MKTG 3832 - Exam 1 Flashcards
5 marketing eras
Production era Sales era Marketing era Relationship Social era
Production Orientation
Quality products and then tried to find people to purchase them
Consumer Orientation
The focus is on satisfying the needs and wants of consumers rather than simply producing and selling products
Sales Orientation
A belief that creative advertising and personal selling will persuade consumers to buy
Relationship Marketing
Refers to the development, growth, and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit
6 Categories of Marketing
Product Place Cause Person Event Organization
Place Marketing
Marketing efforts designed to attract visitors to a particular area; improve consumer images of a city, state, or nation; and/or attract new business.
Ex. California: “Find Yourself Here.”
Cause Marketing
Identification and marketing of a social issue, cause, or idea to selected target markets
Ex. “Click it or Ticket.”
Person Marketing
Marketing efforts designed to cultivate the attention and preference of a target market toward a person
Ex. Athlete, Payton Manning
Event Marketing
Marketing of sporting, cultural, and charitable activities to selected target markets
Ex. Tokyo 2020 Summer Olympics
Organization Marketing
Marketing efforts of mutual-benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services, or contribute to them in some way
Ex. American Red Cross, “Together we can save a lift.”
Marketing Mix Variables
"The 4 P's of Marketing" Product Price Place (distribution) Promotion
Planning
The overall process of anticipating conditions and determining the best way to achieve organizational objectives
Marketing Planning
The process devoted specifically to achieving marketing objectives
Strategic Planning
The process of determining an organization’s long-term primary objectives and adopting courses of action that will achieve these objectives. Total budget.
Top Managers, like CEO or CFO
Tactical Planning
Defines how activities specified in the strategic plan will be implemented. Shorter-term objectives that need to be completed for its long-term. Swift decision making/actions. Quarterly, semi-annual plans. Business unit budget. Divisional policies.
Middle level managers; GMs and department directors
Operational Planning
Where managers develop specific programs to meet goals in their area of responsibility. Daily and weekly plans, unit budgets, departmental rules. Supervisory management, regional sales manager and supervisory. Tactical planning is basis for.
Porter’s 5 Forces
Five competitive forces that influence planning strategies.
Threat of new competitors Supplier power Buyer power Threat of substitutes Competitive rivalry
Threat of new competitors
The degree to which new competitors may easily enter the industry and disrupt established firms.
If high, lower prices, reducing industry profitability
Supplier Power
The amount of bargaining power a supplier exerts on its customers and other channel members.
If high, industry profitability reduces because of their higher prices.
Buyer Power
The amount of bargaining power a customer (either consumer or business-to-business buyer) exerts on its suppliers and other channel members.
If high, industry profitability reduces because they demand lower prices, etc.
Threat of Substitutes
A substitute threat occurs when a product or service can be replaced with goods and services from a competing firm or industry.
If high, industry profitability reduced because of competition
Competitive Rivalry
The intensity of competition among industry participants, usually a direct result of the four previous forces
If high, profitability reduced.
SWOT Analysis
Analyzes the internal and external environment to assess: Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external)
Leverage
Matching an internal strength with an external opportunity, enabling a company to seize an advantage over its competition.
Boston Consulting Group Matrix (BCG)
Portfolio analysis framework that enables managers to plot the relative position of each business unit, brand, or product on the basis of industry growth rate and relative market share (what a firm currently controls).
Stars
Cash Cows
Question Marks
Dogs
Stars
Industry Growth Rate: High
Relative Market Share: High
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