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Marketing P and P

chapters 1-3

QuestionAnswer
What is the definition of marketing? A process by which companies create value for customers and build strong customer relationships to capture value from customers in return
What are customer's NEEDS? states of deprivation- food, clothing, warmth, shelter
What are customer's WANTS? Needs turn into wants as they are shaped by culture and indiviual personality
What are customer's DEMANDS? Wants backed by buying power
What is marketing myopia? focusing only on existing wants and losing sight of underlying customer needs
What is marketing management? the art and science of choosing target markets and building profitable relationships with them
What is target marketing? After dividing the markets into segments of customers, this term refers to which segments of customer a business will go after or target
Why would a business want to demarket? To reduce or shift demand temporarily or permanently but not to destroy it. Example) when the heating/air companies send out a mesage telling us to keep the heat or air at a certain temperature in order to conserve it
What is the production concept? the idea that consumers will favor products that are available or affordable
What is the product concept? the idea that consumers will favor products that offer the most quality and features. Product improvements are essential
What is the marketing concept? the idea that achieving organizational goals depends on knowing the needs and wants of target markets and delivering those better than competitors do
What is the marketing mix? the set of tools (foud Ps) the firm uses to implement its marketing strategy
The 4 Ps of the marketing mix are... Product, Price, Place, and Promotion
Customer Relationship Management Overall process of building and keeping profitable customer relationships by delivering superior customer value and satisfaction
What is the difference between total customer value and total customer cost? Customer perceived value
What are the steps in strategic planning? corporate level-1) dfine the mission 2) set objectives and goals 3) design business portfolio; busines unit and market level-4) planning marketing and other strategies
A mission statement is the firm's purpose, goals, and what it wants to accomplish as a whole
Market-oriented mission statements define the business in terms of satisfying basic cusomter needs
What is the difference between Product oriented and mission oriented definitions? Product oritented definitions only state what the company does or sells, it does not mention basic needs
How does a company increase market share? increase target market, merge with others, promotions
The SBU-strategic business unit- a unit of the company that has a separate mission and objectives that can be planned separate from other company businesses; division, product line, or single brand
How would a company operate SBUs? Using the growth-share matrix to classify SBUs; decide whether to invest more to BUILD shares, invest just enough to HOLD shares, HARVEST sbu for short-term cash flow regardless of long-term effect, or DIVEST by selling SBU and using resources elsewhere
The value chain is INSIDE the company defined as a series of departments that carr out value-creating activities to design, produce, market, deliver, and support a firm's product
The value delivery network is OUTSIDE the company defined as a network made up of the company, suppliers, distributors, and customers who partner to improve performance of the whole system
What is product in the marketing mix? variety, quality, design, brand, features, packaging
What is the price in the marketing mix? list price, discounts, allowance, credit terms
What is the promotion in the marketing mix? advertising, public relations, personal selling, sales promotion
What is the place in the marketing mix? channels, coverage, locations, inventory, transportation, logistics
What is SWOT? strengths, weaknesses, opportunities, threats
Parts of the marketing plan in order 1) executive summary 2) marketig situation 3) threats and opportunities 4) objective and issues 5) marketing strategy 6) action programs 7) budgets 8) controls
Implenting turns marketing ____ into marketing ______ to accomplish marketing objectives plans; actions
The marketing ROI net return from an investment divided by the costs of investment
What does the ROI provide? a measurement of the profits generated by investments in marketing activities
What is the marketing environment? actors and forces outside marketing that affect management's ability to maintain successful relationships with customers
The MICROenvironment the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
The MACROenvironment the larger societal forces that affect the microenvironment-demographic, economic, natural, technological, political, and cultural forces
What are marketing intermediaries? the middle-man, help the company promote, sell, and distribute products to final buyers; resellers, distribution firms, agencies, financial intermediaries
The demograpic environment involves people, who make up markets; study of populations in terms of age, gender, race, occupation, religion, diversity, family structure, changes in workforce, shifting areas, change in marriage
Baby boomers born between 1946-1964, most of the population, spend money
Generation X born between 1965-1976, high divorce rate, don't save money, less materialistic, family is important, don't spend much
Generation Y born between 1977-2000, love technology, ages 8-29
Segmenting people by lifestyle instead of age is called... Generational marketing
The economic environment factors affecting consumer purchasing power and spending; change in income, quality, price
Ernst Engel created Engel's Law, part of the economic environment, which said As income rises: percentage of income spent on food DECLINES percentage of income spent on housing REMAINS CONSTANT percentage spent on savings INCREASE
The natural environment natural resources that are needed as inputs by marketers; shortage of raw materials, pollution, government intervention
The technological environment creates new products and opportunities; safety, most dramatic force to change market
The political environment laws, agencies, and groups that influence or limit others in a society
The cultural environment institutions and other forces that affect society's values, perceptions, and behavior
Two kinds of cultural values exist in the cultural environment Core beliefs and values AND Secondary beliefs and values
Beliefs or values that are passed on from parents to children and reinforced by school, church, etc. core beliefs and values
Beliefs or values that are more open to change; how people view themselves, others, society, nature, etc secondary beliefs and values
Which beliefs and values can a business change? secondary beliefs and values
How should a business respong to the market? Proactively
What does it mean to be proactive? aggressive actions to affect forces in the environment
What does it mean to be reactive? watching and reacting to forces in the environment
Forbids manufacture or sale of fraudulently labeled foods and drugs (FD Administration) Federal Food and Drug Act 1906
Bans sale of hazardous toys and articles, child resistant packaging standards Child Protection Act 1966
Sets safety standards for consumer products as well as exact penalties for failure to uphold the standards. Consumer Product Safety Commission Consumber Product Safety Act 1972
Created by: ars49712
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