Chapter 1 How is marketing defined The activity set of instructions and processes for creating communicating delivering and exchanging offerings that have value for customer clients partners and society at large What are the key elements components of marketing Process for exchanging offerings that offer value What conditions must be true for marketing to occur At least two parties have unmet NEEDS Each party has the desire and ability to satisfy the others needs There is a mechanism for the parties to communicate with each other Each party has something of value to exchange What is a need Difference between an actual current state and an ideal or desired state food water shelter love fun power respect safety etc What types of needs exist See Maslow s Hierarchy of Needs How is a need different from a want A want is a specific way to satisfy a need How is value defined Benefits Cost What is a benefit What one receives from an object what a product does for someone Buying a brand experience benefit stature good feeling satisfy need What is utility Usefulness received or worth one can get from something value derived from What are the four types of utility we ve discussed in this course and how do they differ Form product itself Place where available Time when available Possession process that facilitate purchase ownership possession What is a value proposition A cluster of benefits that an organization promises customers to satisfy their needs Ex Wal Mart promises Everyday low prices What is meant by product differentiation A firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products Identify the various types of stakeholders in marketing Employees customers managers shareholders the community as a whole anyone affected by marketing What are the elements of the Triple Bottom Line Profit People Planet What is a market Potential customers people with the ability and desire to buy a specific offering What are the Four Ps Controllable factors Product Place Price Promotion communication personal selling advertising direct marketing What are the elements of the marketing mix Product A good service or idea to satisfy customer needs Price What is exchanged for the product Place A means of getting the product to the customer Promotion A means of communication between the seller and buyer What is relationship marketing Developing and maintaining effective customer relationships links organization to its customers employees suppliers and other partners for mutual long term benefit Leads to Customer Relationship Management CRM What is the marketing concept The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals Marketing Orientation focuses its efforts on continuously collecting information about customers needs sharing this information across departments and using it to create customer value What is the societal marketing concept The view that organizations should satisfy the needs of consumers in a way that provides for society s well being Chapter 2 What are the various competitive forces Barriers to entry How hard it is to enter the market Power of Buyers Power of Sellers Existing competitors and substitutes Small business as competitors How is an industry structured Industry Offerings Business Firms goals Sales Market Share Profit Non Profits goals Clients Satisfaction Efficiency Sustainable Development What is a strategic business unit sbu A subdivision that markets a set of related offerings to a clearly defined group of customers managers set a more specific strategic direction for the business to exploit value creating opportunities What is a strategy An organizations long term course of action designed to deliver a unique customer experience while achieving its goals What is a mission statement Based off core values a statement of the organizations function in society that often identifies its customers markets products and technologies clear concise meaningful inspirational and long term What is a business model The strategies an organization develops to provide value to the customers it serves Technological innovations are generally the reason companies advise their business model What is a goal and an objective Statements of an accomplishment of a task to be achieved often by a specific time What types of goals or objectives do organizations have Profit Sales Revenue Market Share Quality Customer Satisfaction Employee Welfare Social Responsibility Public Good Long Term Short Term What are a marketing dashboard and its function and purpose Visual computer display of essential information related to achieving a marketing objective Marketing Metric a measure of the quantitative value or trend of a marketing activity or result What are the dimensions and the various elements of the BCG Matrix portfolio analysis approach Cash Cows SBU s that generate large amounts of cash far more than they can invest in themselves High market share and low growth rate Stars High market share and high growth rate When growth slows down they will become cash cows Question Marks Low market share of a high growth rate market Dogs Low market shares of slow growth markets o Organizations generally start as question marks and with proper development and investing become stars cash cows then dogs What are four market product strategies discussed in this course What is a SWOT analysis and what does each letter in the acronym represent Market Penetration Product development Market development Diversification Strengths Weaknesses Opportunities Threats What are the components of competition Threat of new entrants Bargaining power of buyers and sellers Threat of substitute offerings Chapter 3 What are the various environmental forces that can affect an organization Social Demographics and Culture Population Attitudes Values Economic Macroeconomic Consumer income Technological Changing technology Impact of technology on customer value Competitive Alternative forms of competition Small businesses Regulatory Pricing Distribution Promotional legislations What does it mean to perform an environmental scan Process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends involves explaining trends What are demographics Describing a population according to selected characteristics such as age gender