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50 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Ch1/p4: Marketing
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A process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment.
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The process of planning and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals.
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Ch1: Market
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An aggregate of individuals and/or organizations that have needs for products and have the ability, willingness and authority to make the purchase.
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Is made up of all the people or organizations who want or need a product and have the willingess and ability to buy.
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Ch1/p5: Target Market
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A specific group of buyers on whose needs and wants an organization focuses its marketing efforts.
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Is one particular goup of potential customers that the org seeks to satisfy with a product and the market which the firm directs its marketing mix.
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Ch1/p6: Marketing Mix
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The four Marketing activities or tools that an organization can utilize to meet a customer’s needs (Four “P’s”)
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Is the combination of four variables that comprise an organization's marketing program: product, price, promotion, and physical distribution.
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Ch1/p7: Product
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A goods, service or idea, designed and produced with features that address customer wants and needs.
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Ch1/p7: Place or Point of Sale [Distribution]
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Making products available to customers in desired quantities and at a desired location (Place or Point of Sale).
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Ch1/p8: Promotion
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the use of multiple medias and methodologies to provide potential customers with information about the organization and its products
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Ch1/p8: Price
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The monetary value consumers exchange for products, established to both meet customer expectations and satisfy company objectives.
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Ch1/p13: The Marketing Concept
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A managerial philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows an organization to achieve its goals
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Ch1/p14: Evolution of the Marketing Concept
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* Production Orientation Era: 1850’s to the “Roaring 20’s”
- Demand exceeded supply - A good product will sell itself, little promotion required - Concentration on cost and efficiency *, Sales Orientation Era: 1920’s to the 1950’s - Supply exceeded demand - Promotion became essential - “Hard-sell” techniques developed * Marketing Orientation Era: Mid 1950’s through today - Research and respond to customer needs - A shift from “sell what we make” to “make what we can sell” - Promotion shifts from hard-sell to inform/persuade |
1850 - 1900 Product Orientation
1900 - 1950 Sales Orientation 1950 - 2000 Marketing Orientation |
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Chapter 1: Marketing Management
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The process of planning, organizing, implementing and controlling marketing activities to facilitate exchanges effectively and efficiently.
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* Planning: the systematic process of assessing opportunities and resources, determining marketing objectives, developing strategies and preparing for implementation and control.
* Organizing: developing the marketing organization’s internal structure * Implementing: coordinating marketing activities, communicating with and motivating marketing personnel * Controlling: establishing performance standards, monitoring actual performance against the standards and corrective action as required to achieve the standards |
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Ch3/p90: Demographics and Diversity Characteristics
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the study of human populations, such as characteristics, behavior and distribution.
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Demographic Changes: Changing demographics motivated the U.S. government to implement a more diverse marketing campaign during the 2010 Census.
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Ch2/p32: Strategic Planning
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The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and marketing plan.
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Ch2/p51: Marketing Plan
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A written document that specifies the activities to be performed to implement and control an organization’s marketing activities .
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Components of the Marketing Plan
* Executive Summary * Environmental Analysis * Strengths and Weaknesses, Opportunities and Threats (SWOT Analysis) * Marketing Objectives * Marketing Strategies * Marketing Implementation * Evaluation and Control |
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Ch2/48: Marketing Control Process
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A Marketing Control Process establishes performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance.
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1. Establishment of Performance Standards
2. Evaluation of Actual Performance Relative to Established Standards 3. Corrective Action as Required |
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Ch3/p70: Marketing Environment
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The Marketing Environment for a firm consists of both internal variables and external forces that affect its marketing efforts towards its target markets and customers (External/Internal).
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Ch3/p70: External “uncontrollable” forces in Marketing Environment
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External “uncontrollable” forces (beyond the control of the firm) which affects the firm’s Marketing Mix decisions
* Competitive * Economic * Political * Legal and Regulatory * Technological * Socio-cultural |
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Chapter 3: Marketing Research
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The systematic design, collection, interpretation and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.
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Chapter 3: Categories of Markets -
Consumer Markets |
Producers and household members who intend to consume or benefit from the purchased product and who do not buy the products for resale or make profits
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Chapter 3: Categories of Markets -
Business Markets |
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or in general daily operations
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Chapter 3: Market Segmentation
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The process of dividing the total market into segments with relatively similar product needs in order to design a marketing mix that matches those needs.
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Chapter 1: Essay: Discuss the coordinated set of organization-wide activities
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* Performing extensive market research to determine customer wants and needs
* Designing and producing products that address customer wants and needs * Pricing the product so that it meets customer expectations and allows the firm to make a profit * Promoting the product with accurate, truthful information * Distributing the product so that it is available when and where desired by the customer * Intended to satisfy exchange expectations, foster brand loyalty and long-term repeat sales |
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Chapter 1: Essay: Discuss the significance and impact of Marketing
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* Marketing Cost Consumers Money
* Marketing is a Function of all Organizations * Marketing Helps to Sell Products * Marketing Fuels the National and Global Economy * Information Enhances Consumer Awareness * Responsible Marketing Promotes Customer and Social Welfare |
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Chapter 2: Strategic Marketing Management
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The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
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Chapter 2: Mission Statement
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A long term view or vision of what the organization wants to become:
- Who are our Customers? - Who do we want as Customers? - What are our core competencies? - What are our values? |
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Chapter 2: Marketing Objectives
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A statement of what is to be accomplished through marketing activities-the desired end results.
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Chapter 2: Marketing Strategy
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A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
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4Ps
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Chapter 2: Essay: Discuss the components of Marketing Strategy
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Marketing Strategy: A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
* Target Market Selection: important because the target market must be selected before the organization can develop its marketing mix * Creating The Marketing Mix: must be consistent with corporate and business unit strategies, as well as resources available |
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Chapter 2: Essay: Discuss Strategic Planning Process
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* Identification of Core Competencies: things a firm does well, leading to competitive advantage
* Assess available human and financial resources and capabilities * Analysis of the Marketing Environment: external forces which can constrain the firm and influence its goals and/or create opportunities * Perform a SWOT Analysis: the assessment of an organization’s Strengths, Weaknesses, Opportunities and Threats * Identification of Market Opportunities: a combination of circumstances and timing that permits an organization to take action to reach a target market * Identification of Competitive Advantages: the result of a company’s matching a core competency to opportunities in the marketplace * Identification of Strategic Windows: a temporary period of optimal fit between the key requirements of a market and a firm’s capabilities |
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Chapter 2: Essay: Discuss the components of the Marketing Plan
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* Executive Summary
* Environmental Analysis * Strengths and Weaknesses, Opportunities and Threats (SWOT Analysis) * Marketing Objectives * Marketing Strategies * Marketing Implementation * Evaluation and Control |
Appendix B
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Chapter 2: Marketing Implementation
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The process of putting marketing strategies into action (Intended/Realized Strategies).
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Chapter 2: Essay: Discuss Marketing Implementation
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Marketing Implementation: The process of putting marketing strategies into action
* Intended strategy- the strategy the company decided on during the planning phase and wants to use * Realized strategy- the strategy that actually takes place |
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Chapter 2: Essay: Discuss Organizational Structure for Marketing Activities
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Organizational Structure for Marketing Activities
* Centralized vs Decentralized * By Function * By Product * Geographically * By Type of Customer |
not important
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Chapter 2: Essay: Discuss the Methodology of the Marketing Control Process
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Methodology
* Sales Analysis: Use of sales figures to evaluate a firm’s current performance * Marketing Cost Analysis: Breaking down and classifying costs to determine which are associated with specific marketing activities * Marketing Audit: A systematic, periodic examination of the firm’s marketing objectives, strategies, organization and performance |
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Chapter 2: Internal “controllable” variables in Marketing Environment
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Internal “controllable” variables: The Marketing Mix (The 4 P’s- product/price/place/promotion)- controllable and variable in the sense that the firm controls the amount of resources devoted to each task, the combination of which will vary with each product/target market situation
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Chapter 2: Competition
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Other organizations that market products similar to or can be substituted for a marketer’s products in the same geographical area.
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Chapter 2: Types of Competitors (BPGT)
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* Brand
* Product * Generic * Total Budget |
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Chapter 2: Types of Competitive Structures (PMOM)
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- Pure or Perfect Competition
* Monopolistic Competition * Oligopoly * Monopoly |
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Chapter 2: Essay: Discuss the Economic Forces
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* Economic Conditions
Business Cycle: a pattern of economic fluctuation that has 4 stages: Prosperity, Recession, Depression, Recovery Affects Inflation, Interest Rates, GDP Growth * Consumer Buying Power * Willingness to Spend |
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Chapter 2: Essay: Discuss the Political Forces
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Political Forces
* Often viewed as beyond control * Some firms seek to influence the political process to favorably shape or preclude legislation |
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Chapter 2: Essay: Discuss the Legal and Regulatory Forces
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Legal and Regulatory Forces
* Pro-competitive Legislation * Consumer Protection Legislation * Regulatory Agencies * Industry Self-Regulating Forces |
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Chapter 2: Essay: Discuss the Technology Forces
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Technological Forces
* Technology is the application of knowledge and tools to solve problems and perform tasks more efficiently * Influences consumer demand, product development and price |
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Chapter 2: Essay: Discuss the Socio-Cultural Forces
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Socio-Cultural Forces
* The influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs and lifestyles * Demographics and Diversity Characteristics: the study of human populations, such as characteristics, behavior and distribution. * Cultural Values: health, nutrition, family environment * Consumerism: Organized efforts by individuals, groups and organizations to protect consumer’s rights |
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Chapter 3: Types of Research - Exploratory
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conducted to gather more information about a problem or to make a tentative hypothesis more specific
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Chapter 3: Types of Research - Conclusive
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designed to verify insights through objective procedures and to help in making decisions
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Chapter 3: Essay: Discuss the Marketing Research Process
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- Locating and Defining Problems or Issues
- Designing the Research Project - Collecting Data - Interpreting the Research Findings - Reporting the Research Findings |
pg 149
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Chapter 3: Market
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An aggregate of individuals and/or organizations that have needs for products and have the ability, willingness and authority to make the purchase
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Chapter 3: Target Market
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A specific group of buyers on whose needs and wants an organization focuses its marketing efforts.
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Chapter 3: Essay: Discuss the Target Market Selection Process
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- Identify the Appropriate Targeting Strategy
- Determine Which Segmentation Variables To Use - Develop Target Market Profiles - Evaluate Relevant Market Segments - Select Specific Target Markets |
pg 177
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Chapter 3: Essay: Identify the Appropriate Targeting Strategy
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* Undifferentiated Targeting Strategy: Defining an entire market for a particular product as the target market and designing a single marketing mix for it.
Appropriate for Homogeneous Markets in which a large portion of the customers have similar product needs Concentrated Targeting Strategy Through Market Segmentation: Targeting a single market segment using one marketing mix. Appropriate for Heterogeneous Markets in which customers have diverse needs for products in a specific product class. Differentiated Targeting Strategy Through Market Segmentation: Targeting two or more market segments by developing a marketing mix for each segment. |
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