Foundation of Marketing
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Foundation of Marketing - Leaderboard
Foundation of Marketing - Details
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| 🇬🇧 | 🇬🇧 |
| What is Marketing? | The process by which companies engage customers, build stronger relationships and create customer value in order to capture value from customers in return. |
| What is a Market offering? | Products, services, information or experiences offered to the market. |
| What are the 5 Core marketplace concepts? | 1. Needs, wants and demands. 2. Marketing offering. 3. Value and satisfaction. 4. Exchange and Relationship. 5. Markets. |
| What are the Goals of Marketing? mention 2 | 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction. |
| What are the 2 Forms of Marketing? | Traditional and Contemporary. |
| What is the Traditional Form of Marketing? | Make sale, products in nearby shopping centers, and television, magazine and direct mail ads. |
| What is the Contemporary Form of Marketing? | Satisfy customer needs, websites and mobile phone apps, and reaching customers directly personally and interactively. |
| What are Needs? | States of felt deprivation. |
| What are Wants? | The form human needs take as they are shaped by culture and individual personality. |
| What is Demand? | Human wants that are backed by buying power. |
| What is the Market Mytopia | The seller's mistake of paying more attention to the products rather than to the benefits and experiences produced by these products. |
| What is a Market? | The set of all actual and potential buyers of a product or service. |
| What is Market Management? | The art of science of choosing markets and building profitable relationships with consumers. |
| What are the 4 P's of the Marketing Mix? | Product, price, place, and promotion. |
| What is Societal Marketing? | The idea that a company's marketing decisions should consider consumers wants, the company's requirements, consumers long-run interests and society's long-run interests. |
| What is Production Concept? | The idea that consumers will favour products that are available and highly affordable. |
| What is Product Concept? | The idea that consumers will favour products that offer the most quality, performance, and features. |
| What is Selling Concept? | The idea that consumers will not buy enough of the firm's products unless the firms undertakes large-scale selling and promotion effort. |
| What is the Marketing Concept? | A philosophy in which achieving organizational goals depends on knowing the needs and wants of the target markets and delivering better satisfaction than competitors. |
| What should be blended into a comprehensive integrated marketing program? | The marketing mix tools |
| What is Customer Relationship Management? | The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| What is Customer-Perceived Value? | The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer. |
| What is Customer Engagement Marketing? | Making the brand a meaningful part of consumers lives by fostering customer involvement. |
| What is Consumer-Generated Marketing? | A marketing strategy where companies inviting consumers to create material for an advertising campaign. |
| What is Partner Relationship Management | Working closely with partners in other company departments and outside the company to bring greater value to customers. |
| What is Customer Lifetime Value? | The value of the purchases a customer makes over a lifetime. |
| What is Customer Equity? | The total combined customer lifetime values of all the company's customers. |
| How does a company increase the Share of Customers? (mention 2) | Good customer relationship management and offering greater variety to current customers. |
| What are the 4 major developments in the Marketing Landscape? | + The digital age. + The growth of not-for-profit marketing. + Rapid globalization. + Sustainable marketing practices. |
| What are the 5 steps of the Marketing Process? | 1. Understand the marketplace. 2. Design a customer value-driven marketing strategy. 3. Integrated marketing program. 4. Build profitable relationships. 5. Capture value from customers to create profit. |
| How do companies adress needs, wants and demands of the customer? | By a value proposition like a market offering. |
| What is a mission statement? | A statement of the organization's purpose, what it wants to accomplish in the larger environment. |
| What is Strategic Planning? | The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
| What are the 4 Steps in Strategic Planning? | 1. Defining the company mission. 2. Setting company objectives and goals. 3. Designing the business portfolio. 4. Planning marketing and other functional strategies. |
| What is a Business Portfolio? | The collection of businesses and products that make up the company. |
| What are the 2 Steps for planning a Business Portfolio? | + Analyze its current business portfolio. + Shape the future portfolio by developing strategies. |
| What is a Portfolio Analysis? | The process by which management evaluates the products and businesses that make up the company. |
| What is the Growth-Share Matrix? | A portfolio management method that helps companies decide how to prioritize their different businesses by their degree of profitability. |
| What is Market Penetration? | Making more sales to current customers without changing its original products. |
| What is Market Development? | Company growth by identifying and developing new market segments for current company products. |
| What is the Product/Market Expansion Grid? | A portfolio-planning tool for identifying company growth opportunities through market penetration, market & product development or diversification. |
| What is Diversification? | Company growth through acquiring businesses outside the company's current products and markets. |
| What is Product Development? | Company growth by offering modified or new products to current market segments. |
| What is the Value Chain? | The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's product. |
| What is the Value Delivery Network? | A network composed of the company, suppliers, distributors and customers who partner with each other to improve the performance of the entire system in delivering customer value. |
| What is Marketing Strategy? | The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. |
| What are 2 key Questions in the Marketing Strategy? | 1. Which customers will we serve? (segmentation and targeting) 2. How will we create value for them? (differentiation and positioning) |
| What is Market Segmentation? | Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviour. |
| What is Positioning? | Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
| What is Differentiation? | Actually differentiating the market offering to create superior customer value. |
| What is a Market Segment? | A group of consumers who respond in a similar way to a given set of marketing efforts. |
| What is Market Targeting? | Selecting one or more market segments to serve. |
| What is the Marketing Mix? | The set of tactical marketing tools, product, price, place and promotion that the firm blends to produce the response it wants in the target market. |
| What are the 5 Marketing Management Functions? | Analysis, planning, implementation, organization and control. |
| What is Market Implementation? | Turning marketing strategies and plans into marketing actions and objectives. |
| What is Marketing Control? | Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objective are achieved. |
| What is Marketing Return on Investment (ROI) ? | The net return from a marketing investment divided by the cost of the marketing investment. |
| What is the Marketing Environment? | The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationship with target customers. |
| What is the Micro-Environment? | The actors close to the company that affect its ability to serve its customers. |
| Who are the actors that affect the company in the Micro-Environment? | Suppliers, marketing intermediaries, competitors, customers, publics. |
| What is the Macro-Environment | The larger societal forces that affect the microenvironment such as demographic, economic, natural, technological, political, and cultural forces. |
| What Marketing Intermediaries? | Firms that help a company to promote, sell, and distribute its goods to final buyers. |
| What are the 5 types of Customer Markets? | 1. Consumer Market 2. Business Market 3. Reseller Market 4. Government Market 5. International Market |
| What are the 7 types of Public? | 1. Financial Public 2. Media Public 3. Government Public 4. Citizen-action Public 5. Internal Pubic 6. General Public 7. Local Public |
| What is the Economic Environment? | Economic factors that affect consumers purchasing power and spending patterns. |
| What is the Natural Environment? | The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
| What is the Technological Environment? | Forces that create new technologies, creating new product and market opportunities. |
| What is the Political Environment? | Law, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
| What is the Cultural Environment? | Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviours. |
| Why do Companies use cause-related marketing? | To exercise their social responsibility and to build a positive image. |
| What are Reactive Firms? | Firms that passively accept the marketing environment and do not try to change it. |
| What is a Proactive Firm? | Firms that develop strategies to change the environment. |
| What are the major trends in the firm's natural environments? | 1. Shortage of raw materials. 2. Increased pollution. 3. Increased government intervention. |
| What is Consumer Buyer Behavior? | The buying behavior of the final consumers. |
| What are the 8 steps in The Business Buyer Decision Process? | 1. Problem Recognition. 2. General Need Description. 3. Product Specification. 4. Supplier Search. 5. Proposal Solicitation. 6. Supplier Selection. 7. Order-Routine Specification. 8. Performance Review. |
| What is Straight Buy? | A business buying situation in which buyers reorders from the same supplier. |
| What are the 5 Stages in the Adoption Process? | 1. Awareness. 2. Interest. 3. Evaluation. 4. Trial. 5. Adoption. |
| What is a Consumer Market? | All the individuals and households that buy or acquire goods and services for personal consumption. |
| What is the Total Market Strategy? | The integrating ethnic themes cross-cultural perspectives within a brand's mainstream marketing. |
| What are the Major factors that influence consumer buyer behavior? | 1. Cultural factors. 2. Social factors. 3. Personal factors. 4. Psychological factors. |
| What is the Reference Group? | A group that serves as direct or indirect point of comparison forming a person's attitude or behavior. |
| What is Word of Mouth? | The impact of personal words and recommendations of trusted friends and family on buying behavior. |
| What is Perception? | The process by which people select, organize, and interpret information to form a meaningful picture of the world. |
| What is Selective Attention? | The tendency to screen out most of the information to which they are exposed. |
| What is Selective Distortion? | The tendency of people to interpret information in a way that support what they already belief. |
| What are the 5 Stages of Buying Decisions Process? | 1. Need Recognition 2. Information Search 3. Evaluation of Alternatives 4. The Purchase Decisions 5. Post-purchase behavior |
| What is the Adoption Process? | The mental process through which an individual passes from first hearing about an innovation to final adoption. |
| What are the 5 Adopter Categories Groups? | 1. Innovators. 2. Early adopters. 3. Early mainstream. 4. Late mainstream. 5. Lagging adopters. |
| What is the Business Buyer Behavior? | The buying behavior of organizations that buy goods and services. |
| What is the Business Buying Process? | The decision process by which business buyers determine which product and services their organizations need to purchase. |
| What are the differences between Business and Consumer Markets? | 1. Market structure and demand. It deals with fewer but larger buyers, 2. Business purchase involves more decision participations. 3. Types of decisions are more complex and longer. |
| What are the Major Types of buying Situations? | 1. Straight buy. 2. Modified Rebuy. 3. New Task. 4. System Selling. |
| What is Modified rebuy? | A business buying in which the buyer wants to modify product specifications. |
| What is a New Task in buying situations? | Buyer purchase a product/service for the first time. |
| What is System Selling? | Buying a packaged solution to a problem from a single seller. |
| What is Derived demand? | Business demand that comes from the demand for consumer goods. |
| What are the 4 steps in designing a customer value-driven marketing strategy? | Segmentation, targeting, differentiation and positioning. |
| What are the additional variables with the segmentation of business markets? | Customer operating and personal characteristics, purchasing approaches, and situational factors. |
| What are the 4 Target Marketing Strategies? | 1. Undifferentiated. 2. Differentiated. 3. Concentrated. 4. Micromarketing. |
| What is Market Segmentation? | Dividing the market into distinct groups of buyers who might require separate marketing strategies or mixes. |