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Marketing ch 1-3
Principles of Marketing
| Question | Answer |
|---|---|
| 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 |
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