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Marketing P and P
chapters 1-3
| Question | Answer |
|---|---|
| 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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