Marketing Final

Front 1

Marketing

Back 1

Marketing is creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. It is a process of exchange.

Front 2

Marketing Effort

Back 2

Marketing effort is the persuasive effort by one person/party to create an exchange relationship another other party.

Front 3

Marketing Management

Back 3

Marketing management is the management of the marketing effort; in charge of the analysis, planning, organization, implementation and control of the marketing plan.

Front 4

Necessary Conditions for Need to become Demand

Back 4

Need is market defined. In order for need to become demand the customer must feel the need, have the resources to pay and a priority and willingness to spend.

Front 5

Necessary Conditions for Exchanges

Back 5

In order for an exchange to occur there must be wo parties with different needs each with the ability to satisfy the others’ need. They need knowledge of each other, communication, agreement, and the ability to carry out the exchange.

Front 6

Market Potential, Demand, and Industry Sales

Back 6

Market potential is the maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firms. Also called industry potential. Demand is the desire for a certain good or service supported by the capacity to purchase it. Industry sales is used to find a company’s market share. Divide one company’s sales in a period by the entire industry sales in the same period.

Front 7

Market Penetration and Market Share

Back 7

Market penetration is the extent of the market need currently being satisfied, for a product. (link between need and exchange) Market Share is the percent of total sales in the market made by one company/brand compared to all other firms in the industry, including the firm itself in a specified period. (market share= company sales in period/ industry sales in same period)

Front 8

Market

Back 8

A market is a place where exchanges occur. More importantly it is people with both the desire and the ability to buy a specific product; a set of actual or potential buyers.

Front 9

Market Research v Marketing Research

Back 9

Marketing Research is systematic gathering, recording, analysis and interpretation of information needed to solve marketing problems.
Market Research is getting information about customers; can get it from customers, or from things they have done.

Front 10

Marketing Mix

Back 10

Marketing mix is the marketing manager's controllable factors---Product, Price, Promotion, and Place---that can be used to solve a marketing problem. It is a set of factors within the direct control of a marketer to establish exchange relationship with target/chosen market.

Front 11

Major Factors of Marketing Mix

Back 11

Product, Price, Placement (distribution, Promotion--> communication (advertising, personal selling, public relations) + promotion mix (sales promotions, consumer promo, trade)

Front 12

Marketing Environment

Back 12

All of the forces outside of marketing that affect marketing management’s ability to build and maintain successful relationships with target customers. The market environment consists of both the macroenvironment and the microenvironment.

Front 13

Major Factors of Marketing Environment

Back 13

Macroenvironment- all forces that are part of the larger society and affect the microenvironment. It includes concepts such as demography, economy, natural forces, technology, politics, and culture.
Microenvironment- Microenvironment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics.

Front 14

Uncontrolled Communications in Market and Environment

Back 14

Communications not controlled by company--> Word of mouth and Publicity.

Front 15

Direct Marketing

Back 15

Eliminates intermediaries and do yourself, directly distribute/communicate with customer.

Front 16

E-Commerce

Back 16

Uses electronic means to do business and communicate

Front 17

(Extent of) Marketing Orientation of a Firm

Back 17

Implies how much the company is thinking about marketing/their marketing strategy.

Front 18

Alternative Orientations of a Firm’s Marketing Strategy

Back 18

Transaction orientation- how do I make the most profit now? (not worried about consumer coming back)
Partner orientation- 2 companies agree to exclusively buy each other’s stuff.

Front 19

Marketing Concept/Philosophy and Marketing Myopia

Back 19

Market Myopia- a market where investors are only focusing on the short term implications of market trends and other indicators instead of being focused on the overall long-term market conditions.
Should focus on customer instead of product in long term.

Front 20

Customer Lifetime Value

Back 20

The present value of the future cash flows attributed to the customer relationship. Companies focus more on long term customer satisfaction than maximizing short-term sales

Front 21

Brand Equity

Back 21

NPV of additional sales (can you help increase sales)