1.1: Marketing
How companies acquire/engage customers
What is Marketing?
The set of actual and potential buyers of a product
What is the market?
Focuses on making goods cheap and widely available through high-volume production.
What is production concept?
Gathering primary data by engaging participants in one-on-one, semi-structured but open-ended conversations that can reveal deep or unexpected insights.
What is an interview?
Technology that mimics the way humans think and learn to perform tasks that typically require human intelligence.
What is AI?
Wants that are backed by buying power
What are Demands?
Assumes demand is greater than supply
What is the production concept?
Focuses on creating superior products through continuous quality improvements and innovation.
What is product concept?
A fraction of the population selected for marketing research to represent the population as a whole.
What is a sample
Companies are influenced by global competition.
What is rapid globalization?
The revenue a company expects to gain from a customer throughout the entire duration of their relationship
What is Customer Lifetime Value
Assumes that supply exceeds demand
Selling Concept
Focuses on satisfying the target customer needs better than competitors do.
What is the marketing concept?
Information collected anew for the specific purpose at hand.
What is primary data?
The way we live, communicate, share information, access entertainment, and shop.
What is the digital age?
Extent to which a product’s perceived performance matches a buyer’s expectations
What is customer satisfaction?
Act of obtaining a desired object from a person/organization by offering something in return (ie: money, votes, memberships, etc)
What is exchange?
Focuses on aggressive sales tactics to persuade customers to buy existing products.
What is the selling concept?
Using online consumer tracking data and data related to other consumer behaviors, including offline behaviors, to target advertisements and marketing offers to specific consumers.
What is behavioral targeting?
What can AI be used for in digital marketing?
Data gathering, customer engagement, idea generation, content creation, and customer service.
Paying more attention to the specific product itself rather than the needs/wants it fulfills
What is Marketing Myopia
Customers want a good experience, so create an emotional connection between the brand and customer
What is the customer experience concept?
Focuses on satisfying customer needs while protecting the long-term well-being of society and the environment.
What is societal marketing concept?
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
What is customer relationship management?
Marketers being socially and environmentally responsible
What is social responsibility?