Marketing And Decision Making

Front 1

The process of planning and executing the production, pricing, promotion, and placement of goods, and services to create sales

Back 1

Marketing

Front 2

Name to types of factors in marketing

Back 2

Controllable factors and uncontrollable factors

Front 3

Name some controllable factors

Back 3

Product, price, promotion, and
place

Front 4

Name some uncontrollable factors

Back 4

sociocultural, economic, political,
technological, and competitive

Front 5

How do Controllable Factors Work (the Marketing Mix):

Back 5

Controllable Factors Work:

1) Product Factors-The specific attributes of the product/service/combination of both that has the potential to meet customer needs.

2) Place Factors-As much of a timing concept as it is a location concept, place factors include what it takes to have a product available where customers can buy it and
when they will be inclined to buy it
.
3) Promotion Factors-Any attempt to persuade, educate, and remind targeted customers (advertising, public relations, and personal selling) about a product or service.

4) Price Factors-Competition, discounts, coupons, rebates, trade-in allowances and price points are all aspects dealing with price.

Front 6

How do Uncontrollable Factors Work (the Marketing Mix)

Back 6

Uncontrollable Factors work:

1) Sociocultural and Ethical Factors-The preferences, values, traditions, and rituals of the culture dramatically impact what products are sold and how.

2) Economic Factors-The given strength and direction of an economy (city, state, or country) will dictate what types of products and services the population can afford.

3) Political/Legal Factors-Laws, regulations, and the political climate dictate how a product or service is developed (environmental laws, etc.), marketed (age
restrictions, for example), and sold (waiting period to purchase a gun).

4) Competition Factors-The amount of competition determines a market’s saturation, opportunity, and profit margin (price competition)

5) Technological Factors-Being able to market a product is largely determined by what technology the customers are using (some remote areas of the world don’t have e-mail) and what technology is available to the organization in a given region (some businesses lack the proper technological resources to reach their customers
via typical marketing channels)

Front 7

A service that has stemmed from increasing demands of customers and the increasing cost of recruiting new customers

Back 7

Customer Service and Satisfaction

Front 8

What factors influence customer service satisfaction?

Back 8

1) Prompt and Courteous Attention-Being greeted immediately, smiled at, and
genuine in wanting to help the customer are essentials to begin a strong customer service impression.

2) Customization-Increasing search by customers for service or product features customized to them, the ability to have something “built to order”.

3) High quality and value-The order of product characteristics Americans are willing to pay a premium price for: reliability, durability, ease of maintenance, ease of use, a trusted brand name, and low price.

4) Customer care-Customer support and care before and during the transactions is important, as is customer care afterward. Help lines, support via the internet,
product warranties, and extended service programs are all aspects of customer care.

Front 9

An organization’s process of trying to establish or maintain a favorable
view/perception in the community:

Back 9

Public relations

Front 10

What are the two major categories for dealing with the public (public relations):

Back 10

1) Direct Contact Public Relations-Every activity that directly connects an
organization to the public (writing letters to customers, conducting tours of the organization’s facilities, sponsoring events, speaking at schools, and having a call center are all direct contact strategies.

2) Publicity-Any news carried through mass media about an organization, its products, policies, personnel, or actions qualifies as publicity. Information about an organization delivered through a news medium may reach customers who do not pay attention to marketing/advertising, will have greater credibility
than advertising, and is relatively inexpensive

Front 11

What are some recovery strategies used by businesses to positively
deal with the public.

Back 11

Public apologies, charitable donations to highly esteemed organizations or
causes, product changes, and price discounts