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30 Cards in this Set
- Front
- Back
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What are the core aspects of Marketing? |
- Marketing helps create value - Marketing is about satisfying customer needs and wants. - Marketing entails an exchange - Marketing requires a product, price, place, and promotion decision - Marketing can be performed by both individuals and organizations - Marketing occurs in many settings |
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What are the 4 P's |
product, price, place, and promotion decisions |
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Role of Product in the Marketing Mix |
Create Value |
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Role of Price in the Marketing Mix |
Capturing Value |
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Role of Place in the Marketing Mix |
Delivering value |
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Role of Communication in the Marketing Mix |
Communicating Value |
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What are the evolutionary stages of marketing? |
The Production era, where Henry Ford was The Sales Era, during WWII, companies depended heavily on personal selling The Market-Oriented Era - when consumers had money and resources The Value-Based Era - when companies engage in value creation |
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How does a company become value driven? |
By Sharing information, Balancing benefit with costs, and by building relationship with customers |
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Why is Marketing Important? |
Can be entrepreneurial, expands global presence, pervasive across channel members, and enriches society |
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A company creates value to its customers through excelling in these four areas: |
Customer excellence, Operational excellence, product excellence, and locational excellence. |
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What are the 3 phases of the marketing plan? |
Planning Phase, Implementation Phase, and Control Phase |
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What happens in the Planning Phase of the marketing plan? |
1. Business mission and objectives are set, 2. Situation analysis (SWOT) is completed |
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What happens during the implementation phase of the marketing plan? |
1. Identify opportunities through STP Segmentation, Targeting and Positioning 2. Implement Marketing mix: Product, price, place, and promotion |
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What happens during the control phase of the marketing plan? |
Evaluate performance using marketing metrics |
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What do the 4 quadrants of the portfolio analysis represent? |
Stars, Question Marks, Cash Cows, and Dogs |
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High relative market share, high market growth rate: |
Stars |
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High market share, low growth rate: |
Cash Cows |
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What are the 4 growth strategies in marketing? |
Market Penetration, Product Development, Market Development, and Diversification |
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Current Product and services in a current market represents which growth strategy? |
Market Penetration |
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Current Product and services in a new market represents: |
Market development |
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New product and services in a current market represents: |
Product penetration |
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new product and services in a new market represents which growth strategy? |
diversification |
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What affects the immediate environment? |
The company, the competition, and the corporate partners |
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What are the macro environmental factors? |
Culture, Demographics, Political / Legal, Technology, Economic, and Social Trends |
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What are the 4 generational cohorts? |
Gen Z, Gen Y, Gen X, and Baby boomers |
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What are some social trends? |
Thrift, Health and Wellness Concerns, Greener Consumers, Privacy Concerns, and Time Poor Society |
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What are the two types of consumer needs? |
Functional needs and psychological needs |
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Which factors affect the consumer's search process? |
Perceived Benefits and Perceived Costs |
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What are the locuses of control a consumer may have? |
Internal = more search activities External = fate and external factors |
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What are the 5 types of actual or perceived risks? |
Performance Risk, Financial Risk, Social Risk, Physiological risk, Psychological Risk |
