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110 Cards in this Set
- Front
- Back
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market offering |
some combination of products, services, info or experiences offered to a market to satisfy a need or want |
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marketing myopia |
mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products |
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marketing management |
art and science of choosing target markets and building profitable relationships with them |
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production concept |
idea that consumers favour products that are available and highly affordable, company should focus on efficient |
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product concept |
consumers favour quality, company should focus on continuous product improvment |
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selling concept |
consumers must be sold to; usually unsought goods |
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marketing concept |
depends on knowing needs and wants of the target market and delivering on them better than the competition |
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societal marketing |
considers long-term impact on society |
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What are the considerations of societal marketing |
society, consumers, company |
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marketing mix |
Product, Place, Price, Promotion |
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customer relationship management |
the overall process of building and maintaining profitable customer relationships by delivering superior value statisfaction |
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customer perceived value |
the customer evaluation of the difference between all the benefits and all the costs of a marketing offering relative to those competition |
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customer management relationships |
customers use new technologies to interact with companies and each other |
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partner relationship management |
working closely with partners to jointly bring value to the customer |
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customer lifetime value |
the value of the purchases that the customer would make over a lifetime |
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share of customer |
the portion of the customers purchasing that a company gets in its product categories |
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customer equity |
the total combined customer lifetime value of all companys customers |
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4 customer relationship groups |
butterflies true friends strangers barnacles |
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Butterflies |
good fit with company, high potential profit |
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True Friends |
very good fit with company, highest potential profit |
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Strangers |
little fit, lowest potential profit |
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Barnacles |
limited fit, low potential profit |
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strategic planning |
the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities |
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mission statement |
purpose statement, what an organization wants to accomplish in the larger environment |
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business portfolio |
the collection of businesses and products that make up a company |
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growth share matrix |
portfolio planning method that evaluates a company's strategic business units |
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market growth matrix characters |
Star Question Mark Cash Cow Dog |
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Star |
high growth, high-share business require heavy investment for growth |
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Question Mark |
high growth, low share business require a lot of cash to hold share |
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Cash Cow |
low growth, high share business well established and require less cash to hold market share |
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Dog |
low growth, low share generate enough cash to maintain themselves |
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product/market expansion grid |
portfolio planning tool for identifying company growth opportunities through market penetration, market developing, product development, or diversification |
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market penetration |
strategy for company growth, by increasing sales of current products to current market segments w/o changing the product |
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market development |
new market segment, current product |
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product development |
new product, current market segment |
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diversification |
new market segment and new product |
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QSCV |
Quality Service Cleanliness Value |
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marketing strategy |
marketing logic by which the company helps to create customer value and achieve profitable customer relationships |
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market segmentation |
dividing market into distinct groups, who might require different marketing programs |
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market targeting |
the process of evaluating each market segment's attractiveness and selecting one or more to enter |
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value chain |
series of internal departments that carry out the value creating activities to design, produce, market, deliver and support a firms product |
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value delivery network |
network made up of people who partner together to improve the performance of the entire system |
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positioning |
arranging for a product to occupy a clear and distinctive and desirable place relative to competing products in the minds of target consumer |
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marketing mix |
the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in target market |
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SWOT |
Strengths Weaknesses Opportunities Threats |
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marketing implementation |
the process that turns marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
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marketing control |
the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved |
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return on marketing investment |
net return from a marketing investment divided by the cost of the marketing investment |
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sustainable marketing |
socially and environmentally responsible marketing that meets the needs of present customers and businesses while also preserving or enhancing the ability of future generations to meet their needs |
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consumer activism |
an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers |
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sense-of-mission marketing |
a principle of sustainable marketing that holds that a company should define its mission in broad social terms rather than narrow product terms |
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societal marketing |
principle of sustainable marketing that holds that a company should make marketing decisions by considering consumers wants, the companys requirments, and long term interests |
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deficient product |
no immediate appeal or long term benefits |
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pleasing product |
high immediate satisfaction, may harm in long term |
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Salutary product |
low appeal but long term benefits |
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desirable product |
high immediate satisfaction, and high long term benefits |
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marketing environment |
the actors and forces outside marketing that affect companys ability to build and maintain successful relationships with target customers |
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microenvironment |
the actors close to the company that affect its ability to serve customers |
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macroenvironment |
larger societal forces that affect microenvironment |
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customer insights |
fresh understandings of customers and market place derived from marketing information that becomes the basis for creating customer value and relationship |
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exploratory research |
gather preliminary info, helps define the problem and suggest hypothesis |
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descriptive research |
to better describe marketing problems, situations, or markets |
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casual research |
marketing research to test hypotheses about cause and effect |
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neuromarketing |
applying marketing stimuli and looking at response |
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Three levels of competitors |
Inter product/direct product substitue/indirect alternative gratification/total dollar |
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Dichotomous Question |
Yes or No (fixed alternative) |
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Likert Scale Question |
Strongly Disagree - Strongly Agree |
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Semantic Differential Question |
(bipolar objectives) Fun - Boring Large - Small |
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Rating Scale Question |
Excellent - Terrible |
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Rating (Importance) Scale Question |
Important - Not Important |
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Thematic Apperception Test |
Show image ask what it means |
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Marketing |
The process by which companies (and organizations) create value for customers and build strong customer relationships in order to capture value from customers in return |
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Marketing Process (5 Steps) |
1. understand customer needs and wants 2. develop marketing strategy 3. create value 4. build relationships 5. capture value |
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Wants are shaped by _________ |
culture |
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Wants are described as ___________________ |
objects that satisfy wants |
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________ is the foundation of marketing |
Exchange |
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________ facilitates marketing exchange |
money |
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The three steps in achieving marketing concept (marketing orientation) |
1. Intelligence Generation 2. Intelligence dissemination 3. Responsiveness |
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value proposition |
set of benefits or values product promises to deliever to consumer to satisfy their needs |
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Organization Startegic Planning |
Develop and maintain fit between the environment (external opportunities and threats) and the organization (internal goals and capabilities) |
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2 important aspects of strategic planning |
1.Developing a mission statement and strategic business objectives 2.Deciding how to grow |
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marketing strategy |
Marketing logic by which company hopes to create customer value and achieve strong and profitable customer relationships |
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4 keys to marketing strategy |
1.Capitalize on strengths 2.Exploit opportunities 3.Avoid areas of weakness 4.Minimize threats |
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5 Steps of marketing startegy |
1. SWOT analysis 2. define marketing objectives 3. determine segement, target merket, and positioning 4. marketing mix 5. implement and evaluate |
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What makes a good marketing objective |
Specific Measureable Attainable Realistic/Relevent Time bound (also consistent with organization) |
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2 types of objectives that should be used |
marketing/sales and positioning/image |
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3 pillars framework of eithics |
1.Principles 2. Virtues 3. Ethics |
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Principles (Framework) |
Fairness and Justice |
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Principle Applicable Theories |
Kantianism and Divine Command |
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Virtues (Framework) |
set of characteristics |
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Virtues applicable theories |
aristoles virtue theory |
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consequences applicable theories |
utilitarianism objectivism egoism |
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Utilitarianism |
the doctrine that actions are right if they are useful or for the benefit of a majority. |
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objectivism |
the belief that certain things, especially moral truths, exist independently of human knowledge or perception of them. |
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egoism |
an ethical theory that treats self-interest as the foundation of morality. |
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divine command |
meta-ethical theory which proposes that an action's status as morally good is equivalent to whether it is commanded by God. |
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Kantianism |
the rightness or wrongness of actions does not depend on their consequences but on whether they fulfill our duty. |
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Aristoltles Virtue Theoy |
individual's character as the key element of ethical thinking, rather than rules about the acts themselves |
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Social Criticisms of Marketing |
1.High Prices 2.Deceptive Practices (P,P,P) 3.High Pressure Selling 4. Shady Products |
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Marketing's impact on society |
1. False want/materialism 2. Too few social goods (cars) 3.cultural pollution |
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demographic environment |
Demographics are countable characteristics of human populations (Gender,Income, Job) |
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Natural Environment |
Includes natural resources that are used up or affected by marketing (natural resources, pollution) |
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competition act |
prohibits activities that Lessen or prevent competition Are a detriment to the public decpetive pricing |
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suppliers provide _______ resources and __________ services |
tangible, intangiable |
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inter-product/direct competitor |
Among similar products (iphone, android) |
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Product Substitute or Indirect competitor |
Dissimilar products, but serve similar need, can be substituted |
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Alternative-Gratification or Total-Dollar competitor |
Compete for disposable income |
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benefits of competition |
Helps to increase total demand Share the costs of market and product development Serve less attractive segments |
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marketing research |
Systematic design, collection, analysis, and reporting of data relevant to specific marketing situation |
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marketing research process |
Define problem and research objectives Develop research plan Collect and analyze data Interpret and present findings |
