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GrC 361
Marketing for Print
| Question | Answer |
|---|---|
| What is Marketing | marketing is the activity, set of institutions and processes for creating, communicating delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Production Marketing? | internal capabilities of a firm. What can you build? |
| Sales Marketing | aggressive sales techniques and belief that high sales results in high profits. Eg toyota |
| Market Marketing | satisfying customer needs and wants while meeting objectives |
| Societal marketing | satisfying customer needs and wants while enriching society |
| What is a market? | A group of people or organizations with needs to satisfy or problems to solve, the money to satisfy needs or solve problems, and the authority to make decisions. |
| Strategic Planning is: | the managerial process of creating and maintaining a fit between the organization’s objectives and resources ad the evolving market opportunities. The goal is long-term profitability and growth. |
| Types of Competitive Advantage | Cost, Product, Service, Niche |
| SMART | Specific Measurable, attainable, realistic, timely |
| What is a Target market | Segment the market based on groups with similar characteristics analyze the market based on attractiveness and market segments select one or ore target markets |
| What is the Marketing Mix? | A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| Ethics | the moral principles or values that generally govern the conduct of an individual |
| Morals: | the rules people develop as a result of experience |
| Influence of Values on Buying Behavior | Reliability Durability easy maintenance ease of use trusted name Low Price |
| Tweens | 8-12 20 Million population Directly spend about $50 billion annually Parents spend $150 billion on tweens annually View TV ads as “just advertising” |
| Teens | Population of 25 million Spend aprox. 72 hours per week tuned in View shopping as a social sport 50 million teens around the world are on Facebook |
| Gen y’s | Born between 1979-1994 Surpassed population of baby boomers Two stages: Those born in 1994 fit closer to the teen cohort Those born in 1979 have established careers and started families Purchasing power of $200 billion annually |
| Gen X | Born between 1965-1878 Population of 40 million Independent, resilient, adapatable, cautious, and skeptical 71% have children under age 18 Home ownership is an important goal Avid buyers of latest clothes technology recreational products |
| Baby Boomers | Born between 1946-1964 Population of 75 million working longer to compensate for economic downturn, which affected retirement savings the market of services directed at seniors is one of the fastest growing business markets |
| Fears of Globalization | Offshoring job loss vulnerability to operations moving offshore |
| Global Marketing | Drives 12% of gdp form world trade 7% of us employment is supported by exports US businesses export over 1.7 trillion in goods and services annually More smaller companies are aggressively pursuing international markets |
| Steps of Consumer Decision Making | Need recognition Information Search Evaluation of Alternatives Purchase Post-Purchase Behavior |
| Evoked Set | The Customer's preferred Alternatives Comparative: same attributes Competitive: same price Aspirational: who you want your brand to be |
| Components of Culture | Values language myths customs rituals laws Material artifacts |
| Types of Reference groups | Face to face membership Indirect-nonmembership |
| Experimental Learning | An experience changes behavior |
| Conceptual | not learned through direct behavior |
| Business Marketing | the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
| What defines Online Success | Recency Frequency Monetary Value Stickiness |
| What is Relationship Marketing | loyal customers are more profitable than price-sensitive customers with little brand loyalty. Long-term relationships build competitive advantage. |
| 4 Categories for business customers | Producers -- OEMS, non-profits Resellers -- wholesalers, retailers Governments Institutions |
| What is a Market | people or organizations with needs or wants and the ability and willingness to buy |
| What is a Market Segment? | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| What are the bases for Segmentation? | Geography, Demographics, Psychographics, geodemographics, |
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