unit 1 Flashcards
our behaviors don’t match exactly the intentions
the intention-behavior gap
marketing
science and art of exploring value to satisfy the needs of a target market
father of marketing
philip kotler
father of digital marketing
neil patel
how do companies make their promsie to the customers
through their marketing, nike - just do it
steps of the marketing process
understand, design, construct, engage, capture
consumers will favor products that offer the most in quality, performance and innovation
product concept
consumers will favor products that are available and highly affordable
production concept
consumers will favor products that go through a large-selling and promotion effort, consistently on sale
selling concept
marketing concept
achieving organization, all goals depends on knowing well your target markets
marketing decisions consider consumers and society long-run interests
societal concept
used user-created material to promote and market the brand and its products
consumer-generated marketing
strategic planning
mission, goals, business portfolio, planning, strategy, method
should not change, very general
mission
mission statement that is telling what the product does and what the main features are
product oriented
mission statement that tells how the product makes the customer feel and goes beyond
market oriented mission statement
what are smart goals
specific, measurable, achievable, relevant, time-based
consumer demand for a product or service category over time
market growth rate
percentage of sales the company has in that market
market share
high market share and high market
stars
no opportunity for them to grow, high market share
cash cow
more and more people want it but the market share is low
question
low in market and low in growth rate
dogs
4ps marketing mix
product, price, place, promotion
steps in the funnel marketing
acquisition, activation, retention, referral, revenue
what are the two environments of the market
micro and macro
micro environments
suppliers, company’s financial department, competitors,
macro environment
demographics, economics, natural disasters, technological issues, political changes, cultural
building the background of the study, what we already know about the product
exploratory/desk research
data that is directly collected through interviews, questionnaires/surveys, observation, experiments
primary data
data has already been collected and immediately available for the research
secondary data
qualitative research
case study, record keeping, process of observation, ethnographic research, focus groups, one-on-one interview
numbers, stats,
quantitative research
