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61 Cards in this Set
- Front
- Back
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Marketing
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the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
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Requirements for marketing to occur
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1. two or more unsatisfied parties.
2.Desire and Ability to Satisfy These Needs. 3.A way for these parties to communicate. 4.Something to exchange. |
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How does marketing discover and satisfy consumer needs?
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By having the right combonation of
1.Product- a good, service, or idea to satisfy the consumer's needs. 2.Price- What is exchanged for the product. 3.Promotion- A means of communication between the seller and buyer. 4.Place- a means of getting the porduct to the consumer. Or the MARKETING MIX |
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Relationship Marketing Involves
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the hallmark of developing and maintaining effective customer relationships. Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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How are core values, mission, organizational culture, business, and goals important to organizations?
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They are a businesses philosophical reason for being-why its exists.
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Core Values
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the fundamental, passionate and enduring principles that guide a companies conduct over time.
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Mission
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a statement of the organizations function in society, often identifying its customers, markets, products, and technologies.
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Organizational Culture
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a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
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Business
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describes the clear, broad, underlying industry category or market sector of an organization's offering.
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Goals
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Statements of an accomplishment of a task to be achieved, often by a specific time.
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Strategic Marketing Process
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an organization allocates its marketing mix resources to reach its target markets. This process is divided into three phases
1.Planning 2.Implementation 3.Evaluation |
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Situation SWOT Analysis
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1.Identify trends in the Organization's industry
2.Analyze the Organizations competitors. 3.Assess the Organization itself. 4.Research the Organizations present and prospective customers. |
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How do marketing mix elements blend in to a marketing program?
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?
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Enviromental Scanning
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The process of continually acquriring information on events occuring outside the organization to identify and interpret potential trends.
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Social Forces
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include demographic characteristics of the population and its values. Changes in these forces can have a dramatic impact on marketing strategy.
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Demographic
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Descibing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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Forms of Competition in a Market
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1. Pure Competition
2. Monopolistic Competition 3. Oligopoly 4. Pure Monopoly |
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Pure Competition
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Every company has a similar product. Distribution (in the sence of shipping products) is important, but other elements of marketing have little impact.
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Monpolistic Competition
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Many sellers compete with their products on a substitute basis. For example, it the price of coffee rises too much, consumers may switch to tea. Coupons or sales are frequently used marketing tactics.
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Oligopoly
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occurs when a few companies control the majority of industry sales.
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Pure Monopoly
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occurs when only one firm sells the product. Monopolies are common for producers of goods considered essential to a community: water, electricity, and telephone service.
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Culture
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this social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
Generally, the population in the US is becoming larger, older, and more diverse. |
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Baby Boomers
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The generation of children born between 1946 and 1964. They are a major reason for the greying of America because they are growing older. They are generally receptive to anything that makes them feel younger.
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Generation X
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Makes up 15% of the population. Group born between 1965-1976. Generation of consumers who are self-reliant, supportive of racial diversity, and better educated than previous generations. Replacing baby boomers. New concepts are immerging to appeal them. Ex 24 hour lodging. Like the HYATT hotel with plasma screens and MP3 players etc.
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Generation Y
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includes the 72 million Americans born between 1977-1994. This was a period of increasing births, which resulted from the first baby boomers having kids.
Exerts influence on music, computers, cell phones, etc. Cultural factors include the trend toward fewer differences in male and female consumer behavior and the impact of values such as “health and fitness” on consumer preferences |
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Economic Forces
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include the strong relationship between consumers’ expectations about the ecnomy and their spending.
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inflationary economy
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the cost to produce and buy products and services escalates as prices increase.
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Technology
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refers to inventions or innovations from applied science or engineering research. Each new wave of technological innovation can replace existing products and companies.
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The Three Affects of advances in technology on marketing
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1. The cost of technology is plummeting, causing the customer value assessment of technology-based products to focus on other dimensions such as quality, service, and relationships.
2. Technology also provides value through the development of new products. 3. Technology can also change existing products and the ways they are produced. |
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Regulation
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consists of restrictions state and federal laws place on business with regard to the conduct of its activities. Regulation exists to protect companies as well as consumers.
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Consumerism
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a grassroots movement started in the 60s to increase the influence, power, and rights of consumers in dealing with institutions.
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Self Regulation
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an alternative to government control. An industry attempts to police itself. The major television networks for ex have used self regulation to set their own guidelines for TV ads for children’s toys.
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Sherman Antitrust Act
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Legislation that ensures a competitive marketplace
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Pricing and distribution laws
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designed to create a competitive marketplace with fair prices and availability
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Multicultural Marketing
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To adapt to this new marketplace of foreigners many companies are developing multicultural marketing programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. Because businesses must now market their products to a consumer base with many racial and ethnic identities, in-depth marketing research that allows an accurate understand of each culture is essential
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Ethics
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the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
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Laws
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the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
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Moral Idealism
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a personal moral philosophy that considers certain individual rights or duties as universal, regardless of outcome. There are alot of things that are right or wrong regardless of the outcome.
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Societal culture and norms
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serve as socializing forces that dictate what is morally right and just.
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Societal values and attitudes
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affect ethical and legal relationships among individuals, groups, and business institutions and organizations. Consider the copying of another’s intellectual property; copyright, trademark or patent.
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Utilitarianism
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A personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior. If the benefits exceed the costs, then the behavior is ethical.
If more people can be helped by you doing the wrong then its right. Whatever action results in more people being helped. |
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Social Responsibility
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means that organizations are part of a larger society and are accountable to that society for their actions.
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Three concepts of social responsibility
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1. Profit responsibility
2. Stakeholder responsibility 3. Societal responsibility |
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Profit Responsibilty
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holds that companies have a simple duty: to maximize profits for their owners or stockholders
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Stakeholder Responsiblity
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focus on the obligations an organization has to those who can affect achievement of its objectives. Those constituencies include consumers, employees, suppliers, and distributors.
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Societal Responsibility
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focuses on obligations that organizations have to the preservations of the ecological environment and the general public
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Green Marketing
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marketing efforts to produce, promote, and reclaim environmentally sensitive products.
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ISO 14000
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consists of worldwide standards for environmental quality and green marketing practices.
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Cause Marketing
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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced thorough the promotion of one of its products.
Different than a firm’s standard charitable contributions which are outright donations. |
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Social Audit
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many companies develop, implement, and evaluate their social responsibility efforts by means of this. A systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility.
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Sustainable Developement
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involves conducting business in a way that protects the natural environment while making economic progress. Improves the quality of life in a global ecnomy.
Ex. Green marketing and companies imposing codes of conduct to reduce harsh or abusive working conditions at offshore manufacturing facilities. Like child labor in China. |
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Consumer Behavior
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The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions.
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Purchase Decision Process
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the 5 stages a buyer passes through in making choices about which products and services to buy.
1. Problem Recognition 2. Information search 3. Alternative Evaluation 4. Purchase Decision 5. Postpurchase Behavior |
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Problem Recognition
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initial step in the purchase decision perceives a difference between a person’s ideal and actual situations big enough to trigger a decision. Simple as finding an empty milk carton in frig to realizing your clothes are out of style.
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Information Search
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either internal search canning your memory for previous experiences with products brands. Or External for example personal sources or public sources such as consumer reports.
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Alternative Evaluation
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Assesing Value
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Purchase Decision
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Buying Value
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Postpurchase Behavior
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Value in consumption or use
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Extended Purchase Behavior
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problem solving(HIGHEST)- Each of five stages are used in purchase decision. Several brands are the consideration set and evaluated on many attributes. High Involvement.
Ex. Cars |
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Limited Purchase Power
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Solving(MIDDLE)- Seek some information or just a friend. Several brands may be evaluated with moderate evaluation.
Ex. Limited problem solving in choosing a toaster, or where to eat for lunch. |
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Routine Purchase Power
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Problem Solving(LOWEST)- Recognize problem, make decision, spend little time seeking external information.
Ex table salt and milk |
