Marketing Flashcards
environmental scan or situation analysis
SOCIAL-demographic shifts, cultural changes
ECONOMICAL-macroeconomics conditions, consumer incomes
TECHNOLOGICAL-changing tech, techs impact on customer value, electric business tech
COMPETITIVE-alternative forms of competition, small business
regulatory- laws protecting competition, laws affecting marketing mix, self regulation
social forces
world pop, us pop, pop shifts, values, value consciousnes
economic forces
inflation, recession, gross income, disposable income, discretionary income
technological forces
connectivity, intelligent data collection, green infrastructure, 3D tech, new products
pure competition
large number of sellers, similar products, place (distribution) is important
monopolistic competition
large number of sellers, unique but substitutable, pricing is important
oligopoly
a few large competitors, similar products, promotion is key to achieve perceived product differences
monopoly
single producer, unique and unsubstitutable, unimportant
new product development process
new-product strategy development idea generation screening and evaluation business analysis development-rachio started here market testing commercialization
types of products
B2C-consumer- convenience (toothpaste), shopping (tv), specialty (caviar), unsought (insurancepolicy
B2B- business product, industrial-
continuous innovation
requires no new learning, Ex- new improved shaver or detergent, marketing emphasis- gain consumer awareness and wide distribution
dynamically continuous inoovation
disrupts consumer’s normal routine but not require totally new learning, Ex) electric tooth brush, Marketing emphasis- advertise points of difference,
discontinuous innovation
requires new learning and consumption patterns by consumers, Ex) VCR, electric car, Marketing emphasis- educate through product trial and personal selling
new product strategy Why new? Opportunities? SWOT? Where to aim?
- seize opportunity, fill gap
- enviro. scan
- where do we have advantage
- target market, innovation protocol-a statement before product development begins-identifies: target market, customers needs, description, benefit
organizational buyers
industrial markets
resellers, wholesalers, retailers
gov. markets
organizational buying behavior
problem recognition info search alternative evaluation purchase decision post purchase behavior
personal selling
sales people- identify creative solutions to customer problems
ease to customer buying process
make the after-the-sale follow-up
personal selling process/stages
prospecting- search for and qualify prospects
- preapproach- gather info and decide how to approach
- approach- gain prospects attention
- presentation- begin converting a prospect into a customer by creating desire for g+s
- close-obtain purchase and create customer
- follow up- ensure to customer is satisfied with g+s
segmentation for B2B market
geographic
demographic
behavioral
Role of price
- allocates resources-vote with dollars
- measure of utility
- key lever for marketer to- affect rpod demand, send perceptual signals, manage profitablity
pricing objectives
- profit- mgnt for long run profs, mgnt for current profs, target return (ROI)
- sales- $
- Market share- # or $
- unit volume- #
- survival
- social responsibility
pricing apporaches
- demand- skimming, penetration, prestige, price lining, odd-even, target, bundle, yield mgnt
- cost- standard mark up (safeway), cost-plus, experience curve
- profit- target profit, target return on sales, target return on investment
- competition- customary, above- at- or below market, loss leader
contribution margin $
price-VC per unit
percent margin
contribution margin/ price
% of selling price the firm retains after VC
percent markup
contribution margin/VC
% of cost that’s been added to cost to arrive at price
Breakeven analysis
Profit= (quantity x (Price-VC))-FC
