Marketing Midterm

Front 1

Marketing

Back 1

the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large

Front 2

Exchange

Back 2

trade of things of VALUE

Front 3

4 conditions for marketing to occur

Back 3

1. 2 or more parties with unsatisfied needs
Ex: A bookstore owner selling books on music (he wants money for the books) and the customer who wants to learn about music, so he must buy a book.
2. Desire/ability to satisfy these needs
Ex: You have the money and time to go the bookstore, and the seller has the book on his shelves
3. A way for the parties to communicate
Ex: Receive a free sample in the mail or see the magazine on display in the bookstore, communication is met
4. Something to exchange
Ex: Money for book.

Front 4

Cycle of discovering consumer needs

Back 4

1. Discover consumer needs
2. → Create concepts for products
3. → Satisfy consumer needs through combination of 4 P’s.
4. → Goods, services, ideas
5. → Potential consumers: the market
6. → Information about needs
→ Restart the cycle and discover consumer needs
M

Front 5

Market

Back 5

made up of potential consumers with ___ & ___


* Desire and Ability

Front 6

Target market

Back 6

1 or more speicfic groups of potential customers

Front 7

Marketing mix

Back 7

4 P's- controllable factors for manager to solve the marketing problem

Front 8

Environmental Forces

Back 8

uncontrollable factors
1. Social
2. Economic
3. Regulatory
4. Technological
5. Competitive

Front 9

Customer value

Back 9

the unique combination of benefits received by targeted buyers that includes quality, convenience, promptness and before/after sale service at a specific price b/c loyal, satisfied customers are likely to repurchase over time

Front 10

Relationship marketing

Back 10

long term benefit, communication with individual customers, employees, suppliers, partners

Front 11

Marketing program

Back 11

a plan that integerates the marketing mix (4 p's) to provide a product to prospective buyers.

Front 12

Production Era
Sales Era
Marketing Concept Era
Market Orientation
Customer relationship era

Back 12

- up till the 1920's
- competition, can produce more than buyers could use
- customers, achieve organizational goals
- customers, share info across departments, customer value

Front 13

CRM

Back 13

1. identify prospective buyers
2. understand them
3. Developing favorable long-term perceptions of the organization and its offerings so buyers choose them

Front 14

Customer Experience

Back 14

internal response that customers have to all aspects of an organization

Front 15

Social Responsibility
vs.
Societal Marketing Concept

Back 15

the belief that organizations are accountable to a larger society for their actions

the view that organizations should satisfy the needs of consumers in a way that provides for society’s well being

Front 16

Who markets (3)?

Back 16

individuals(Politicians)
Business firms (Target)
Nonprofit organizations (hospitals)p

Front 17

What is marketed?

Back 17

products- good,services,ideas

Front 18

Who buys?

Back 18

Ultimate consumers- anyone who USES goods and services purchased for a hosuehold
Organizational buyers-

Front 19

Utility/ 4 Kinds

Back 19

1. Form-the production of goods/services
2. Place-having a product available where people need it (ex. vending machine)
3. Time- having it available when needed (ex. 24 hour convenience store)
4. Possession- making an item easy to purchase (ex. financing, credit card)

Front 20

Strategies by Level?

Back 20

Corporate, SBU, Functional

Front 21

SBU Level

Back 21

distinct mission, product, and competitors
ex. specific portion of Johnson and Johnson

Front 22

Functional Level

Back 22

groups of specialists create value,
Departments- specialized functions ex. finance, marketing

Front 23

Core value
stakeholders
Mission

Back 23

-principles that guide its conduct over time
- employees, shareholders, board of directors, suppliers, disributors, creditors, unions, local community, government, customers
- statement of an organizations function in society, often identifying its customers, markets, products, and technologies,

Front 24

Business Goals

Back 24

1.profit
2. sales
3. market share
4. quality
5. customer satisfaction
6. employee welfare
7. social responsibility

Front 25

Market share

Back 25

ratio of sales revenue of the firm to the total sales revenue of all the firms in the industry, including the firm itself.

Front 26

Competency
Competitive Advantage

Back 26

- special capabilities of an organization skills, technologies, resources- that distinguish it from other organizations
- a STRENGTH relative to other compeitors that provides superior returns, often based on quality, time, cost or innovation

Front 27

Competitive Advantage

Back 27

quality, time, cost, innovation

Front 28

Market Growth Rate
vs. Relative market share

Back 28

- vertical axis
- horizontal axis

Front 29

Cash cow vs. star. vs question mark vs. dog

Back 29

low growth, high market share
high growth, high market share
high growth, low market share
low growth, high market share

Front 30

Market penetration
Market product development
Market development
Diversification

Back 30

Products
Current New Markets
Current MP PD
New MD Diversif.

Front 31

Strategic Marketing Process

Back 31

allocate marketing mix resources to reach target markets

Front 32

Planning

Back 32

1. SWOT Analysis
2. Market Segmentation
Points of difference
3. Marketing Program

Front 33

SWOT Analysis
Market Segmentation

Back 33

where the firm or product has been recently, where it is now, and where it is headed in terms of the organizations marketing plans and the external forces and trends affecting it

Front 34

Market Segmentation

Back 34

Set marketing and product goals
(2) Select target market
- Find Points of difference

Front 35

Points of Difference

Back 35

CHARACTERISTICS that make it superior, the SINGLE most important factor in the success or failure of an new product

Front 36

Marketing Program

Back 36

implementing the marketing mix

Front 37

Product strategy
Price strategy
Promotion strategy
Place

Back 37

features, brand, packaging, service, warranty
- discounts, price, credit terms, payment
- advertising, personal selling, pr, sales promotion, direct marketing
- outlets, channels, coverage, transportation, stock level

Front 38

Implementing Phase

Back 38

1. Obtain resources
2. Design the Marketing Organization
3. Develop Planning schedules
4. Executing the Marketing Program
Marketing Strategy: the means by which marketing goals are to be achieved
Marketing tactics: day to day operational decisions essential to the overall success of marketing strategies ex: writing ads, setting prices of new products

Front 39

Marketing Strategy

Back 39

the means by which he marketing goals are achieved

Front 40

Marketing Tactics

Back 40

day to day operational decisions essential to the overall success of marketing strategiess

Front 41

Evaluating

Back 41

Plannning gap
act on deviations (whether positive or negative)

Front 42

Environmental Scanning

Back 42

aquire info from outside the organiztion to identify trends and develop explanations

Front 43

Demographis

Back 43

ethnicity, age, income, occupations

Front 44

Baby boomers
Generation X
Genetartion Y

Back 44

mom
1965-1976
me