fulfill customer needs effectively.
- Performance-Driven: Achieving profit goals and objectives through planned customer-centric strategies involving increase in sales and customer patronage, optimizing product planning, pricing, promotion and distribution.
- Factors for Developing Marketing Concepts:
- Capturing Marketing Insights: Aligning organizational goals with value creation for customers.
- Value of Human Resources: Developing employee commitment to quality product/service delivery and work ethics, strongly supporting marketing endeavors.
- Production Process: Maintaining quality standards in products; production processes should be driven by meeting customer wants and needs.
- Competitor Presence: Strategies to outperform competitors, develop loyal customer relationships.
- Societal Marketing Concept: Balancing consumer satisfaction with societal well-being.
- Traditional Concept Marketing: A strategy analyzing product viability, production capacity, and marketing methods to fulfill needs.
Traditional Marketing Approaches
- Production Concept: Focuses on internal capabilities rather than market needs.
- Marketing Concept: A customer-centric philosophy focusing on meeting customer needs to achieve organizational goals.
- Sales Concept: Achieving sales through aggressive selling and advertising.
- Relationship Concept: Building and improving long term relationships with customers, distributors, and suppliers.
- Societal Concept: Fulfilling consumer needs while benefiting society.
Goals of Marketing
- Focusing on customer needs and wants to differentiate from competitors
- Integrating company activities for customer value
- Achieving organizational goals by satisfying customer needs
Key Performance Indicators (KPIs)
- KPIs are metrics to ensure marketing activities are on track in achieving defined objectives.
Emerging Marketing Types
- Search Engine Optimization (SEO): Improving website visibility on search engine result pages (SERPs).
- Pay-Per-Click (PPC) Advertising: Paying for ads to display on search engine or website results.
- Email Marketing: Direct communication with customers through emails.
- Referral Marketing: Customer referrals for product advocacy.
- Affiliate Marketing: Commission for product referrals/promotions.
- Video Marketing: Building brand awareness and promoting products through video content.
Traditional Marketing
- Traditional marketing encompasses various channels (print, billboards, TV, radio, flyers/posters) used for advertising.
- Traditional marketing theories include Ansoff's Matrix.
- Ansoff's Matrix helps assess the attractiveness of growth strategies. It considers existing and new markets and products.
Market Segmentation
- Aggregating prospective buyers based on demographics, geography, behavior, or psychographics.
- Demographic Segmentation: Targeting customers based on age, income, gender, race, or education.
- Firmographic Segmentation: Analysing organizations based on employee count, customers, offices or revenue.
- Geographic Segmentation: Grouping customers by location, based on the assumption that customers in the same area have similar needs.
- Behavioral Segmentation: Grouping customers based on their behavior, actions, and purchase patterns.
- Psychographic Segmentation: Classifying consumers based on lifestyle, personality, opinions, and interests.
Micro & Macro Environments
- Microenvironment: Factors closely impacting the company, including suppliers, resellers, and customers.
- Macroenvironment: Broader factors, like economy, society, and technology.
Customer Types
- Strangers: Customers whose needs don't fit the company's offerings.
- Butterflies: Customers who don't consistently patronize specific brands and are less loyal
- True Friends: Loyal customers whose needs align with the company's offerings.
- Freeloaders: Loyal customers without significant profitability for the company
Relationship Marketing
- Creating, maintaining, and enhancing strong relationships with customers and stakeholders.
- Moving from individual transactions to value-laden relationships.
- Various levels of interaction with customers: Basic, Reactive, Accountable, Proactive and Partnership.
Marketing Research
- Analyzing consumer behavior and market trends to guide business strategies.
Tactical Marketing
- Short-term, intense efforts aimed at specific marketing targets.
Strategic Marketing
- Long-term vision and strategies for achieving company objectives; encompassing broader considerations.
Building Customer Value
- Customer value is the satisfaction derived from a choice in action, evaluated by considering the cost of that action.
Market Penetration, Development, Diversification, Mix
- Market penetration: Increasing sales of current products in existing markets.
- Market development: Selling current products in new markets.
- Product development: Introducing new products to existing markets.
- Diversification: Entering new markets with new products.
- Marketing Mix (7Ps): Product, Promotion, Price, Place, People, Process, Physical Evidence.
STP Marketing Model
- Segmenting the market into specific groups
- Targeting the ideal customer groups
- Positioning the offering/product to specific groups
Business Markets
- Companies and organizations engaging in transactions with other businesses.
- A B2B (Business-to-Business) market.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz delves into the fundamental principles of marketing, focusing on the creation and communication of value to customers. It explores the definitions by the American Marketing Association and Philip Kotler, emphasizing customer needs, wants, and satisfaction. Test your understanding of key marketing concepts and philosophies.
