Chapter 1-final Flashcards
marketing
the activity, set of institutions and processes for creating communication delivering and exchanging offerings that have value for customers clients partners and society at large.
5 conditions for exchange to take place
there must be at least 2 parties
each party has something of value
capable of comm. and delivery
free to accept or reject the exchange offer
belives it is appropriate or desirable to deal with other party.
4 marketing managment philosophies.
PRODUCTION
SALES
MARKET
SOCIETAL MARKETING ORIENTATIONS
explain how sales orientation differs from marketing orientation.
sales oriented defines its business in terms of good or serves.
a market oriented firm define its business in terms of benefits its customers seek
define strategic marketing and marketiing planning
Each SBU has its own rate of return on investment, growth potential, and associated risks, and requires its own strategies and funding.
marketing planning-involves designing activites relating to marketing objectives and the changing marketing enviroment. Marketing planning is the basis for all marketing strategies and decisions.
how can we develop a marketing plan with the help of enviromental analysis/scanning?
the collection and interpretation of information about forces, events, and relationships in the ecternal environment that may affect the future of the organization or the implementation of the marketing plan. Enviromental scanning helps identify market opportunities and threats and provides guidelines for the designing of marketing strategy.
SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
Does it help strategic planning?
Yes
competitive advantage
being the low cost competitor in an industry while maintaining satisfactory profit margins.
Explain the 3 generic strategies of competition.
product service
niche
building sustainable
Ansoffs strategic alternatives in marketing
present prod. new prod.
Present Market-Market Penetration-Prod. Dev.
New Market-Market Dev.-Diversification
BCG Portfolio Matric?
What role it plays in strategy formulation?
classifies each SBU by its present or forecast growth and market share .
–best long term performance
explain the Pyramid of Corporate Social Responsibility
philanthropic respon.
ethical respon.
legal respon.
economic respon.
what is Corporate Social Responsibility?
Explain arguments for it and against.
A business’s concern for society’s welfare.
if businesses dont act responsibly then government will create new regulations and perhaps levy fines against corporations.
7 factors within the external environment that can influence marketing decisions.
social demographic economic technogical political legal competitive
