MARK 3000: Exam 1
54 Cards in this Set
| Front | Back |
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The 4 P's
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Product
Promotion
Place
Price
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Product (Marketing Mix)
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Creating value
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Promotion (Marketing Mix)
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Communicating value
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Price (Marketing Mix)
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Capturing Value
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Place (Marketing Mix)
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Delivering value
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Production Corporate Orientation
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What does the firm do best?
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Sales Corporate Orientation
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How can we sell more of what we have?
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Value based marketing orientation
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What does the customer want?
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Societal Market Orientation
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How do I meet customer needs and benefit society?
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Ethics
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Moral principles and values that govern actions
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Laws
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Society's values which are enforceable in court
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Step 1 for Ethical Decision Making
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Identify issues
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Step 2 for Ethical Decision Making
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Gather information and identify stakeholders
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Step 3 for Ethical Decision Making
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Brainstorm and evaluate alternatives
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Step 4 for Ethical Decision Making
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Choose a course of action
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General Business Norms
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Standard practice in business
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caveat emptor
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"Let the buyer beware"
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Company Norms
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Values
Rules
Controls
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Personal Norms
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Family
Religion
Values
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Moral idealism
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If it has negative consequences, action is unethical
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Utilitarianism
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The needs of the many outweigh the needs of the few
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Golden Rule
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Do onto others what you would want done to yourself
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Person in the Mirror
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Are you doing what you would expect others to do?
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Profit Responsibility
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Maximize profit, don't do anything illegal
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Stakeholder Responsibility
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Responsible to Customers, Employees, and Suppliers in addition to owners
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Corporate Social Responsibility
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Responsible to Employees, Customers, Marketplace, and Society
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Marketing Environment
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Uncontrollable elements outside of any organization that may affect its performance
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Immediate/Corporate Environment
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Consumers
Company
Corporate Partners
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Low Involvement Purchases
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Low cost, standardized, not important, low risk
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High Involvement Purchases
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Important, high risk, greater time and effort
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Macro/External Environment
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Culture/Social
Competition
Economic
Demographics
Political/Legal
Technology
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Social Trends
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Thrift
Health and Wellness Concerns
Greener Consumers
Privacy Concerns
Time-Poor Society
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High Involvement Decision-Making Process
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Need Recognition
Information Search
Evaluation of Alternatives
Purchase
Post purchase behavior
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Compensatory Decision Making
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Weigh in positive and negative attributes to come up with decision of whether or not to buy
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Non-compensatory decision making
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One attribute can be a deal breaker
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Post-Purchase Behavior
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Customer Satisfaction (+)
Customer Loyalty (+)
Cognitive Dissonance (-)
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Consumer Decision Process
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Marketing Mix (4 P's)
Psychological Factors
Social Factors
Situational Factors
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Man's Hierarchy of Need
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Self-Actualization
Esteem
Love
Safety
Physiological
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Cognitive Component of Attitude
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Logic
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Affective Component of Attitude
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How it makes you feel
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Behavioral Component of Attitude
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What you do or say before or after purchase
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Perception v. Learning
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Perception - how we select, organize, and interpret information
Learning - a change in thought process or behavior
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Segmentation
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Identifying and serving homogeneous groups of consumers
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Step 1: Establish Overall Strategy or Objectives
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Derived from mission and current state
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Step 2: Segmentation Methods (5)
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Geographic
Demographic
Psychographic
Benefits
Behavioral
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Step 3: Evaluate Segment Attractiveness (5)
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Substantial
Identifiable
Profitable
Reachable
Responsive
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Step 4: Selecting a Target Market (2)
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How many segments?
Which specific segments?
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Undifferentiated Targeting Strategy
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Firm assumes all consumers are the same, relative to the product category
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Differentiated Targeting Strategy
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Firm selects more than one segment for its target markets
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Cannibalization
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New product cuts into sale of old product
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Concentrated (Niche) Targeting Strategy
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Firm selects one market segment to target
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Micromarketing (One-to-One) Targeting Strategy
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Firm treats individuals or very small groups as targets
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Step 5: Develop Positioning Strategy
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Use 4 P's to develop value proposition
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Value Proposition
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The offering of something to your customer in exchange for something from them
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MARK 3000: EXAM 1