Test 1. Ch 1-3 Flashcards
Product (4 ps)
What does the consumer expect from the product
Place (4ps)
Where do buyers look for product
Price (4 ps)
What is the value of the product
Promotion (4 ps)
Where can you reach consumers with products
Consumer value proposition
A bunch of benefits that an organization produces for customers to satisfy needs
Customer value
The value a customer expects for a product
Evolution of marketing orientation
How marketing has changed over time (newspapers-radio-TV-social media)
Relationship marketing
Links organization to individuals, employees, suppliers and other partners for their mutual long term benefits
CRM customer relationship marketing
All the tools, technologies and procedures to improve sales
Customer lifetime value
Profit from a single consumer throughout their entire lifetime
Who benefits from marketing
Society- competition increases keeping quality high and prices low
Organizations- make money
Consumers- find best value in products
Sociatial marketing concept
The views an organization should discover and satisfy the needs of its consumer that benefit society in general
Mission (vision)
Statement that shows the function for its customers, markets, products and technologies. Businesses function
Business
Describes the clear, broad and underlying industry of market sector of an organizations offerings
Marketing myopia
Narrowly defined business
Business portfolio analysis
Stars-high market, high growth
Dog-low growth, low market
Question mark. High growth low market share
Cash cows. Low growth high market share
Diversification analysis
Having various business endeavors. Money going into multiple ideas
Strategic marketing process
Where an organization distributes its mixed marketing resources to reach new target market
Swot
S. Strengths
W. Weaknesses
O. Opportunities
T. Threats
Environmental scanning
Continually acquiring info on events occurring outside the organization to identify and interpret potential
5 major environmental forces
Social- demographic shifts cultural changes
Economic- consumer income. economy
Regulatory. Self regulation
Competitive. Alternative forms of competition
Technological. Changing technology
Major demographic trends
World pop
U.S. Age groups
Racial diversity
Population shifts
General cohorts
Large amounts of a certain age group
Macroeconomic conditions
How the economy is doing
Consumer income
How much consumers make
Culture
Set values, beliefs and attitudes shared by a group of people
Changing values
The views a people have that change over time
Pure competition
Many sellers with similar products
Monopolistic competition
Many sellers compete with interchangeable products
Oligopoly
Few companies control most of business
Monopoly
One company owns business
Consumerism
Consumers get more influence. Power. And rights when dealing with companies
Marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit it’s consumers , organization, stakeholders and society
