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68 Cards in this Set

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Define Marketing, Does Marketing = advertising?
The process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders.
Advertising is merely a part of promotion which is a sub-category of marketing.
THe four P's of Marketing also known as the marketing mix
Product, Price, Promotion and Placement/distribution
The 6 Marketing Environment forces
Political, Legal and regulatory, Technological, Sociocultural, Competitive, and Economic
Customers
The purchasers of organizations products; the focal point of all marketing elements.
Fig 1.1 Components of strategic marketing
Center = Customer
Next = Four P's of Marketing
Finally = The 6 marketing environmental forces
Product
Physical good, service or idea
Target Market
The group of customers on which marketing efforts are focused
Marketing mix
Product = Good, service or idea
Price = The price chosen for the product in order to be competitive and successful
Promotion = How you go about promoting your product to your target market
Placement/Distribution = How you plan on getting your product out to your target market
Marketing Concept
Objectives
The Marketing Concept is a philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organizations to achieve its goals.
The Product Orientation
Second half of the nineteenth century Industrial Revolution Era where industries were booming
Sales Orientation
The 1920's strong demand for products, Businesses realize they must actually "sell" these products to people.
Market Orientation
A mix of all, with a saturated market these days businesses must really target markets and convince them to buy their products. Determining what customers want before they just go mass producing it.
CRM
Customer Relationship Management
using info about customers to create marketing strategies, and create customer relationships.
Value
A customers subjective assessment of benefits relative to cost in determining the worth of a product
Marketing management
The process of planning organizing implementing and controlling marketing activities to facilitate exchanges effectively and efficiently
Relationship marketing
Establishing long-term, mutually satisfying buyer-seller relationships
Why plan?
Planning is a key factor in reaching your organizations goals and accomplishing success. necessary for reaching marketing objectives
Marketing strategy
A plan for identifying a target market and developing a marketing mix to satisfy
Identify
Analyze
Develop
Marketing plan
A written document that specifies activities to be performed to control the organizations marketing activities
Core competencies
Things a company does extremely well or things they have that give them a competitive edge over their competitors.
Marketing objectives
A statement of what is to be accomplished through marketing activities. Important to have because they help you keep the objective or goals in sight.
Mission Statement
A long-term view or vision of what the organization wants to become
Competitive advantage
Matching a core competency with something a marketing strategy for an advantage.
Market opportunity
Circumstances that allow a business to reach a target market
Strategic window
Temporary windows in a market allowing your business to excell ex- sarah palin glasses
SWOT analysis
A businesses
Strengths- internal
Weaknesses-internal
Opportunities-external
Threats-external
Used by marketers to asses an organization
SBU
Strategic-Business-Unit
A division, product line, or other profit center within the company
Market
A group of individuals that have a need for a product service or idea.
Market share
The percentage of a market that actually buys a specific product from a particular company.
Growth Share Matrix
Star-products with a dominant share of the market and good prospects for growth
Cash Cows-dominant share in the market but low prospects for growth
Dogs-Low share of market and no prospects of growth
Question Marks-Low share and require a lot of money, not sure where they are going
Sustainable competitive advantage
An advantage that the competition cannot copy
Marketing planning
Assessing markets and implementing for control of the marketing program
External customers
Individuals who patronize a business- a customer
Internal customers
Employees
TQM
Total-Quality-Management
A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customer's perceptions of quality
Internal marketing
A philosophy which states that healthy transactions between business and employee will reflect healthy transactions between employees and customers
Benchmarking
Comparing the quality of the company's goods, services, or processes with that of its best-performing competitors
Empowerment
Giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval
Centralized organization
A structure in which top-level managers delegate little authority to lower levels
Decentralized organization
A structure in which decision making authority is delegated as far down the chain of command as possible
Performance standard
An expected level of performance against which actual performance can be compared
Environmental scanning
The process of collecting information about forces in the marketing environment
Environmental analysis
The process of assessing and interpreting the information gathered through the environmental scanning
Competition
Other organizations selling similar products or targeting a similar marketing group
Brand competitors
Firms that market products with similar features to the same customers at similar prices
Product competitors
Firms that compete in the same product class but market products with different features benefits and prices
Generic competitors
Firms that provide very different products that solve the same problem or satisfy the same customer need ex- fly killers
Total budget competitors
Firms that compete for the limited financial resources of the same customers
Monopoly
A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
oligopoly
A competitive situation where a few sellers control the supply for a large proportion of the product
Monopolistic competition
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
Pure competition
A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
Economic forces
Can be one of the greatest forces
can control business cycles, and include things like Prosperity, recession, depression and recovery
Prosperity
A stage of the business cycle including low unemployment numbers and high income ensures high buying potential
Disposable income
After-tax income
Discretionary income
Income available for spending and saving after bills and such are paid (true disposable income)
Wealth
The accumulation of past income, natural resources and financial resources
Political forces
Political legal and regulatory forces of the marketing environment
Government regulation and self regulation
FTC-federal trade commission-federal agency that regulates business behaviour
BBB-Better Business Bureau- non-government regulatory agencies that help settle problems between customers and businesses
Social responsibility
An organizations obligation to maximize its positive impact and minimize its negative impact on society and within its company
Marketing citizenship
The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
Marketing ethics
Principles and standards that define acceptable marketing behavior as determined by various stakeholders
Pyramid of Corporate responsibility
Pyramid Peak = Philanthropic = Be a good corporate citizen
Third = Ethical = Be ethical, Avoid harm
Second = Legal-obey the law, play by the rules
Base = Economical-Be profitable, only in business to make money
Stakeholder vs. Shareholder
Stakeholder is someone who holds stake in the business-customers,society, these can be internal and external
Shareholders are people who actually hold shares in the company
Cause-related marketing
The practice of linking products to a particular social cause on an ongoing or short-term basis
Strategic philanthropy
The synergistic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits
Sustainability
The potential for the long-term well-being of the natural environment, including all biological entities as well as the interaction among nature and individuals, organizations, and business strategies
Green marketing
A strategic process involving stakeholders assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment