MGM 301: Exam 1
31 Cards in this Set
| Front | Back |
|---|---|
|
The Five C's
|
Customer needs
Company skills
Competition
Collaborators
Context
|
|
The 4 P's: Controllable Marketing Mix Factors
|
Product
Price
Promotion
Place
|
|
Environmental Forces
|
Social
Economic
Technical
Competitive
Regulatory
|
|
Customer Value
|
Unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service at a specific price.
|
|
Relationship Marketing
|
Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.
|
|
Types of Marketing Orientations (4)
|
Production Era
Sales Era
Marketing Concept Era
Customer Relationship Era
|
|
Production Era
|
Early united states until 1920's: goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them.
|
|
Sales Era
|
1920's - 1960's: manufacturers found that they could produce more goods than buyers could consume- competition grew- firms hired more sales people to find buyers.
|
|
Marketing Concept Era
|
1950's - early 2000's: idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals.
|
|
Utility
|
The benefits or customer value received by users of the product.
|
|
4 Kinds of Utility
|
1. Form- the production of the product or service
2. Place- having the offering available where consumers need it
3. Time- having the offering available when customers need it
4. Possession Utility- the value of making an item easy to provision of credit cards or financial agreements
|
|
Strategic Business Unit
|
A subsidiary, division, or unit of an organization that markets a set of related offerings to a clear defined target market.
|
|
Business Portfolio Analysis (BCG)
|
4 Quadrants:
1. Question Marks- low market share, high market growth rate
2. Stars- high market share, high market growth rate
3. Cash cows- high market share, low market growth
4. Dogs- low market share, low market growth
|
|
S.W.O.T.
|
An organizations appraisal of its internal Strengths and Weaknesses and external Opportunities and Threats.
|
|
Babyboomers
|
1946-1964
|
|
Generation X
|
1965-1976
|
|
Generation Y
|
1977-1994
|
|
Millennial's
|
1995+
|
|
Mission/ Vision
|
Statement of the organizations function in society that often identifies its customer, markets, products, and technologies.
|
|
Marketing Mix
|
The marketing managers controllable factors that can be used to solve a problem. Price, place, promotion, product.
|
|
Marketing Program
|
A plan that interstates the marketing mix to provide a good, service or idea to prospective buyers.
|
|
Strategy
|
An organizations long term course of action designed to deliver a unique customer experience while achieving its goals.
|
|
SBU
|
Strategic business unit-
|
|
Market share
|
Ratio of sales revenue of the firm to the total sales revenue of all forms in the industry.
|
|
Marketing plan
|
Road map for the marketing activities of an organization for a specified future time period.
|
|
BCG
|
Boston consulting group. Used business portfolio analysis. Cash cow, dog, question marks, stars.
|
|
Environmental scanning
|
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
|
|
Market penetration
|
Increase sales of current products in current markets.
|
|
Product development
|
Sell new products to current markets.
|
|
Market development
|
Sell current products to new market.
|
|
Diversification
|
...
|
MGM 301: Chapter 8 Flashcards