Week 1 Flashcards
What affects all individuals, all organizations, all industries, and all countries?
Marketing
What does marketing affect?
All individuals
All organizations
All industries
All countries
Business success and carefully designed product, pricing, distribution and promotional strategies that meet the consumer needs, trends and expectations link to what?
Business success
West jet case shows the link between business success and?
Explain the west jet case
Carefully designed product
Pricing
Distribution
And promotional strategies that meet consumer needs, trends and expectations
Promotional strategies need to meet consumers:
Needs
Trends
Expectations
Brands need to be?
Differentiated
What are marketers challenges with?
Staying current to ensure that their strategies and messages resonate with customers
Why do marketers need to stay current?
To ensure that their strategies and messages resonate with customers
What are marketers ultimate objectives? (Profit and non profit)
To drive profits for a company
(Non profit) generate revenue and support to fund programs and run operations
What are the aspects of marketing?
Promotion
Product
Price
Place
Why are the aspects of marketing required?
To maximize profitability and generate revenue
What is marketing responsible for?
Large portion of organizational expenses
Revenue
What do marketers need to be?
Financially savvy
Able to create realistic forecasts
Dissect a profit and loss statement
Discuss return on investment strategies
What does ROI stand for
Return on investment
Marketing is intertwined with?
Internal and external stakeholders
Marketing needs to work with?
Other functional areas
What is a main contributor to new product development?
Research and development
Research and development is a main contributor to what?
New product development
Manufacturing produces a companies products to ensure
quality and cost efficiency
Finance monitors what?
Sales and cost
Information system coordinates what?
E-commerce and digital marketing technologies
Human Resources ensures what?
Qualified and innovative people are filling roles within the organization
The success of an organization is dependent upon what departments?
Manufacturing
Finance
Information systems
Human Resources
To function cooperating and collaboratively toward a common vision
Marketing department both shapes and is shaped by what?
It’s relationship with internal and external groups
What are the key people, groups and forces outside the organization that influence marketing activities?
Other organizations
Shareholders
Suppliers
Customer
Environmental forces (social, economic, technological, competitive, regulatory)
What are environmental forces?
Social
Economic
Technological
Competitive
Regulatory
The marketing department is responsible for facilitating what?
Relationships
Partnerships
Alliances with the organizations customers, shareholders, suppliers, and other organizations
The marketing department is responsible for facilitating alliances with what?
The organizations customers
Shareholders
Suppliers
Other organizations
Environmental forces shape what?
An organizations marketing actions
What are an organizations marketing decisions affected by?
Society and have important impact on society as a whole
The organization must strike what?
A balance among the sometimes differing interests of groups.
Ex. It is not possible to simultaneously provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, the highest wages to employees and the maximum dividends to shareholders
Marketing planning starts with what?
A scan of the environment
External demographic, social-cultural, economic, technological, competitive, and regulatory forces create what?
Opportunities that a company can maximize and threats that a company should minimize
What forces creates opportunities that a company can maximize and threats for the company can minimize
External demographic,
social-cultural,
economic,
technological,
competitive,
and regulatory forces
Successful marketing is focused on what?
Customer needs and wants and developing programs to engage customers and inspire loyalty
What is a need?
Basic necessities such as food, clothing, and shelter
What is a want?
A need shaped by a persons knowledge, culture, and personality
