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58 Cards in this Set

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Marketing
Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others
Two ways to manage profitable relationships
attract new customers, retain and grow current customers
needs
state of felt deprivation
wants
the form of needs as shaped by culture and individual
demands
wants which are back by buying power
marketing offer
combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas
Exchange
The act of obtaining a desired object from someone by offering something in return.
Maslows Hierarchy of needs
physiological, safety, social, esteem, self actualization
Four P's of marketing
product, place, price, promotion
place
distribution, have to get product to the place it needs to be
four subdivisions of marketing
advertising, public relations, personal selling, sales promotion
advertising
paid form of non personal presentation and program
public relations
unpaid form of advertising, building good relations with the company's publics
personal selling
personal communication of information to persuade someone to buy something, most personal of 4 subdivisions
sales promotion
incentives to buy the product
Marketing
Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others
Two ways to manage profitable relationships
attract new customers, retain and grow current customers
needs
state of felt deprivation
wants
the form of needs as shaped by culture and individual
demands
wants which are back by buying power
marketing offer
combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas
Exchange
The act of obtaining a desired object from someone by offering something in return.
Maslows Hierarchy of needs
physiological, safety, social, esteem, self actualization
Four P's of marketing
product, place, price, promotion
place
distribution, have to get product to the place it needs to be
four subdivisions of promotion
advertising, public relations, personal selling, sales promotion
advertising
paid form of non personal presentation and program
public relations
unpaid form of advertising, building good relations with the company's publics
personal selling
personal communication of information to persuade someone to buy something, most personal of 4 subdivisions
sales promotion
incentives to buy the product
four steps to strategic planning process
defining the company's mission, setting company's objectives and goals, designing the business portfolio, planning marketing and other functional strategies
what a mission statement should address
should be an invisible hand, neither too narrow nor too broad, fitting of marketing environment, based on distinctive competencies
business portfolio
collection of businesses and products that make up the company
2 steps to business portfolio planning
analyzing the current business portfolio, shaping the future portfolio by developing strategies
4 strategies involved with BCG matrix
build, harvest, hold, divest
build
increase market share, works well for question marks
hold
preserve market share, good for cash cow
harvest
increase short term cash flow, good for weak cash cows , question marks, and dogs
divest
sell or liquidate, good for dogs and question marks
The effect of diversity on Disney's portfolio
during the past eight years, sales have grown only 2.8% annually while income has fallen
4 types of marketing segmentation
geographic, demographic, psychograpic, behavioral
geographic
region, city, size, density
demographic
age, income, education, most important segmentation
psychographic
lifestyle - sports or outdoor examples
behavioral
benefits desired, how they act, ex. hours of ESPN watched
market segmentation
group of customers ho respond in similar ways to marketing efforts
market targeting
evaluation of each segment's attractiveness, selection of segments with greatest long term profitability
market positioning
most important, place the product occupies in the customer's mind, products are positioned relative to competitor products
Force effecting a microenvironment
company, suppliers, marketing intermediaries, customers, competitors, publics
different publics that are part of microenvironment
financial, media, government, citicen action,
Forces effecting macroenvironment
demographic, economic, natural, technological, political, cultural
changes that effect the demographic environment
most important is the changing age structure
baby boomers facts
41-59, 28.2%, born between 1946 and 1964, 50% of income, many mini segments exist within
generation X
29-40, 16.4 %, born between 1965 and 1976, latchkey children (both parents worked)m cautious economic outlook, $1.4 trillion in purchasing power
Generation Y
11-28, 25.8%, born between 1877 and 1994, 72 million strong, almost as big as parent's population. new products, services, and media, challenging target for marketers
Four factors effecting consumer behavior
cultural, social, personal, psychological
four components of psychological factors
learning, perception, beliefs, and attitudes
5 stages in adoption process
awareness, interest, evaluation, trial, adoption