marketing mid term Flashcards

Terms Definitions
4 P's
product, place, price, promotion
benefit by transforming raw materials into finished products.
marketing concept
marketers first identify consumer needs and then provide products that satisfy those needs, ensuring the firm's long-term profitability
all the activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
dark side of marketing
terrorism-vulnerability to nonmilitary targets; consumer addiction-dependency on goods, services; exploited ppl-travelin freak shows, selling body parts; illegal activities-padding insurance, sneaking in movies; shrinkage; anticonsumption-defacin products
intangible products that we pay for and use but we never own
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offering that have value for customer, clients, partners, and society at large
sales era
-focus from product orientation to moving their goods in any way they could - tend to get one time buyers instead of repeat customers
industrial goods
goods individuals or organizations buy for further processing or for their own use when they do business
marketing plan
a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
benefit by storing products until they are needed
ultimate users of a good or service
buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold
transfer of value between buyer and seller
Functional Planning
a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization long-term strategic plan - typically includes both a broad 3-5 yr plan to support firm's strategic plan
SWOT analysis
an analysis of an organizations Strengths and Weaknesses and the Opportunities and Threats in its external environment
Product-Market growth matrix
vertical axis represents opportunities for growth, either in existing or new markets, horizontal axis considers whether the firm would be better off putting its resources into existing products or if it should acquire new products
value proposition
a marketplace offering that fairly and accurately sums up the value that will be realized if the good/service is purchased
steps to create competitive advantage
1.identify distinctive competency (what it does better than other firms) 2.turn a distinctive competency into a differential benefit (providing something unique to products - something the customer wants)
the availability of the product to the customer at the desired time and location
the outcome sought by a customer that motivates buying behavior that satisfies a need or want
a desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced.
assignment of value, or the amount the consumer must exchange to receive the offering.
Mission Statement
a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its customers, products, and resources
Business Portfolio
the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
Market Development Strategy
introduce existing products to new markets ex-expanding to a new area - putting Wii in nursing homes
production era
focus is on product orientation - most efficient way to produce and distribute products. model T example
market segment
a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market
Product Development Strategies
create growth by selling new products in existing markets ex-developing new variations on the same item or improving the product - new mattresses in hotels
business to business marketing
the marketing of goods and services from one organization to another
Steps in Strategic Planning
1. define mission 2. evaluate internal and external environment 3. set organizational or SBU objectives 4. Establish business portfolio 5. develop growth strategies
value from society's perspective
we trust marketers to sell us what they promise. stressing ethics and social responsibility is good for business. Not doing so may give company a bad rep.
lifetime value of a customer
how much a customer will spend minus the cost to maintain their loyalty=how much profit the company expects to make from a particular customer
customers' desires for products coupled with the resources needed to obtain them
need-the difference between a consumer's actual state and some ideal or desired state.
consumer goods
the goods individual consumers purchase for personal or family use
market -all the consumers and potential consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase
relationship era
adopt consumer orientation to satisfy customers needs and wants
Strategic Planning
the managerial decision process that matches the firms resources and capabilities to its market opportunities for long term growth and survival - the firm's purpose and what it hopes to achieve over next five years or so
SBUs with products that have a dominant market share in a high grown markets, generate large revenue, also requires large funding
marketing mix
a combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined cunsumers
value chain
a series of activities involved in designing, producing, marketing, delivering, and supporting any product
mass market
all possible customers in a market, regardless of the differences in their specific needs and wants
Market Penetration Strategy
growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets ex-cheerios claims it lowers bad cholesterol
Diversification Strategies
emphasize both new products and new markets to achieve growth ex-Mcdonalds slowed down so they opened up Donatos Pizza, Boston Market, Chipotle Mexican Grills
small share of a slow growth market, businesses offering specialized products in limited markets that are not likely to grow quickly
Operational Planning
a decision process that focuses on developing detailed plans for day-to-day activities that carry out functional plans.
Business Plan
a plan that indicates the decisions that guide the entire organization
consumer generated value
every day ppl functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers
any good, service, or idea that can be marketed
Strategic Business Units
individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors ex - Disney has SBUs for theme park, movies, tv network and cruise line
Portfolio Analysis
a tool management uses to assess the potential of a firm's business portfolio
customer relationship management (CRM) value
a stategy that involves systematially tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs
Cash cow
have a dominant market share in a low growth potential market, high market share, little funding
Steps in Marketing Planning
1. perform a SWOT analysis 2. set marketing objectives to brands, sizes, product features, etc 3. develop marketing strategies, make key decisions about what activities they must accomplish 4. Implement and control the marekting plan
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