MKTG 301

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Author:
rjfisher
ID:
112974
Filename:
MKTG 301
Updated:
2011-10-29 15:53:25
Tags:
marketing
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Description:
Marketing 301 Midterm #1 - UW-Seattle
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    • 1. Star
    • 2. Cow
    • 3. ?
    • 4. Dog
  1. Define 'marketing':
    Process by which companies create value for customers and build relationships in order to capture value from customers in return
  2. Makreting Concept:
    Acheiving goals relies on knowing customer needs & wants
  3. Seeling Concept (approach taken)
    inside-out

    (Marketing Approach is outside-in)
  4. Customer Demands
    Wants backed by buying power
  5. Marketing Myopia
    When a company is so smitten with it's product it loses sight of customer needs
  6. Marketing Management
    art and science of choosing target markets and building profitable relationships with them
  7. 1. Customer Wants

    2. Society (Welfare)

    3. Profits
  8. Marketing Environment (5 c's)
    • Company (micro)
    • Competitors (micro)
    • Collaborator (micro)
    • Customer (micro)
    • Context (macro)
  9. Marketing Strategy (PTSD)
    • Positioning
    • Targeting
    • Segmentation
    • Differentiation
  10. Marketing Implementation (4 P's)
    • Product
    • Price
    • Place
    • Promotion
    • 1. Market Penetration
    • 2. Product Development
    • 3. Market Development
    • 4. Diversification
    • 1. Strengths
    • 2. Weaknesses
    • 3. Opportunities
    • 4. Threats
  11. Stategic Planning - Mission
    What firm is all about; Long-Term strategy of firm

    ex: Be best in customer service
  12. Strategic Planning - Objectives (M&B)
    Short Term coroporate goals (measurable)

    Marketing: reputation, martket share, quality,

    Business: Profit Level, ROI, Growth
  13. Marketing Research Process (P-R-C/A-I)
    • 1 Define Problem
    • 2 Research
    • 3 Collect/Analyze date
    • 4 Interpret findings
  14. Marketing Process #1 (P)
    I.) Exploratory - suggest hypothesises to problem

    II.) Descriptive - describe/understand problem better

    III.) Causal - test hypo about cause & effect
  15. Marketing Process #2 (R)
    I.) Secondary Data - info provided by other

    II.) Primary Data - collected by firm
    • 1. Big ticket items
    • 2. Cheap items
    • 3. Serves Individual Needs
    • 4. Economies of Scale
  16. Product Differntiation
    • Based on differences
    • Provide perceived value
    • Diffivult to copy
  17. 1.) Design, Features, Brand

    2.) After Sale services, warranty
  18. Product Life Cycles (DLGMD)
    • Development
    • Launch
    • Growth
    • Maturity
    • Decline
  19. Product Length
    # of products in a line
  20. Product Line Adjustments
    Fill/Stretch - Downward/Upward
  21. CLV: [ m / (1-r + ir) ] -AC
    • m = margin
    • r = retention rate
    • i = discount rate
    • AC = acquistion costs
  22. CLV Short Term

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