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80 Cards in this Set
- Front
- Back
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Environmental forces |
Social, economic, technological, competitive, regulatory |
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What is Marketing? |
2+ parties with unsatisfied needs, desire and ability to be satisfied, way for parties to communicate, something to exchange |
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How to (1) discover consumer needs and (2) satisfy them |
(1) research (2) Marketing program |
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Marketing program contains a combination of .. |
4 P’s |
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Value strategies |
Best price, best product, best service |
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How do consumers benefit? |
Form utility, place utility, time utility, and possession utility |
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Market |
People with desire and ability to buy an offering |
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Target market |
One or more specific groups of potential consumers toward which an organization directs its marketing program |
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Customer value proposition |
Cluster of benefits that organization promises customers to satisfy their needs |
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Customer value |
Unique combo of benefits received by targeted buyers; include quality, convenience, on-time delivery, and before-sale and after-sale service at a specific price |
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Relationship marketing |
Links the organizations to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
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Marketing program |
Plan that integrates marketing mix to provide a good, service, or idea to prospective buyers |
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Market segments |
Homogeneous groups of prospective buyers that (1) have common needs (2) respond similarly to marketing action |
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Market orientation |
Focuses on (1) continually gathering info on consumer needs (2) sharing this info across departments (3) used to create customer value |
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Ultimate consumer |
People who use products/services purchased for a household |
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Organizational buyers |
Manufacturers, wholesalers, retailers, service companies, non profits, government agencies that buy products for own use or resale |
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Who benefits? |
(1) consumers who buy (2) organizations that sell (3) society as a whole |
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Takes ___ raw ideas to generate ONE commercial success |
3,000 |
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__% of new product launches fail |
40 |
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Product era |
1920s- goods were scarce, buyer expectation low |
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Sales Era |
1920s-1960s - product more goods than buyers could consume. Competition grew, firms hired more salespeople. |
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Marketing concept era |
1950s- Marketing was motivating force in firms |
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Customer relationship era |
1980s- occurs as firms continuously seek to satisfy expectations of customers |
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Three levels of product |
Augmented product, actual product, core benefit |
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Augmented product |
After-sale service, warranty, installation, delivery and credit |
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Actual product |
Brand name, quality level, design, packaging, features |
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Types of organizations |
For profits, non profit, government agencies |
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NAICS Code |
Classified industries into multi-digit categories, greater number of digits = more specific data |
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Techniques for deciding business direction |
(1) business portfolio analysis (2) diversification analysis |
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business portfolio analysis |
Way to quantify performance measures and growth targets to analyze SBU. Money generated or required from SBU |
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Strategic marketing process |
Planning, implementation, evaluation |
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Diversification analysis |
Helps firm search for growth opportunities among current/new markets/products |
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Market penetration |
Increase sales of current products in current markets |
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Diversification |
Developing new products and selling in new markets |
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Dogs |
Low market share low growth |
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Cash cows |
High market share low growth |
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Question marks |
Low market share high growth |
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Stars |
High market share high growth |
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Planning phase |
Obtaining resources, design marketing organization, define tasks and deadlines, execute marketing program |
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Marketing strategy |
Means by which marketing goal is achieved |
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Marketing tactics |
Day-to-day operational marketing actions for each element of marketing mix |
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Strategic business unit (SBU) |
Unit of an organization that markets set of related offerings to clearly defined customers |
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Visionary organizations |
Establish foundation, set direction, strategy to develop and market offerings |
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Generational Marketing |
Baby boomers (1946-1964), generation x (1965-1976), Generation Y (1977-1994), millennials (1995+) |
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Culture |
Set of values, ideas, attitudes that are learned and shared among members of a group |
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Disposable income |
Money left over after taxes- used for necessities |
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Discretionary income |
Money left over after after taxes and necessities- used for luxury items |
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Pure competition |
Large # sellers, similar products, place is important |
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Pure competition |
Large # sellers, similar products, place is important |
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Monopolistic competition |
Large number of sellers, unique but substitutable, pricing is important |
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Oligopoly |
Few large competitors, similar products, promotion is key for product difference perception |
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Oligopoly |
Few large competitors, similar products, promotion is key for product difference perception |
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Monopoly |
Single producer, unique & unsubstitutable, unimportant |
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Sherman antitrust act |
Forbids monopolies and conspiracies in restraint of trade |
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Sherman antitrust act |
Forbids monopolies and conspiracies in restraint of trade |
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Clayton Act |
Encourages competition |
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Robinson-Patman act |
Unlawful to discriminate prices charged to different purchasers of same product |
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Consumer confidence index |
Expectations of future financial positions |
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Tech’s impact on customer value |
Cost is decreasing and more accessible |
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Internet of things |
Network of products embedded with connectivity enabled electronics |
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Market space |
And information and communication based electronic exchange environment |
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FTC |
Cease and desist order, corrective advertising |
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Caveat emptor |
“Let the buyer beware” |
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Ethics of exchange |
Both parties are better off |
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Consumer bill of rights |
The right to safety, choose, be informed, heard |
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Consumer bill of rights |
The right to safety, choose, be informed, heard |
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Ethics of competition |
Economic espionage- trade secrets of competitors; bribery |
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3 concepts of social responsibility |
Societal responsibility, stakeholders responsibility, profit responsibility |
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Triple bottom line |
People, planet, profits |
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Social audit |
Assessment of a firms performance in terms of social responsibility |
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Sustainable development |
Conducting business in a way that protects the natural environment while making economic progress |
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Purchase decision process |
Prob recognition, info search, alt. Eval, purchase decision, post-purch behavior |
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Situational influence |
Purchase task, social & physical surroundings, temporal effect, antecedent states |
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Consumers learn from experience by |
Drive, cue, response, reinforcement. |
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Stimulus generalization |
Using the same brand for different product |
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Consumer motivations |
Ideals, achievement, self expression |
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Role of family in purchase process |
Info gatherer, influencer, decision maker, purchased, user |
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Maslows Hierarchy of needs |
Personal, social, self, safety, phsych |
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Key personal traits |
Assertiveness, extroversion, compliance, dominance |
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Change attitudes by |
Change beliefs and perceptions about attributes & add new product attributes |
