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32 Cards in this Set
- Front
- Back
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Management Process
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Planning, Implementing, and control
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Strategic (management) planning
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: the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities
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Marketing strategy
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specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market
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Marketing Mix
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the controllable variables the company puts together to satisfy this target group.
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Four P's of a marketing mix
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Product
Place Promotion Price |
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Breakthrough opportunity
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opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
Competitive advantage is needed |
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S.W.O.T. analysis
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identifies and lists the firm’s strengths and weaknesses and its opportunities and threats. Strengths weaknesses opportunities threats.
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Market penetration
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trying to increase sales of a firm’s present products in its present markets—probably through a more aggressive marketing mix.
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Market development
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: trying to increase sales by selling present products in new markets.
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Nicole Miller Fashion company
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Wanted to show off her line- so they opened a boutique.
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Pure subsistence economy
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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. |
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Macro Marketing
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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. |
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Economies of Scale
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as a company produces larger numbers of a particular product, the cost of each unit of the product goes down
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Intermediary
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someone who specializes in trade rather than production. Benefits both producers and consumers.
New specialists develop to fill market needs. |
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COMMAND ECONOMY
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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
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MARKET DIRECTED ECONOMY
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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 |
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Five Stages of marketing Evolution
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(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. |
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Micro-Macro Dilemma
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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.
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collaborators
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: firms that facilitate or provide one or more of the marketing functions other than buying or selling, includes advertising agencies, marketing research firms
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direct market environment
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customers
company competitors |
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external market environment
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: economic, technology, political/legal, and cultural and social environment
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Things a firm should do in producing a bike
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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 |
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Production vs. Marketing
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Marketing: makes sure right goods and services are produced
Production: Making goods or performing services Marketing + production =creates customer satisfaction |
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Universal Functions of Marketing
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• Buying
• Selling • Transporting • Storing • Standardization and grading • Financing • Risk Taking • Market Information |
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• Prices setting
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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 |
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– Randy Cohen
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Founder of ticket city
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LAER
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Listen, Acknowledge, Explore, And Respond
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Distinctive Competency
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What are you special/good at?
Ends up being your VALUE PROPOSITION |
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Product-Market Definition
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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 |
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2 step process of Segmentation
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• 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!] |
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brett hurt
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Bazaar Voice Company
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Warfarin (Coumadin)
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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 |
