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32 Cards in this Set

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Management Process
Planning, Implementing, and control
Strategic (management) planning
: the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities
Marketing strategy
specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market
Marketing Mix
the controllable variables the company puts together to satisfy this target group.
Four P's of a marketing mix
Product
Place
Promotion
Price
Breakthrough opportunity
opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
Competitive advantage is needed
S.W.O.T. analysis
identifies and lists the firm’s strengths and weaknesses and its opportunities and threats. Strengths weaknesses opportunities threats.
Market penetration
trying to increase sales of a firm’s present products in its present markets—probably through a more aggressive marketing mix.
Market development
: trying to increase sales by selling present products in new markets.
Nicole Miller Fashion company
Wanted to show off her line- so they opened a boutique.
Pure subsistence economy
when each family unit produces everything it consumes – there is no need to exchange goods and services and no marketing is involved.
A marketing exchange is often part of an ongoing relationship, not just a single transaction.
Macro Marketing
is a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches the supply and demand and accomplishes the objectives of society.
Emphasis on how the whole marketing system works.
Economies of Scale
as a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Intermediary
someone who specializes in trade rather than production. Benefits both producers and consumers.
New specialists develop to fill market needs.
COMMAND ECONOMY
where government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. Producers have little choice about what goods and services to produce
MARKET DIRECTED ECONOMY
the individual decisions of the many consumers and producers make the macro-level decisions for the whole economy

Market directed economies offer freedom of choice
Five Stages of marketing Evolution
(1) The Simple Trade Era- a time when families traded or sold their “surplus” output to local distributors.
(2) The Production Era- a time when a company focuses on production of a few specific products- perhaps because few of these products are available in the market.
(3) The Sales Era- a time when a company emphasizes selling because of increased competition.
(4) Marketing Department Era- a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
(5) The Marketing Company Era- a time when, in addition to short-run marketing planning, marketing people develop long-range plans—sometimes five or more years ahead—and the whole company effort is guided by the marketing concept.
Micro-Macro Dilemma
When a firm focuses its efforts on satisfying some consumers—to achieve its objectives—there may be a negative effect on society. What is “good” for some firms and consumers may not be good for society as a whole.
collaborators
: firms that facilitate or provide one or more of the marketing functions other than buying or selling, includes advertising agencies, marketing research firms
direct market environment
customers
company
competitors
external market environment
: economic, technology, political/legal, and cultural and social environment
Things a firm should do in producing a bike
o Analyze needs
o Predict wants
o Estimate demand
o Predict when
o Determine where
o Estimate price
o Decide promotion
o Estimate competition
o Provide service
Production vs. Marketing
Marketing: makes sure right goods and services are produced
Production: Making goods or performing services
Marketing + production =creates customer satisfaction
Universal Functions of Marketing
• Buying
• Selling
• Transporting
• Storing
• Standardization and grading
• Financing
• Risk Taking
• Market Information
• Prices setting
Price objectives – what is your objective in setting the price
• Price flexibility – are you willing to be flexible?
• Price changes over the life cycle – athletes get new contracts after 3 or 4 years
• Discounts and allowances – offer discounts?
• Geographic pricing terms – pricing zones
• Legal environment – no price fixing/conspiracies
• Cost and demand – of the product
• Price sensitivity – “gotta be sensitive to customer needs” right now people are poors
• Competition and substitutions – gotta know what the competition is doing
– Randy Cohen
Founder of ticket city
LAER
Listen, Acknowledge, Explore, And Respond
Distinctive Competency
What are you special/good at?
Ends up being your VALUE PROPOSITION
 Product-Market Definition
o Product Type -
o Customer Needs – refers to the needs of the customer by the product
o Geographic Area – identifies where the market is located
o Customer Type – identifies who specifically is using the product
2 step process of Segmentation
• Naming broad product-markets – must break apart all possible needs for that broad market
• Segmenting market and selecting targets – [whole foods: there is no grocery store in downtown Austin. Austin people are healthy. Pick health concerned downtown austinites!]
brett hurt
Bazaar Voice Company
Warfarin (Coumadin)
Anticoagulant
s.e.: hemorrhage Diarrhea, Rash, Fever
N.C.: mgmt of pulmonary emboli, deep-vein thrombosis, MI, atrial dysrhythmias, postcardiac valve replacement
-therapeutic PT@1.5-2.5 X control, INR @ 2.0=3.0
-onset: 12-24 hrs, pk 1-1/2 to 3 days, dur: 3-5 days
-antidote: vit. K, whole bl, plasma
-avoid foods high in Vit K, green leafy vegs.
-do not interchange brands, potencies may not be equivalent
-avoid ASA & NSAIDS + OTC meds that contain them
-wear med.tag