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MGM 301: Exam 1
The Five C's
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Customer needs
Company skills
Competition
Collaborators
Context
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The 4 P's: Controllable Marketing Mix Factors
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Product
Price
Promotion
Place
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Environmental Forces
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Social
Economic
Technical
Competitive
Regulatory
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Customer Value
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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.
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Relationship Marketing
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Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.
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Types of Marketing Orientations (4)
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Production Era
Sales Era
Marketing Concept Era
Customer Relationship Era
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Production Era
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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.
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Sales Era
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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.
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Marketing Concept Era
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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.
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Utility
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The benefits or customer value received by users of the product.
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4 Kinds of Utility
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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
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Strategic Business Unit
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A subsidiary, division, or unit of an organization that markets a set of related offerings to a clear defined target market.
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Business Portfolio Analysis (BCG)
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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
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S.W.O.T.
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An organizations appraisal of its internal Strengths and Weaknesses and external Opportunities and Threats.
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Babyboomers
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1946-1964
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Generation X
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1965-1976
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Generation Y
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1977-1994
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Millennial's
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1995+
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Mission/ Vision
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Statement of the organizations function in society that often identifies its customer, markets, products, and technologies.
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Marketing Mix
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The marketing managers controllable factors that can be used to solve a problem. Price, place, promotion, product.
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Marketing Program
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A plan that interstates the marketing mix to provide a good, service or idea to prospective buyers.
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Strategy
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An organizations long term course of action designed to deliver a unique customer experience while achieving its goals.
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SBU
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Strategic business unit-
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Market share
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Ratio of sales revenue of the firm to the total sales revenue of all forms in the industry.
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Marketing plan
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Road map for the marketing activities of an organization for a specified future time period.
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BCG
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Boston consulting group. Used business portfolio analysis. Cash cow, dog, question marks, stars.
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Environmental scanning
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The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
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Market penetration
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Increase sales of current products in current markets.
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Product development
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Sell new products to current markets.
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Market development
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Sell current products to new market.
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Diversification
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