Exam 1 Flashcards
What is strategic planning?
process of developing and maintaining a strategic fit between the organization’s goals and capabilities and it changing marketing opportunities.
Marketing Myopia
mistake of paying more attention to the specific product than to the benefits and experiences produced by these products
how do brands provide value?
provide a quality product or service
How do brands communicate value?
communicate value through slogans, commercials, and value propositions
What are value propositions?
benefits or values it promises to deliver to consumers to satisfy their needs
What are wants?
desired, shaped by culture and individual personality
What are needs?
states of felt deprivation
what is exchanged in this relationship?
influence, info, and value
what is the marketing definition?
actions taken to create and maintain desirable exchange relationships with a target audience
What is marketing?
the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
What is a market?
a set of actual and potential buyers of a product or service
What is a mission statement?
Statement of an organizations purpose and objective
What is selective retention?
the tendency to remember good things about something they favor and forget good points about something they don’t like
What is selective distortion?
tendency to interpret info in a way that will support what they already believe
what is selective attention?
tendency for people to screen out most of the information to which they are exposed.
What is perception?
process by which people select, organize and interpret info to form a meaningful picture of the world
What is a brand personality?
Specific mix of human traits that are attributed to a particular brand
What is the buyers black box?
Buyers characteristics- cultural ,social, personal and psychological
Consumer buying behavior
refers to buying behavior of final consumers
What is causal research?
Test hypotheses/theory about cause and effect relationships
what is exploratory research?
preliminary info, not backed by hypotheses/theory
Marketing research
design, collection, analysis, and reporting of data relevant to a specific marketing situation an org is facing
Competitive marketing intelligence
publicly available info
Internal Data:
info obtained from data sources within the company network
Big Data
huge and complex data sets
Why is data collection important?
to predict and solve
SWOT-external
opportunities and threats
SWOT- internal
Strengths and weaknesses
Marketing mix
tactical marketing tools (product, price, place, and promotion) that the firm blends to produce the desired response in target market
Positioning
arranging for a product to occupy a clear, distinct, and desirable place relative to competing products in the minds of target consumers
Segmentation
Dividing target markets into approachable groups
New products and New Markets
diversification
existing products and new markets
market development
New products and existing markets
product development
existing products and existing markets
market penetration (slight changes)
