Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/104

Click to flip

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