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Marketing Final

Lehman Marketing Final Study Cards

QuestionAnswer
Social Network Marketing using a social media platform to increase brand awareness
Recent successes in Social Network Marketing Gap: gave 10,000 jeans to Facebook Foursquare: special deals at local merchants "Psych": promoted fall 2010 campus tour
Benefits of Social Network Marketing -Offer special deals to share company information -Message has more impact coming from a friend -Company receives direct feedback -Low cost exposure
Four types of Online Marketing Domains 1. Business to Consumer (B2C) 2. Business to Business (B2B) 3. Consumer to Consumer (C2C) 4. Consumer to Business (C2B)
B2C Businesses sell goods online to final consumers
B2B Businesses sell goods, provide info, build customer relationships online to businesses
C2C Consumers communicate with each other on different topics or selling different items (blogs or Ebay)
C2B Consumers communicating with businesses to send suggestions through the company website
Three Analyzing Competitor Steps 1. Identify competitors 2. Assess competitors 3. Select competitors
Competitive Advantage Advantage over competitors gained by offering consumers greater value than competitors offer
Competitor Myopia Firm focuses too narrowly and isn't aware of indirect or new competitors
Michael Porter's cost leadership company achieves lowest production and distribution costs and allows it to lower prices
Michael Porter's differentiation company concentrates on creating a differentiated product line to come across as an industry class leader
Michael Porter's focus company focuses on serving one market segment well
Operational excellence leading industry in price and convenience by reducing costs and creating an efficient value delivery system
Customer intimacy segmenting markets and tailoring products to match the needs of targeted customers
Product leadership offers continuous stream of leading-edge products
Four Competitive Positions 1. Market leader (40%) 2. Market challenger (30%) 3. Market followers (20%) 4. Market nicher (10%)
Market leader Firm with largest market share and leads the market price changes: Apple
Market challenger Firms fighting to increase market share: Southwest Airlines
Market followers less aggressive copycat firms: Microsoft Zune
Market nicher firms serving small market segments: Tallgrass Brewing
Global Marketing Environment -International Trade System -Economic Environment -Political-Legal Environment -Cultural Environment
International Trade System -restrictions on trade -General Agreement on Trade and Tariffs (GATT) -World Trade Organization (WTO) -Regional Free Trade Zones
Economic Environment -Economic factors reflect a country's attractiveness as a market -Income distribution -Industrial structure
Political-Legal Environment -Country's attitude toward international buying -Government bureaucracy -Political stability -Monetary regulations
Cultural Environment -Adapt to local cultural values and traditions rather than imposing their own
Tariffs taxes on certain imported products to raise revenue or protect domestic firm
Quotas limits on the amount of imports to conserve foreign exchange
Exchange controls limit on the amount of foreign exchange and the exchange rate
Nontariff barriers biases or restrictive product standards that go against products from certain countries
Four types of economies -Subsistence -Raw material exporting -Industrializing economies -Industrial economies
Subsistence economies majority engaged in agriculture, consume output, barter for goods, offer few market opportunities
Raw material exporting rich in one or more natural resources, good market for large equipment
Industrializing economies 10-20% of economy by manufacturing, rich upper class
Industrial economies major exporters of manufactured goods, trade among themselves
Exporting -indirect -direct
Joint venturing firm joins with foreign companies to produce products -licensing -contract manufacturing -management contracting -joint ownership
Direct investment development of foreign-based assembly or manufacturing facilities -assembly facilities -manufacturing facilities
Five International Product and Promotion Strategies -straight extension -communication adaptation -product adaptation -dial adaptation -product invention
Straight extension don't change communication or product
Communication adaptation change communication, keep product
Product adaptation keep communication, change product
Dual adaptation change communication and product
Product invention change communication, develop new product
Social Criticisms of Marketing Impact on Individual Consumers -high prices -high advertising and promotion costs -deceptive practices -taking advantage or consumer or inappropriate targeting -high-pressure selling -poor service -poor product quality, including unhealthy food -planned obsolescence
Consumerism Organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers -greater product safety -better nutritional labeling -truth in advertising -truth in lending
Environmentalism organized movement of concerned citizens, businesses, and government agencies to protect and improve people's living environment
Five Principles of Enlightened Marketing -Consumer-oriented -Customer-value -Innovative marketing -Sense-of-mission -Societal
Consumer-oriented Marketing company should view and organize its marketing activities for the consumer's perspective
Customer-value Marketing company should put resources into customer-value -building marketing investments
Innovative Marketing company should continually seek real product and marketing improvements
Sense-of-mission Marketing company should define its mission in broad social terms rather than narrow product terms
Societal Marketing company makes marketing decisions by considering consumers' wants and interests, company's requirements, and society's long-run interests
Created by: amjames
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