40 Cards in this Set
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Marketing
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the activities that are involved in making people aware of a company's products, making sure that the products are available to be bought, etc.
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Target Market
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A specific group of customers that a manufacturer or retailer is trying to reach.
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Marketing Mix
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1. Product
2. Promotion
3. Price
4. Distribution (Place)
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Value-Driven Market
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Value=Benefits-Cost
If: Benefit>Cost (Good Value)
Cost> Benefit (Not a good value)
Benefit: something customer receives
Cost: Something a customer gives up
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Marketing Concept Philosophy
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-Management philosophy
-Organization should provide products that satisfy customers needs and also allows the organization to achieve its goals.
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Sales Orientation
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Business viewed sales and selling as the main means of increasing profits.
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Marketing Orientation
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Researching and responding to customer wants.
New-product innovation develops a strategic focus to explore and develop new products to target markets.
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Relationship Marketing
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Establishing long-term, mutually satisfying, buyer/seller relationships.
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Customer Lifetime Value
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Worth of the individual customers and estimates their "lifetime value" to the company.
Requires: identifying patterns of buying behavior & using that to focus on certain customers.
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Strategic Planning
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Process of establishing:
1. Organizational mission and formulating goals
2. Corporate Strategy
3. Marketing Objectives
4. Marketing Strategy
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Strategic Marketing Management
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Asks 2 Questions:
1. What is the organization's main activity?
2. How will it reach its goals?
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Strategic Business Unit Strategies
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Division, product line, or other profit center within the parent company.
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SWOT
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1. Strengths (internal)
2. Weaknesses (internal)
3. Opportunity (external)
4. Threats (external)
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Market
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Group of individuals and/or organizations that have needs for products & have the ability, willingness, & authority to purchase those products.
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Market Share
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% of a market that actually buys a specific product from a particular company.
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Market Growth/Market Share Matrix
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Business tool, based on the philosophy that a product's market growth rate and its market share are important in determining its market strategy.
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First vs. Late Mover Strategies
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First: ability of a company to achieve long-term competitive advantages by being the first to offer a certain product. MARKET IS FREE OF COMPETITION.
Late: ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product. LE…
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Environmental scanning
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searching the environment for important events or issues that might affect an organization
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Environmental analysis
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Assessment of external uncontrollable variables.
Look at overall economy, trends in consumer behavior, etc
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Brand Competitors
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Firms that market products with similar features and benefits to the same customers at similar prices.
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Product Competitors
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Firms that compete in the same product class but market products with different features, benefits, and prices.
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Total Budget Competitors
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Firms that compete for the limited financial resources of the same customers.
Ex: iPad worth $500, anything else costing in the neighborhood of $500
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Social Responsibility
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Organization's obligation to maximize its positive impact and minimize its negative impact on society.
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Cause Related Marketing
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The practice of linking products to a particular social cause on an ongoing or short-term basis.
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Pyramid of Social Responsibility (PEEL)
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- Philanthropic: being a good corporate citizen (Gallery Furniture)
- Ethical: do what is right and just
- Economic: be profitable, it is the foundation of everything else
- Legal: at very least obey the law; law is society's code of right and wrong
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Sustainability
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The long-term well being of the company.
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Cosumerism
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Efforts of independent individuals, groups, and organizations to protect the rights of consumers.
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Community Relations
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Being a good community citizen means avoiding harmful actions that could damage the community.
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Marketing Ethics
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dimension of social responsibility that involves principles and standards that define acceptable conduct in marketing
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Market Research
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Systematic design, collection, interpretation, and reporting of information to help marketers solve specific problems.
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Types of Data
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Quantitative: Yields information that can be communicated through numbers. (how many?)
Qualitative: descriptive non-numerical information.
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SECONDARY INFORMATION SOURCES
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INFORMATION BASED ON THE RAW DATA OR THE ORIGINAL INFORMATION.
i.e. books, news reports, and advertisements
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consumer markets
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-individuals or socially related groups who purchase products for personal consumption
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Business Market
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Individuals or organizations that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
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Target Market selection process
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Step 1- Identify the Appropriate Targeting Strategies
Step 2- Determine which segmentation variable to use
Step 3- Develop market segment profiles
Step 4- Evaluate relevant market segments
Step 5- Select Specific target markets
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Market Segmentation
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Dividing the market into segments of customers.
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Targeting Strategies (CUD)
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1. Concentrated (targeting one group of consumers, Jordan shoes)
2. Undifferentiated (Selling a single product to the WHOLE MARKET)
3. Differentiated (targeting families by communicating a promotional message about children learning history)
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Consumer Buying Decision Process
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1. Problem Recognition
2. Information Research
3.. Evaluation of alternatives
4. Purchase
5. Post purchase evaluation
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High-involvement Products
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Products that are visible to others and/or expensive.
Ex: Healthcare, a home
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Low-involvement products
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Products that tend to be less expensive and have less associated risk
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MKT 230: EXAM 1