Marketing Quiz 1 (ch 1, 2, 3) Flashcards
The 4 P’s
Promotion, product, price, place
marketing mix
communicating, creating, exchanging, delievering, value
Personal value equation
VALUE = BENEFITS RECEIVED – (PRICE + HASSLE)
Market oriented
degree to which a company seeks to fulfill consumer want and needs
goals of marketing
discover the needs and wants of customers and satisfy them
value era (now)
companies focus on creating value for customers
one to one era (now)
build relationships with customers one at a time
transformative era (now)
transforming companies and products to serve the customers more
marketing plan
strategy for implementing the component of marketing: creating, communicating, delivering, and exchanging value.
value proposition
thirty-second elevator speech stating the specific benefits a product or service offering provides a buyer
strategic planning
a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace
Situation analysis
analyzes external factors, internal factors, and uses SWOT
mission statement
shows purpose of the organization and why it exists
marketing plan
a strategic plan that provides direction
Marketing strategy
the means for the goal to be achieved
Marketing tactics
the detailed day to day operational marketing actions that contribute to the success of marketing strategies
product / market entry strategies quadrants
market penetration, market development, product development, diversification
market penetration
increase sales
market development
sell current products to new markets
product development
sell new products to current markets
diversification
develop new products to sell in new markets
five forces model
potential new entrants, bargaining power of buyers, substitutes, suppliers, and competitive rivalry (middle)
portoflio planning
analyzing a firms entire collection of businesses relative to one another.
Boston Consulting Group (BCG) matrix based on
SBU’s market growth rate and SBU’s relative market share
question marks (BCG Matrix)
low market share and high market growth
stars (BCG Matrix)
high market share and high market growth
cash cows (BCG Matrix)
high market share and low market growth
General Electric (GE) business and industry planning model
examines a business’s strengths and the attractiveness of the industry and evaluates the strength and attractiveness of industries as high, medium, and low
dogs (BCG Matrix)
low market share and low market growth
SBU looks at
market share, growth of the SBU, size of the opportunity, potential for profit, environmental factors, and competitive conditions
Green (SBU)
invest for growth
Yellow (SBU)
status quo
Red (SBU)
divest
Consumer behavior
why people shop for products, buy and use them, become loyal customers, and dispose of them
consumer behavior - situational factors
social situation, time, reason for the purchase, mood, economic situation
consumer behavior - personal factors
personality and self-concept, gender, age, stage of life, and lifestyle
consumer behavior - psychological factors
motivation, perception, learning, attitude
consumer behavior - societal factors
culture, subculture, social class, reference groups, opinion leaders, influencers
consumer purchasing process
need recognition, search for product information, product evaluation, product choices and purchase, postpurchase use and evaluation of product, disposal of the product
low involvement decisions
used for products that carry a low risk of failure or have a low price tag
high involvement decisons
used for products that carry a high price tag or high level of risk
consumer touchpoints
a marketer’s product, service, or brand points of contact with a consumer from start to finish in the purchase decision process.
Consumer Journey Map
a visual representation of all the touchpoints for a consumer who comes into contact with a company’s products, services, or brands before, during, and after a purchase
Maslow’s Hierarchy of Needs
physiological, safety, love/belonging, esteem, self-actualization
