Are You With Me? at FOM Hochschule Für Oekonomie & Management | Flashcards & Summaries

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Evolution of Relationship Marketing

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In contrast to older Marketing-concepts, Relationship-Marketing has

  • higher intensity of market focus
  • higher intensity of competition
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How do we treat Marketing Orientation?

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Customer Needs are the basis for all!

Outside-In-Thinking

Look at this in the following order: 

1. Customer needs

2. Potential market opportunities

3. Marketing products and services

4. Customers → result

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TESTE DEIN WISSEN

Marketing-Orientation - How to make a sustainable profit?

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Sustainable profit through customer loyalty

  • Profit out of mark-ups (increasing prices)
  • Profit because of recommendation
  • Profit due to lower distribution and administration costs
  • Profit as a result of increased buying frequency and higher average purchases
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TESTE DEIN WISSEN

Describe Market volume and market potential

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How do you position yourself in the market? The market is based on this formula: 

Market Potential = Market Volume + Potential Additional Sales Volume

Market Volume: Sales volume of a company and its competitors 

Market Potential: Sales potential of a company and its competition

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What is Market saturation?

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Market saturation describes a strategic market situation, in which the market‘s potential is exhausted, i.e. market volume almost equals market potential. 

In such a situation significant market → growth is not possible anymore. 

Degree of market saturation = Market volume / market potential * 100 % = X %

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What are important factors to be more successful than your competitor?

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Relative Costs: 

→ internal costs

  • Learning curve
  • economical size benefit 
  • Outsourcing
  • Timing 

Value drivers: 

→ value is given by customers

  • product differentiation
  • product quality 
  • Service 
  • Superior branding 
  • Sustainable customer relationships 
  • Time-based competition
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TESTE DEIN WISSEN

What are Value Drivers?

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TESTE DEIN WISSEN

How can we create a competitive advantage?

You have to offer additional things to your core product

This is a never-ending race – companies have to innovate because otherwise they get imitated by copiers 


Potential offer → Augmented offer → Expected offer → Core product

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TESTE DEIN WISSEN

Why do analysis? Name one Macro & Industry-level-analysis

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TESTE DEIN WISSEN

What are the major influences on our product/customers?

All these factors have to be considered – everything that comes from outside can be a threat or a benefit

  • Macro-level: PESTEL 
  • industry level: PORTERS
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TESTE DEIN WISSEN

What is Marketing research? Why do Marketing Research?

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TESTE DEIN WISSEN

How is the market developing?

Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.


Facing this every day:

Management

  • Often make decisions without data
  • Judgments based on instinct and experience

Inside Perspective

  • The staff within the organization can have very strong opinions about "what customers want" 
  • Customers can base their decisions on completely different criteria

--> That's why we need Marketing Research!

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TESTE DEIN WISSEN

Describe the Business Buying process and show different individual tasks

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TESTE DEIN WISSEN

--> determine which products and services their organizations need to purchase.

organizational buying involves group decision making (“ decision-making unit ” (DMU) or buying centre). 

In such a group individuals may have different tasks in the purchasing process

  • Initiators: those who begin the purchase process
  • Influencers/evaluators: people who influence the buying decision. Technical personnel is especially important as influencers.
  • Gatekeepers: group members who regulate the flow of information. Frequently, the purchasing agent views the gatekeeping role as a source of his or her power.
  • Decider: the person who has formal or informal power to choose or approve the selection of the supplier or brand. 
  • Purchaser: the person who actually negotiates the purchase. 
  • Users: Members of the organization who will actually use the product. Users often initiate the buying process and help define product specifications.
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TESTE DEIN WISSEN

What is meant by Strategic Objectives?

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TESTE DEIN WISSEN

You need clear objectives for reaching your goals. Explain your decisions, know your goals 

Strategic management also requires that firms set strategic objectives - specific and measurable performance standards for strategically important areas 


Strategic objectives can be:

  • stated in terms of different criteria such as sales, market share, or return on investment
  • stated in absolute or relative terms.

 

To be effective, objectives must be specific in terms of

  • the performance dimension being measured
  • the measures must be in line with a possible performance
  • the target value for each measure
  • the time by which the goal should be reached
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TESTE DEIN WISSEN

What is Marketing?

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Marketing concept

The achievement of corporate goals through fulfilling customer needs better than the competition, focus on these three points: 

  • Customer orientation
    • Corporate activities are focused upon providing customer satisfaction
  • Integrated effort 
    • All staff accept the responsibility for creating customer satisfaction 
  • Goal achievement
    • The belief that corporate goals can be achieved through customer satisfaction
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Q:

Evolution of Relationship Marketing

A:

In contrast to older Marketing-concepts, Relationship-Marketing has

  • higher intensity of market focus
  • higher intensity of competition
Q:

How do we treat Marketing Orientation?

A:

Customer Needs are the basis for all!

Outside-In-Thinking

Look at this in the following order: 

1. Customer needs

2. Potential market opportunities

3. Marketing products and services

4. Customers → result

Q:

Marketing-Orientation - How to make a sustainable profit?

A:

Sustainable profit through customer loyalty

  • Profit out of mark-ups (increasing prices)
  • Profit because of recommendation
  • Profit due to lower distribution and administration costs
  • Profit as a result of increased buying frequency and higher average purchases
Q:

Describe Market volume and market potential

A:

How do you position yourself in the market? The market is based on this formula: 

Market Potential = Market Volume + Potential Additional Sales Volume

Market Volume: Sales volume of a company and its competitors 

Market Potential: Sales potential of a company and its competition

Q:

What is Market saturation?

A:

Market saturation describes a strategic market situation, in which the market‘s potential is exhausted, i.e. market volume almost equals market potential. 

In such a situation significant market → growth is not possible anymore. 

Degree of market saturation = Market volume / market potential * 100 % = X %

Mehr Karteikarten anzeigen
Q:

What are important factors to be more successful than your competitor?

A:

Relative Costs: 

→ internal costs

  • Learning curve
  • economical size benefit 
  • Outsourcing
  • Timing 

Value drivers: 

→ value is given by customers

  • product differentiation
  • product quality 
  • Service 
  • Superior branding 
  • Sustainable customer relationships 
  • Time-based competition
Q:

What are Value Drivers?

A:

How can we create a competitive advantage?

You have to offer additional things to your core product

This is a never-ending race – companies have to innovate because otherwise they get imitated by copiers 


Potential offer → Augmented offer → Expected offer → Core product

Q:

Why do analysis? Name one Macro & Industry-level-analysis

A:

What are the major influences on our product/customers?

All these factors have to be considered – everything that comes from outside can be a threat or a benefit

  • Macro-level: PESTEL 
  • industry level: PORTERS
Q:

What is Marketing research? Why do Marketing Research?

A:

How is the market developing?

Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.


Facing this every day:

Management

  • Often make decisions without data
  • Judgments based on instinct and experience

Inside Perspective

  • The staff within the organization can have very strong opinions about "what customers want" 
  • Customers can base their decisions on completely different criteria

--> That's why we need Marketing Research!

Q:

Describe the Business Buying process and show different individual tasks

A:

--> determine which products and services their organizations need to purchase.

organizational buying involves group decision making (“ decision-making unit ” (DMU) or buying centre). 

In such a group individuals may have different tasks in the purchasing process

  • Initiators: those who begin the purchase process
  • Influencers/evaluators: people who influence the buying decision. Technical personnel is especially important as influencers.
  • Gatekeepers: group members who regulate the flow of information. Frequently, the purchasing agent views the gatekeeping role as a source of his or her power.
  • Decider: the person who has formal or informal power to choose or approve the selection of the supplier or brand. 
  • Purchaser: the person who actually negotiates the purchase. 
  • Users: Members of the organization who will actually use the product. Users often initiate the buying process and help define product specifications.
Q:

What is meant by Strategic Objectives?

A:

You need clear objectives for reaching your goals. Explain your decisions, know your goals 

Strategic management also requires that firms set strategic objectives - specific and measurable performance standards for strategically important areas 


Strategic objectives can be:

  • stated in terms of different criteria such as sales, market share, or return on investment
  • stated in absolute or relative terms.

 

To be effective, objectives must be specific in terms of

  • the performance dimension being measured
  • the measures must be in line with a possible performance
  • the target value for each measure
  • the time by which the goal should be reached
Q:

What is Marketing?

A:

Marketing concept

The achievement of corporate goals through fulfilling customer needs better than the competition, focus on these three points: 

  • Customer orientation
    • Corporate activities are focused upon providing customer satisfaction
  • Integrated effort 
    • All staff accept the responsibility for creating customer satisfaction 
  • Goal achievement
    • The belief that corporate goals can be achieved through customer satisfaction
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