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44 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Example of a target market |
SunnyD, but their commercials are aimed at mothers |
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Marketing mix |
Product,price,distribution, and promotion variables |
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Mothers against drunk driving primarily markets |
Ideas |
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The forces of the marketing environment include |
Political,legal and regulatory, sociocultural, technological,economic, and competitive. |
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The marketing concept is a philosophy that states that an organization should try to satisfy customers needs and also |
Achieve the organizations goals |
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Marketing plan |
A written document specifying the activities to be performed to implement and control marketing activities |
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Market opportunity |
When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market |
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Opportunities |
Favorable conditions on the marketplace environment that could produce business rewards for the organization if acted upon properly |
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Corporate strategy |
Determines the means of utilizing resources in the functional areas of marketing, production,finance,research and development l, and HR to achieve goals |
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Characteristics of a cash cow |
- dominant market share - low prospects of growth - generates more cash than necassary to maintain |
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Elements of a marketing mix |
- target market serves as the basis for the creation of the marketing mix - the elements of a marketing Mix r sometimes refereed to as marketing mix variables - must match the needs of the target market
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Environmental scanning and analysis |
Monitors changes in the marketing environment |
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Reactive |
Adapting rather than influencing |
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Although marketing theory supports the contrary, it is more likely that marketing budgets will be cut during periods of economic |
Recession |
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The strength I a person's buying power depends on |
-economic conditions -size of resources that can be traded in an exchange |
2 parts |
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Socially responsible business practices have provided all of the following benefits except |
Reducing marketing costs |
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All companies has a responsibility to |
Be profitable |
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Marketing ethics |
Refers to principles and standards that define acceptable conduct in marketing |
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Dog |
-poor - low growth prospects |
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Question mark(problem children) |
Takes a lot of funding May not be worth the financial risk |
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Monopolistic characteristicd |
Many competitors Few barriers |
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Pure competition |
Unlimited competition No barriers |
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Business cycle |
A pattern of economic fluctuations |
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When was the last depression |
1928 |
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Signs of recovery and what it leads to |
Moving to prosperity Dropping gas prices Houses being bought Flexibility |
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Discretionary funds |
What you can spend on yourself |
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Product competitors |
Same product class but different features |
Sport drinks versus juice |
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Brand competitors |
Ex.Coke versus Pepsi Same product level |
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Oligopoly |
Few competitors 2-3 main companies |
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Wealth |
Accumulation of resources willingness to spend |
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What factors influence wealth |
Customer satisfaction Ability to buy Resale value Prices |
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Marketing ethics |
Principals and standards that define conduct as determined by various stakeholders |
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Ethical issue |
And IDENTIFIABLE problem, situation, or approach. |
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Case related marketing |
Links between practice and social issues |
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Individual factors |
-up bringing Principal institutions |
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Sustainable competitive advantage |
Something competitors can't copy in the for seeable future |
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Disposable income |
Used for necessities |
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Self regulatory agencies |
Better business bureau |
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Characteristics of the better business Bureau |
Advantage- not as strict as Feds Low cost Reduces need for federal expansion |
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What Sociocultural changes impact on business |
% of singles, elderly Low child birth rates Cultural value shifts |
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Sherman anti trust act |
Passed 1890 Did away with monopolies and conglomerates |
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Marketing plan |
A written document that specifies the activities to be performed to implement and control the organizations marketing strategies |
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Marketing strategy |
A plan of action to identify and analyze a target market and developing marketing mix to meet the needs of that market |
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Business cycle |
A pattern of economic fluctuations that had for staged: prosperity, recession, depression, and recovery |
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