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50 Cards in this Set
- Front
- Back
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Mission
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Statement of an organization’s purpose.
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Goals
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The gap between actual and potential accomplishments.
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Strategy
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The logic for actions aimed at achieving goals. Includes understanding market structure and value propositions.
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Tactics
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Business activities through with which the strategy will be implemented. (Marketing mix variables).
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Implementation
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The timeline and the algorithm of executing the strategy and tactics. Includes contingencies for alternative actions.
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Production Concept
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Consumers favor products that are available and highly affordable. Improve production and distribution
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Product Concept
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Consumers favor products that offer the most quality, performance, and innovative features
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Selling Concept
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Consumers will buy products only if the company promotes/ sells these product
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Marketing Concept
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Focuses on needs/wants of target markets & delivering satisfaction better than competitors
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Holistic Marketing Concept
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An integrated perspective on the development, design, and implementation of marketing programs, processes, and activities.
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Needs
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A state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging.
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Wants
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The form that a human need takes as shaped by culture and individual personality
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Demands
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Human wants backed by buying power
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Products
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Anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a need or want.
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Services
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Activities or benefits offered for sale that are essentially intangible and don’t result in the ownership of anything.
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Value
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Benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. (Perceived Value – Cost).
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Satisfaction
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The product’s perceived performance in delivering value relative to a buyer’s expectations. Linked to Quality and Total Quality Management (TQM). (Performance – Expectation)
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Quality
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Freedom from defects. The totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs.
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Exchange
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The act of obtaining a desired object from someone by offering something in return.
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Transaction
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A trade of values between parties. Usually involves money and a response. (An exchange event).
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Relationship
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Building long-term relationships with consumers, distributors, dealers, and suppliers.
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Markets
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The set of actual and potential buyers of a product.
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Industries
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The sellers of a particular product class. (Economists use the term market to refer to a collection of both buyers and sellers who transact in a particular product class.)
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Consumables
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Products that are used up or consumed in a short period. Examples include cleaning supplies, printer ink, and apples.
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Durables
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Goods that are used over an extended period of time. They are usually of more substantial manufacturer. Examples include automobiles, major appliances, and office furniture.
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Channels
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External relationships and contractual commitments managed by a firm to achieve distribution objectives
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Marketing
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an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing management
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the art and science
of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. |
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Exchange
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There are at least two parties.
Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party. |
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Convenience Products
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Buy frequently & immediately
Low priced Many purchase locations Includes: Staple goods Impulse goods Emergency goods |
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Shopping Products
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Buy less frequently
Gather product information Fewer purchase locations Compare for: Suitability & Quality Price & Style |
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Specialty Products
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Special purchase efforts
Unique characteristics Brand identification Few purchase locations |
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Unsought Products
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New innovations
Products consumers don’t want to think about Require much advertising & personal selling |
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Intangibility
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Can’t be seen, tasted, felt, heard, or smelled before purchase.
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Inseparability
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Can’t be separated from service
providers. |
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Variability
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Quality depends on who provides
them and when, where and how. |
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Perishability
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Can’t be stored for later sale or use.
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Product Life-Cycle
Introduction Phase |
Low sales
High cost per customer Negative profits Create product awareness and trial Offer a basic product Use cost-plus Build selective distribution Build product awareness |
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Product Life-Cycle
Growth Phase |
Rapidly rising sales
Average cost per customer Rising profits Maximize market share Extensions, service, warranty Price to penetrate market Build intensive distribution Build mass market awareness |
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Product Life-Cycle
Maturity Phase |
Peak sales
Low cost per customer High profits Maximize profit / defend share Diversify brand and models Price to match or best competitors Build more intensive distribution Stress brand differences and benefits |
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Product Life-Cycle
Decline Phase |
Declining sales
Low cost per customer Declining profits Reduce expenditure and milk brand Phase out weak items Cut price Phase out unprofitable outlets Reduce level; retain loyal customers |
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Controls
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outline the policy to measure progress toward the company’s strategic goals, monitor performance, identify potential problems, and make adjustments when necessary.
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Y Be Single Mission
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Provide a relationship network that will become a resourceful tool for students seeking companionship and extraordinary dating ideas.
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Y Be Single Goals
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1. Cater to the needs of single students who are interested in meeting new people.
2. Negotiate with local events, restaurants, and other businesses to promote and provide activities for groups and/or couples to attend--all at a reduced cost. 3. Cater to married students looking to go out, but unable to arrange babysitting, activity ideas, etc. 4. Create a social hub that all activity-conscious college students in the Provo/Orem area will turn to for entertainment sources. 5. Facilitate and promote great recreation time. |
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Y Be Single SWOT
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S -- Mkt Familiarity, Diverse, management experience
W -- No mkt experience, limited resources O -- high demand, high density market T -- negative mkt connotation, established competition |
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YBS Customers
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BYU students, "dating does not really exist," 63% of women would like to meet their man in college
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YBS Company
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package dates, event & vendor advertising, event hosting, community calendar, dating services (similar to blind dates, but not totally blind), and the outsourcing of child care services. ONLINE
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YBS Competition
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ldssingles.com -- over 200,000 profiles w/ 100-350 new /day, ldspromise.com, ldsmingle.com
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YBS Collaborators
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BYU, online advertising agents (google)
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YBS Context
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desire to avoid negative connotation with online dating services
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