BU352 - CH1,2 (ethics) Flashcards
LEARN MARKETING
What are the Four Ps?
- the controllable set of activities that a firm uses to respond to the wants of its target markets
Product – creating value – product/service, brand, size, quality, features, packaging, warranty
Price – transacting value – list price, discounts, allowances, costs, payment period, credit terms
Promotion – communicating value – advertising, sales promotion, personal selling, public relations
Place – delivering value – marketing channels, distribution intensity, location (retailers, online)
What is Marketing?
a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
What is Value-Based Marketing
marketing that focuses on providing customers with benefits that far exceed the cost (money,time,effort) of acquiring and using a product or service while providing a reasonable return to the firm
How do marketers create value for a product or service?
Specifically by Increasing benefits,reducing costs or both.
How do firm’s become value driven
1) By finding out as much as they can about their customers and their needs/wants
2) share this information with their partners
3) be concerned about developing a lasting relationship with their customers so those customers return again and again.
What are the four orientations of Marketing
- Production Oriented
- Sales Oriented
- Market Oriented
- Value-Based Oriented
What is Customer Relationship Management
a business philosophy and set of strategies, program and systems that focus on identifying and building loyalty among the firm’s most valued customers
- collect info about their customers’ needs and use that info to target their best customers with the products, services and special promotions that appear most important to them
Five Steps of Marketing Planning Process?
1) Define Mission/Vision
2) Situation Analysis (SWOT
)3) Identify and Evaluate Opportunities (STP)
4) Implement Marketing Mix
5) Evaluate Performance
What are the 4 growth Strategies?
1) Market Penetration2) Market Development3) Product Development4) Diversification
What are the steps of STP?
1) Segmentation - Diving the market into customers with different needs, wants, or characteristics2) Targeting - process of evaluating the attractiveness of various segments and then deciding which to pursue as a market3) Positioning - process of defining the marketing mix variables so that target customers have a clean,distinctive understanding of what the product does or represents in comparison with competing products.
Purpose of SWOT Analysis?
By Analyzing what the firm is good at, where it can improve, where in the marketplace it might excel, and what is happening in the marketplace that could harm them. Managers can assess their firm’s situation accurately and plan its strategy accordingly.
Describe how the marketing mix increases customer value?
the firm must offer a mix of products and services at prices their target market will view as indicating good value. Thus firms make trade-offs between the product/price to give customers the best value. - Promotion informs customers and helps them form a positive image. - Place adds value by getting the appropriate products and services to customers when they want them and in the quantities they need
What is Market Penetration?
a growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers.
What is Market Development?
A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international
What is Product Development?
When a firm offers a new product to a their current target market.
