Unit 5 Flashcards
what is marketing
the process of creating, communicating, and delivering to meet organizational objectives and customer needs
what are customer needs
states of felt deprivation either physical, social, safety/well-being`
what is the marketing process
series of marketing decisions and actions intended to address marketing goals
what is marketing myopia
the disconnect between organizations and their customers. comes from excessive focus on business needs and short term goals
what are the steps in the marketing process
situation analysis, select target market, develop marketing strategy, maintain customer relationships
what are the parts of situational analysis
identify unfulfilled customer needs, assess potential competitors(strengths and weaknesses), assess internal capabilities
what are markets
customers who are willing and able to purchase our product`
what are target markets
groups of customers sharing a number of defining qualities
what are users
users are customers who ultimately purchase and use the product
what is the marketing strategy
plan to achieve objectives in current situation
what is the marketing mix
product, price, place, promotion
how can businesses maintain customer relationships
CRM programs and practices and collecting data about customers and loyalty programs
what are the stages of business philosophies through history
Production orientation 1900, selling orientation 1920-1930, marketing orientation 1950-1990, socially responsible marketing 1990-2000, social media marketing 2006-present
what is cause marketing
for profit orgs working with not for profit orgs for their mutual benefit
what is societal marketing
producing and delivering products that have minimal negative impact on societies well-being
what is brand democritization
shift of power towards consumers to produce communication about a given brand
what is environmental scanning
continually acquiring information on events occurring outside the organization. identify opportunities and threats that impact marketing strategies
what are direct competitors
orgs selling similar products sold in the same category. must focus on innovation and branding to get ahead
what are indirect competitors
products that satisfy similar needs. get ahead with product line expansion
what is a monopoly
one organization that serves the entire market
what is an oligopoly
few large organizations that control the market
what is monopolistic competition
numerous large and small organizations with similar products
what is pure competition
numerous small sellers providing a nearly identical product
what happens in economic downturns and booms
downturns cause consumers to focus on basic necessities while booms cause increased demand for non essential products
what are some demographic forces
aging, urbanization, diversity
what has changed in marketing
used to be about developing and marketing products but is now about being honest and transparent while showing customers the org is helping society and the environment
what is market analysis
collecting info to determine if a market is worth pursuing. info such as demand, sales potential, production capabilities, necessary resources
what is consumer analysis
monitoring consumer behaviour changes such as tests, preferences, lifestyles
what are loyalty programs
programs that offer a consumer a small bonus when the y make a purchase which acumulate which each new purchase
what are CRM programs
programs that analyze data about customer buying behaviour, preferences, and likes/dislikes to create marketing programs that meet customer needs
how often are marketing plans typically made
annually while reviewing performance or progress throughout the year
what are the main factors that impact marketing decisions
the economy, laws and regs, tech, competition
what are market leaders, challengers, followers, and niches`
leaders have the largest market share and take the lead on strategic moves, challengers are firms trying to gain leadership through aggressive promotion, followers are firms content with their position, nicher’s are firms focused on small niche markets overlooked by larger competitors
