Marketing Exam 1 Intro to Marketing price Marketing helps to develop the products that people want to buy at an affordable 1920 1950 Marketing was known for the door to door salesman Most people think of marketing as advertising and sales but that is a misconception because marketing is much more complex The process of marketing is 1 Product 2 Price 3 Place 4 Promotion Product Primary goal of marketing is to identify unmet consumer needs and develop products to them Marketing starts with the product What makes a good product Ex Coke bottle and can fizzy Product development core marketing concept We find out the unmet consumer needs through marketing research Product must be available at the right time in the right place to be wanted Ex Internet has changed distribution Getting a Coke to where you can buy it is distribution Place Price Must bring in a profit for the company but still be affordable Increased access of information develops consumer prices Identify a price that maximizes revenue A primary goal of marketing is to inform consumers of a new product Can be done through advertising Promotion Definition of Marketing Process by which companies develop products those consumers will desire and promote them accordingly Finance and Marketing is closely related and would not exist without one another Pure Marketing Legitimate marketing that has research to back it up Impure Marketing The guys that call themselves marketers but try to advertise and sell products in faulty ways Impure marketing is very powerful and it actually works Advertising is a key concept in selling a product Marketing Strategy Stakeholders People who hold ownership in a company and are NOT just customers Ex The BP oil spill negatively affected the stakeholders Marketing Orientation An organization wide commitment to researching and responding to customer needs 1920 s 2010 The relationship Marketing era which established that creating positive long term relationships with consumers was beneficial to companies Societal Marketing Focuses on Green Marketing Has Society best interest 1960 present Successful Marketing orientation always begins with the customer and builds upon the FOUR P s Value driven marketing A customer determines if the products value is worth the buy Value Customer Benefits Customer Costs Social value is another form of value Relationship marketing is important because it can develop repeat customers Ex Chik fil A encouraging its workers to be more generous to employees Market Opportunity Where timing meets the appropriate circumstance and a strategic marketing window is created Strategic Planning Choosing which goals deserve to be more prioritized and met first helps to develop a marketing plan SWOT Analysis Determines a companies 1 Strengths 2 Weakness 3 Opportunity 4 Threat Nike is an example The mission statement will determine a marketing goal Marketing Planning Determines a companies organizational goals and objectives by establishing guidelines in the marketing plan Will help analyze a target market and develop a marketing mix Market Strategy The Marketing Environment Environmental Scanning is the process of collecting information about forces in Environmental Analysis will help interpret the information found in marketing environment Environmental Scanning How do marketers react to environmental forces 1 Passive accepting them as uncontrollable 2 Proactive attempt to change them Competitive Forces Types of Competitors 1 Brand Competitors 2 Product Competitors 3 Generic Competitors 4 Total Budget Competitors Firms to Know Pepsi Monitoring Competition will help a firm to develop the competitive advantage and create a marketing strategy that can outwit a competitor Economic Forces that can affect sales 1 Depression 2 Recession 3 Prosperity 4 Recovery ACSI American Customer Satisfaction Index Political Forces such as new law legislation can impact competition and product success o Pro competitive legislation preserves competition o Consumer Protection Legislation protects consumers The Pizza Puffery debate between Papa John and Dominoes The Sherman Antitrust Act prohibits contracts or conspiracies to restrain trade and establishes as a misdemeanor in attempting to monopolize Regulatory Agencies Federal Trade Commission Food and Drug Administration Environmental Protection Agency The FTC has the most influence on marketing activities Applies knowledge and tools to solve problems and perform tasks more efficiently Technological Forces Can impact dynamic change Can improve productivity Negative Impacts of Technology invasion of privacy and intellectual property Sociocultural Forces These forces have an influence on societies customs and lifestyle including beliefs and norms Warren Buffet is the 3rd wealthiest man in the world pays himself 175 k year and has pledged to donate 99 of his wealth to charity Consumerism the organized efforts of groups and organizations to protect the rights of consumers Ex Kennedy s consumer bill of rights Marketing critics think that consumers are being exploited in the marketplace The key to internal marketing is empowerment which gives workers the power to act immediately and decisively without fear in order to maintain consumer satisfaction
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