Ch7 Flashcards
Marketing strategy
4ps
Methods, tools, and processes used by a marketer to develop new products or market existing products
Product
Something offered in exchange and for which marketing actions are taken and for which marketing decisions are made. Goods can be products or services and can be either tangible or intangible
Price
Something given in exchange for a product. May be monetary or non monetary price has many names: fees, rent, salaries, charges
Place
Some method of getting the product from the creator to its customer.
Promotions
Methods for informing and influencing a customer to buy the product
Environmental scanning
Collecting and evaluating environmental information
Environmental data that effects marketing decisions
- cultural/ social forces
- demographic forces
- economic forces
- technological forces
- political and legal forces
- competitive forces
Cultural/ social forces
Buying behaviours of certain cultures and societal trends
Demographic forces
Uncontrollable factors: changes in age, birth and death rates, and location
Economic forces
Changes in income, unemployment levels, recession, and inflation
Technological forces
Advances in technology and recognizing whether it would give company an advantage
Political and legal forces
Changes in laws and political movements
Competitive forces
New and shifting competition. Domestic or foreign based firms
Target market
Specific group of customers whom a firm directs its marketing towards
Marketing mix
Product, price, place, and promotion
Product strategy
Choosing brand name, accessories, packaging, service program and warranties