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32 Cards in this Set
- Front
- Back
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Marketing myopia
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1. When sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
2. businesses will not fail in the end if they concentrate on meeting customers’ needs rather than on selling products |
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Marketing Process
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Understand. Design. Construct. Build profitable relationships. Capture value.
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Marketing management
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The art and science of choosing target markets and building profitable relationships with them
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Value Proposition
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The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
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Customer lifetime value
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The entire stream of purchases that the customer would make over a lifetime of patronage
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4 Utilities |
The want- satisfying power of a good or service Form, Time, Place, Ownership |
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Regulatory Levels |
Government regulators- FTC, FCC Consumer Interest Groups- AARP, NRA Self Regulatory Groups- AMA, BBB |
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What are the 3 types of interactive exchange among competitors? |
Similar Products Substitute Products All organizations |
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Marketing Mix |
four Ps: price, product, promotion, and place |
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Switching Cost |
Barrier to entry -- switch from one software to another is expensive for consumer. |
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OTC market |
no central location. contrast to organized exchanges like NYSE |
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Automated Clearing House |
facilitate deposits and withdrawals between banks -- ex. automatic paycheck deposits in banks |
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Price Skimming |
highest possible price consumers will pay |
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Penetration Pricing |
lower price to enter market and gain mkt share rapidly |
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Convenience Product |
bought frequently without lengthy search |
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Shopping Product |
consumers compare and contrast benefits and cost, i.e. couch |
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4 Cs |
In the 1990s, the concept of four C's was introduced as a more customer-driven replacement of four P's. There are two theories based on four Cs: Lauterborn's four Cs (consumer, cost, communication, convenience), and Shimizu's four Cs (commodity, cost,communication, channel). |
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micro marketing |
bottom line is profit |
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macro marketing |
bottom lines is benefit society as a whole |
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nonprofit marketing |
subjects/goals of agency must be fulfilled |
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factors influencing buying power |
psychological, social, cultural, personal |
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cultural factors |
cultural and social environment subcutures social classes cultural trends / bandwagon effect social roles and status |
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personal factors |
age and family personality / self concept purchasing power lifestyle |
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psychological factors |
motivation perception learning beliefs and attitudes |
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social factors |
family reference and membership groups social roles and status |
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reference groups |
include membership groups and aspirational groups |
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4 roles of reference group |
initiator -- suggests buying influencer decision maker buyer |
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4 marketing strategies |
single market (narrow approach) - BMW multiple target market - product lines with many poducts mass makret approach - nationwide generic tires combined market approach - parent/child combo meals |
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4 utilities |
time - open 24/7 place - nearby store possession - own not rent form (NOT a utility determined by marketing management) - don't have to build a car |
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strategies to motivate employees |
job rotation - rotate around factory job enlargement - add tasks job enrichment - opportunity for achievement and other motivational factors |
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peaceful separation |
don't disrupt workflow keep trade secrets sign agreement only after leaving old position get new job to indemnify you from legal challenges from former job |
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marketing environment |
political factors - laws affecting companies social factors - lifestyles and ethics competitive factors technological factors |
