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44 Cards in this Set
- Front
- Back
Marketing
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the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large
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Exchange
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trade of things of VALUE
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4 conditions for marketing to occur
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1. 2 or more parties with unsatisfied needs
Ex: A bookstore owner selling books on music (he wants money for the books) and the customer who wants to learn about music, so he must buy a book. 2. Desire/ability to satisfy these needs Ex: You have the money and time to go the bookstore, and the seller has the book on his shelves 3. A way for the parties to communicate Ex: Receive a free sample in the mail or see the magazine on display in the bookstore, communication is met 4. Something to exchange Ex: Money for book. |
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Cycle of discovering consumer needs
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1. Discover consumer needs
2. → Create concepts for products 3. → Satisfy consumer needs through combination of 4 P’s. 4. → Goods, services, ideas 5. → Potential consumers: the market 6. → Information about needs → Restart the cycle and discover consumer needs M |
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Market
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made up of potential consumers with ___ & ___
* Desire and Ability |
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Target market
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1 or more speicfic groups of potential customers
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Marketing mix
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4 P's- controllable factors for manager to solve the marketing problem
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Environmental Forces
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uncontrollable factors
1. Social 2. Economic 3. Regulatory 4. Technological 5. Competitive |
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Customer value
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the unique combination of benefits received by targeted buyers that includes quality, convenience, promptness and before/after sale service at a specific price b/c loyal, satisfied customers are likely to repurchase over time
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Relationship marketing
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long term benefit, communication with individual customers, employees, suppliers, partners
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Marketing program
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a plan that integerates the marketing mix (4 p's) to provide a product to prospective buyers.
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Production Era
Sales Era Marketing Concept Era Market Orientation Customer relationship era |
- up till the 1920's
- competition, can produce more than buyers could use - customers, achieve organizational goals - customers, share info across departments, customer value |
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CRM
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1. identify prospective buyers
2. understand them 3. Developing favorable long-term perceptions of the organization and its offerings so buyers choose them |
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Customer Experience
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internal response that customers have to all aspects of an organization
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Social Responsibility
vs. Societal Marketing Concept |
the belief that organizations are accountable to a larger society for their actions
the view that organizations should satisfy the needs of consumers in a way that provides for society’s well being |
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Who markets (3)?
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individuals(Politicians)
Business firms (Target) Nonprofit organizations (hospitals)p |
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What is marketed?
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products- good,services,ideas
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Who buys?
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Ultimate consumers- anyone who USES goods and services purchased for a hosuehold
Organizational buyers- |
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Utility/ 4 Kinds
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1. Form-the production of goods/services
2. Place-having a product available where people need it (ex. vending machine) 3. Time- having it available when needed (ex. 24 hour convenience store) 4. Possession- making an item easy to purchase (ex. financing, credit card) |
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Strategies by Level?
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Corporate, SBU, Functional
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SBU Level
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distinct mission, product, and competitors
ex. specific portion of Johnson and Johnson |
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Functional Level
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groups of specialists create value,
Departments- specialized functions ex. finance, marketing |
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Core value
stakeholders Mission |
-principles that guide its conduct over time
- employees, shareholders, board of directors, suppliers, disributors, creditors, unions, local community, government, customers - statement of an organizations function in society, often identifying its customers, markets, products, and technologies, |
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Business Goals
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1.profit
2. sales 3. market share 4. quality 5. customer satisfaction 6. employee welfare 7. social responsibility |
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Market share
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ratio of sales revenue of the firm to the total sales revenue of all the firms in the industry, including the firm itself.
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Competency
Competitive Advantage |
- special capabilities of an organization skills, technologies, resources- that distinguish it from other organizations
- a STRENGTH relative to other compeitors that provides superior returns, often based on quality, time, cost or innovation |
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Competitive Advantage
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quality, time, cost, innovation
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Market Growth Rate
vs. Relative market share |
- vertical axis
- horizontal axis |
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Cash cow vs. star. vs question mark vs. dog
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low growth, high market share
high growth, high market share high growth, low market share low growth, high market share |
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Market penetration
Market product development Market development Diversification |
Products
Current New Markets Current MP PD New MD Diversif. |
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Strategic Marketing Process
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allocate marketing mix resources to reach target markets
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Planning
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1. SWOT Analysis
2. Market Segmentation Points of difference 3. Marketing Program |
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SWOT Analysis
Market Segmentation |
where the firm or product has been recently, where it is now, and where it is headed in terms of the organizations marketing plans and the external forces and trends affecting it
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Market Segmentation
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Set marketing and product goals
(2) Select target market - Find Points of difference |
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Points of Difference
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CHARACTERISTICS that make it superior, the SINGLE most important factor in the success or failure of an new product
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Marketing Program
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implementing the marketing mix
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Product strategy
Price strategy Promotion strategy Place |
features, brand, packaging, service, warranty
- discounts, price, credit terms, payment - advertising, personal selling, pr, sales promotion, direct marketing - outlets, channels, coverage, transportation, stock level |
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Implementing Phase
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1. Obtain resources
2. Design the Marketing Organization 3. Develop Planning schedules 4. Executing the Marketing Program Marketing Strategy: the means by which marketing goals are to be achieved Marketing tactics: day to day operational decisions essential to the overall success of marketing strategies ex: writing ads, setting prices of new products |
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Marketing Strategy
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the means by which he marketing goals are achieved
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Marketing Tactics
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day to day operational decisions essential to the overall success of marketing strategiess
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Evaluating
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Plannning gap
act on deviations (whether positive or negative) |
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Environmental Scanning
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aquire info from outside the organiztion to identify trends and develop explanations
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Demographis
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ethnicity, age, income, occupations
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Baby boomers
Generation X Genetartion Y |
mom
1965-1976 me |