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Flashcards in The Marketing Mindset Deck (26)
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1

What is marketing

Growl and Levy 2015
it creates value, satisfies wants and needs of the consumer, and an exchange occurs

2

4 Ps

Product, Price, Placement, Promotion

3

History of Eras (Name them)

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

4

market driven eras

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

5

value-based market era

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

6

how to be value-driven

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

why is marketing important?

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

life time value chain

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

9

Examples of lifetime value chain (food and diapers)

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

CRM

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

metaphors for consuming

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

example of consuming as an experience

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

13

example of consuming as integration

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

14

classifying through consumption

buying louis vuitton: rich bitch/elite/wealth

15

example of consuming as play

could cycle: spinning studio "tribe"

16

winning marketing characteristics

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

Why contribute to twitter

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

implications of Toubia and Stephen's findings

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

19

audience size and self v others

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

Micro celebrity

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

localizing markets v standardizing

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

standardization gone bad

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

localization done well

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

CRM (Asos)

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

CRM (Cocacola)

"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

Marquee Case

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