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Marketing ch 1-3

Principles of Marketing

QuestionAnswer
Marketing Orientation making what you can sell
Production Orientation selling what you can make
Added Value offers individualized and customized benefits rather than standardized offerings. measured as the level of satisfaction at the lowest cost
Service Obsession customer service, being close to the customer. Increases profit.
Relationship Marketing repeated marketing transactions. Focus should not be on a single transaction but a relationship between buyer and seller.
Customer Relationship Managment (CRM) Acquiring high-quality customer data enabled my IT. The term CRM is focused on winning and keeping customers by creating and delivering value to customers better than competitors.
Global Marketing Strategy Same standardized products everywhere. One market.
International Marketing Strategy Adaptation to localized needs. EX. Adapting soda formula based on people's taste.
Marketing Mix Product (offerings aimed at satisfying customer needs.) Distribution (the manner in which goods and serviced are mad available) Price (offerings aimed at satisfying customer needs.) Promotion
Strategic Marketing planning selecting a target market and making a marketing mix
Strategic Market Planning anticipating and responding to changes in the market
Target Market group or many groups of people you want to appeal to
Strategy the pattern of planned actions and approaches devised by marketing managers for achieving the company's objectives and reaching their long term positions
Marketing Objective (quantitative and qualitative) Quantitative - measurable (market share, profits, sales) Qalitive - not measurable (good product quality, expanded product line, leader in product innovation)
Marketing Process consists of four interrelated stages, planning, implementation, and control of programs for achieving organization's objectives.
Analysis Marketing research, developing an appropriate market plan that serves target market. Define the problem, gather data, analyze data, make the decision.
External (Analysis) business periodicals, trade journals, trade shows
Internal (Analysis) sales personnel who can provide info about new offerings and services of competition
Secondary (Analysis) complied sources such as government and other public and private independent agences. US Dept of Commerce, foreign country embassies.
Primary (Analysis) directly from marketplace from surveys, interviews, and other direct contact with customers and potential customers
Control appraisal of performance and a search for oppurtunity. Direct purpose is to direct activities so that plans will be achieved to the extent feasible. taking corrective action to ensure organizational objectives are acheived.
SWOT Analysis strengths, weaknesses, opportunities, threats. Powerful analytical tool for conducting an organizational analysis.
Threats Undesirable trends or disturbances leading to turbulence for the company and it's offerings. EX: Limited resources, competition
Opportunities set of conditions that provide rewards or limit barriers
Created by: Erin Lazak Erin Lazak on 2012-01-25



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