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Flashcards in The Marketing Mindset Deck (26)
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1
Q

What is marketing

A

Growl and Levy 2015

it creates value, satisfies wants and needs of the consumer, and an exchange occurs

2
Q

4 Ps

A

Product, Price, Placement, Promotion

3
Q

History of Eras (Name them)

A

Product-oriented era
Sales-oriented era
Market-driven era
value-based era

4
Q

market driven eras

A

Jaworski et al 2000
it’s based on the understanding and reacting to different players in the market
post ww2 shoppers had options

5
Q

value-based market era

A

still market driven: know how to satisfy customers by wanting to provide more value than competitors

6
Q

how to be value-driven

A
  1. sharing info about consumers and competitors across the organization
  2. balance customer costs and benefits
  3. build relationships with customers
  4. use social and mobile media
7
Q

why is marketing important?

A

it advises production
it creates valuable relationships (with the supply chain and consumer)
allows for global expansion
can spread info through a variety of channels
can enrich society

8
Q

life time value chain

A

when firms focus on the relationships with customers, not one-time transactions

9
Q

Examples of lifetime value chain (food and diapers)

A

McDonalds: customers start with a happy meal and continue to the consumption of adult meals
Pampers: get maternity nurses to ensure babies start in pampers, meaning parents will probably purchase afterwards

10
Q

CRM

A

customer relationship management: a set of strategies to identify and build loyalty among a firm’s most valued customers … you want to collect info on their needs and target them with what’s most important to them

11
Q

metaphors for consuming

A

Holt 1995
consuming as an experience (emotional state)
consuming as integration (self-identity)
classifying through consumption (signaling)
consuming as play (sharing experience with others)

12
Q

example of consuming as an experience

A

starbucks: it’s not coffee its them spelling your name wrong its the people there, it’s the atmostphere

13
Q

example of consuming as integration

A

spectators at a chelsea match: you become part of stamford bridge and join the atmosphere - part of identity

14
Q

classifying through consumption

A

buying louis vuitton: rich bitch/elite/wealth

15
Q

example of consuming as play

A

could cycle: spinning studio “tribe”

16
Q

winning marketing characteristics

A

Swaan Arons et al
big data for insight: better anticipate how to meet needs
purpose: must be clear, powerful
total experience: for customer loyalty

17
Q

Why contribute to twitter

A

Toubia and Stephen 2013
-no economic reason to contribute so must either be for intrinsic utility (doing the activity for inherent satisfaction) or image-related utility (perceptions of others, status seeking)
found that as users gain followers they go from intrinsic to image-related utility

18
Q

implications of Toubia and Stephen’s findings

A

following consumers is a bad idea because they post less and engage with the brand less

19
Q

audience size and self v others

A

Branch and Berger 2014
broadcasting: more self presentation and avoidance of negativity - social media - designer clothes
narrowcastingL increased other focus and more useful content: web-forum/blog - healthcare/charity

20
Q

Micro celebrity

A

Marwick 2013
the state of being famous to a nicee group of people - this status is achieved through self promotion, not merit (a self-branding system)

21
Q

localizing markets v standardizing

A

Singh 2016

standardize: cost saving, unified brand with better global recognition
localize: different enviro, politics, culture

better to localize because individuals are cultural beings and culture has direct implications on consumption

22
Q

standardization gone bad

A

Colgate: toothpaste in france called CUE, name of a notorious porn magazine
Pepsi: expanded into china with slogan: “pepsi brings you back to life” but translated into “Pepsi brings your ancestors back from the grave”

23
Q

localization done well

A

McDonalds - fast food in US, but there are cheaper alternatives in China so they rebranded to fit this: nicer restaurant.. same in Singapore: gave delivery option

24
Q

CRM (Asos)

A

CEO “do what is right for customer, not Asos
free delivery and returns
data: real time, use analytics to know what products are trending and how to maximize on it/when to offer discounts
mil lineal is demographic so quick delivery, lots of options, heavy amount of social media marketing

25
Q

CRM (Cocacola)

A

“friendly with a twist” campaign in colombia: gave freshers a bottle that could only be opened by clocking caps with another bottle - encouraged introductions and making friends on the first day -
reflected brand image of friendship, long-lasting memories

26
Q

Marquee Case

A

launched in 2003 and focused on what clubgoers want: purse drawer and hard to get in
40% of ppl bottle customers and brought in 80% of revenue
marquee red card for hotels
after 5 years revamped..
2013: focus on electronic Dance music and start dj’s who they borrow the social capital of and converted fro expensive bottles to A-list DJS