Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
104 Cards in this Set
- Front
- Back
|
Social Responsibility |
an organization's obligation to maximize its positive impact and minimize its negative impact on society |
|
|
Corporate social responsibility |
philanthropic (top) ethical legal economic |
|
|
Economic (corporate social responsibility) |
be profitable |
|
|
legal (corporate social responsibility) |
obey the law; play by the rules of the game |
|
|
ethical (corporate social responsibility) |
do what is right, just, and fair; avoid harm |
|
|
Philanthropic (corporate social responsibility) |
contribute resources to the community; improve quality of life |
|
|
Strategic Philanthropy |
The synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits |
|
|
Strategic Philanthropy |
Cause-related marketing Green marketing |
|
|
Cause-related marketing (strategic Philanthropy) |
The practice of linking products to particular cause on an ongoing or short-term basis |
|
|
Green marketing (strategic Philanthropy) |
The specific development, pricing, promotion, and distribution of products that do not harm the natural environment |
|
|
Cause-related marketing (strategic Philanthropy) |
Example: Do the (RED) thing - Gap, Costly Red Campaign Reaps Meager $18 Million |
|
|
Green marketing (strategic Philanthropy) |
Example: buygreen - When Going Green Backfires: how firm Intentions shape the Evaluation op Socially Beneficial Product Enhancements |
|
|
Marketing citizenship |
The adoption of a strategic focus for fulfilling the economic, legal, ethical and philanthropic social responsibilities expected by stakeholders. |
|
|
Stakeholders |
Constituents who have a "stake" or claim in some aspect of the company's products, operations, markets, industry, and outcomes |
|
|
Customer |
- positive product evaluation - customer loyalty - positive word-of- mouth - long-term relationships - enhanced corporate reputation |
|
|
Firm |
- reduce the costs of legal violations, civil litigation, and damaging publicit |
|
|
Marketing Channel Member |
- long-term partnerships - trusting relationships |
|
|
Employees |
- improved self-concept - increased commitment and motivation - reduced absenteeism and turnover - trust in co-worker relationships |
|
|
Marketing Ethics |
Principles and standards that define acceptable marketing conduct as determined by various stakeholders. |
|
|
Ethical Issue |
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical |
|
|
Marketing Mix Variable |
Product Price Place Promotion |
|
|
Product (Marketing Mix Variable) |
Ethical issue Example: - failing to disclose risks associated with a product - failing to disclose information about a product’s function, value, or use - failing to disclose information about changes in the nature, quality, or size of a product |
|
|
Price (Marketing Mix Variable) |
Ethical issue Example: - price fixing - predatory pricing - failing to disclose the full price of a purchase |
|
|
Place (Marking Mix Variable) |
Ethical issue Example: - failing to live up to the rights and responsibilities associated with specific intermediary roles - manipulating the availability of a product - using coercion to force other intermediaries to behave in a certain way |
|
|
Promotion (Marking Mix Variable) |
Ethical Issue Example: - false or misleading advertising - using manipulative or deceptive sales promotions, tactics, and publicity - offering or accepting bribes in personal selling situations |
|
|
Ethical Decision Making |
Choice by: -number affected -probability of ham -Personal morals -Social consensus -Potential consequences -Time until consequences -extent of problems -top management actions |
|
|
Branding Terms |
Brand Brand name brand mark brand promise trademark trade name |
|
|
Brand |
A name, term, design, symbol, or other feature that identifies a seller's products and differentiates them form competitors' products |
|
|
Brand |
E.g. Corvette, Chevrolet, General Motors, UBER |
|
|
Brand Name |
The part of a brand that can be spoken, including letters, words, and numbers |
|
|
Brand Name |
E.g. Union 76, NBA, 49'ers |
|
|
Brand Mark |
Part not made up of words, such as symbol or design |
|
|
Brand Mark |
E.g. Nike swoosh, Mercedes star, McDonald’s arches |
|
|
Trademark |
Legal designation of exclusive use of a brand, registered with the U.S. Patent and Trademark office |
|
|
Brand promise |
The marketer’s vision of what the brand must be and do for the consumers |
|
|
Trade name |
Full legal name of organization |
|
|
Trade name |
"UBER TECHNOLOGIES, INC" |
|
|
Branding |
endowing products and services with the power of a idea or image that customers connect with |
|
|
Types of brands |
Manufacturer Private Distributor Generic |
|
|
Manufacturer (Types of brands) |
Brands initiated by producers of produtcs |
|
|
Manufacturer (Types of brands) |
E.g. Samsung, Dolce |
|
|
Private Distributor (Types of brands) |
Brands initiated and owned by resellers |
|
|
Private Distributor (Types of brands) |
E.g. Target, Walmart |
|
|
Generic/Store (Types of brands) |
Brands that are not typically promoted allowing products to be offered at a lower price |
|
|
Generic/Store (Types of brands) |
E.g. Kirkland, Kroger |
|
|
Branding Policies |
Family branding co-branding individual branding brand extensions brand licensing |
|
|
Brand loyalty |
A deeply held commitment to re-buyor re-patronize a preferred product or service in the future despite situationalinfluences and marketing efforts having the potential to cause switching behavior. |
|
|
Brand equity |
The differential effect that brandknowledge has on consumerresponse to the marketing of that brand. |
|
|
Brand equity |
Center of: -Brand name awareness -perceived brand quality -brand loyalty -brand associations |
|
|
Brand knowledge |
-Brand equity -Brand name awareness -perceived brand quality -brand loyalty -brand associations |
|
|
The firm |
primary source of brand knowledge |
|
|
Brand knowledge |
thoughts feelings images beliefs experiences |
|
|
Secondary sources of brand knowledge |
other brands, people, places, things |
|
|
other brands (Secondary sources of brand knowledge) |
alliances, ingredients, company, extensions |
|
|
people (Secondary sources of brand knowledge) |
employees. endorsers within the firm |
|
|
places (Secondary sources of brand knowledge) |
country of origin, channels |
|
|
things (Secondary sources of brand knowledge) |
events, third party endorsers, causes |
|
|
Value of branding |
-To buyers -To sellers |
|
|
Value to buyers |
-Helps speed consumer purchases by identifying specific preferred products, -Provides a form of self-expression and status, -Evaluates product quality to reduce the risk of purchas |
|
|
value to sellers |
Identifies and differentiates a firm’s products from competing products, Helps in the introduction of new products, Facilitates the promotion of all same-brand products, Fosters the development of brand loyalty |
|
|
marketing advantages of strong brands |
-larger margins -greater loyalty -less vulnerable to competition -improved perceptions of quality -less vulnerable to crises -inelastic response to price increases -elastic response to price decreases -increase in effectiveness of IMC -licensing/brand extension opportunities |
|
|
2014 interbrand method |
1. values (top) 2. Benefits 3. Attrbutes |
|
|
2014 interbrand method |
From bottom to top: -Higher Emotional Connection with Consumers -Increasing Difficult forCompetitors to copy Positioning |
|
|
Attributes |
Basic elements of the product – smell, taste, texture, ingredients, etc. |
|
|
Benefits |
Focus on what the attributes provide the consumer. Security, quality, performance, convenience, value. |
|
|
Values |
“What does my brand stand for?” Create emotional connections with consumers. Develops brand loyalty, commitment, and strong customer equity. |
|
|
Genericized brands |
Companies protect its brands through public relations campaigns. In one such campaign, Xerox urged people to “photocopy” their documents with a Xerox. |
|
|
Genericized brands |
Q-Tips – Cotton Swabs Band-Aid – Adhesive bandage Kleenex – Tissue Chapstick – Lip Balm |
|
|
Short brand names |
make it easier for customers to say, spell, and remember a product (e.g. V8) |
|
|
choosing a brand name |
The name should… …be easy to say, spell, and recall. …indicate the product’s major benefits. …suggest the product’s major uses and special characteristics. …be distinctive, setting it apart from competing brands. …be compatible with all products in line. …be designed for use and recognition in all types of media. |
|
|
choosing brand marks |
memorable meaningful likeable transferable adaptable protectable |
|
|
choosing brand marks |
Examples: Green Giant, Mr. Clean, Aunt Jemima, cupped hands for Allstate |
|
|
Branding |
is about taking something common and improving upon it in ways that make it more valuable and meaningful. We are defined by the experiences and actions of our lifetime. |
|
|
Planning |
Strategic Planning Tactical Planning |
|
|
Strategic Planning |
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan |
|
|
top management |
“What kind of business should we be in?” “Where are we now?” “Where do we want to go?” Big pictureLong-term strategy |
|
|
functional units |
“How can we meet goals set by management?”“What are our specific objectives?” Focuses on the howShort-term execution |
|
|
strategic |
strategic or tactical? top managers decide they want more of a presence in the golf market besides just shoes |
|
|
tactical |
strategic or tactical? the golf division begins planning the expansion |
|
|
tactical? |
strategic or tactical? managers discuss the best way to enter the market |
|
|
strategic |
strategic or tactical? a decision is made to expand into apparel, clubs, and golf balls, etc. |
|
|
Marketing Strategy |
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
|
|
Marketing Plan |
A written document that specifies the activities to be performed to implement and control an organization’s marketing activities |
|
|
the value delivery process |
Strategic Marketing Tactical Marketing |
|
|
Strategic Marketing |
Choose the Value customer segmentationmarket selection/focusvalue positioning |
|
|
Tactical Marketing |
Provide the Value product developmentservice developmentpricingsourcing, makingdistributing, servicescreate marketing plan Communicate the Value sales forcesales promotionadvertising |
|
|
strategic marketing |
organizational mission and values |
|
|
mission statement |
a long-term view, or vision, of what the organization wants to be |
|
|
the mission statement |
Answers the questions… -What are our core competencies? -Who are our customers? |
|
|
Mission Statement |
Key to success of any companyGives everyone clear focus and direction |
|
|
Good mission statements |
- Underscore the scope of an organization’s operations apparent in its business definition - Reflect management’s vision of what the organization seeks to do - Focus on a limited number of goals - Stress major policies and values - Define major competitive spheres |
|
|
the mission statement |
should align with corporate culture |
|
|
corporate culture |
the shared experiences, stories, beliefs, and norms that characterize an organization |
|
|
tactical marketing |
Benefits of Planning Marketing Planning |
|
|
Marketing Planning (tactical marketing) |
The process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the program |
|
|
Benefits of Planning(tactical marketing) |
- Provides the basis for internal communication among employees - Defines the assignment of responsibilities and tasks and sets the schedules for implementation - Presents objectives and specifies resource allocations - Helps in monitoring and evaluating the performance of the marketing strategy |
|
|
Marketing Planning (tactical marketing) |
|
|
|
marketing objective |
statement of what is to be accomplished through marketing activitiesto match strengths to opportunities, or to provide for the conversion of weaknesses to strengths -Should be stated in clear, simple terms-Should be accurately measurable -Should specify a time frame for accomplishment -Should be consistent with business-unit and corporate strategy |
|
|
SWOT analysis practice |
Strengths (Helful+Internal) Weaknesses (hamful+Internal) Opportunities (Helful+External) Threats (Hamful+External) |
|
|
objectives |
Specific Measurable Achievable Relevant Time-bound |
|
|
competitive advantage |
core competencies + market opportunities /strategic windows |
|
|
market growth/market share matrix |
Product market share -high: Star, Cash cow -low: question mark, dog Product market Grow -High: Star, Question mark -low: Cash cow, dog |
|
|
marketing implementation
|
Intended Strategy: The strategy that the company decides on during the planning phase Marketing Implementation:The process of putting marketing strategies into action Realized Strategy:The strategy that actually takes place |
|
|
marketing implementation |
Alternatives for Organizingthe Marketing Unit -Centralized or decentralized -Marketing functions -Product groups -Geographic regions -Customer types |
