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2013-09-24 09:45:42

marketing review
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  1. Chapter 1
  2. marketing
    the activity of creating and delivering offerings that benefit the org., its stakeholders, and society
  3. exchange
    the trade of things of value between a buyer and seller so that each is better off
  4. departments of the organization
    • research and development
    • human resources
    • information systems
    • manufacturing
    • finance
    • marketing
  5. environmental forces- uncontrollable
    • Competitive
    • Regulatory
    • Economic
    • Social
    • Technological
  6. what is needed for marketing to occur?
    • 1. two or more parties with unsatisfied needs
    • 2. desire and ability to satisfy these needs
    • 3. a way for the parties to communicate
    • 4. something to exchange
  7. marketing focuses on...
    identifying the needs and wants of prospective customers and satisfying them
  8. market
    people with both the desire and ability to buy a specific offering
  9. target market
    • because an organization can't satisfy the needs of all consumers
    • one or more specific groups of potential consumers toward which an organization directs its marketing program
  10. the four p's: controllable marketing mix factors
    • product- a good, service, or idea to satisfy the consumer's needs
    • price- what is exchanged for the product
    • promotion- a means of communication between the seller and buyer
    • place- a means of getting the product to the consumer
  11. customer value proposition
    a cluster of benefits that an organization promises customers to satisfy their needs
  12. customer value
    buyers benefits, including quality, convenience, on time delivery, and before and after sale service at a specific price
  13. three value strategies
    • best price
    • best product
    • best service
  14. relationship marketing
    linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit
  15. marketing program
    a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
  16. marketing concept
    the idea that an organization should 1. strive to satisfy the needs of consumers while also 2. trying to achieve the org. goals
  17. market orientation
    focusing org. efforts to collect and use information about customers needs to create customer value
  18. societal marketing concept
    the view that organizations should satisfy the needs of consumers in a way that also provides for societys well being
  19. product
    a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value
  20. ultimate consumers
    the people who use the products and services purchased for a household
  21. org. buyers
    manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
  22. utility
    the benefits or customer value received by users of the product
  23. four utilities
    form, place, time, possession
  24. Chapter 2
  25. profit
    the reward to a business firm for the risk it undertakes in marketing its offerings
  26. strategy
    an org. long term course of actoin that delivers a unique customer experience while achieving its goals
  27. structure of todays org.
    • board of directors
    • corporate level
    • strategic business unit level
    • funcional level- information systems, finance, research and development, marketing, manufacturing, human resources
  28. core values
    the fundamental, passionate, and enduring principles that guide an org.
  29. mission
    a statement or vision of an org. function in society
  30. org. culture
    the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an org.
  31. business
    the underlying industry or market sector of an org. offering
  32. goals (objectives)
    targets of performance to be achieved, often by a specific time
  33. market share
    ratio of a firms sales to the total sales of all firms in the industry
  34. marketing dashboard
    the visual computer display of essential martketing information
  35. marketing metric
    a measure of the value or trend of a marketing activity or result
  36. marketing plan
    a road map for the marketing activities of an org. for a specified future time period
  37. business portfolio analysis
    a technique that managers use to quantify performance measures and growth targets of their firms strategic business units
  38. cash cows
    SBU's (strategic business units) that generate large amounts of cash, more than they can use. dominant shares of slow growth markets
  39. stars
    SBU's with a high share of high growth markets that may need extra cash. when growth slows, become cash cows
  40. question marks
    SBU's with low share of high growth markets. require large injections of cash to maintain market share
  41. dogs
    SBU's with low shares of slow growth markets
  42. diversification analysis
    a technique(4) a firm uses to search for growth opportunities from among current and new products and markets
  43. four market product strategies
    • market penetration- increase sales of current products in current markets
    • market development- sell current products to new markets
    • product development- selling new products to current markets
    • diversification- developing new products and selling them in new markets
  44. strategic marketing process
    an approach whereby an organization allocates its marketing mix resources to reach its target market
  45. situation analysis
    taking stock of where a firm or product has been recently, where it is now, and where it is headed
  46. SWOT Analysis
    an org. appraisal of its internal strengths and weaknesses and its external opportunities and threats
  47. market segmentation
    the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action
  48. points of difference
    those characteristics of a product that make it superior to competitive substitutes
  49. what are the three steps of the planning phase of the strategic marketing process
    • 1. SWOT analysis
    • 2. market product focus and goal setting
    • 3. marketing program
  50. marketing strategy
    the means by which a marketing goal is to be achieved
  51. marketing tactics
    detailed day-to-day operational decisions essential to the overall sucess of marketing strategies
  52. the implementation phase of strategic marketing process (4 components)
    • 1. obtaining resources
    • 2. designing the marketing organization
    • 3. defining precise tasks, responsibilities, and deadlines
    • 4. executing the marketing program
  53. the evaluation phase of the strategic marketing process (2)
    • 1. comparing results with plans to identify deviations
    • 2. acting on deviations
  54. Chapter 3
  55. environmental scanning
    the process of acquiring information on events outside the org. to identify and interpret potential trends
  56. social forces
    the demographic characteristics and the culture of the population
  57. demographics
    description of a population according to characteristics such as age, gender, ethnicity, income, and occupation
  58. baby boomers
    the generation of children born between 1946-1964
  59. generation x
    members of the US population born between 1965-1976
  60. generation y
    the 72 million americans born between 1977-1994
  61. multicultural marketing
    marketing programs that reflect unique aspects of different races
  62. culture
    the set of values, ideas, and attitudes that is learned and shared among the members of a group
  63. economy
    pertains to the income and resources that affect the cost of running a business or household
  64. gross income
    total amount of money made in one year by a person
  65. disposable income
    the money a consumer has left after paying taxes to use for necessitiies such as food, housing, clothing, and transportation
  66. discretionary income
    the money that remains after paying for taxes and necessities
  67. technology
    inventions from applied science or engineering research
  68. marketspace
    an information and communication based electronic exchange environment occupied by digitized offerings
  69. competition
    alternative firms that could provide a product to satisfy a specific markets needs
  70. alternative forms of competition
    • pure competition- many sellers and similar product
    • monopolistic competition- many sellers compete with substitutable products
    • oligopoly- few companies control the majority of industry sales
    • pure monopoly- occurs when only one firm sells the product
    • small businesses
  71. regulation
    restrictions that state and federal laws place on business
  72. consumerism
    a movement started to increase the influence, power, and rights of consumers in dealing with institutions
  73. self regulation
    an alternative to government control, whereby an industry attempts to police itself
  74. how does the Federal Trade Commission monitor unfair business practices
    • issues cease and desist orders
    • order corrective advertising
  75. ethics
    the moral principles and values that govern the actions and decisions of an individual or a group
  76. consumer bill of rights
    codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard
  77. code of ethics
    a formal statement of ethical principles and rules of conduct
  78. moral idealism
    a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
  79. utilitarianism
    a personal moral philosophy that focuses on the "greatest good for the greatest number"
  80. social responsibility
    the idea that org. are part of a larger society and are accountable to that society for their actions
  81. green marketing
    marketing efforts to produce, promote, and reclaim environmentally sensitive products
  82. cause marketing
    tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products
  83. sustainable development
    involves conducting business in a way that protects the natural environment while making economic progress