32 Cards in this Set
| Front | Back |
|---|---|
|
Trade Era
|
(1800s)
Limited handmade goods traded through exploration
|
|
Production Era
|
(late 1800's-1930's)
Enter industrial age
scarce goods lead to manufacturing
grew due to shortages in the market
"Supply creates its own demand"
|
|
Sales Era
|
(1920's-1960's)
competition grew after Industrial Revolution
Focus: selling - marketing, branding, and sales
outputs surpassed demand
|
|
Marketing Orientation Era
|
(late 1950's-1990's)
companies became strategic marketers
marketers would produce company's distribution channel and pricing strategy through customer knowledge
|
|
Relationship Marketing Era
|
(1990's-present)
Focus: customer loyalty and developing relationships with clients
"the cost of attracting a new customer is estimated to be five times the cost of keeping a current customer happy"
|
|
Social Marketing Era
|
(Present)
Marketers rely on social
interaction and a real-time connection with consumers.
Businesses are connected to current and potential
customers 24/7. ‘Engagement’ is a critical success
factor.
|
|
customer values
|
customer service
price
ease-of-use
quality
peace-of-mind
convenience
mobility
|
|
marketing function
|
identifying customer needs/wants
new product ideas/concept
marketing program (4 P's)
satisfying consumer needs/wants
consumer research
consumer insight
|
|
Marketing program
|
product
price
place
promotion
|
|
product
|
What does the customer want from the product/service? What needs does it
satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use?
How and where will the customer …
|
|
price
|
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra
market share? Or will a small increase be indiscernible, and so gain …
|
|
place
|
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or
both? Or online? Or direct, via a catalogue?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trad…
|
|
promotion
|
Where and when can you get across your marketing messages to your target
market?
Will you reach your audience by advertising in the press, or on TV, or radio, or
on billboards? By using direct marketing mailshot? Through PR? On the
Internet?
When is the best time to promote? Is t…
|
|
The Marketing Environment
|
includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers
i.e. ethics, global, productivity, customer value, technology
|
|
Customer equity
|
the expected earnings stream (profitiability) of a firm's current and prospective customers over some period of time. Increased if:
Acquire more profitable customers at a lower cost
Retain profitable customers longer
Win back profitable customers
Eliminate unprofitable customers…
|
|
brand equitity
|
the positive differential effect that knowing the
brand name has on customer response to the product or
service
Consumer perception dimension:
A) Differentiation (what makes the brand stand out)
B) Relevance (how consumers feel it meets their needs)
C) Knowledge (how much consumers …
|
|
mission vs. vision
|
mission is the cause, vision is the effect
|
|
organizational levels
|
corporate(clorox)
business(cleaning,household,lifestyle)
functional(different brands)
|
|
SBU Evaluation
|
stars: high market growth rate, high relative market share (needs extra cash)
cash cows: low market growth rate, high relative market share (dominant, generates a lot of cash)
question marks: high market growth rate, low relative market share (needs a lot of cash)
dogs: low market grow…
|
|
corporate growth strategies
|
market penetration
market development
product development
diversification
|
|
market penetration
|
represents a
decision to achieve corporate growth objectives
with existing products within existing markets
|
|
market development
|
entails
marketing existing products to new markets
|
|
product development
|
calls for
marketing new products to the same market
|
|
diversification
|
A diversification strategy requires the firm to
expand into new products and new markets
Unrelated diversification means that the new
products and markets have nothing in common
with existing operations.
Related diversification occurs when the new
products and markets have somet…
|
|
consumer decision process
|
1. Problem Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase Decision
5. Postpurchase Behavior
|
|
consumer behavior influences
|
• Psychological = Motivation, perception, values, etc
• Sociocultural = Social class, occupation, family, etc
• Situational = Time, setting, comfort-level, etc
marketing mix influences (4 p's)
|
|
Hierarchy (Maslow's hierarchy of needs)
|
five levels of need identified by Abraham Maslow (from top to bottom)
1. self actualization needs (self development)
2. esteem needs (recognition & status)
3. social needs (sense of belonging & love)
4. safety needs (security & protection)
5. physiological needs (hunger & thirst)
|
|
reference groups
|
people to whom an individual
looks as a basis for self-appraisal or as a source of
personal standards
membership group
aspiration group
dissociate group
|
|
major sub-cultures
|
hispanics - 52 mil
african americans - 44 mil
asian americans - 18 mil, fastest growing
|
|
objective of market research
|
Identify and define marketing opportunities
Generate, refine, and evaluate marketing actions
Monitor marketing performance
Improve understanding of marketing as a process
|
|
marketing research questions
|
1. planning
2. problem solving (four p's)
3. control
|
|
marketing research process
|
problem definition, determantion of research design, decisions on data types, determination of data coloction methoods, development of data colloction forms, sample design, data collection, analysis and interpretation
|
MKTG 311: Module 2