dlarewMarketingTest1ReviewLO.txt

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dlarew2011
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dlarewMarketingTest1ReviewLO.txt
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2013-09-25 14:47:46
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marketing test 1 reviewer
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  1. Ch1LO1 define marketing and identify the diverse factors influencing marketing activities
    marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the org. and its stakeholders. two primary goals of marketing are 1. discovering the needs of prospective customers and 2. satisfying them. achieving these 2 goals involves the four marketing mix factors largely controlled by the org. and the five environmental forces that are generally uncontrollable
  2. Ch1LO2 explain how marketing discovers and satisfies consumer needs
    the first objective in marketing is discovering the needs and wants of consumers who are prospective buyers and customers. this is not easy b/c consumers may not always know or be able to describe what they need and want. a need occurs when a person feels deprived of basic necessities. a want is a need that is shaped by a persons knowledge, culture, and personality. effective marketing can clearly shape a persons wants and tries to influence what he or she buys. the second objective in marketing is satisfying the needs of targeted consumers. because an org. obviously cant satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential consumers or target market- one or more specific groups of potential consumers toward which an org. directs its marketing program. having selected its target market consumers, the org. then takes action to satisfy their needs by developing a unique marketing program to reach them.
  3. Ch1LO3
    four elements in a marketing program designed to satisfy customer needs are product, price, promotion, and place. controllable variables bc they are under general control of marketing dept. evironmental forces (competitive, regulatory, economic, social, technological), are uncontrollable.
  4. Ch1LO4 explain how org. build strong customer relationships and customer value through marketing
    the essence of successful marketing is to provide sufficient value to gain loyal, long term customers. customer value is the unique combination of benefits received by target buyers that usually includes quality, price, convenience, on time delivery, and both before sale and after sale service. marketers do this by using one of three value strategies: best price, best product, or best service.
  5. Ch1LO5
    US business history is divided into four periods: production era (up until 1920's when buyers accepted any goods available), sales era (1920-1960's when more was produced than was needed so salesman were needed to sell), marketing concept era (1950's to 2000 when marketing was incorporated into every part of business), customer relationship era (nowadays, org. seek to satisfy high expectations of customers)
  6. CH2LO1 describe two kinds of org.s and the three levels of strategy in them
    org. is a legal entity of people who share a common mission. 2 kinds are: business firm- privately owned org. that serves its customers to earn a profit so it can survive. AND nonprofit- that serve its customers but does not have profit as goal. 3 levels of strategy: 1. corporate level (top mgmt. directs overall strategy) 2. strategic business unit level (managers set a more specific strategic direction for their businesses to exploit value creating opportunities) and 3. functional level (groups of specialists actually create value for the org.)
  7. CH2LO2 describe how core values, mission, org. culture, business, and goals are important to org.s
    org. exist to accomplish something for someone. to give org.s direction and focus they continuously assess their core values, mission, org. culture, business, and goals. core values are the org.s fundamental, passionate, and enduring principles that guide its conduct over time.org.s mission is a statement of its function in society, often identifying its cusotmers, markets, products, and technologies. org. culture is a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an org. Business (what business are we in? the clear, broad, underlying industry categy or market sector of its offering. and org.s goals- statements of an accomplishment of a task to be achieved, often by a specific time.
  8. CH2LO3 explain why managers use marketing dashboards and marketing metrics
    marketing managers use marketing dashboards to visually display on a single computer screen the essential information required to make a decision to take an action or further analyze a problem. this inormation conists of key performance measures of a product category, sucah as sales or market share, and is known as a marketing metric, which is a measure of the quantitative value or trend of a marketing activity or result. most org. tie their marketing metrics to the quantitative objectives established in their marketing plan, which is a road map for the marketing activities of an org. for a specified future time period, such as 1 or 5 years.
  9. Ch2LO4 discuss how an org. assesses where it is now and where it seeks to be
    managers of an org. ask two key questions to set a strategic direction. the first question, "Where are we now?" requires an org. to A. reevaluate its competencies to ensure that its special cababilities still provide a competitive advantage and B. assess its present and prospective customers to ensure they have a satisfying customer experience (the central goal of marketing today) and C. analyze its current and potential competitors from a global perspective to determine whether it needs to redefine its business. The second question, "where do we want to go?" requires an org. to set a specific direction and allocate resources to move it in that direction. business portfolio and diversification analyses help an org. do this. managers use business portfolio analysis to assess the org.s SBU's, product lines, or individual products as though they were a collection of seperate investments (cash cows, stars, question marks, and dogs) to determine the amount of cash each should receive. diversification analysis is a tool that helps managers use one or a combination of 4 strategies to increase revenues; 1. market development 2. market penetration 3. product development 4. diversification
  10. CH2LO5 explain the 3 steps of the planning phase of the strategic marketing process
    an org. uses the strategic marketing process to allocate its marketing mix resources to reach its target markets. this process is divided into 3 phases. planning, implementation, evaluation. Planning- consists of A. a SWOT analysis, which involves taking stock of where a firm or product has been recently, where it is now, and where it is headed by focusing on an org.s internal strengths and weaknesses and external opportunities and threats and B. market product focus through market segmentation (grouping buyers into segments w/ common needs and similar responses to marketing programs) and goal setting, which in part requires creating points of difference (those characteristics of a product that make it superior to competitive substitutes) and C. a marketing program that specifies the budget and activities (marketing strategies and tactics) for each marketing mix element
  11. CH2LO6 describe the elements of the implementation and evaluation phases of the strategic marketing process
    implementation- carries out the marketing plan that emerges from the planning phase. it has four key elements; 1.obtaining resources 2.designing the marketing org to perform product management, marketing research, sales, and advertising and promotion activities 3.developing schedules to identify the tasks that need to be done, the time that is allocated to each one, the people responsible for each task, and the deadlines for each task, often with an action item list and Gantt chart, and 4. executing the marketing strategies, which are the means by which marketing goals are to be achieved and their associated marketing tactics, which are the detailed day to day operational decisions essential to the overall success of a firms marketing strategies. these are the marketing program actions a firm takes to achieve the goals set forth in its marketing plan. Evaluation- keep the markeing program moving in the direction that was established in the marketing plan. this requires the marketing manager to compare the results from the marketing program with the marketing plans goals to A. identify deviations or planning gaps and B. take corrective actions to exploit possible deviations or correct negative ones
  12. CH3LO1 explain the purpose of environmental scanning
    environmental scanning is the proces of continually acquiring info on events occuring outside the org. to identify and interpret potential trends. environmental trends typically arise from 5 sources: competitive, regulatory, economic, social, and technological forces. a firm conducting an environ. scan of the marketplace might uncover key trends such as a growth in social networks, the increasing economic impact of asia, etc.
  13. CH3LO2 describe social forces such as demographics and culture
    social forces of environment include demographics and culture of a population. Demographics- a population profile, a description of generational cohorts (baby boomers, Gen X, Gen Y), and a description of racial and ethnic diversity. culture incorporates the set of values, ideas, and attitudes that is learned and shared among the members of a group.
  14. CH3LO3 discuss how economic forces affect marketing
    two parts of economic forces are- macroeconomic conditions (marketplace) and microeconomic factors (consumer income, etc.). indicators of marketplace conditions include GDP, unemployment, and price changes (inflation or deflation). consumer income has gross, disposable, and discretionary components. the state of the economy and changes in income can influence consumers ability to buy products and services
  15. CH3LO4 describe how technological changes can affect marketing
    technological innovations can replace existing products and services. changes in tech. can also have an impact on customer value by reducing the cost of products, improving the quality of products, and providing new products that were not previously feasible. electronic commerce is transforming how companies do business.
  16. CH3LO5 discuss the forms of competition that exist in the marketplace
    4 forms of competition. pure competition, monopolistic competition, oligopoly, and monopoly. while large companies are often used as examples of marketplace competitors, there are 27.5 million small businesses in the US that have a significant impact on the economy.
  17. CH3LO6 explain how regulatory forces ensure competition and protect producers and consumers
    regulation exists to protect companies and consumers. legislation that ensures a competitive market includes the Sherman Antitrust Act. companies can protect their competitive position with patent and copyright laws. consumers are protected by laws that address each of the four elements of the marketing mix. laws such as the Lanham Act (which provides for the registration of trademarks) benefit both companies and consumers. self regulation through org.s such as the Better Business Bureau provides an alternative to federal or state regulations
  18. CH3LO7 identify factors that influence ethical and unethical marketing decisions
    1. societal cultures and norms 2. business culture and industry practices 3. corporate culture and expectations and 4. personal moral philosophy and ethical behavior
  19. CH3LO8 describe the different concepts of social responsibility
    social responsponsibility means that org.s are part of a larger society and are accountable to that society for their actions. there are 3 concepts of social responsibility: profit responsibility, stakeholder responsibility, and societal responsibility.

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