Marketing Flashcards
What is marketing?
- Exchanging offerings that have value
- Creating, communicating and delivering
Marketing helps businesses to…
Understand and adapt to costumer preferences
Building strong customer relationships promotes…
Loyalty and trust
It helps to drive sales and revenue by…
Effectively communicating value
It supports long-term growth by identifying…
New opportunities and trends
What are NEEDS?
Basic requirements necessary for survival
- Food, safety
What are WANTS?
Deseos
SPECIFIC preference/solution to satisfy a need
- Culture, social influences or personal preferences
e.g. You are hungry but you WANT a 🍔 instead of a 🥗
What are DEMANDS?
Customers have the desire for a product and 💵 to purchase it.
Difference of INTERNAL and EXTERNAL factors
- INTERNAL: under control of the company
- EXTERNAL: affecting factors outside and NO control of the company
Internal and external factors influence the company’s ability to…
Create, communicate, deliver and capture value
What is MICROENVIRONMENT?
- Factors that are directly related to the company
- Influence day to day operations
Keys of the MICROENVIRONMENT
- CUSTOMERS: purchase products/services
- SUPPLIERS: company prove raw material/product needed to produce
- COMPETITORS: other businesses selling the same
- INTERMEDIARIES: wholesalers, distributors and retailers that help delivering products
What is MACROENVIRONMENT?
External forces that affect an entire industry or maker
Key elements of the MACROENVIRONMENT
- Political: policies, regulations and political stability
- Economical: inflation p, interest rates and economic growth
- Socio-cultural: demographics, cultural norms and social trends
- Technological: advances in technology
What is SWOT analysis?
Evaluate business internal strengths and weaknesses, external opportunities and threats
SWOT ANALYSIS (internal factor)
What is PEST analysis?
Examinases the external macroenvironmental factors looking at Political, Economic, Social, and Technological
PEST ANALYSIS
- Political: how and what degree a government intervenes in the economy
- Economical: how an organization does business and also how profitable they are
- Social involve the shared belief and attitudes
- Technological: new ways of producing and distributing goods and services; communicating with target markets
CONSUMER PROPOSITION ACQUISITION
