Exam 1 Flashcards
Marketing Process
Understand the marketplace
Design a marketing strategy
Construct an integrated marketing program
Build profitable relationships/create customer delight
Capture value to create profits and customer equity
Microenvironment
Actors close to company that affect its ability to serve customers
Company, suppliers, marketing intermediaries, customers, competitors, and publics
Macroenvironment
Societal forces that affect the microenvironment
Demographic, economic, natural, technological, political, cultural
Steps in strategic planning
Define Missions Evaluate Environment Set Organizational Objectives Establish Business Portfolio Develop Growth Strategies
SBU
Strategic Business Unit
Collection of businesses and products that make up the company
Stars
High growth high share
Cash Cows
Low growth high share (Produce lots of cash with little investment)
Question Mark
Require lot of money to hold/maintain share, doesnt have a high market share; either build into stars or phase out
Dogs
Generate enough cash to maintain themselves but not likely to become cash cows
Market Penetration
Making more sales to current customers without changing products (promotions, reward cards)
Market Development
Identifying and developing new markets for current products
Product Development
Offering new or modified products
Diversification
Starting or buying businesses outside of current markets or products
4 P’s
Product, Price, Place, Promotion
Exploratory Research
Gathering preliminary information that will help define the problem and suggest hypotheses
Descriptive Research
Generating information to better describe marketing problems, situations, or markets
Causal Research
Testing hypotheses about cause-and-effect
Depth Interview
Trained interviewer having a one-on-one discussion with an average consumer
Most Widely Used Form of Primary Data
Survey Research
Is Causal Research A Source of Market Intelligence
No
Form Utility
Benefit marketing provides by transforming raw materials into finished products
Consumer Orientation
Total Quality Management approach involving all employees in continuous product quality improvement
Place (Marketing Mix)
Developing an effective supply chain
Local content rules
Brazil saying to use Brazilian products for wind turbines
