Marketing

Front 1

• Define Marketing and the concept:

Back 1

organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
PRODUCT, PLACE, PRICE, PROMOTION

Front 2

• Concept of exchange:

Back 2

people giving up something to receive something they would rather have
Conditions for exchange: at least two parties, something of value, communication and delivery, freedom to accept or reject, desire to deal with other party

Front 3

• Management philosophies:

Back 3

-production: internal capabilities of the firm,
-Sales: aggressive sales techniques and belief that high sales result in high profits,
-market: satisfying customer needs and wants while meeting objectives,
-societal: satisfying customer needs and wants while enhancing individual and societal wellbeing.

Front 4

• Achieving a Marketing Orientation:

Back 4

- Obtain information about customers, competitors, and markets
- Examine the information from total business perspective
- Determine how to deliver superior customer value
- Implement actions to provide value to customers

Front 5

• Marketing Concept (orientation):

Back 5

-focusing on customers wants and needs to distinguish products from competitors offerings.
-Integrating all of the organizations activities to satisfy these wants.
-Achieving the organizations long-term goals by satisfying customer wants and needs legally and responsibly.

Front 6

• Basic outline of a marketing plan:

Back 6

-Mission statement
-Objectives
-S.W.O.T. Analysis
-Competitive Advantage
-Strategic Direction
-Marketing Strategy
-"Marketing Mix" (4-P's)
-Implementation & Evaluation

Front 7

• Societal Marketing Orientation:

Back 7

organizations exist not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interest

Front 8

• Primary Marketing Orientations:

Back 8

-Production: Focus=what can we make or do best?
-Sales: Focus=how can we sell more aggressively?
-Marketing: Focus=what do customers want and need?
-Societal: Focus=what do customers want and need, and how can we benefit society?

Front 9

• Customer Value:

Back 9

the relationship between benefits and the sacrifice necessary to obtain these benefits *price:value relationship*

Front 10

• Comparing the Sales and Marketing Orientations: (compare against)

Back 10

-organizational focus (inward)
-firm focus
-who the product is directed to:
-firms primary goal tools used to achieve these goals

Front 11

• Customer value requirements:

Back 11

offer products that perform, earn trust, avoid unrealistic pricing, give the buyer facts (information on the product/service), offer organization-wide commitment in service and after-sales support

Front 12

• Customer Satisfaction:

Back 12

the feeling that a product met or exceeded the customers expectations
(creating repeat purchase rates.)
*Keeping customers is cheaper than bringing in new customers*

Front 13

• Relationship Marketing:

Back 13

strategy that focuses on keeping and improving relationships with current customers
-Customer oriented personnel
-Employee training programs
-Empowered employees-feel empowered to make decisions/suggestions
-Teamwork

Front 14

• Designs a firms business: (

Back 14

(marketing-orientation=benefits instead of goods/services basis)
-Ensuring a customers focus
-Encourages innovation and creativity
-Stimulates an awareness of changes in customer preferences

Front 15

Sales Orientation

Back 15

Focus is inward
Selling goods and services
For everyone
Primary profit goal is for max. sales volume

Front 16

Market Orientation

Back 16

Outward focus
Business is to satisfy wants and needs
For specific groups of people
Coordinated use of all marketing activities

Front 17

• Why marketing is studied:

Back 17

assessing the wants and satisfaction of customers, design and manage product offerings, determine prices and pricing policies, develop distribution strategies, communicate with present and potential customers

Front 18

• Strategic Planning:

Back 18

Managerial process of creating and maintaining a fit between the organizations objectives and resources and evolving market opportunities.
-Goal is long-term profitability and growth

Front 19

• Strategic marketing management:

Back 19

-What’s the organizations main activities
-How will the company reach its goals in the market

Front 20

• Why we write a Marketing Plan:

Back 20

-Provides a basis for comparison of actual and expected performance
-Provides clearly stated activities to work toward common goals
-Serves as a reference for the success of future activities
-Provides an examination of the marketing environment
-Allows entry into the marketplace with awareness

Front 21

• The marketing plan is:

Back 21

a written document that acts as a guidebook of marketing activities for the marketing manager

Front 22

• What's a mission statement?

Back 22

(long term for company to follow)
-Answers the question “What business are we in?”
-Focuses on the market(s) rather than the good or service
-Strategic business units (SBU’s) may also have a mission statement

Front 23

• Strategic Business Units (SBU’s):

Back 23

(Has)
-a distinct mission and specific target market
-Control over its resources
-Its own competitors
-Plans independent of other SBU’s

Front 24

• What's a marketing objective?

Back 24

Describes the criteria for stating good marketing objectives, thus a statement of what is to be accomplished through marketing activities
-Realistic (achievable)
-Measurable (and comparable)
-Time Specific (include a frame of reference of expectation)
-Consistent with and indicate the organizations objectives

Front 25

S.W.O.T. analysis:

Back 25

-strengths, weaknesses, opportunities, threats
-Identify internal strengths and weaknesses (INTERNAL)
-Examining EXTERNAL opportunities and threats

Front 26

Describe S.W.O.T. in depth:

Back 26

S: Things the company does well
W: Things that need improvement
O: Conditions in the external environment that favor strengths
T: Conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses

Front 27

Environmental Scanning:

Back 27

Collection and interpretation of information about forces, events and relations ships in the external environment that may affect the future of the organization or the implementation of the marketing plan

Hint 27

Social
Demographic
Economic
Technological
Political/Legal
Competitive

Front 28

'Stars'

Back 28

(high growth potential) =protect market share and invest in promotion YOU BUILD.
=high growth potential, low market share

Front 29

Cash Cows

Back 29

(growing potential is low, but market share is dominant) YOU HOLD.
=low growth potential, high market share

Front 30

Problem Children

Back 30

(no growth potential) = either invest a lot in them or drop. YOU HARVEST.
=high growth potential, low market share

Front 31

Dogs

Back 31

products to ride the company of. YOU DIVEST.
=low growth potential, high market share

Front 32

Market Penetration

Back 32

Increase market share among existing customers

Front 33

Market Development

Back 33

Attract new customers to existing products

Front 34

Market Development

Back 34

Attract new customers to existing products

Front 35

Product Development

Back 35

Increase market share among existing customers

Front 36

Diversification

Back 36

Introduce new products into new markets

Front 37

Different markets in business

Back 37

Consumer
Business
Institution
Channel distribution

Front 38

TARGET MARKET:

Back 38

defined group that is most likely to buy a firms product/use the service

Front 39

Social factors that influence marketers:

Back 39

-Attitudes
-Values (work ethic wants reliable products)
-Lifestyles (urban, suburban, family, single)