Review Flashcards
What makes up value?
Benefits and Price
aka. Quality and Sacrifice
What makes up product benefits?
Image and Reputation
What is the main target of marketing?
Ensure the company has the same values as the customer
Marketers End Goal?
Establishing a relationship with a customer and giving them what they want
What is Customer Relationship Marketing (CRM)?
More than loyalty, one must aim for “delight”.
To be a business that shows “empathy”.
They remember your name, history, and concerns.
Main reason to practice Corporate Social Responsibility (CSR) ?
Consumers want value without compromising the environment
What term refers to the financial, social, and environmental effects of a firm’s policies that determine is sustainability of its actions?
The Triple Bottom Line
Employees, unions, the community, and the supplier are all examples of what?
Stakeholders
What is a SWOT analysis?
Analysis of a organizations
Internal
- Strengths
- Weaknesses
External
- Opportunities
- Threats
External Trends give info into what?
Opportunities and Threats
Internal Trends give info into what?
Strengths and Weaknesses
What is Market Penetration?
Selling MORE of an EXISTING product to the CURRNT / SAME target market
What is Production Development?
Selling a NEW product to the CURRENT / SAME market
What is Market Development?
Selling a CURRENT product to a NEW target market
What is Diversification?
Selling a NEW product to a NEW target market
