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Marketing T1
| Question | Answer |
|---|---|
| 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. | Marketing |
| the key function of a “marketer” is to? | Facilitate exchange |
| Activity in which two or more parties give something of value to each other to satisfy perceived need | Exchange process |
| Eight Universal marketing functions | Buying, Selling, Standardizing and Grading, Financing, Transporting, Storing, Risk Taking, Securing Marketing Information |
| Ensuring that product offerings are available in sufficient quantities to meet customer demands | Buying |
| Using advertising, personal selling, and sales promotion to match products to customer needs | Selling |
| Ensuring that product offerings meet quality and quantity controls of size, weight, and other variables | Standardizing and Grading |
| Providing credit for channel members (wholesalers and retailers) and consumers | Financing |
| Moving products from their point of production to locations convenient for purchasers | Transporting |
| Warehousing products until needed for sale | Storing |
| Dealing with uncertainty about future customer purchases | Risk Taking |
| Collecting information about consumers, competitors, and channel members for use in making marketing decisions | Securing Marketing Information |
| Who performs the functions of marketing? | Manufacturers, retailers and other wholesalers |
| the want-satisfying power of a good or service | Utility |
| Four types of utility | Form, Time, Place, Ownership |
| Conversion of raw materials and components into finished goods and services (Ex: Dinner at a restaurant) | Form |
| Availability of goods and services when consumers want them (Ex: UPS overnight) | Time |
| Availability of goods and services at convenient locations (Ex: on-site day care) | Place |
| Ability to transfer title to goods or services from marketer to buyers (Ex: Retail Sales) | Ownership (Possession) |
| Five Era's of Marketing History | Production, Sales, Marketing, Relationship, Social |
| Prior to 1920s, "A good product will sell itself" | Production Era |
| Prior to 1950s, "Creative advertising and selling will overcome consumers' resistance and persuade them to buy | Sales Era |
| Since 1950s "The consumer rules! Find a need and fill it" | Marketing Era |
| 1990s "Long-term relationships with customers and other partners lead to success" | Relationship Era |
| 2000s, "Connecting to consumers via internet and social media sites is an effective tool" | Social Era |
| Stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell itself” | Production orientation |
| Customers will resist purchasing nonessential items | Sales Orientation |
| A companywide consumer orientation to achieve long-run success | Marketing Concept |
| Management’s failure to recognize the scope of its business | Marketing myopia |
| Developing long-term, value-added relationships over time with customers and suppliers | Relationship marketing |
| The use of online social media as a communications channel for marketing messages | Social marketing |
| Marketing messages transmitted via wireless technology | Mobile marketing |
| Buyer–seller communications in which the customer controls the amount and type of information received from a marketer | Interactive marketing |
| The word-of-mouth messages that bridge the gap between a company and its products | Buzz marketing |
| Categories of non-traditional marketing | Person, Place, Cause, Event, Organization |
| Efforts to cultivate the attention, interest, and preferences of a target market toward a person (Ex: Celebrity endorsements) | Person Marketing |
| Efforts to attract people and organizations to a particular geographic area( Ex: Tourism enhancements) | Place marketing |
| Marketing of sporting, cultural, and charitable activities to selected target markets | Event Marketing |
| ntended to persuade others to: Accept the organization’s goals Receive its services Contribute to the organization in some way | Organization Marketing |
| Identification and marketing of a social issue, cause or idea to selected target markets | Cause Marketing |
| Moral standards of behavior expected in a society | Ethics |
| Marketing philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as a primary objective | Social responsibility |
| Products that can be produced, used, and disposed of with minimal impact on the environment | Sustainable products |
| A business requires a society to function, so sometimes we need to make decisions that aren’t the most beneficial for us, but for society. | Societal Marketing Orientation |
| Anticipating future events and conditions and determining the best way to achieve organizational objectives | Planning |
| Implementing planning activities devoted to achieving marketing objectives | Marketing Planning |
| Determining an organization’s primary objectives | Strategic Planning |
| Guides the implementation of activities specified in the strategic plan | Tactical Planning |
| STEPS IN THE MARKETING PLANNING PROCESS | 1. Defining the organization’s mission and objectives 2. Determine Organizational objectives 3. Assess organizational resources and evaluate environmental risks and opportunities 4, 5, and 6: Formulate, implement, and monitor a marketing strategy |
| Regularly referred to as the 4 P’s | Price, Product, Promotion, and Distribution |
| The company first to offer a product in a marketplace will often be the long-term market winner | First mover strategy |
| Observing the innovations of first movers and then improving on them to gain advantage in the marketplace | Second mover strategy |
| Limited periods when key requirements of a market and a firm’s particular competencies best fit together | THE STRATEGIC WINDOW |
| The group of people toward whom the firm directs its marketing efforts and merchandise | The target market |
| - Blending four strategy elements to fit the needs and preferences of a specific target market | Marketing mix |
| Deciding what goods or services the firm should offer to a group of consumers | Product Strategy |
| Consumers find their products in the proper quantities at the right times and places | DISTRIBUTION (PLACE) STRATEGY |
| Communication link between sellers and buyers | Promotion Strategy |
| Deals with methods of setting profitable and justifiable prices | Pricing Strategy |
| In any industry, the three strongest, most efficient companies dominate 70 and 90 percent of a market | Rule of three |
| A market share/market growth matrix that plots market share against market growth potential | The BCG Matrix (Boston Consulting Group) |
| Collecting external marketing environment information to identify and interpret potential trends | ENVIRONMENTAL SCANNING |
| Attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and socio-cultural environments | ENVIRONMENTAL MANAGEMENT |
| Market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes | Monopoly |
| Designed to prevent restraints on trade such as business monopolies | Antitrust laws |
| Few number of sellers in an industry with high start-up costs which keep out new competitors | Oligopoly |
| Interactive process that occurs in the marketplace among: Marketers of directly competitive products Marketers of products that can be substituted for one another Marketers competing for the consumer’s purchasing power | THE COMPETITIVE ENVIRONMENT |
| Types of Competition | Direct/Indirect |
| Among marketers of similar products (Ex: Verizon vs At&T vs Sprint) | Direct Competition |
| Involves products that are easily substituted (KFC vs Dominos) | Indirect Competition |
| Methods through which a firm deals with its competitive environment | Competitive Strategy |
| Strategy of developing and distributing goods more quickly than competitors (Ex: Fast Fashion) | Time-based competition |
| Consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights | THE POLITICAL-LEGAL ENVIRONMENT |
| Factors that influence consumer buying power and marketing strategies | Economic environment |
| um of all goods and services produced by a nation in a year… Y = C + I + G + NX | Gross domestic product (GDP) |
| Pattern of stages in the level of economic activity | Business cycle |
| STAGES IN THE BUSINESS CYCLE | Prosperity - Consumer spending is brisk; growth in services sector Recession - Consumers focus on basic, functional products Depression - Consumer spending sinks to its lowest level Recovery - Consumer purchasing power increases |
| devalues money by reducing the products it can buy through persistent price increases. Generally considered a good thing as long as it’s relatively low. | Inflation |
| can cause: A freefall in business profits Lower returns on most investments Widespread job layoffs | Deflation |
| Proportion of people in the economy actively seeking work but do not have jobs | Unemployment |
| Influences consumer buying power | Income |
| the amount of money people have to spend after buying necessities | discretionary income, |
| Reducing consumer demand for a good or service to a level that the firm can supply | Demarketing |
| Represents application of knowledge based on discoveries in science, inventions, and innovations to marketing | THE TECHNOLOGICAL ENVIRONMENT |
| Social change is exceedingly difficult to remain on top of, as it’s one of the most dynamic elements of the Marketing Environment. | THE SOCIO-CULTURAL ENVIRONMENT |
| Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs | Product |
| Intangible tasks that satisfy the needs of consumer and business users | Services |
| Tangible products that customers can see, hear, smell, taste, or touch | Goods |
| Spectrum along which goods and services fall according to their attributes, from pure good to pure service | Goods–services continuum |
| goods and services consumers want to purchase frequently, immediately, and with minimal effort. | Convenience products |
| Convenience product categories | Impulse, Staples, Emergency |
| goods and services with unique characteristics that cause buyers to prize those particular brands. | Specialty products |
| Products marketed to consumers who may not yet recognize a need for them. | Unsought products |
| Major capital investments in the B2B market “the specialty products” of the business market | Installations |
| Intangible products firms buy to facilitate their production and operating processes | Business services |
| Regular expenses a firm incurs in its daily operations The “convenience products” of the business market MRO: Maintenance, Repairs, and Operations | Supplies |
| Natural resources that become part of the final product | Raw materials |
| Finished business products of one producer that becomes part of the final products of another producer. | COMPONENT PARTS & MATERIAL |
| Capital items that typically cost less and last for shorter periods of time than installations | ACCESSORY EQUIPMENT |
| Measuring quality by comparing performance against industry leaders | BENCHMARKING |
| Series of related products | Product lines |
| Assortment of product lines and individual product offerings | Product Mix |
| Number of product lines a firm offers/carries | Width |
| Number of different products or brands within a product line a firm sells | Length |
| Variations/versions in each product that the firm markets | Depth |
| Adding individual offerings that appeal to different market segments while remaining closely related to the existing product line | Line extension |
| Stages in the Product Lifecycle | Introduction, Growth, Maturity, Decline |
| first 2.5% of all who adopt a new technology | Innovators |
| next 13.5% to adopt the product | Early Adopter |
| next 34% to adopt the product | Early Majority |
| next 34% to adopt the product | Late Majority |
| final 16% to adopt. | Laggards |
Created by:
Edens