Card Set Information
What is Marketing?
Marketing is the activity, set of institutions and process fro creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
What are the four P's of Marketing?
What are the four sources of sustainable competitive advantage?
What are the 5 steps of the Marketing Plan?
Step 1. Define the Business Mission.
Step 2. Conduct a situation analysis using SWOT. (Internal strengths and weaknesses & external opportunities and threats.)
Step 3. Identify and Evaluate Opportunities using STP (segmentation, targeting and positioning)
Step 4. Implement Marketing Mix and Allocate Resources
Step 5. Evaluate performance using Marketing Metrics.
What are four growth strategies?
What are the 3 categories of Social Media?
Social Networking sites.
Media Sharing Sites
Thought Sharing sites
What are the 5 steps for a social media campaign
Step 1. Identify Strategy and Goals
Step 2. Find your target audience
Step 3. Campaign experiment and engage
Step 4. Budget
Step 5. Monitor and change.
Withing a Marketing firm (or any division of a marketing firm) includes having a set of values that guides decision making behavior.
What is Corporate Social Responsibility?
Refers to the voluntary actions taken by a company to address the social, ethical and environment impacts of its business operations and the concerns of its stakeholders.
What are the 4 steps for the framework of ethical decision making?
1. Identify issues (what are they?)
2. Gather info and identify the stakeholders
3. Brainstorm and evaluate alternatives
4. Choose a course of action
What are the 3 elements of the immediate environment?
What are the 6 Macro-environmental factors? CDSTEP...
Political / legal
What are the 5 steps for the consumer decision process?
1. Need Recognition
2. Information Search
3. Alternative Evaluation
5. Post Purchase
What are the 6 buying center roles?
What are the 6 steps for the B2B buying process?
1. Need Recognition
2. Product Specification
3. RFP Process (Request for Proposal)
4. Proposal Analysis, Vendor Negotiation and Selection?
5. Order Specification
6. Vendor Performance Assessment using metrics
What are the 5 steps of the STP (Segmentation, Targeting & Positioning) process?
1. Evaluate the overall Strategy & Objective.
2. Choose the segmentation method.
3. Evaluate Segment Attractiveness.
4. Select Target Market.
5. Develop a positioning Strategy.
What are the 5 steps of the marketing research process?
1. Defining the objectives and research needs.
2. Designing the research.
3. Data Collection process.
4. Analyzing data and developing insights.
5. Action plan and implementation.
What are the 2 primary data collection techniques?
What are the 5 different types of values of Branding for the customer?
1. Brands Facilitate Purchases
2. Brands Establish Loyalty
3. Brands Protect from Competition and Price Competition
4. Brands are Assets
5. Brands impact Market value.
What are the 5 brand equity of the owner?
What are the 6 steps for the process of developing a product?
Evaluation of Results
What are the four service Gaps?
The Knowledge Gap
The Standards Gap
The Delivery Gap
The Communication Gap
What are the 5 c's of pricing?
What are the 4 deceptive and illegal price practices?
Deceptive and Illegal Price Advertising
What are the 5 distribution center activities?
1. Management of Inbound Transportation
2. Receiving and Checking using UPC or RFID (Radio frequency Identification Device)
3. Storing and Cross Docking
4. Getting Merchandise Floor Ready
5. Preparing to ship Merchandise to Store
6. Shipping Merchandise to Store.
What are the 3 different types of retailers?
What are the 6 elements of an integrated marketing communications strategy?
7 Steps in Planning and Executing an Ad campaign
1. Identify the target audience
2. Set advertising objectives
3. Determine the advertising budget
4. Convey the message
5. Evaluate and select Media
6. Create Advertisements
7. Asses Impact
What are the 5 steps of the personal selling process?
Generate and qualify leads
Sales Presentation and overcoming reservations