Chapters 1-5 Flashcards
Marketing
process of creating, pricing, etc. goods, services and ideas
Target Market
specific group of customers: demographics and psychographics
4 P’s
Product, Place, Promotion, Price
Product
goods, services, ideas
Place
make products available in desired quantities
Promotion
activities used to inform individuals about products
Purpose of promotion
- increase public and target market
- educate customers
- urge people to take a stance
- help sustain interest
Price
critical component of marketing mix
Value
customer benefits - customer costs
Stakeholders
customers, investors, government, etc
Marketing Environment
- competitive
- economic
- political
- legal
- technological
- sociocultural
Production Orientation
Second half of 19th Century. Industrial Revolution changed efficiency
Sales Orientation
First half of 20th Century. New focus: sell product to buyers
Marketing Orientation
Mid 20th Century. Develop strategic focus for new products
Customer Relationship Management
using information about customers to create marketing strategies
Relationship Marketing
long-term mutually beneficial relationships
Customer lifetime value
predicts the net value for future relationships with a customer
Strategic Marketing Management
process of planning, implementing and evaluating the performance of marketing activities
Strategic planning
process of establishing a mission and creating goals
Corporate Identity
unique symbols and personalities
Levels of strategic planning
Mission statement > corporate strategy > business-unit strategy > marketing strategy > marketing mix
Corporate strategy
concerned with corporate culture, diversification, etc
Strategic business unit (SBU)
a division, product line, etc. within a parent company
Market share matrix
product’s market growth rate and its market share are important
