Marketing at TU München

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Study with flashcards and summaries for the course Marketing at the TU München

Exemplary flashcards for Marketing at the TU München on StudySmarter:

What are the 4 market terms?

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Marketing Realities and Challenges: Changing consumption patterns

Exemplary flashcards for Marketing at the TU München on StudySmarter:

What are the interpretations of how marketing functions? 

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Marketing Realities and Challenges:

What are major societal forces? 

Exemplary flashcards for Marketing at the TU München on StudySmarter:

What is the goal of marketing philosophy? 

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Total customer benefit is comprised of...

Exemplary flashcards for Marketing at the TU München on StudySmarter:

How to deal with customer dissatisfaction?

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Why is customer satisfaction important?

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Customer perceived value is.....

Exemplary flashcards for Marketing at the TU München on StudySmarter:

What is the Marketing Management Process?
What functions are included?

Exemplary flashcards for Marketing at the TU München on StudySmarter:

Total customer cost comprises of

Exemplary flashcards for Marketing at the TU München on StudySmarter:

What are the 3 types of markets? 

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Exemplary flashcards for Marketing at the TU München on StudySmarter:

Marketing

What are the 4 market terms?

1) Marketplace (physical store)

2) Marketspace (digital)

3) Metamarket (Cluster of complementary products and services that are related, but spread across industries)
-> car and financing

4) Metamediaries (Intermediaries that bring together collections and people)

Marketing

Marketing Realities and Challenges: Changing consumption patterns

1) Consumer sophistication as regards both marketing and technology knowledge 

    -> Sophistication may lead to co-creation of value (e.g., creating products)     

    -> Sophistication may increase interactions with companies and consumers (e.g., online mail tracking services) and engagement possibilities 

2) Hybrid consumption behavior 

3) Importance of health and sustainability 

4) Local (vs. global) values 

5) Aging consumers (baby boomers)

Marketing

What are the interpretations of how marketing functions? 

1) Goal (i.e., to direct all managerial decisions towards increasing customer-perceived value and hence customer lifetime value) 

-> install customer orientation

2) Means (i.e., the use of marketing mix instruments) 

-> use 7 P´s

3) Method (i.e., the support of decisions via market research findings

Marketing

Marketing Realities and Challenges:

What are major societal forces? 

1) Recession and economic recovery; effects around the globe 

2) Heightened competition (e.g., brand extensions) 

3) Technological developments (e.g., digitization, Internet, self-serving tools) that often lead to customer empowerment and well-connected customers (e.g., online review boards) 

4) Industry convergence (e.g., Nike and Apple iPod) 

5) Retail transformation (e.g., own-label brands) 

6) Availability of big data (e.g., artificial intelligence-derived solutions)

Marketing

What is the goal of marketing philosophy? 

1) to be more effective than competitors in understanding the target group’s needs

2) to create, deliver, and communicate superior value to target groups

3) to increase customer lifetime value

Marketing

Total customer benefit is comprised of...

product benefit, services benefit, personnel benefit, Image benefit

Marketing

How to deal with customer dissatisfaction?

Receive and act on complaints
Contact the complaining customer asap
accept responsibility for the customer’s disappintment
Use empathetic customer service people
Resolve the complaint to the customer’s satisfaction quickly

Marketing

Why is customer satisfaction important?

Because satisfied customers

  • Stay loyal and pay less attention to competing brands
  • Buy more as the company introduces new market offerings and upgrades existing ones
  • promote the company by the word of mouth
  • cost less to serve than new customers
  • are less sensitive to price

Higher returns and lower stock market risks

Marketing

Customer perceived value is.....

the difference between the prospective customer’s evaluation of all the benefits and all the costs of a company’s offering and the perceived alternatives

Marketing

What is the Marketing Management Process?
What functions are included?

-> Management is a goal-directed process

1) Planning

Establishing goals and selecting a plan of action to achieve the goals

2) Implementing

-> Organizing: Establishing an organization’s structure and culture

-> Leading: Energizing, directing, and persuading others and creating a vision. 

3) Controlling : Comparing actual performance to predetermined standards (goals)

Marketing

Total customer cost comprises of

Monetary cost, time cost, energy cost, Pschological cost

Marketing

What are the 3 types of markets? 

1) Consumer (Individual-decision making)

2) Business (Industry-decision making)

3) Non-profit (Decision-making in charities, clubs) 

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