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15 Cards in this Set
- Front
- Back
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Marketing |
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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value |
a consumer's perception of the benefits of a particular product offering mines the costs |
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Marketing strategy |
A cohesive marketing mix of product, place, price, and promotion, designed for a specific target market. Marketing strategy answers the question, "How do we orchestrate the marketing mix to deliver value to a particular market segment?" |
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three levels of marketing strategy |
1) Corporate strategy (what business should we be in?) 2) strategic business unit strategy (how do we compete effectively in a given business?) 3) Marketing strategy (how do we deliver value to a particular market segment) |
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Boston Consulting groups portfolio model (4 parts) |
1) Stars: high-growth and high-share. These represent the company's shining businesses 2) Cash cows: Dominate in slow growth markets, typically generate more cash than they need 3) Question marks: high growth and low market share, pose investment dilemmas for the company 4) Dogs: slow-growth industries with relatively low market share |
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Marketing Mix (4 Ps) |
Product Place Price Promotion |
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Marketing penetration |
Selling more of the existing products in existing markets |
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product development |
introducing new products to existing markets |
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market development |
introducing existing products to new markets |
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diversification |
introducing new products to new markets |
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relevance bar |
connection between the product, the solution, and the customer |
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production orientation |
a marketing philosophy in which the firm focuses on production efficiency |
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sales orientation |
marketing philosophy in which the firm focuses on personal selling to persuade consumers to buy products |
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market orientation |
marketing philosophy in which the firm focuses on satisfying customer's needs and wants |
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societal orientation |
marketing philosophy in which the firm focuses on providing value to customers as well as to society as a whole |
