Marketing Management

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restartlife
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62432
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Marketing Management
Updated:
2011-01-27 22:17:35
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Test
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Test 1
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  1. Four Ps and Four Cs
    • Product -> customer Solution
    • Place -> Customer Place
    • Promotion -> Customer communication
    • Price-> Customer Cost
  2. Six areas of Situational Analysis
    • Cooperative analysis
    • competitive Environment
    • Economic situation
    • Social Environment
    • Political Environment
    • Legal Environment
  3. Steps in Strategic Planning Process
    • Organizational Mission
    • Organizaional Objective
    • Organizational Strategies
    • Organizational Portfolio
    • Implementation and Control
  4. Organizational mission
    guiding the company in the direction it wants to lead.

    • Defines the goals
    • Reach the goals
  5. Mission Statement done right will
    • Focus on markets rather than the products
    • Be achievable
    • Be motivational
    • Be specific

    Problems: It must be a flexible one.
  6. When writing a Mission Statement Consider
    • Organizational History
    • distinct competensis
    • Organizational Enviroment

    • What is our business?
    • Who is the customer?
    • What do our customers value?
    • What will our business cost?
  7. Organizational Objective
    • On going , long run objective
    • Attatining a specific levels of quality
    • Organizations commitment to the customer
  8. Organization Strategies Based on
    • Product and Market
    • Competitive advantages
    • Values
  9. Product and Market
    • Market Penetration: increase sales with present customer and customer product
    • Market Development: Find new Customer for current products
    • Product Development: Develop new products for present customers
    • Diversification: Seeking new Products for customers not currently being served.
  10. Competitive Advantages a firm develops
    • cost leadership
    • differentiation: focusing on being unique
  11. Values
    • Customer value is critical
    • cannot succeed being all things to all people
    • Select strategies consistent with mission
    • Value based on
    • best price
    • best product
    • Best service
  12. Organizational Porfolio Plan (SBU)
    • Identify Strategic Business Units
    • Divisions
    • Product lines
    • Profit centers

    • Strategic business Unit
    • Goals and Objectives
    • Competitors
    • Target Market
    • Marketing Unit
  13. Implantation and Control
    • measure the results of the implementation marketing plan
    • compare the results with the objectives
    • Determine weather the plan is achieving its objectives

    Cross functional teams are important in team management
  14. What influences a Consumer behavior to make their decisions?
    • Social influences
    • Marketing influences
    • situational influences
    • phsychological influences
  15. Soical Influnces
    • Cultural Influences: Achievement and Sucess, Material comfort, Individualism, Freedom, External Conformity, Youthfullness, Fitness and Health
    • Social Class: Wealth, Skill, Power, Occupation
    • Reference Groups and families: Primary reference:-Family, Family life cycle, Secondary reference Group: Faternal and professional.
  16. Marketing Influences
    • Product: Differenaite from competitors, Create a perception of product worth.
    • Price: Influnces purchase
    • Promotional: Influcences, cognitive, emotional expereince adn behaviours, Offer consistent messages, Place media in that target market
    • Place of Distribution: Conveinence increases chance of purchase. Exclusive outlets/ quality perception.
  17. Situational Influences (time and place of obersvation)
    • 1) Physical features
    • 2) Social features: are they by themselves or by their friends
    • 3) Time
    • 4) Task
    • 5) Current conditions; are you happy, sad, etc.
  18. Physiological Influences
    • Affects intial levl of product knowledge and how much is stored in memory
    • Influnces how much info we are looking for
    • Perception of importance/relevance
  19. Consumer decision making Model
    Need recognition -> Alternative Search -> Alternative Evaluation -> Purchase decision -> Postpurchase Evaluation (goes back to 1)
  20. Need Recognition
    maslows Law of Heriarchy of Needs

    • Physiological needs
    • Safety needs
    • Belonging and love needs
    • Esteem needs
    • Self-actualization needs
  21. Alternative Search
    • Internal sources: generally expereinces
    • Group sources: friends and family
    • Marketing sources: Advertsiment, sales people,etc
    • Experiential sources: Handling, examining, and perhaps trying the product while shopping.
  22. Categories of Decision alternative
    Awerness set: all teh brands that you are aware of.

    • Evoke set: the ones you prefer the solution to the problem
    • Inert set: unsure about/possibility
    • Incept set: The set that would never want to get.
  23. Purchase Decision
    • Risk minimizing decision
    • More information/less post purchase dissonance
  24. Post Purchase Evaluation
    • Cognitive Dissonance in consistaney or disharmony with attitudes and belifes leading to belive it was an unsatisfactory purchase.
    • Intensity of anxiety will be greater when
    • 1) decisions is important
    • psychologically
    • financially
    • 2) Number of alternative with favorable features
    • 3) Expecations versus post purchase performance.
  25. Read to hand outs
    • Categories of Decision Alterntiaves
    • Information sources for a purchase decision
  26. CH 4) Business, Governmental and Institutional buying
    Categories of Organizational Buyers
    • Producers
    • Intermediaries
    • Govermental Agencies
    • Other Instituions
  27. Organziational Purchase : Differences
    • Larger Quantity
    • Sales negotiated less frequently
    • Long term agreements
    • Longer Negotiation periods
    • Shorter distribtuion Channels
    • Greater emphasis on personal selling
    • Greater web integration
    • Unique promotional strategies.
  28. Organizational Marketing
    • Product: Specs for production line etc
    • Price: Bidding and assesing for what is needed
    • Promotion: Lots of personal selling
    • Distribution: Not many layers/suppliers selling to the distributors
    • Customer: few customers but larger customer
  29. The Organizational buying process





    • Straight buy: Simplest, most common, Routine, Frequently ordered, learning ease, Product does Job
    • Modified buy: Routine purchase, slight change, Training workers, Alternative evaluation, Minimal Start-up Cost
    • New Task purchase: In Frequent Purchases, First time purchase, Complex purchase, Expensive, Extensive research, Joint Decision
    • Favor Suppliers: Offer technical service, Free trial period, adjust to demands of buyer.
  30. The Organizational Buying Process
    • Straight buy: Simplest, most common, Routine, Frequently ordered, learning ease, Product does Job
    • Modified buy: Routine purchase, slight change, Training workers, Alternative evaluation, Minimal Start-up Cost
    • New Task purchase: In Frequent Purchases, First time purchase, Complex purchase, Expensive, Extensive research, Joint Decision
    • Favor Suppliers: Offer technical service, Free trial period, adjust to demands of buyer.

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