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