Marketing Exam 1 Flashcards
What is marketing?
Engaging customers and managing profitable customer relationships
Marketing Myopia
when companies fail to define products in terms of customers’ needs and wants (and recognize that those needs and wants may evolve)
What is the purpose of a mission statement?
Statement of an organization’s purpose, answering questions such as what the business is, who the customer is, what consumers value
Market-oriented mission statement
EX: We sell “The Starbucks Experience”
Product-Oriented Mission Statement
EX: We sell coffee and snacks
BCG Growth-Share Matrix
Product/Market Expansion Grid
What is the marketing environment?
All the actors and forces that influence a company’s ability to transact business effectively with its target market
Controllable factors in the marketing environment
Role of marketing, corporate culture, segmentation strategies, overall objectives: sales vs. profits vs. long-run existence
What are the 4 uncontrollable factors in the marketing environment?
Competitors, economy, cultural shifts, independent media
What is the microenvironment?
Actors close to the company that affect its ability to serve its customers
What are the 6 factors in the microenvironment?
Company, suppliers, marketing intermediaries, customer markets, competitors, publics
What is the macroenvironment?
Broader forces that affect the actors in the microenvironment
What are the 6 factors in the macroenvironment?
Demographic, economic, natural, technological, political, cultural
Global Product and Communication Strategies
The Marketing Research Process
- Identify the problem
- Develop research plan
- Conduct research
- Analzye and report findings
- Take action
What are the three objectives of research?
Exploratory, descriptive, causal