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31 Cards in this Set

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  • Back
Five core Marketplace concepts
1.needs, wants and demands
2.marketings offers(products,services, experiences)
3.Value and satisfaction
4.exchanges,transactions and relationships
5. markets
What are human needs?
Physical needs-food clothing warmth and safety
Social needs-belonging and affection
individual needs-knowledge and self-expression
What are wants?
human needs shaped by culture and individual personality. When backed by buying power wants become demands.
Transaction
Trade of values between two parties. marketing's unit of measurement.
Core marketing activities
product development, research, commucation, distribution, pricing and servie.
The production concept
idea that consumers will favor products that are available and highly affordable.
The Product Concept
idea that consumers will favor products that offer the most quality,performance, and features. SO organizations should concentrate on making continuos product improvements.
The Selling concept
idea that consumers will not buy enough of firms products unless it under takes a large-scale selling and promotion effort.
The Marketing Concept
achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors.
Societal marketing concept
company should make good decisions by considering concumers wants, the companys requirments,consumers long run interests, and societys long run interests.
Marketing mix
4 C's-customer satisfaction, communication, customer cost,convenience.
4 P's- price product promotion and place
customer perceived values
customers evaluation of the differences between all the benefits and all the costs of a marketing offer related to those of competing offers.
What is the Marketing Environment?
is made up of the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
Microenvironment Actors
company
suppliers
marketing intermediaries
customers
competitors
publics
5 types of markets that purchase a company's goods and services.
1.Consumer Markets
2.Business Markets
3.Reseller Markets
4.Government Markets
5.International Markets
Types of Publics
Financial
Government
citizen-action
local
general
internal
Macro Environment Actors
Demographic forces
Economic forces
Natural forces
Technological forces
political forces
cultural forces
Business Portfolio
collection of business and products that make up the company
SBU
Strategice business unit. can be planned independently from other company businesses.
Product/Market Expansion Grid
A portfolio-planning tool for identifying company growth through market penetration, market development, product development and diversification.
Market Penetration
Strategy for company growth by increasing sales of current products to current market segments w/o changing the product
Market Development
Strategy for growth by identifying and developing new market segments for current products and markets.
Diversification
strategy for growth through starting up or acquiring businesses outside the company's current products and markets.
Value Chain
Series of departments that carry out value-creating activities to design, produce, market, deliver and support a firms product.
Engel's law
how people shift spending across food, housing, transportation, health care, and other goods as family income rises.
Why has business legisltaion been enacted?
-to protect companies from eachother
-protect consumers from unfair business practices
-protect interests of society from unrestrained business behavior.
5 Key aspects of customer value
1. Trade off of benefits and sacrifices
2. Interactions of both customers and products
3. Relative to competitors, indiviuals, and situations
4. Goal-Driven by customers desired attributes, outcomes and end goals.
5. Dynamic in that it changes over time.
Strategic Planning
Developing and mantaining a strategic fit between the organizations goal and capablilities and its changing marketing opportunities.
Customer Value hierachy
Desired End states(goals of the person or org)
Consequences (User/product interaction)
Attributes (product/service)
Growth-share matrix
portfolio-planning method that evaluatesa company's strategice business units in terms of their market growth rate and relative market share.(star,?,cashcow,dog)
Product/Market Expansion grid
portfolio-planning toold for identifying company growth opportunities(penetration, development)