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214 Cards in this Set
- Front
- Back
- 3rd side (hint)
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I like marketing |
But it can be easy |
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marketing can |
deliver benefits to the organization, its stakeholder, and society |
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marketing |
is the activity for creating and delivering offerings that benefit the organization, its stakeholders and society |
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exchange |
is the trade of things of value between a buyer and a seller so that each is better off |
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the environmental forces that can influence marketing activities is |
social economic technological competitive regulatory |
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what is needed for marketing to occur?
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two or more parties with unsatisfied needs desire and ability to satisfy these needs a way for the parties to communicate something to exchange |
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the first objective in marketing in marketing is |
discovering the needs of prospective customers |
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target market |
is one or more specific groups of potential consumers toward which an organization directs its marketing program |
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the four pees are |
product, a good, service or idea to satisfy the consumers needs price, what is exchanged for the product promotion, a means of communication between the seller and buyer place, a means of getting the product the the consumer |
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product is |
a good service or idea to satisfy the consumers needs |
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price is |
what is exchanged fro the product |
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promotion |
a means of communication between the seller and buyer |
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place |
a means of getting the product to the consumer |
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marketing mix |
the controllable factors, product, price promotion and place that the marketing manager can use to solve a marketing problem |
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customer value proposition |
a cluster of benefits that an organization promises customers to satisfy their needs |
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environmental forces |
the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision. |
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customer value |
buyers benefits, including quality, convenience, on time delivery and before and after sale service at a specific price |
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relationship marketing |
linking the organization to ints individual customers, employees, suppliers, and other partners for their mutual long term benefit. |
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marketing program |
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
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the marketing mix involves |
product strategy, price strategy, promotion strategy, and place strategy. |
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marketing concept |
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals |
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market orientation |
focusing organizational efforts to collect and use information about customers needs to create customer value |
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societal marketing concept |
the view that organizations should satisfy the needs of consumers in a way that also provides for society well being |
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product |
a good service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value |
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ultimate consumers |
the people who sue the products and services purchased for a household |
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organizational buyers |
manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use of for resale. |
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goods are |
physical objects such as toothpaste, cameras or computers that satisfy consumer needs |
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services are |
intangible items such as airline trips, financial advice or art museums. |
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ideas are |
thoughts about concepts, actions, or causes. |
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utility |
the benefits or customer value received by users of the product |
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who benefits from effective marketing? |
three groups benefit consumers who buy organizations that sell and society as a whole |
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profit |
the reward to a business firm for the risk it undertakes in marketing its offerings |
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strategy |
an organizations long term course of action that delivers a unique customer experience while achieving its goals |
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a non profit organization is a |
non governmental organization that serves its customers but does not have profit as an organizational goal |
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the structure of todays organizations is |
3 parts that is the corporate level the strategic business unit level and the functional level the board of directors oversees these three levels |
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the organizational foundation is |
the why this includes core values the mission or vision and the organizational culture basically its reason for being or why it exists |
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the organizational direction is the |
what this includes the business the goals and objectives both short and long term |
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organizational strategies are |
the how by level like corporate level strategic business unit level and the fictional level also is the offering by product by service by idea |
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organizational culture |
is the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization |
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business |
the underlying industry or market sector of an organizations offering |
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goals or objectives |
targets of performance to be achieved, often by a specific time |
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market share |
the ratio of a firms sales to the total sales of all firms in the industry |
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different types of goals include |
profit sales market share quality customer satisfaction employee welfare social responsibility |
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marketing dashboard |
the visual computer display of essential marketing information an example would be when a chief marketing officer wants to see daily what the effect of a new tv advertising campaign is on a products sales |
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marketing metric |
a measure of the value of trend of a marketing activity or result |
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todays marketers uses data visualization |
which presents information about an organizations marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions |
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a marketing plan is |
a road map for the marketing activities of an organization for a specified future time period |
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asking an organization where it is at the present time involves identifying its |
its competencies- which are what do we do best its customers- knowing who you serve and its competitors |
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business portfolio analysis |
a technique that managers use to quantify performance measures and growth targets of their films strategic business units |
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cash cows are bus that |
generate large amounts of cash, far more than they can use. They have dominant shares of slow growth markets and provide cash to cover the organizations overhead and to invest in other SBUS |
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Stars are SBUS with |
a high share of high growth markets that may need extra cash to finance their own raped future growth. When their growth slows, they are likely to become cash cows. |
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Question marks are sbus with |
a low share of high growth markets. They require large injections of cash just to maintain their market share, much less increase it. The name implies managements dilemma for these sbus which is choosing the right ones to invest in and phasing out the rest |
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Dogs are sbus with |
a low shares of slow growth markets. although they may generate enough cash to sustain themselves they do not hold the promise of ever becoming real winners for the organization. Dropping sbus that are dogs may be required, excepts when relationships with other sbus, competitive considerations or potential strategic alliances exist. |
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diversification analysis |
a technique a firm uses to search for growth oppertunites from among current and new products and markets |
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the four market product strategies are |
market penetration- which is a marketing strategy to increase sales of current products in current markets, market development- which is a marketing strategy to sell current products to new markets. product development- is a marketing strategy of selling new products to current markets diversification- is a marketing strategy of developing new products and selling them in new markets |
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diversification |
a marketing strategy of developing new products and selling them in new markets |
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product development |
a marketing strategy of selling new products to current markets |
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market development |
is a marketing strategy to sell current products to new markets |
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market penetration |
a marketing strategy to increase sales of current products in current markets |
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Diversification for ben and jerrys |
selling a new product such as childrens clothing under the ben and jerrys brand to brazilians for the first time |
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market development for ben and jerrys |
selling ben and jerry super premium ince cream to brazilians for the first time |
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market penetration for ben and jerrys |
selling more ben and jerry super premium ice cream to americans |
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product development for ben and jerrys |
selling a new product such as childrens clothing under the ben and jerrys brand to americans |
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strategic marketing process |
an approach whereby an organization allocates its marketing mix resources to reach its target markets |
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situation analysis |
taking stock of where a firm or product has been recently where it is now and where it is headed |
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swot analysis |
the essence of this is taking stock of where the firm or product has been recently, where it is now, and were it is headed in terms of the organizations marketing plans and the external forces and trends affeccting it. this involves strengths weaknesses opportunities threats |
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market segmentation |
the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action |
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points of difference |
those characteristics of a product that make it superior to competitive substitutes |
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the strategic marketing process is |
step one the situation analysis or swot analysis step two market product focus and goal setting step three the marketing program |
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a cohesive marketing program has |
product price promotion place |
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product can include |
features brand name packaging service warranty |
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price can include |
list price discounts allowances credit terms payment period |
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promotion can include |
advertising personal selling public relations sales promotion direct marketing |
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place can include |
outlets channels coverage transportation stock level |
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the implementation phase of the strategic marketing process means |
obtaining resources designing the marketing organization defining precise tasks, responsibilities, and deadlines and then actually executing the marketing program designed in the planning phase |
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executing on the marketing program means you need |
marketing strategy and marketing tactics |
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marketing strategy |
the means by which a marketing goal is to be achieved |
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marketing tactics |
detailed day to day operational decisions essential to the overall success of marketing strategies |
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environmental scanning |
the process of acquiring information on events outside the organization to identify and interpret potential trends |
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social forces |
the demographic characteristics and the culture of the population |
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demographics |
description of a population according to characteristics such as age, gender, ethnicity, income, and occupation. |
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baby boomers |
the generation of children born between one nine four six and one nine six four |
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generation x |
member of the united states population born between one nine six five and one nine seven six also known as the baby bust |
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generation why |
the seventy two million americans born between one nine seven seven and one nine nine four also known as millennials |
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multicultural marketing |
marketing programs that reflect unique aspects of different races |
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culture |
the set of values, and ideas, and attitudes that is learned and shared among the members of a group |
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economy |
pertains to the income and resources that affect the cost of running a business or household |
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gross income |
the total amount of money made in one year by a person, household, or family unit |
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disposable income |
the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation. |
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discretionary income |
the money that remains after paying taxes and necessities. Discretionary income is used for luxury items |
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technology |
inventions from applied science or engineering research |
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market space |
an information and commuication based electronic exchange environment occupied by digitized offerings |
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competition |
alternative firms that could provide a product to satisfy a specific markets needs |
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regulation |
restrictions that state and federal laws place on business |
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consumerism |
a movement started to increase the influence, power and rights of consumers in dealing with institutions |
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self regulation |
an alternative to government control, whereby an industry attempts to police itself |
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ethics |
the moral principles and values that govern the actions and decisions of an individual or a group |
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consumer bill of rights |
codified the ethics of exchange between buyer s and sellers, including rights to safety, to be informed, to choose, and to be heard. |
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code of ethics |
a formal statement of ethical principles and rules of conduct |
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moral idealism |
a personal moral philosophy that considers certain individual rights or duties as universal regardless of the outcome or outcomes |
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utilitarianism |
a personal moral philosophy that focuses on the greatest good for the greatest number |
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social responsibility |
the idea that organizations are part of a larger society and are accountable to that society for their actions |
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green marketing |
marketing efforts to produce, promot, and reclaim environmentally sensitive produces |
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cause marketing |
tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products |
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consumer behavior |
the actions a person takes in purchasing and using products and services |
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purchase decision process |
the stages a buyer passes through in making choices about which products or services to buy |
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the purchase decision process |
has five stages stage one problem recognition stage two information search stage three alternative evaluation stage four purchase decision and stage five post purchase behavior |
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problem recognition is about |
perceiving a need |
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information search is about |
seeking value |
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alternative evaluation is about |
assessing value |
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purchases decision is about |
buying value |
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post purchase behavior is about |
value in consumption or use |
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involvement |
the personal, social, and economic significance of a purchase to the consumer |
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characteristics of the consumer purchase decision process |
number of brands examined number of sellers considered number of product attributes evaluated number of external information sources used time spent searching |
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situational influences |
often the purchase situation will affect the purchase devision process. there are five situation al influences that can have an impact on the purchase devision process one the purchase task two the social surroundings three physical surroundings four temporal effects and five antecedent states |
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motivation |
the energizing force that stimulates behavior to satisfy a need. |
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personality |
a persons consisten behaviors or responses to recurring situations |
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perception |
the process by which a person selects, organizes, and interprets information to create a meaningful picture of the world |
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perceived risk |
the anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase |
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selective exposure occurs when |
people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent. |
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global market entry has four stages |
exporting licensing joint venture wholly owned operation |
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corporate strategy is |
what businesses should we be in |
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strategic business unit strategy is |
how do we compete effectively in a given business? |
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models for strategic decisions are |
B C G portfolio Model SWOT analysis Product market expansion matrix or also known as diversification analysis |
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what is marketings role within the Firm? |
Marketing is Exchange marketing managers facilitate exchange by creating value for the firms chosen customers. If there is no value customers leave, without customers, companies fail. Value is created by meeting customers functional and emotional needs. |
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marketing managers make decisions about |
product price promotion and place also know as distribution these are the four pees of marketing |
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product market expansion matrix consists of |
market penetration, which is increasing market share among existing customers product development, which is creating new products for existing customers market development, which is attracting new customers to existing products Diversification, introduce new products into new markets |
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corporate strategy |
what businesses should we be in ? |
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business strategy |
how do we compete effectively in a given business? |
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marketing strategy |
how do we orchestrate the marketing mix to deliver value to a particular market segment |
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marketing strategy addresses |
a specific target market with a cohesive marketing mix of product, price, promotion, and place |
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B C G portfolio model is |
quality performance measures and growth targets of strategic businesses unit products and include Star, which is top left, market leader, fast growth Cash Cow, bottom left, which is a market leader, slow growth, generates more cash than it needs question marks, top right, which is a low market share and fast growth Dog, bottom right, which is low market share and slow growth |
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SWOT analysis is |
Internal which is strengths and weakness and external which is opportunities and threats |
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internal |
production costs, marketing skills, financial resources, image, technology |
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external |
economic, demographic, social, technological, political, and legal, and competitive |
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opportunities for ben and jerry are |
growing demand in international markets increased demand for low calorie desserts |
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threats for ben and jerry are |
cosumer concern with fatty desserts competition, haagen dazs ice cream |
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strengths for ben and jerry are |
prestigious, well known brand recognized for social responsibility |
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weaknesses for ben and jerry are |
social responsibility could reduce focus, relatively inexperienced managers, flat sales and profits in recent years |
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market penetration is |
increase in market share among existing customers |
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product development is |
creating new products for existing customers |
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market development is |
attracting new customers to existing products |
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diversification is |
introduce new products into new markets |
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a start is |
top left, a market leader and fast growth |
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a cash cow is |
bottom left, a market leader, with slow growth, and generates more cash than it needs |
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question marks are |
top right, low market share and fast growth |
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dog is |
bottom right low market share and slow growth |
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marketing philosophies include |
production orientation- which is if you build it they will come sales orientation, which is sell, sell and sell! market orientation, which is deliver superior customer value societal orientation , which is preserved and enhance society |
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market orientation is |
delivering superior customer value understanding customer needs and wants know company capabilities know competitors and satisfy customer needs and wants at a profit |
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societal orientation is |
preserve and enhance society, concern about the environment, provide environmentally friendly products, and consider society long term best interest |
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production orientation |
if you build it, then they will come focuses on the firms capabilities, does not consider the needs of the market, and does not consider competitors |
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sales orientation |
aggressive sales techniques will result in higher sales may fail to understand customers needs |
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profitability drivers are |
customer acquisition customer retention sales per customer margin |
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customer retention is |
eliminate the root causes of customer defections |
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sales per customer is |
partner with other firms to create add on sales opportunities which leverage your customer relationships. |
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margin is |
discourage or even terminate unprofitable customers based on identifiable characteristics or behaviors. |
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the strategic triangle is |
customer company and competition |
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customer acquisition is |
find new ways to acquire customers profitably acquire customers with sales and marketing acquire high value customers |
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the marketing environment uncontrollable variables are |
social factors economic factors technological factors competitive factors competitive factors regulatory factors |
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economic factors are |
grow income which is the total amount in one year disposable income, which is money left after taxes to then to be used for necessities such as food, housing, clothing, and transportation and discretionary income, which is money left after taxes and necessities |
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regulatory factors |
sate and federal laws example state bottle bills |
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social factors |
generation cohorts like tweens, gen Y, 60 million purchasing power gen x 40 million purchasing power baby boomers |
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the changing role of family and women |
over the past fifty years more people are divorcing or separating choosing not to marry choosing to marry later marrying without intending to have children choosing to have smaller families choosing to have mom work outside the home also the phenomenon of working women has probably had a greater effect on marketing than has any other social change |
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licensing |
entering foreign markets by an agreement with a licensee in the foreign market, the licensee buys the right to use the companies manufacturing process, trademark, patent, or other items of value. an example would be disney or coca cola or Budweiser |
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joint venture |
a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control an example would be Mcdonalds or Kentucky fried chicken or Caterpillar |
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there are four global marketing entry strategies and they are |
exporting, licensing, joint ventrue, and wholly owned operation |
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exporting |
enterning foreign markets by selling goods produced in the companies home country often with little modification an example would be harley davidson |
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wholly owned operations are |
Developing foreign based manufacturing or assembly facilities and example would be B M W or motorola or Ernst and Young |
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marketing across borders, price |
remember no dumbing, the pricing of good at less than their cost of production or less than the price in the home market complained that six countries have been dumping excess supplies of farmed shrimp on the united states market |
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marketing across borders, distribution |
seller then channels between nations then channels within nations then customer |
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ethics |
ethics are the moral principles and values that govern the actions and decisions of an individual or group |
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business ethics are implemented in order to |
ensure trust exists between consumers and business |
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the fraud triangle is |
opportunity which is left on the triangle pressure which is right on the triangle rationalization which is bottom on the triangle |
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social responsibility |
organizations are a part of a larger society and are accountable to that society for their actions |
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sustainability is |
organizations will focus on the worlds social problems and view them as opportunities to build profits and help the world |
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green marketing |
the development and marketing of products designed to minimize negative effects on the environment |
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unique selling proposition is |
for the target market the name of the product is a single most important claim among all competitive frame because the single most important support, an example of this is for young families looking for a quick, at home gut filling meal little caesars is the best overall value among all pizzas because you can get a pizza for five dollars |
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why do marketing research ? |
to specifically illuminate customers needs, management may thing they understand consumers needs but they may be wrong avoid the golden gut problem, which is relying on your own intuition for big decisions |
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G M famous Golden Guts |
marketing equals are plus science but the golden gut just focuses on the art of marketing |
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the golden gut focuses on the |
art of marketing |
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the marketing equation is |
art plus science |
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why not do marketing research ? |
because marketing is often costly and what if my assumption is wrong if the cost of a wrong assumption is less than the cost of research, then don't do the research |
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causality and correlation |
causality does least to correlation at least typically however correlation does not lead to causality in fact correlation does not even imply causality observing that a and b happen together does not imply that a causes b Believing correlation does imply causality is a shamefully common mistake among managers |
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the marketing research process is |
step one, define the problem, which is to identify the clients research objective and clarify decisions to be made step two is design research project which is to review secondary research for insight and direction also to screen for appropriate samples and to write questions that address goals and decisions step three is to collect data step four is to analyze data and step five is to take action! |
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collect data is |
select representative samples and use appropriate data collection methods |
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analyze data is |
to organize, analyze, interpret and draw conclusions |
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take action is |
make action recommendations |
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marketing research is |
information about how to effectively design, promote, position, distribute, and price products for a given market.
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market research is |
how many people buy, how much do people buy how much do people pay which brands do people prefer |
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the nature of consumer behavior is two key points |
one, people are not all the same, person variability two, people make choices depending on the situation, situation variable |
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businesses to business is |
individual buyers purchasing agent group buyers the buying center |
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business to consumers is |
individual buyers group buyers family members |
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consumer behavior is |
the processes a consumer uses to make purchase devisions, as well as to use and dispose of purchased goods and services |
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consumer behavior is a process that involves |
problem recognition, which is perceiving a need information search, which is seeking value evaluation of alternatives, which is assessing value purchase, which is buying value post purchase evaluation, which is consuming, experiencing, or using value. |
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problem recognition is |
discrepancy between actual and desired state why and how consumers get interested |
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information search |
internal search which is, personal experience, handling, examining, and using the product external search, which is personal, family friends, public, which is consumer organizations, marketer, dominated, advertising, sales people, company website. three levels of problem solving, routine, limited, and extensive |
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the problem solving continuum |
starts to the left and moves to the right from routine problem solving to limited problem solving to extensive problem solving |
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evaluation of alternative |
what drives the purchase devision? multi attribute attitude model, value analysis |
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multi attribute attitude model |
is how consumers evaluate alternatives |
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purchase is |
when, where, how, how much |
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buying from the heart not the mind, thats what its all about! |
values research suggests that people make decisions and are motivated to take actions based on an attribute consequence values schema values are then base, then consequences then attributes |
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post purchase evaluation |
delight which comes from having greater perception than expectation. satisfaction and dissatisfaction |
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the marketing mix is |
problem recongnition information search alternative evaluation purchase post purchase evaluation |
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factors that can influence consumer behavior |
social factors cultural factors individual factors psychological factors |
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cultural factors |
culture and values subculture, social class |
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culture is |
a set of values, norms, attitudes, and other meaning full symbols that shape human behavior, culture affects what we eat, how we dress, what we think, how we feel, and the language we use. Cultural factors exert the broadest and deepest influence on consumer behavior |
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perception is |
the process of selecting, organizing, and interpreting information |
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some psychological factors are |
perception, motivation, values, and lifestyle |
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individual factors are |
gender, age, and family life cycle. |
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social factors |
reference groups, opinion leaders, and family |
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individual factors are |
gender, age and family life cycle |
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subliminal advertising is |
no empirical evidence that it is used little relevance for marketers people want to believe in subliminal advertising because of dissonance |
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some factors influencing consumer behavior are |
values, attitudes and lifestyles, and purchases |
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to do well on this test |
study ! study! study! |
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