Exam 1 Flashcards
Why is marketing important to all of us? 2 aspects
Marketing benefits society, the organization itself and its stakeholders. Its goal is to 10 identify needs 2. satisfy them.
What is “exchange” and what are the conditions needed for an exchange to happen?
exchange is the trade of value between a buyer and a seller. The condition are that both the buyer and seller need to be better off after the exchange.
What is the marketing mix? 4 P’s
Product
Place
Price
Promotion
What is a marketing strategy?
A businesses overall gameplay for reaching prosepective consumers and turning them into customers.
Why are strategic plans and or marketing plans created?
marketing plans are made to outline a direct map of the company’s objectives and how to achieve them.
What are the 5 steps in a marketing plan?
- Mission statement
- SWOT Analysis
- Set Goals
- Marketing strategy
- Evaluation and implementation
What does the phrase S.M.A.R.T. Goals mean?
Specific Measurable Achievable Realistic Time specific
What is a “dashboard”?
The visual display of essential marketing information.
What is the BCG analysis tool and how is it used
A technique that managers use to quantify performance measures and growth targets of their firms’ strategic business units.
SWOT analysis is a type of ____ analysis?
situation
Why is the evaluation phase of a plan important? (2)
- It compares the results of the marketing program with the goals that were set,
- Identifies what was done right and what could have been done better.
5 key trends that should be analyzed in an external environment scan or analysis?
Examples of each?
Social - demographic shifts/ cultural changes
Economics - consumer income/macroeconomic income
Technological - changing technology/ technology’s impact on customer value
Competitive - Small businesses/ Alternating forms of competition
Regulatory - regulations/laws affecting marketing mix
What does self regulation mean?
An alternative to government control, where an industry polices itself.
What are the different corporate levels of social responsibility and examples?
- profit responsibility (maximize profits for their owner and stockholders)
- stakeholder responsibility (focuses on the obligation an organization has to those who can affect their achievement)
- societal responsibility (obligations organizations have to the environment and to the general public)
What are the 5 steps in the consumer purchase decision?
- Need identification
- Gather data
- Evaluate the alternatives
- Purchase
- Post purchase evaluation
