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Marketing Final
Lehman Marketing Final Study Cards
| Question | Answer |
|---|---|
| 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 |
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