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what is the definition of marketing
an organizational function and a set of processes , for creating , capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders TERM 2
marketing satisfies...
DEFINITION 2 needs and wants TERM 3
marketing mix is
DEFINITION 3 product, promotion, placement, price TERM 4
maketing can be performed by
DEFINITION 4 individuals and organizationsb2bb2cc2c TERM 5
good
DEFINITION 5 item you can physically touch
service
intangible customer benefit TERM 7
What are the various eras of marketing
DEFINITION 7 production oriented eras-sales oriented era1920-1950market oriented-after world war 2Value Based Marketing TERM 8
Does providing a good value mean selling at a
low price?
DEFINITION 8 no it can but it does not all ways mean that TERM 9
what type of relationship is the best to give
the customer value
DEFINITION 9 relational orientation TERM 10
supply chain
DEFINITION 10 group of firms that make and deliver a given set of goods and services
Market Positioning
involves the process of defining marketing mix variables so that the target market have a clear, distinctive, desirable understanding of what the product or represents in comparison to competing products TERM 17
marketing growth rates categories
DEFINITION 17 stars-high market share high growth ratecash cows-high market share low growth ratequestion marks- low market share high growthdogs- low growth low market TERM 18
STP
DEFINITION 18 Segmentation Targeting positioning TERM 19
tool to help with situational analysis
DEFINITION 19 SWOT analysis TERM 20
4 growth strategies
DEFINITION 20 Market Penetration-existing customersMarket Development- new market segmentsProduct Development-new productdiversification- new product or service that they do not currently serve
Macro Environmental Factors
Culture Demographics Social issues, tech advnces, economics situation, politicaln regulatory environment TERM 22
Generational Cohorts
DEFINITION 22 Gen y 1977-Gen xBaby BoomersSenoirs TERM 23
Social Trends
DEFINITION 23 Price SensitivityHealth and wellness concernsGreen consumersPrivacy concerns TERM 24
Need vs want
DEFINITION 24 wats-goods or services that are not necessary but are desiredneeds- necessary for survival TERM 25
functional vs Psycological
DEFINITION 25 functional- performance of a productpsychological - personal gratification
extended vs limited problem solving
extended-consumer spends a lot of time analyzing alternatives(risky purchases)limited- at most a moderate amount of consideration TERM 32
steps in the marketing
DEFINITION 32 define objective and research needsdesigning the researchdata collectionanalyze data develop insightsaction plan and implementation TERM 33
external vs internal secondary data
DEFINITION 33 external is collected from sources outside the firminternal- collected from firms own data on day to day TERM 34
exploratory research
DEFINITION 34 observation, following social media, in depth interviews, focus group, protective techniques TERM 35
conclusive research
DEFINITION 35 surveys, formal studies, scanner or panel data,
data vs information
data-raw numbersinfo- organized, analyzed, interpreted data with value TERM 37
four types of consumer products
DEFINITION 37 Specialty-luxury cars ,medical professionsshopping- -funiture appliancesConvenience- beverages, breadunsought- Gps or hand warmers TERM 38
breadth vs depth
DEFINITION 38 breadth is the amount of product lines by a companydepth is the amount of products in the product line TERM 39
how do brands give value to firms and
cutomer
DEFINITION 39 Brands facilitae purchseLoyaltyprotect from competition and price competitionreduce marketing costsassets(trademarks)impact market value TERM 40
brand equity
DEFINITION 40 assets linked to a brand that add to or subtract from the valuecomponents-brand awarenessPerceived valuebrand associationsBrand Loyalty
Product development
Idea generationconcept testingproduct developmentmarket testingproduct launchevaluation of results TERM 47
idea generation
DEFINITION 47 Internal ResearchR&D consortiaLicensingBrainstormingoutsourcingCompetitors ProductsCustomer Input TERM 48
Product life cylcle
DEFINITION 48 Introduction -little to no profit/low salesgrowth- rising sales- rapidly rising profitsmaturity-peak of sale/peak to decline of profitsdecline- decline in both
