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56 Cards in this Set
- Front
- Back
- 3rd side (hint)
Market |
Consumers desire and ability to buy |
Desire buy |
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Marketing process |
Discover the needs and wants of possible consumers and satisfy them |
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Needed for marketing to occur |
1. 2 or more parties with unsatisfied needs 2. Desire abd ability on their part to be satisfied 3. A way for the parties to comminicate 4. Something to exchange |
4 things needed |
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Consumer need |
Food, clothes etc. Stuff needed to survive |
Things needed in order to survive |
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Consumer wants |
A need shaped by someone's knowledge, culture, etc. |
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Target market |
Specific groups of potential consumers |
Specific |
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Marketing mix |
Product - good, service, or idea Price - what is exchanged fir the product Promotion -communication between seller and buyer Place - getting product to consumer |
4 P's |
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Environmental forces |
Social, economic, technological, competitive, regulatory |
Uncontrollable forces |
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Marketing concept |
Satisfy customer needs while achieving organization goals |
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Customer experience |
Internal response that customers have about an organization and it's offering. |
Direct and indirect(heard from...) contact |
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Who buys and uses what's marketed |
Both individuals and organizations. Ultimate consumer (the people) and organizational buyers |
People and organizations |
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How do consumers benefit |
Utility, the benefits or customer value recieved by users of the product. Form utility, place utility, time and possession utility. Form- production of product or service Place- having offering available where needed by consumer Time- having it available when needed Possession- value of making an item easy to purchase |
Utility. 4 types of utility |
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Kinds of organizations |
Business firm - privately owned organization, main goal is to earn profit. (target, nike etc.) Nonprofit organization - nongovernmental organization that serves customers but profit isn't it's main goal, customer satisfaction is main goal. |
Profit and nonprofit |
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Strategy |
Long-term plan designed to deliver unique customer experience while achieving it's goals. |
Long-term plan |
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Structure of today's organizations |
Corporate level - top management directs over all strategy for the entire organization Strategic business unit (SBU)- subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. Functional level- groups of specialists create value for the organziation. |
3 organizational levels |
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Strategy in visionary organziation |
Always know why they exist. Clearly know their direction and how they are getting there. |
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Core values |
The fubdamental, passionate, and enduring principles that guide the organization's conduct over time |
Owners, stakeholders, senior management |
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Mission |
What company is about, customers they bring in, and products sold. Short, clear, concise, inspirational. |
Shaped by core values |
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Organizational culture |
Values, ideas, addititudes, norms, behavior. Learned among the members of the organization. |
Culture |
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Business |
Describes the clear, broad underlying industry or market sector of an organization's offering |
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Goals |
Statements of an accomplishment of a task to be achieved, often by a specific time Profit, sales, market share, quality, and customer satisfaction. |
Different types of Goals |
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Market share |
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry , including form itself. |
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Marketing plan |
Map for marketing activities of an organization for a specified future time period (1 year etc.) |
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Setting strategic directions |
Where are we now? Where do we want to go? |
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Competencies |
An organization's special capabilities |
Mame it different from other organizations |
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Competitive advantage |
A unique strength relative to competitors that provides superior returns, often based, on quality, time, cost, or inovation |
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Growth strategies |
Managers have to set direction for the firm. Two techniques are business portfolio analysis, and diversification analysis. |
Two techniques |
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Business portfolio analysis |
Techniques managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection from seperated investments |
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Cash cow |
Strategic business units that generate large amounts of cash, far more than they can invest profitably into themselves |
A lot of money |
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Stars |
Strategic business units with a high share of high growth markets that may need extra cash to finance their own rapid future growth. |
When growth slows most likely become cash cows. |
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Question marks |
SBUs with a low share of high growth markets. Need a lot of money just to maintain. |
Choosing right ones to invest in and get rid of the rest |
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Dogs |
SBUs with low shares of slow growth markets. May make enough money to maintain but won't make real profit for company |
May need to be dropped |
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Environmental scanning |
Continually acquiring information on events occurring outside the organization to identify and interupt trends |
See what's going on |
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Tracking environmental trends |
Arise from social, economic, technological, competetive, and regulatory forces |
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Environmental scan of today's marketplace |
Growth of social networks, increasing economic impact, growth in technology and online privacy |
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Social forces |
Demographic characteristics of the population and it's values. |
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Demographics |
Describing a population according to a selected characteristics such as age, gender, ethnicity, income, and occupation. |
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The world's population at a glance |
6.9 billion people. And growing. |
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The U.S population |
Population becoming larger, older, and more diverse. Ethnic groups are growing |
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Generational cohorts |
Baby boomers- born between 1946 and 1964 and are retirng. Generation X- consumers who are self reliant, supportive of racial and ethnic diversity, and better educated. Generation Y-72 million Americans born between 1977 and 1994influence on music, sports, technology, and all forms of communication and networking. |
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Changing values |
Consumers have become cautious buyers. Want best quality, features, and performance of an item. |
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Gross income |
Total money made in a year by a person or household |
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Disposable income |
The money a consumer has left after paying taxes to use for their necesites (food, clothing, transportan etc) |
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Discretionary income |
The money that remains after paying for taxes and necesities |
For luxury |
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Technology of tomorrow |
Social networks, natural user interfaces, green technologies, biotechnology. |
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Technologies impact on customer value |
Cost of technology is lowering, products based on quality, service and relationships. Provides value through the development of new products. Can change existing products and the ways they are produced. |
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Forms of competition |
Pure competition- many sellers with similar products. Monopolistic competition- many sellers compete with substitutable products within a price range. Oligopoly- a common industry structure , few companies control the majority of industry sales. Pure manopoly- only one firm sells the product. |
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Components of competition |
Entry- must access the likelihood of new entrants, some companies lower prices. Power of buyers and suppliers- Existing competitors and substitutes |
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Regulation |
Restrictions state and federal laws place on business with regard to the conduct. |
Protecting competition |
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Ethics |
Moral principles, values, laws, society value, standards |
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Current perception of ethical behavior |
Surveys confirm public perception. |
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Business culture and industry practices |
Ethics exchange- Bill of rights rights to safety, to be informed, to choose, and to be heard. Ethics competition- economic espionage: spy taking secrets from other companies. Bribes and kickbacks |
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Corporate culture and expectations |
Code of ethics- formal statement of ethical principles and rules of conduct. Whistle blowers |
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Your personal moral philosophy |
Moral idealism- a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
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Social responsibilty |
Organizations are part of a larger society and are accountable to that society for their actions. |
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Concepts of social responsibility |
Profit responsibility- companies duty to maximize profits for their owners or stockholders Stakeholder responsibilty- obligations on organization has to those who can affect achievement of its objectives. (Consumers, employees, suppliers and distributors) Societal responsibility- obligations that organizations have to the preservation of the ecological environment and to the general public. |
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