Powerpoint slides Flashcards
Marketing
is directly connected to top level strategy: it is about creating value, solutions to problems, and a competitive edge; it is about attracting customers and profit.
Marketing at its best creates…
a win win
marketing is both
common sense and complex with a lot of moving parts
marketing should NOT involve
ripping off customers and manipulating
why does e scanning matter?
In today’s turbulent business environment the best scanning method available is continuous scanning.
what does PEST stand for
political, environmental, social, technology, + ethics and legal
demographics
how big is the target market? and where is it?
Psychographics
how do people in the target market think
what does SWOT stand for
Strengths, Weaknesses, Opportunities, Threats
What is PORTERS 5?
- supplier bargaining power, 2.threat of new entrants, 3.customer bargaining power, 4.threat of substitutes, 5.industry rivalry
Ethics
moral principals and values that govern and / or serve as guidelines on how to make ‘right’ actions and decisions of an individual or group
Laws
society’s values and standards that are enforceable in the courts
justice approach
moral decisions must be based on standards of equity, fairness, and impartiality
distributive justice
treatment not be based on arbitrary characteristics (e.g. equal pay for equal work)
procedural justice
rules should be clearly stated and be consistently and impartially enforced
compensatory justice
the party responsible should compensate injured individuals if in their control.
moral rights
Asserts that humans have fundamental rights that cannot be taken away by an individual’s decision.
what are 6 moral rights
- free consent. 2. privacy 3. freedom of conscience 4.free speech 5. due process 6. life and safety
where do ethics come from?
religion, determined by the individual, community/culture/majority/society, situation, feels good, moderation, the strong
what is a mission statement
the reason why the company exists. what need it is fulfulling
segmenting
the process of dividing the total market into segments based on 1.common needs 2.the probability that these groups will respond similarly to a marketing action
target ing
This is the step of selecting one or more target segments based on evaluation of their attractiveness
businesses often fail because
Too often businesses enter the marketplace with a value equation not unique and / or significant enough to carve out a niche, Or, they take a broad swipe at the market and try to appeal to everyone, creating insufficient ability to serve varied needs
ways to segment consumer markets
By Geographics
By Demographics
By Psychographics
By Behaviour
product positioning
is to design-in how a brand is perceived situated, from low cost and low frills to very exclusive and pricy … and anywhere in between. The optimal way to position a brand will depend on multiple factors.
branding
is about designing in a desired perception with regard to a business and / or product. It is also about creating a point of difference from competing brands.
brand identity
helps a business claim a unique position within the workplace
