Marketing Basics Flashcards
RTM
Real Time Marketing
• Taking advantage of events that happen in real time.
• Seizing the moment to create a marketing campaign.
Dynamic Pricing
Prices that can change it real time.
Reference Price
A price that the consumer feels is appropriate.
What is marketing, fundamentally, all about?
Marketing is all about understanding and meeting customer needs.
What makes real-time marketing different from traditional marketing?
Real-time marketing takes advantage of current events in producing timely communication that reaches the market quickly.
What is the PEST framework?
A framework for making sure that you can be comprehensive and systematic in pulling data.
What is a SWOT analysis?
A scan of the internal and external environment of a company that provides information that is helpful in matching the firm’s resources and capabilities to the competitive environment in which it operates.
What does PEST stand for?
Political, Economic, Social, and Technical.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats.
Give a few examples of strengths in SWOT.
Patents, strong brand names, good reputation among customers, cost advantages from proprietary know-how, exclusive access to high grade natural resources, favorable access to distribution networks.
Give a few examples of Weaknesses in SWOT.
Lack of patent protection, a weak brand name, poor reputation among customers, high cost structure, lack of access to the best natural resources, lack of access to key distribution channels.
Give a few examples of Opportunities in SWOT.
An unfulfilled customer need, arrival of new technologies, loosening in regulations, removal of international trade barriers.
Give a few examples of Threats in SWOT.
Shifts in consumer tastes away from the firm’s products, emergence of substitute products, new regulations, increased trade barriers.
What are examples of political factors?
Tax policy, employment laws, environmental regulations, trade restrictions and tariffs, and political stability.
What are examples of economic factors?
Economic growth, interest rates, exchange rates, and inflation rate.
