Principles Of Marketing Chapters 1,2,3,4

Front 1

Define Marketing, Does Marketing = advertising?

Back 1

The process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders.
Advertising is merely a part of promotion which is a sub-category of marketing.

Front 2

THe four P's of Marketing also known as the marketing mix

Back 2

Product, Price, Promotion and Placement/distribution

Front 3

The 6 Marketing Environment forces

Back 3

Political, Legal and regulatory, Technological, Sociocultural, Competitive, and Economic

Front 4

Customers

Back 4

The purchasers of organizations products; the focal point of all marketing elements.

Front 5

Fig 1.1 Components of strategic marketing

Back 5

Center = Customer
Next = Four P's of Marketing
Finally = The 6 marketing environmental forces

Front 6

Product

Back 6

Physical good, service or idea

Front 7

Target Market

Back 7

The group of customers on which marketing efforts are focused

Front 8

Marketing mix

Back 8

Product = Good, service or idea
Price = The price chosen for the product in order to be competitive and successful
Promotion = How you go about promoting your product to your target market
Placement/Distribution = How you plan on getting your product out to your target market

Front 9

Marketing Concept
Objectives

Back 9

The Marketing Concept is a philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organizations to achieve its goals.

Front 10

The Product Orientation

Back 10

Second half of the nineteenth century Industrial Revolution Era where industries were booming

Front 11

Sales Orientation

Back 11

The 1920's strong demand for products, Businesses realize they must actually "sell" these products to people.

Front 12

Market Orientation

Back 12

A mix of all, with a saturated market these days businesses must really target markets and convince them to buy their products. Determining what customers want before they just go mass producing it.

Front 13

CRM

Back 13

Customer Relationship Management
using info about customers to create marketing strategies, and create customer relationships.

Front 14

Value

Back 14

A customers subjective assessment of benefits relative to cost in determining the worth of a product

Front 15

Marketing management

Back 15

The process of planning organizing implementing and controlling marketing activities to facilitate exchanges effectively and efficiently

Front 16

Relationship marketing

Back 16

Establishing long-term, mutually satisfying buyer-seller relationships

Front 17

Why plan?

Back 17

Planning is a key factor in reaching your organizations goals and accomplishing success. necessary for reaching marketing objectives

Front 18

Marketing strategy

Back 18

A plan for identifying a target market and developing a marketing mix to satisfy
Identify
Analyze
Develop

Front 19

Marketing plan

Back 19

A written document that specifies activities to be performed to control the organizations marketing activities

Front 20

Core competencies

Back 20

Things a company does extremely well or things they have that give them a competitive edge over their competitors.

Front 21

Marketing objectives

Back 21

A statement of what is to be accomplished through marketing activities. Important to have because they help you keep the objective or goals in sight.

Front 22

Mission Statement

Back 22

A long-term view or vision of what the organization wants to become

Front 23

Competitive advantage

Back 23

Matching a core competency with something a marketing strategy for an advantage.

Front 24

Market opportunity

Back 24

Circumstances that allow a business to reach a target market

Front 25

Strategic window

Back 25

Temporary windows in a market allowing your business to excell ex- sarah palin glasses

Front 26

SWOT analysis

Back 26

A businesses
Strengths- internal
Weaknesses-internal
Opportunities-external
Threats-external
Used by marketers to asses an organization

Front 27

SBU

Back 27

Strategic-Business-Unit
A division, product line, or other profit center within the company

Front 28

Market

Back 28

A group of individuals that have a need for a product service or idea.

Front 29

Market share

Back 29

The percentage of a market that actually buys a specific product from a particular company.

Front 30

Growth Share Matrix

Back 30

Star-products with a dominant share of the market and good prospects for growth
Cash Cows-dominant share in the market but low prospects for growth
Dogs-Low share of market and no prospects of growth
Question Marks-Low share and require a lot of money, not sure where they are going

Front 31

Sustainable competitive advantage

Back 31

An advantage that the competition cannot copy

Front 32

Marketing planning

Back 32

Assessing markets and implementing for control of the marketing program

Front 33

External customers

Back 33

Individuals who patronize a business- a customer

Front 34

Internal customers

Back 34

Employees

Front 35

TQM

Back 35

Total-Quality-Management
A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customer's perceptions of quality

Front 36

Internal marketing

Back 36

A philosophy which states that healthy transactions between business and employee will reflect healthy transactions between employees and customers

Front 37

Benchmarking

Back 37

Comparing the quality of the company's goods, services, or processes with that of its best-performing competitors

Front 38

Empowerment

Back 38

Giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval

Front 39

Centralized organization

Back 39

A structure in which top-level managers delegate little authority to lower levels

Front 40

Decentralized organization

Back 40

A structure in which decision making authority is delegated as far down the chain of command as possible

Front 41

Performance standard

Back 41

An expected level of performance against which actual performance can be compared

Front 42

Environmental scanning

Back 42

The process of collecting information about forces in the marketing environment

Front 43

Environmental analysis

Back 43

The process of assessing and interpreting the information gathered through the environmental scanning

Front 44

Competition

Back 44

Other organizations selling similar products or targeting a similar marketing group

Front 45

Brand competitors

Back 45

Firms that market products with similar features to the same customers at similar prices

Front 46

Product competitors

Back 46

Firms that compete in the same product class but market products with different features benefits and prices

Front 47

Generic competitors

Back 47

Firms that provide very different products that solve the same problem or satisfy the same customer need ex- fly killers

Front 48

Total budget competitors

Back 48

Firms that compete for the limited financial resources of the same customers

Front 49

Monopoly

Back 49

A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply

Front 50

oligopoly

Back 50

A competitive situation where a few sellers control the supply for a large proportion of the product

Front 51

Monopolistic competition

Back 51

A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product

Front 52

Pure competition

Back 52

A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

Front 53

Economic forces

Back 53

Can be one of the greatest forces
can control business cycles, and include things like Prosperity, recession, depression and recovery

Front 54

Prosperity

Back 54

A stage of the business cycle including low unemployment numbers and high income ensures high buying potential

Front 55

Disposable income

Back 55

After-tax income

Front 56

Discretionary income

Back 56

Income available for spending and saving after bills and such are paid (true disposable income)

Front 57

Wealth

Back 57

The accumulation of past income, natural resources and financial resources

Front 58

Political forces

Back 58

Political legal and regulatory forces of the marketing environment

Front 59

Government regulation and self regulation

Back 59

FTC-federal trade commission-federal agency that regulates business behaviour
BBB-Better Business Bureau- non-government regulatory agencies that help settle problems between customers and businesses

Front 60

Social responsibility

Back 60

An organizations obligation to maximize its positive impact and minimize its negative impact on society and within its company

Front 61

Marketing citizenship

Back 61

The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

Front 62

Marketing ethics

Back 62

Principles and standards that define acceptable marketing behavior as determined by various stakeholders

Front 63

Pyramid of Corporate responsibility

Back 63

Pyramid Peak = Philanthropic = Be a good corporate citizen
Third = Ethical = Be ethical, Avoid harm
Second = Legal-obey the law, play by the rules
Base = Economical-Be profitable, only in business to make money

Front 64

Stakeholder vs. Shareholder

Back 64

Stakeholder is someone who holds stake in the business-customers,society, these can be internal and external
Shareholders are people who actually hold shares in the company

Front 65

Cause-related marketing

Back 65

The practice of linking products to a particular social cause on an ongoing or short-term basis

Front 66

Strategic philanthropy

Back 66

The synergistic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits

Front 67

Sustainability

Back 67

The potential for the long-term well-being of the natural environment, including all biological entities as well as the interaction among nature and individuals, organizations, and business strategies

Front 68

Green marketing

Back 68

A strategic process involving stakeholders assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment