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27 Cards in this Set
- Front
- Back
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What are the demand states? |
1. Negative Demand 2. Nonexistent Demand 3. Latent Demand 4. Declining Demand 5. Irregular Demand 6. Full Demand 7. Overfull Demand 8. Unwholesome Demand |
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What is marketed? |
- Goods - Services - Events and Experiences - Persons - Places and Properties - Organizations - Information - Ideas |
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Key Customer Markets |
Consumer Markets Business Markets Global Markets Nonprofit/Government Markets |
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Core Marketing Concepts include |
Needs - basic human requirements Wants - shaped by society Demands - wants for specific products backed by the ability to pay |
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Five Types of Needs |
1. Stated Needs (the customer wants an inexpensive car) 2. Real Needs (the customer wants a car, the operating cost of white, not initial price, is low). 3. Unstated Needs (the customer expects good service from the dealer). 4. Delight Needs (the customer would like the dealer to include an onboard navigation system). 5. Secret Needs (the customer wants friends to see him as a savvy consumer). |
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Other key marketing concepts include |
- Target Markets - Positioning - Segmentation |
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In regards to Target markets, positioning and segmentation, marketers: |
- divide the market into segments - Target the segments presenting the greatest opportunity - Position their products in the minds of target buyers as delivering key benefits |
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Holistic Marketing Concept |
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5 activities to facilitate an exchange |
1. There has to be two parties. 2. There has to be something of value to each of the parties involved. 3. Each party has to be capable of communication and delivery. 4. Either party is free to accept or reject the exchange or offer. 5. Each party believes it is appropriate or desirable to deal with the other party. |
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Four P's: |
- Product - Price - Place - Promotion |
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SIVA |
- Solution: how can I solve my problem? - Information: where can I learn more about it? - Value: what is my total sacrifice to get this solution? - Access: where can I find it? |
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Four C's |
- Convenience to get the product - Consumer wants and needs - Cost to purchase the product - Communication
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Marketing Mix Photo |
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Strategic planning happens within the context of |
the organization |
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Corporate Culture is: |
share experiences, stories, beliefs, and norms that characterize an organization |
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Strategic Planning Photo |
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All corporate headquarters undertake four planning activities: |
1. Defining the corporate mission 2. Establishing strategic business units (SBUs) 3. Assigning resources to each SBU 4. Assessing growth opportunities |
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Mission statements define major competitive spheres in which the company will operate: |
- Industry - Products - Competence - Market segment - Vertical channels - Geographic |
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an SBU (Strategic Business Unit) has three characteristics: |
1. It is a single business, or related business, that can be planned separately from the rest of the company 2. It has its own set of competitors 3. It has a manager responsible for strategic planning and profit performance |
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Ansoff Matrix |
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Innovation: Five key strategies to for managing change: |
1. Avoid the innovation title for the team 2. Use the buddy system 3. Set the metrics in advance 4. Aim for quick hits first 5. Get data to back up your gut |
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Business Unit Strategic-Planning Process photo |
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Four major categories of marketing alliances |
- Product or service alliances - Promotional alliances - Logistics alliances - Pricing collaborations |
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Levels of a Marketing Plan |
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Marketing Plan Contents |
- Executive summary - Table of contents - Business mission - Target Market - Situation analysis - Market objective and strategy - Financial projections - Implementation controls |
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Difference between market-oriented and sales-oriented organizations |
sales-oriented looks inward towards business' needs of sales
market-oriented looks outward towards consumers needs and meeting those needs |
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Elements of a marketing mix |
4 P's: - Product - Price - Place - Promotion |
