Week 1 Flashcards
What are the 4 p’s of marketing mix?
product, price, promotion, place
What is the product part of the “4 P’s”?
what is being offered
What is the price part of the “4 P’s”?
what is being exchanged for the product
What is the promotion part of the “4 P’s”?
how this is being communicated to the consumer
What is the place part of the “4 P’s”?
how is the product getting to the consumer?
What is marketing?
the discovery of, creation of, communication of, and finally, delivery of value.
What is value proposition?
benefits that an organization promises to the customer.
What does the customer believe they are getting from the company? What does the company know they will have to deliver?
What is the triple bottom line?
profit, people, planet
financial, social, and environmental consequences of business decisions
What is strategy?
an organization’s long term course of action designed to deliver a unique customer experience while achieving its goals
What are core values?
fundamental, passionate, and enduring principles that guide the conduct of an organization
must be communicated and supported by top management and employees
What is organizational culture?
set of values, ideas, attitudes and norms of behavior that are learned and shared among members of the organization
What is considered part of organizational culture?
what you can wear to work, communication style between colleagues, what is expected from your work (nit picking management v. independent)
What is a mission statement?
a formal declaration that describes the firm’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources
What is S.M.A.R.T.?
specific, measurable, attainable, relevant, and have a timeline when it comes to setting goals
What is a marketing plan?
a road map for the marketing actions of an organization for a specified future time period. should be re-written every 1-3 years
What are stars?
high share of high growth (significant potential in the future)
What are cash cows?
generate lots of cash, high share of low growth (mature, slow-growing industries have a large chunk of market share and require minimal investment to thrive)
What are question marks?
low share of high growth (product in a market that is growing quickly but have a low market share)
What are dogs?
low share of slow growth (a business unit that has a small market share in a mature industry)
What is market penetration strategy?
seek to increase sales of existing products to existing markets
What is product development strategy?
create growth by selling new products in existing markets
What is market development strategy?
introduce existing products to new markets
What is diversification strategy?
emphasize both new products and new markets to achieve growth
What is a SWOT analysis?
taking into consideration of internal(strengths, weaknesses) and external(opportunities, threats) factors of a product/person/place
What is implementation?
how to turn the plan into results
What is evaluation/control?
measuring actual performance, comparing performance to the objectives, making adjustments
What is an environmental scan?
the process of continually aquiring information on events occurring outside the organization
e.g. identify and interpret potential trends that impact the business
What are environmental forces?
social, economic, technological, competitive, and regulatory
What is sociocultural environment and what are its impacts?
changes in cultural values, ideas, and attitutes and how they alter people’s needs and desires for products
What is egocentrism?
you think that other people think in the same way that you do
What is the business cycle?
recession, depression, recovery, prosperity, inflation
What is gross income?
total money made in a year by person, household, etc.
What is disposable income?
money left after taxes, used for necessities, food, housing, clothing, transportation
What is discretionary income?
money left after paying for taxes and necessities
What are some recession proof products?
generic labels, camping gear, repair shops, education, sin products
