Test 1 Flashcards
Customer Relationship management
using information about customers to create marketing strategies that will keep the customer happy and create a good relationship
What are the forces of the marketing environment
economic, political, legal, technological, and social cultural
What is the marketing mix
Four marketing activies: product, pricing, distribution and promotion that a firm can contorll to meet the needs of customers
Target market
The group of people in whom the company is focuses its marketing efforts
Core compentices
These are things that the company does really well that gives it an advantage over its competitors. (wal mart - low level prices at high quality for a variety of goods)
BCG Matrix
Stars, Cash Cows, Question marks, and dogs
Dogs
Don’t have a big share of the market and have low room for growth
Stars
Dominant share of the market and good chance for growth
Question Marks
They have a small share of a growing market require a large amount of cash to build market share
Cash Cows
Have a dominant share of the market but not a lot of room for growth
First mover advantages
gives them a long-term competitative advantage because they were the first to do that
SWOT analysis
Strengths and weaknesses are internal factors. Opportunites and threats exist independently. Remember the Four cell matrix to this
First mover Risks
High cost associated with creating a new product from scratch
Late mover risks
First mover may have patents on certain technology. Switching to the late mover might be too time consuming for a customer
Discretionary income
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter
Disposable income
After tax income
The competitive structures
Monopoly, oligopoly, monopolistic competition, pure competition
Monopoly
A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
Oligopoly
A competitive structure in which a few sellers control the supply of a large proportion of a product
Monopolistic competition
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
Pure competition
A market structure characterized by a an extremely large number of sellers, none strong enough to significantly influence price or supply
What are the four competitors
Brand competitors, Product competitors, Generic competitors, Total Budget competitors
Brand competitors
Firms that market products with similar features and benefits to the same customers at similar prices
Product competitors
Firms that compete in the same product class but market products with different features, benefits, and prices
Generic competitors
Firms that provide very different products that solve the same problem or satisfy the same basic customer need
Total budget competitors
Firms that compete for the limited financial resources of the same customers
Cause related marketing
The practice of linking products to a particular social cause on an ongoing or short-term basis
Green marketing
Marketing on the basis that they are also being economically responsible
Codes of conduct
consist of formalized rules and standards that describe what the company expects of its employees
Ethical issues in the marketing mix (Product)
Arises when marketers fail to tell consumers about changes in product quality, function, value, or use of a product
Ethical issues in the marketing mix (Price)
Price fixing, predatory fixing, Failure to disclose the full price of a purchase
Ethical issues in the marketing mix (distribution)
Manipulating a products availability for purposes of exploitation
BBB
This is a nongovernmental system that is ran by independent and local businesses that help settle problems between businesses and customers
