Marketing

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marketing

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the activity and process of delivering exchanges and offers that have value for customers, clients, partners and society

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marketing plan

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specifies the marketing activities for a specific period of time. how the product will be designed and how much it will cost

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exchange

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the trade of things of value between buyer and seller in which both are better off as a result

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Four P's of marketing mix

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product, price, place, promotion

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price

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everything the buyer gives up-money, time, energy in exchange for the product

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product

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goods, services, ideas

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place

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get the product to the right customer when that customer wants it-supply chain management

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promotion

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informs, persuades and reminds buyers to influence opinions

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employment marketing

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undertaking marketing research to understand what employees are seeking as well as what they think about the firm

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production oriented era

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a good product will sell itself-concerned with innovation not with customer needs

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sales oriented era

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produce more than customers wanted-depended on selling and advertising

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market oriented era

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manufacturers turned from focusing on war effort to consumer products based on price, quality and convenience

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value-based marketing era

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today most firms are market oriented. selling orientation changed to satisfy their customers needs and wants

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value

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relationship between benefits to cost

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value cocreation

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customers can act as collaborators to create the product or service. ex when clients work with investment advisors

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transactional orientation

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ex used car lot. seller wants highest price and buyer wants lowest price because they wont do business again

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customer relationship management

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identifying and building loyalty among the firms most valued customers

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ethical climate

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a set of values that guides decision making

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corporate social responsibility

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voluntary actions taken by a company to address ethical, social, and environmental impacts of its business operations and the concerns of stakeholders

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segmentation process (stp analysis)

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articulate the vision of the company's marketing strategy.

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segmentation methods

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geographic segmentation-based on where people live

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segment attractiveness

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identifiable, substantial, reachable, responsive, profitable

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undifferentiated targeting strategy

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focuses on similarities in needs of customers as opposed to the differences. ex-gasoline companies need to differentiate because gas is the same

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differentiated targeting strategy

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target several market segments with different offerings. a magazine company that owns 20 different types of magazines

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concentrated targeting strategy

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when an org selects a single primary target market and focuses all of its energies to fit that markets needs

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micromarketing

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when a firm tailors to individual customer wants or needs, generally small producers can tailer to individual customers more easily

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value proposition

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the unique value a product or service provides. a popular method because of the relationship between price and quality

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perceptual map

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displays in two or more dimensions the position of products or brands in the customers mind. ex cars on a scale of sporty vs price

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advertising pull strategy

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the goal is to get customers to pull the product into the supply chain by demanding it

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advertising push strategy

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increase demand by focusing on wholesalers, retailers and salespeople

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unique selling proposition

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like a good neighbor, state farm is there. red bull..gives you wings

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informational appeals

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helps consumers make purchase based on factual information that encourages consumers to evaluate the brand favorably

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emotional appeals

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aimed to satisfy consumers emotional desires. invoke fear, safety, humor, happiness, love, comfort

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flighting advertising schedule

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advertising in spurts, suntan lotion manufacturers advertise heavily in the months leading up to and during summer

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puffery

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the legal exaggeration of praise, stopping just short of deception

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need recognition

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when consumers recognize that they have an unsatisfied need. when they go from their actual, needy state to a different, desired state.

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functional needs

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performance of a product. gore-tex, thinsulate, north face

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psychological needs

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personal gratification consumers associate with a product and/or service

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internal search for information

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the buyer examines his or her own memory and knowledge about the product or service gathered through past experiences

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external search for information

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talking with friends, family, or salesperson

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internal locus of control

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people believe they have some control over the outcomes of their actions

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external locus of control

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consumers believe in fate or other external factors control all outcomes

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retrieval sets

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brands or stores that can be readily brought forth from memory

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evoked set

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comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision

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compensatory decision rule

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when a consumer is willing to pay a little higher price for a better performing computer

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multi-attribute model

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each factor is given a weight of importance

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noncompensatory decision rule

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someone may choose a lesser rated product because they are very price sensitive

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decision heuristics

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price, brand, product presentation

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conversion rate

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measure how well purchase intentions turn into actual purchases. number of real or virtual abandoned carts

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extended problem solving

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when the customer perceives that the purchase decision entails a lot of risk. ex purchasing a dress for a job interview

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limited problem solving

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when a purchase decision only calls for a moderate amount of time

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marketing research

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collecting, recording, analyzing and interpreting data that can aid decision makers in marketing goods or services

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secondary data

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research information collected prior to the start of focal research

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primary data

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data collected to address specific research needs

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churn

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the number of participants who discontinue their use divided by the average number of participants

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5 steps of any research study

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define, design, collect, interpret, implement

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teleology

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the ford pinto-decision based on past history, cost benefit analysis with lives

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deontology

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tim tebow-judges morality of an action based on the actions adherence to the rules

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relativism

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points have no absolute truth or validity only perceptive differences, enron.

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virtue ethics

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character, nature and habit drive behavior. no need for rules

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proactive public relations

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making a sacrifice now for an uncertain future

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reactive public relations

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taking action after the problem has risen