47 Cards in this Set
| Front | Back |
|---|---|
|
market
|
a group of customers with common problems to solve or needs to satisfy that have the ability or authority to buy the product
|
|
fundamental purpose of marketing
|
creating value by developing a variety of offerings i.e. goods, services, ideas
|
|
4 P's / Marketing Mix
|
Product, Price, Place, Promotion
|
|
Price
|
everything a buyer is willing to give up in exchange for a product
|
|
Place
|
aka supply chain management, moving the product from manufacturer to the customers, what stores it is sold, how it is stored and shipped
|
|
B2B C2C B2C
|
business to business
consumer to consumer
business to consumer
|
|
stakeholders impacted by marketing
|
society, customers, employees, supply chain
|
|
4 eras of marketing
|
production oriented, sales oriented, marketing, value based
|
|
Production oriented era
|
turn of the century when a good product would sell itself EX: henry ford and the car
|
|
Sales oriented era
|
1920's -50's when the great depression hit. Companies had inventory but no way to get it off of the shelf
|
|
marketing era
|
1950's-90's was the first time companies looked at what customers wanted so prices and merchandise became competitive
|
|
value based era
|
now, companies and products are ahead of the curve, before we get used to what we have a new product has come out
|
|
How firms become value driven
|
sharing information, balancing benefits with costs, building customer relationships, and managing those relationships
|
|
importance of marketing
|
expands global presence, enriches society, pervasive across channel
|
|
customer excellence
|
loyalty programs and superior service
|
|
operational excellence
|
supply chain management, strong supplier relations, HR management
|
|
product excellence
|
effective branding and positioning
|
|
step 1
|
business mission and objectives
|
|
step 2
|
Situation Analysis & SWOT
|
|
SWOT
|
Strengths and Weakness and the external environment in terms of its Opportunities and Threats
|
|
Situation analysis
|
Exploratory research conducted with the purpose of providing a more complete understanding of the problem and the total business environment in which it exists
|
|
How do you analyze a marketing situation?
|
SWOT
|
|
Strategic Business Unit (SBU)
|
division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objective, brand and item analysis are done here
|
|
SBU's
|
can be organized by geography i.e. Goodyear
|
|
Product line
|
a group of products that consumers may use together or perceive as similar in some way i.e. Car, Van, SUV vs. racing tires
|
|
Portfolio Analysis
|
management evaluates the firm's various products and businesses and allocates resources according to which products are expected to be the most profitable for the firm in the future. Performed at product line or SBU
|
|
Market positioning
|
process of defining the marketing mix variables so that target customers have a clear and desirable understanding of what the product does or represents in comparison with competition
|
|
target marketing aka targeting
|
evaluates attractiveness of market segments and decides which to pursue
|
|
when do firms use metrics
|
explain why things happen, to project the future, and make it possible to compare results across regions, SBU's, product lines, and time periods
|
|
technology evolution
|
Invention --> Industrialization --> Entrepreneurial
|
|
Creators
|
contributors that sit at the cutting edge and plan to stay there. social media give them new ways to post and share their creative ideas
|
|
bonders
|
social butterflies who use social media to enhance and expand their relationships, which they consider all-important in their lives
|
|
professionals
|
constantly on the go, want to appear efficient and have everything together, demonstrate how smart they are
|
|
sharers
|
constantly well informed so they can provide genuine insights to others
|
|
Excite
|
Customers with relevant offers
|
|
Educate
|
them about the offering
|
|
experience
|
products, directly and indirectly
|
|
engage
|
with their social network
|
|
immediate environmental factors that impact consumers
|
corporate partners, the company, and competitors
|
|
generational cohort
|
name for a group of individuals who are of the same generation
|
|
Generation x
|
1965-1976 41 million Americans, Latchkey children, %50 have divorced parents, helicopter parents
|
|
Latchkey Children
|
those who grew up in homes where both parents work
|
|
immediate environment
|
sitting within the macro environment and related to elements of the competitive industry in which the firm operates
|
|
demographics
|
characteristics of human population that include generational cohorts such as gender, race, and income
|
|
RFID
|
a new technology that enables a firm to track items as they move to the hands of the consumers
|
|
Baby Boomer
|
1946-1964 78 million. individualistic, leisure time is important, take care of themselves
|
|
Gen Y
|
sees a work and life balance
|
MKTG 350: Exam 1