Marketing

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159 Terms

1
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Marketing is all about lying
Wrong

* consumers not naive
* consumers will realise that the product is deceptive and will punish companies on social media
* deceptive advertising is prohibited !
2
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Marketing = sales
Wrong

* marketing and sales are ==distinct== function units in the organization
* marketing comes ==before== sales
3
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Tell me the evolution of marketing
* production concept : large production low price when demand > supply
* product concept : buy when good quality
* selling concept : buy when enough selling efforts
* marketing concept : customers satisfaction key, sell what consumers want and desire
4
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Explain to me the selling concept
* starting point : factory
* focus : existing products
* means : selling and promoting
* ends : profits trough sales volume

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5
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Explain to me the marketing concept
* starting point : market
* focus : customer needs
* means : integrated marketing
* ends : profits trough customer satisfaction
6
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Marketing is used by companies to sell products to consumers
Wrong

* marketing can be used by many different organizations : NGO’s, political parties, individuals, events
* no just to sell also for exemple get votes for political party
* marketing not always directed to consumers Ex.: public service announcment
7
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What is marketed ?
* goods
* services
* events
* experiences
* persons
* places
* propreties
* organizations
* ideas
8
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What is marketing?
Marketing is all about common sense

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* built on academic research in psychology, sociology, economics and neuroscience, as well as real business practices
* creating, communicating, delivering and exchanging offerings that have value for customers
* creating and exchanging products that are needed and wanted by consumers
9
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What is marketing management?
* superior customer value
* before product oriented → sales before marketing => push product
* now customers oriented → analyze customer needs and create satisfaction, loyalty
10
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What is marketing? 3P
creating value : 3P

* people
* planet
* profit → prosperity
11
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What are the core marketing concepts?
* understanding consumer behaviour
* strategic marketing
* operational marketing
12
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what is a need?
the basic human requirements such as air, food, water, clothing and shelter
13
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what is a want?
specific objects that might staisfy a need
14
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what is a demand?
wants for specific products backed by an ability to pay
15
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what is the marketing process in an organization?

1. opportunity
2. segmentation and targeting
3. marketing mix
4. implementation and control
16
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what are the major market forces?
* technology
* globalization
* physical environment
* social responsability
17
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What are the new consumer capabilities?
* can search, communicate and purchase on the move
* can use internet as a powerful information and purchasing aid
* cant tap into social media to share opinions and express loyalty
* can actively interact
* can reject marketing they find inappropriate (Adblock)
18
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What are the new companies capabilities?
* can use the internet as a powerful information and sales channel, including for individually differentiated goods
* can collect fuller and richer information about markets, customers, prospects and competitors
* can reach customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information
19
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What are the new competitive environment?
* retail transformation (Amazon, multiverse etc)
* heightened competition
20
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What are the new marketing realities?
* from exclusive (only Western world/culture) → to inclusive (others)
* science & data based
* hiring, training and motivating employees to serve consumers well
21
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What is environmental scanning?
refers to possession and utilization of information about occasions, paterns and relationships within a company’s internal and external environment
22
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What is the purpose of environmental scanning?
* identify trends
* identify opportunities/threats
* evaluate the company’s strenghts/weaknesses
23
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What is the macro environment?
consists of a number of brad forces that affect not only the company, but also the other actors in the micro environment
24
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Does companies have control on the macro environment?
NO !!!!
25
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What is a fad?
unpredictable, short-lived and without social, economic and political significance
26
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What is a trend?
more predicticable and durable than a fad; trends reveal the shape of the future and can provide strategic direction
27
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What is the PESTEL analysis?
* political
* economical (income distribution)
* social (demographic and cultural)
* technological
* environmental (corporate environmentalism)
* legal
28
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What is the micro environment?
consists of actors in the firm’s immediate environment or business system that affect its capabilities to operate effectively in the chosen markets

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HAVE CONTROL !!
29
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What is the market (demand)?
refers to the group of consumers or organizations that is interested in the product, has the ressources to purchase the product, and is permitted by law and other regulations to acquire the product
30
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How do you estimate futur demand?
* composite of sales force opinions
* expert opinion
* past-sales analysis
* survey of buyers’ intentions
31
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What is consumer behavior?
the study of how individuals, groups and organizations select, buy, use, and dispose of goods, services, ideas or experiences to satisfy their need and wants
32
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What influences consumer behavior?
* cultural
* social
* personal factors
33
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What is hedonic?
= feelings involved

VS rational

not depend on product category
34
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What determines age and life-cycle?
determines what consumer buys at each stage of life
35
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What is personality?
set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environment stimuli
36
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When a need becomes a motive?
whent it is aroused to a sufficient level of intensity to drive us to act
37
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What is motivational strenght?
the degree to which a person is willing to expend energy to reach one goal as opposed to another reflects their underlying motivation to attain that goal
38
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what is motivational direction?
they are goal oriented in that they drive us to satisfy specific needs
39
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What are motivational conflicts?
* positively valued goals
* consumers are motivated to approach the goal and will seek out products that will be instrumental in attaining it
* avoiding negative goals
* consumers are motivated to avoid a negative outcome structuring their purchases or consumption activities
40
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What is Freud’s theory?
behavior is guided by subconscious motivations
41
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What is Maslow’s Hierarchy of needs?
behavior is driven by lowest, unmet need


1. psychological needs
2. safety needs
3. social needs
4. esteem needs
5. self-actualization needs

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42
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What is Herzberg’s two-factor theory?
behavior is guider by dissatisfiers and satisfiers
43
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What is consumer product involvement?
the consumer’s level of interest in making a particular purchase, which can range from inertia t very high involvment
44
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What is message-response involvement?
the consumer’s interest in processing marketing communications
45
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What is perception?
the process by which we select, organize and interpret information inputs to create a meaningful picture of the world
46
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What is a perceptual map?
tool which evaluates the relative standing of competing brands along relevant dimensions (scensory receptors)
47
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What is selective attention?
the inclination for consumers to pay attention to messages that connect with their needs, beliefs, interests, and values
48
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What is selective distortion?
how consumers interpret brand messaging in a way that fits with their preconceptions of that brand
49
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what is selective retention?
how customers remember brand messaging based on their previously established needs, beliefs, interests, and values
50
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what is sensory marketing?
stimulating 5 senses

* seeing
* hearing
* touching
* smelling
* tasting
51
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How adding emotions to advertising helps?
more

* perception
* attention
* shares on social media
52
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what is experiential marketing?
samples
53
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what are nostalgic brands?
used by consumers to retreive memories about past experiences and are often valued for their ability to do this

ex.: nutella, la laitière etc
54
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What are the stages of the buying decision process?
* problem recognition
* the buyer recognizes a problem/need triggered by internal/external stimuli
* information search
* internal/external
* deliberate/accidental
* pre-purchase / ongoing
* evaluation of alternatives
* purchase decision
* post-purchase behavior
55
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what are beliefs?
descriptive thought that a consumer holds about something
56
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what are attitudes?
person’s enduring favourable or unfavourable evaluations, emotional feelings and action tendencies toward some object or idea
57
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What are the 3 types of attitude?
* conative : will to act
* emotional : feelings
* cognitive : knowledge
58
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What are the bundle of attributes?
* core product
* actual product : packaging, style, desing, brand name
* augmented product : after-sale service, warranty, installation, delivery&credit
59
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What is a product?
anything that can be offered to a market to satisfy a want or need

* ~~owning~~ ==> solution to a specific need
60
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what is greenwashing?
exagerate “green” features and communicate on sustainability but they are not

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ex.: TUI flights
61
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what is packaging?
all the activities of designing and producing the container for a product

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used as a marketing tool

* self-service
* consumer affluence
* company and brand image
* innovation opportunity
62
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what is a planogram?
plan made by retailers in collaboration with brands to make sure that everything is at the right spot

* best product below because people would make the effort to grab them
* eye level to promote products
63
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what are the objectives of packaging?
* identify the brand
* convey descriptive and persuasive information
* facilitate product transportation and protection
* assist at-home storage
* aid product consumption
64
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what is the customer journey?
* pre purchase
* during purchase
* post purchase
65
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what is adoption?
an indivdual’s decision to become a regular user of a product

* awareness
* interest
* evaluation
* trial
* adoption
66
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what are the factors that influence the adoption process?
* readiness to try new products
* personal influence
67
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what defines market attractiveness?
* merket forces
* competitive intensity
* market accessibility
68
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what is the product lifecycle model? (market forces)
* introduction
* growth
* maturity
* decline
* introduction
* growth
* maturity
* decline
69
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explain the introduction stage of the product lifecycle model
* pioneering advantages
* recall of brand name
* establishes product class attributes
* recrutes more consumers
* pioneering drawbacks
* imitators can surpass innovators
* once leadership is lost, it’s rarely regained
70
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explain the growth stage of the product lifecycle model
to sustain rapid market share growth

* improve product quality/ add new features
* new models/flanker products
* new market segments
* increase distribution coverage and new distribution channels
* shift from awareness and trial communication to preference and loyalty communication
* lower prices to attract price-sensitive buyers
71
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explain to me the maturity stage of the lifecycle product model
* market modification
* product modification
* market program modification
72
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explain to me the decline stage of the product lifecycle model
* eliminating weak products
* harvesting and divesting
73
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How can we measure competitive intensity?
Porter’s 5 forces

* competitive rivalry
* threat of new entry
* byer power
* threat of substiution
* supplier power
74
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Give me the caracteristics of perfect competition
number of firms : very large

type of product : standardized

control over price : none

entry conditions : no barriers
75
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Give me the caracteristics of monopolistic competition
number of firms : many

type of product : diffenrentiated

control over price : slight

entry conditions : no barriers
76
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Give me the caracteristics of oligopoly
number of firms : few

type of product : standardized or diffenrentiated

control over price : considerable

entry conditions : large barriers
77
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Give me the caracteristics of monopoly
number of firms : one

type of product : unique

control over price : considerable if not regulated

entry conditions : large barriers
78
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what are the different types of competitors?
* direct competition
* indirect competition
* generic competition
79
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what are the Porter’s generic strategies?
* overall cost leadership
* shein, primark
* differentiation
* nike, addidas
* focus
* chanel, clothes for dissabled people
80
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What are the targeting strategies?
* undifferentiated : baton mars
* partial undifferentiated : alcool
* differentiated : volksvagen
* partial differentiated : BMW
* concentrated : david loyd
81
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What is positioning?
* reason for being / value proposition
* benefits that differentiate brands
82
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What are points-of-difference? PODs
attributes/benefits that consumers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competitive brand
83
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What are the PODs criteria?
* desirable
* deliverable
* differentiating
84
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What are points-of-parity? POPs
attribute/benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands
85
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What are POPs criteria?
* category
* correlational
* competitive
86
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what are the growth strategies?
* diversification growth
* integrative growth
* intensive growth
87
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what is intensive growth?
corporate management should first review opportunities for improving existing businesses

* market penetration strategy
* market development strategy : geographic / new segmentation
* product development strategy
* diversification strategy : new product but close to your existing product
88
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what is integrative growth?
business can increase sales and profits through backward, forward or horizontal integration within its industry
89
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what is diversification growth?
makes sense when good opportunities exist outside the present business
90
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what is branding?
the process of endowing products and services with the power of a brand
91
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what is a brand?
is a name, term, sign, design, symbol to identify the goods or services
92
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what is the brands’ role for consumers?
* set nd fulfill expectations
* simplify decison making
* take on personal meaning
93
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what is the brands’ role for firms?
* secure competitive advantage
* create brand loyalty
* practicality
94
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what are the types of brand name?
* “name” brand : IKEA, Google (mot)
* “figurative” brand : nike, apple (image)
* “semi-figurative” or “combined” brand : lacoste, bacardi (mot + image)
95
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what are the caracteristic of a brand value proposition?
* emotional value
* the utility derived from the feelings or affective states that a product generates
* social value
* the utility derived frome the product’s ability to enhance social self-concept
* functional value (price/value for money)
* the utility derived from the product due to the reduction of its perceived short term and loger term costs
* functional value (performance/quality)
* the utility derived from the perceived quality and expected performance of the product
96
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what is brand identity?
the set of messages sent by a unique brand
97
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what is the brand identity prism
* physique
* personality
* relationship
* culture
* reflection
* self-image
* physique
* personality
* relationship
* culture
* reflection
* self-image
98
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what is brand image?
the set of mental representations, both affective and cognitive, that an individual or a group of individuals associates with a company or a brand (= message received)
99
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what is the difference between reflection and brand image
reflection : how people/consumers are supposed to be seen

brand image : how the message is perceived/ how they are effectively seen
100
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what is brand equity?
* added value
* strenght of a brand