Midterm Flashcards
company types
for profit
not for profit
company-centric
“the business system” which reflects the underlying mechanics as to how the business is structured
Key activities
Key resources- assets, labor, capital, acumen
Key partners
Portfolio of product and services
market-centric
how the business is connected to the marketplace
-Focuses on external factors
-Available customer segments- customer characteristics
-Positioning
-Value proposition- product geared towards
-Revenue model- proce you can charge, volume of sales you can generate and the profitable you can garner from the activity.
the role of business owner “c-suite” manager
well directed and positioned strategy + efficient and effective business model execution = business growth and profitability
what is competitive advantage
is anything that gives a company an edge over its competitors
hedgehog concept
your passion,
what you’re best at,
what drives you
all meet in the middle to get a sweet spot
the consumption journey
-mid to late 1700’s
-shift from an agricultural-based society to a production-based model
-aka the industrial revolution
-population growth
-increase in incentives
-mercantilism
-growing emphasis on wealth creation
-self sufficient –> consumption marketplace
-increase in demand
-greater production
-more efficient
-growth in specialization
the great sustainability challenges going forward
-climate change
-the Paris agreement
-pollutions & health
-the energy crunch
-resource availability
3 fundamental shifts in thinking regarding waste
-Recognition that resources are finite for many market sectors.
-Recognition that resource efficiency, while slightly more expensive in the short run, can lead to lower overall costs in the long run.
-Societal pressure – environmental degradation is becoming closely linked to company image and brand reputation.
resource management model
…
the sustainability act
…
principles of interpersonal communication
- we cannot communicate
- interpersonal communication is irreversible
- interpersonal communication involves ethical choices
- people construct meanings in interpersonal communication
- metacommunication (communication about communication) affects meanings
- interpersonal communication develops and sustains relationships
- interpersonal communication is not a panacea
- interpersonal communication effectiveness can be learned
maslows hierarchy of needs
self-transcendence
self-actualization
aesthetic needs
cognitive needs
self-esteem needs
belongingness and love needs
safety needs
physiological needs
conflict is ___ for relationships
good
communicationg procust is a way for marketers to
respond to the ongoing pressure on price
price elasticity refers to
the degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes
6 R’s of marketing
“the right need to pursue”
“the right solution to offer”
“the right value proposition to position products and services around”
“the right methodology for delivery”
“the right price to charge”
“the right communication message to use”
marketing mix: 4 C’s (customer centric)
Customer Value (wants & needs)
Convenience to buy (online, brick and mortar, web design, etc.)
Cost to satisfy (time, purchase price, energy/effort)
Communication (engagement, listening)
a different way to think about the marketing mix
traditional…………………………….revised
product strategy –> value proposed attributes
pricing strategy –> maximize return on sales
distribution strategy –> connect with customers
communication strategy –> communication “fit”
makreting mix: 4 P’s (company centric)
Product or Service: best solution to their need
Place(ment): where can we buy it & distribution channels
Price: cost and price
Promotion: advertising/marketing
value proposition attributes
brand leveraging, cost advantages, behavior linkage, point of sale and post-purchase services and benefits, financial incentives and benefits, tangible product attributes, psychological and social benefits
the ______ the complexity of the product- the less _____________
is customer familiarity with the product category
the ______ the price, the more
important sales support becomes at the time of purchase
3 channel relationship categories:
- Intensive Distribution (convenience goods)
- Selective Distribution
- Exclusive Distribution
