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MKT 251 - Intro to Marketing > Exam 1 - Review Guide > Flashcards

Exam 1 - Review Guide Flashcards

1
Q

What is marketing?

A
  • Combined with production creates utility
  • Creates customers by identifying needs, determining the needs it can serve, and developing those needs to convert people to customers
  • A process not a logo or brand
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2
Q

Utility

A
  • The want-satisfying power of a good or service
  • Four types
  • Necessary for an organization to survive
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3
Q

Four Types of Utility

A
  • Form
  • Time
  • Place
  • Ownership
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4
Q

Five Eras in Marketing History

A
  • Production
  • Sales
  • Marketing
  • Relationship
  • Social
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5
Q

Production Era

A
  • Before 1925

- Success based on production

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6
Q

Sales Era

A
  • 1920s - 1950s

- Increased output

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7
Q

Marketing Era

A
  • Shift from seller’s market to buyer’s market
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8
Q

Relationship Era

A
  • 1990 - now
  • Long term, value added relationships
  • Strategy
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9
Q

Social Era

A
  • The Internet
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10
Q

Avoiding Marketing Myopia

A
  • Develop broader marketing-oriented business ideas focusing on customer need satisfaction
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11
Q

Marketing Myopia

A
  • Management’s failure to recognize the scope of its business
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12
Q

Extending the Traditional Boundaries of Marketing/Not for Profit Marketing

A
  • Public and private sector
  • Meet service objectives
  • Communicate through advertisements
  • Form alliances with for-profits
  • Do not focus on the bottom line
  • Want revenue to support causes
  • Tangible goods and services
  • Many audiences
  • Some degree of monopoly
  • Users have less control over the future
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13
Q

Nontraditional Marketing

A
  • Person Marketing
  • Place Marketing
  • Cause Marketing
  • Event Marketing
  • Organizational Marketing
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14
Q

Person Marketing

A
  • Focuses the attention, interest, and preferences of a target market toward a person
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15
Q

Place Marketing

A
  • Attract people and organizations to a specific area
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16
Q

Cause Marketing

A
  • Identifies and markets toward a cause
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17
Q

Event Marketing

A
  • Marketing of sporting, cultural, and charitable activities to selected target markets
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18
Q

Organizational Marketing

A
  • Persuade others to accept the organization’s goals
  • Receive its services
  • Contribute to the organization in some way
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19
Q

Transaction to Relationship Marketing

A
  • Buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties
  • Customers are becoming more and more sophisticated
  • Move customers up a loyal ladder
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20
Q

Marketing Planning: The Basis for Strategy and Tactics

A
  • Using planning and marketing planning to look to the future to achieve the best goals
  • Centers on relationship marketing
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21
Q

Planning

A
  • Anticipating future events and conditions and determining the best way to achieve organizational objectives
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22
Q

Marketing Planning

A
  • Implementing planning activities devoted to achieving marketing objectives
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23
Q

Steps in the Marketing Planning Process

A
  • Defining a mission and objectives
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24
Q

Mission

A
  • Essential purpose that differentiates one company from another
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25
Q

Objectives

A
  • Guide the development of marketing objectives and plans
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26
Q

Planning Tools and Techniques

A
  • Porter’s Five Forces
    • The potential of new entrants
    • The bargaining power of buyers
    • The bargaining power of suppliers
    • The threat of substitute products
    • Rivalry among competitors
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27
Q

Elements of Marketing Strategy

A
  • The Target Market

- Marketing Mix Variables

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28
Q

The Target Market

A
  • The group of people toward whom the firm directs its marketing efforts and merchandise
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29
Q

Marketing Mix Variables

A
  • Product
  • Distribution
  • Promotion
  • Pricing
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30
Q

Methods for Marketing Planning

A
  • Business portfolio analysis
  • Strategic Business Units
  • The BCG Matrix
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31
Q

Business Portfolio Analysis

A
  • An evaluation of the company’s products and divisions to determine the strongest and weakest
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32
Q

Strategic Business Units

A
  • Key business units with diversified firms
  • Each has their own managers, resources, objectives, and competitors
  • Help focus the attention of company managers
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33
Q

The BCG Matrix

A
  • Developed by Boston Consulting Group
  • A market share/ market growth matrix
  • Stars, Question Marks, Cash Cows, and Dogs
34
Q

Developing an Effective Marketing Plan

A
  • A detailed description of the resources and actions needed to achieve stated marketing objectives
  • One of the most important documents of a company
35
Q

Pieces of a Marketing Plan

A
  • Executive Summary
  • Competitive Analysis
  • Mission Statement
  • Component Plans
    • Marketing Plan
    • Financing Plan
    • Production Plan
    • Facilities Plan
    • Human Resources Plan
36
Q

Executive Summary

A
  • Answers the who, what, where, when, why, and how for the plan
37
Q

Competitive Analysis

A
  • Focuses on the environment in which the marketing plan is to be implemented
38
Q

Mission Statement

A
  • Summarizes the organization’s purpose, vision, and overall goals
39
Q

Component Plans

A
  • Present goals and strategies for each functional area of the enterprise
40
Q

Marketing Plan

A
  • Describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships
41
Q

Financing Plan

A
  • Presents a realistic approach for securing needed funds and managing debt and cash flows
42
Q

Production Plan

A
  • Describes how the organization will develop its products in the most efficient, cost-effective manner possible
43
Q

Facilities Plan

A
  • Describes the physical environment and equipment required to implement the production plan
44
Q

Human Resources Plan

A
  • Estimates the firm’s employment needs and the skills necessary to achieve organizational goals
45
Q

Spreadsheet Analysis

A
  • Grid that organizes numerical information in a standardized, easily understood format
46
Q

Why Create a Marketing Plan?

A
  • One of the most important documents of an entire business
  • Outlines the entire mission of the business along with all of its beliefs and practices
  • Helps meet the needs of the target market
  • Helps buyers understand you and your product
47
Q

Environmental Scanning

A
  • Collecting external marketing environment information to identify and interpret potential trades
  • Trends represent opportunities or threats to the company
48
Q

Environmental Management

A
  • Attainment of organizational objectives by predicting and influencing the different environments
  • Also uses strategic alliance
49
Q

Strategic Alliance

A
  • Partnership in which two or more companies combine resources and capital to create competitive advantages in a new market
50
Q

The Five Environments

A
  • Competitive
  • Political-legal
  • Economic
  • Technological
  • Social-cultural
51
Q

Competitive Environment

A
  • Occurs among:
    • Marketers of directly competitive products
    • Marketers of products that can be substituted for one another
    • Marketers competing for the consumer’s purchasing power
  • Influence consumer responses and marketing strategies
  • Few are monopolies
  • Anti-trust laws
  • Oligopolies
52
Q

Political-Legal Environment

A
  • Laws that require firms to operate under competitive conditions and protect consumer rights
53
Q

Economic Environment

A
  • Gross domestic profit ; all goods and services produced by a nation in a year
  • Factors that influence consumer buying power and marketing strategies
  • Use the business cycle
  • Inflation and deflation
54
Q

Business Cycle

A
  • Pattern of stages in the level of economic activity

- Prosperity, recession, depression, and recovery

55
Q

Technological Environment

A
  • Application of knowledge based on discoveries in science, inventions, and innovations in marketing
  • Addresses social concern
56
Q

Social-Cultural Environment

A
  • Relationship between marketer, society, and culture

- Depends on shifting demographics and changing views

57
Q

Social Media

A
  • Type of software or technology that allows users to build, integrate, of facilitate a community interaction among users, and user-generated content
58
Q

Why should marketers turn to social media?

A
  • Developing a conversation with potential customers
  • Results in: purchase, subscription, registration, or participation
  • Not-for-profits can expand their campaigns
59
Q

How do consumers and businesses use social media?

A
  • Consumers rely on the communities created around the brands to learn about goods and services, conduct research, share information, and make final purchasing decisions
  • Businesses build relationships with other companies
60
Q

Creating a Social Media Marketing Plan

A
  • Effective: setting goals and developing strategies
  • Covers points and answers questions
  • Most contain: summary, overview, analysis, body
61
Q

Social Media Marketing Plan

A

A formal document that identifies and describes goals and strategies, targeted audience, budget, and implementation methods and tactics for the SMM effort

62
Q

Goals and Strategies of a Social Media Marketing Plan

A
  • Solicits to the audience’s participation in a plan
  • Requires the audience’s trust to be successful
  • Set goals, target the audience, develop strategies, produce content, implement, monitor, measure
  • Connect with influences
63
Q

Cycle of Social Media Marketing

A
  • Set Goals
  • Target Audience
  • Develop Strategies
  • Produce Content
  • Implement Plan
  • Monitor and Measure
64
Q

Producing Content

A
  • Creating and distributing relevant and targeted material to attract and engage an audience, with the goal of driving them to a desired action
  • Strong brand focus, focus on the audience, targeted key words, relevant information, and share-worthy images
  • Invitations and promotions
65
Q

Implementing the Plan

A
  • A specific time period for engaging with the public
  • Managing, monitoring, and measuring
  • Do not schedule content more than a week away
66
Q

Monitoring, Measuring and Managing the SMM Campaign

A
  • Includes: Social media monitoring, social media analytics
  • Helps marketers understand what their customers need and want
  • Adjust to satisfy those needs
  • Calculate return of investment
  • Expenses against savings
67
Q

What is marketing not?

A
  • A logo or a brand
68
Q

E-Business Marketing

A
  • Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools
  • Can reduce costs and increase satisfaction
69
Q

B2B E-Marketing

A
  • Use of the Internet for business transactions between organizations
  • Revenue
  • Detailed product description
  • More efficient
  • Uses EDI, web services, extranets, private and electronic exchanges, and e-procurement
70
Q

B2C E-Marketing

A
  • Selling directly to consumers over the internet
  • E-tailing
  • Driven by convenience and security
  • Service providers
71
Q

Electronic Storefronts

A
  • Company website that sells products to customers
  • Items are put into an electronic shopping cart
  • Smartphones help increase this
72
Q

Challenges in E-Business and E-Marketing

A
  • Safety of online payment
  • Privacy issues
  • Frauds and scams
  • Site design and customer service
  • Channel conflicts and copyright disputes
73
Q

“Promotions on the Web”

A
  • Banner Ads
  • Pop-up Ad
  • Pre-roll video ad
  • Search marketing
74
Q

Measures of Website Effectiveness

A
  • Research Studies
  • Profitability
  • Website Traffic Notes
  • Click-through rates
  • Conversion rates
  • Level of user engagement
75
Q

Marketing As a Vocation for a Christian: Called to Reconciliation

A
  • Christians are called to be agents of reconciliation
  • Restore instead of distort
  • It is the purpose of our vocation
  • We have a redemptive task wherever we are in the world
  • The goal of marketing is mutually beneficial exchange
  • People expects a better end result because of exchange
  • Reconciliation is a God-given behavior
  • Many believe it fosters estrangement
76
Q

Misconceptions about Marketing

A
  • Marketing theory encourages selling things to people that they do not need -> estrangement vs. reconciliation
  • Marketing theory supports deception in order to get people to buy products -> honesty is necessary
  • Marketing theory suggests that a given product should be sold to everyone -> quality vs. quantity -> target marketing
77
Q

Variables of the Marketing Mix Strategy

A
  • Product
  • Price
  • Place
  • Distribution/ Promotion
78
Q

Marketing

A
  • Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings; managing customer relationships in ways that have value for customers, clients, partners, and society at large
79
Q

Geoffrey B. Small Case Study

A
  • Focused on relationship marketing
  • Delivering well-made, high-quality products
  • Clothing
80
Q

Nederlander Case Study

A
  • Broadway play company
  • Partnered with others to sell tickets
  • Well-established family business
81
Q

Zappos Case Study

A
  • Online based shoe company
  • HQ in Las Vegas
  • Been hacked before

MKT 251 - Intro to Marketing (10 decks)

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