Exam 1 – Review – Flashcards
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How does the new concept of marketing differ from the old concept of marketing?
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It focuses on the experience of the customer
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The act of obtaining a desired object from someone by offering something in return is know as?
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an exchange
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Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
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product concept
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What is most likely to cause a variation in customer-perceived value?
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the customer's opinion of what constitutes
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The ultimate goal of the marketing process is to do which of the following?
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receive value from customers
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Julie's Jump Rope Emporium is a brand new company. From a marketing standpoint, What is the first thing the company needs to do?
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determine who in the community wants or needs a jump rope
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A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights and sends volunteers to the local high school. What is the drama club engaging in?
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market exchange
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Which of the following scenarios best describes the societal marketing concept?
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Edward's earthware attempts to make its pottery in a way that satisfies but is also environmentally friendly and sustainable over the long-term
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Bestram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation. What is the company attempting to build?
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customer equity
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What is the importance of selling and advertising in marketing?
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they work in tandem with developing good customer relations
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How do market demands relate to needs and wants?
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needs are satisfied by wants, and buying power converts wants into demand
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Why is good marketing management critical?
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to ensure that the company serves as many customers as it can and as well as it can
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Which of the following describes the current trend in businesses regarding relationships with customers?
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hand-pick the most profitable customers and allow them more input
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How has the Internet MOST affected companies and customers?
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the internet has allowed consumers to take marketing content and share it
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When a company engages in strategic planning, it must consider which of the following?
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how to take advantage of current business opportunities
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What is a business portfolio?
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a collection of businesses and products that make up a company
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A value chain consists of which of the following?
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The series of internal departments that carry out value creating activities
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The goal of marketing is to do which of the following?
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determine the best way to create value for customers and develop relationships with customers that profit the company
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A market dashboard is used to do which of the following?
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measure the return of investment for a marketing strategy
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A brand new hardware company is writing its mission statement. Which of the following is the best mission statement possible for the new company?
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We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses
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A company's best selling product was a portable CD player. However due to the ipods and MP3 players, sales have plummeted and are unlikely to rebound. Which is the best approach for the company to take?
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Liquidate the CD player division and use the funds to support new product
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A teacher tutoring company is known for awesome teaching and has done a good job that everyone knows that, but the company is losing customers. What should they do?
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examine its value delivery market
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A jean company is located in Washington and is starting to develop in surrounding states, but it only sells jeans. Which marketing organization would best suit them?
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market and customer organization
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How do company objectives and goals relate to the company mission statement?
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The goals and objectives outline the steps necessary to accomplish the company's mission statement
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The key to a company's success lies primarily in which of the following?
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The ability of the company to coordinate efforts effectively wthin the company and with other members of its supply chain to order and deliever products
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What is the purpose of the marketing mix, as a part of the overall marketing strategy?
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to elicit a response that influences a demand for the product from the customers that the company is targeting
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How do individual components of a SWOT analysis work together to determine the status of a company?
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by ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
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The role of a company's marketing intermediaries is to do which of the following?
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help the company find, promote, sell, and distribute products
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The group of economic factors that affect consumers' purchasing power and spending power is called which of the following?
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the economic environment
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Which is not a problem involving the natural environment that marketers need to consider?
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renewable resources
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The purpose of business legislation is primarily based on....
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protection
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The difference b/w a proactive and reactive stance to the marketing environment can best be described as which of the following
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passive versus active responses
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Cowboy Gear is having difficulty attaining the credit it needs to expand. Which of the following should the company do to alleviate financial struggle
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work out a plan with its financial intermediaries
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Which of the following best describes a duty that would fall under the EPA
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ensuring that pollution standards are met by a company
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Company is changing wedding services to gays, lesbians... Which environment must be carefully analyzed by the wedding company?
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cultural
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How does the microenvironment of a company differ from its microenvironment?
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The microenvironment deals with societal forces, and the microenvironment deals with creating value
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Overall, how has the American population changed over time?
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It has become more diverse, better educated and more mobile
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Which of the following identifies a change in the technological environment that could affect the success of a business?
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a company develops a new battery that lasts twice as long as it predecessor
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Which of the following is NOT a factor that makes it difficult for companies to adhere to legislation in the business environment?
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the shrinking number of laws currently in existence
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To be successful, why should companies try to adopt a proactive stance to marketing?
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a proactive stance allows a company to influence the market in its favor
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Which of the following best describes the purpose of the customer insights team?
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to gather and interpret info about customers and the market
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Which of the following is NOT likely to be used as an online database that can be accessed by a company to gain information about competitors?
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facebook
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Which of the following is NOT a step in the marketing research process
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comparing research findings to other studies
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What is CRM?
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a system of customer management
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All of the following can be considered problems with gather primary data for an international company except...
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unavailability of resources
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A company is attempting to gather info about its customers in order to improve its customer service. Which is the best place to start to develop an efficient MIS?
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assess the info needs of the company
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A company is conducting market research to find the best area to sell their product. They determined their questions and gathered their data. What is the next step for this company in their research plan?
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analyze the data and apply it to the marketing situation
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A power tool company wants to give its customers information about how best to use its product in creative ways. What should the company do to provide the customers with its info?
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a company extranet
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An international company has appointed a CPO in order to ensure that the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO most likely to do as a function of his job?
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inform customers of the privacy of the company
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Having a good MIS is important because...
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it enables a company to use customer insights to improve relationships with customers
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Which of the following factors is most important to take into account when developing a good MIS?
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the usefulness of the information offered
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Why is it important for a company to collect both primary and secondary data when conducting marketing research?
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to have a full picture of the subject of their study
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What is the overarching goal of CRM?
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customer loyalty
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Which kind of company needs market research more?
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both large like proctor and gamble or small locals need market research
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What is Marketing?
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a social and managerial process involving managing profitable customer relationships. The company creates value for customers.
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Old way of making a sale?
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telling and selling
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New way of making a sale
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satisfying customer needs
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What is the Marketing Process?
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Understand customers and marketplace. Creating customer value. Capturing value and creating strong relationship.
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Market
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Set of all actual and potential buyers for a product or service
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Goal of Market Offering?
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To fullfil customer needs and wants
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Marketing Myopia
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the mistake of paying more attention to specific products than to benefits of those products. Losing sigh of underlying customer needs
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Brand Experience
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When customers immerse themselves in the experience other than the attributes of a product
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What is the problem with low customer expectations?
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It fails to lure customers
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What is the problem with high customer expectations?
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It can disappoint customers
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What is Market Management?
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Choosing target markets and building profitable relationships with these target markets
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Importance of Modern Marketing
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Each party in the system adds value for the next level
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Two questions for marketers
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What markets will you serve? How can you best serve these markets
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Customer-Managed Relationships
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Customers can reach the company and other customers
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The Selling Concept
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Only can sell when theres a large-scale selling promotion effort. Uses the make and sell model.
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The Marketing Concept
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Knowing the needs and wants of your target markets and delivering satisfaction better than your competitors do. Use the Sense and Response model
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Product Concept
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Quality, performance, and features in a product
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Production Concept
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Available and affordable products
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Societal marketing concept
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Customer's wants and long term interests, the company's requirements, and society's long-term interest
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Shared Value
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Recognizes societal needs not just economic needs
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The 4 P's of preparing an integrated marketing plan and program. (Market Mix)
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Price, Place, Promotion, Product
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Marketing Segmentation
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dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors
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Market Targeting
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Evaluating each market segment's attractiveness and selecting one or more markets to enter
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Positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the customer
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Marketing Analysis Steps
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Planning Implementation, Control.
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Customer Relationship Management (CRM)
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building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer Value
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based on costs versus benefits
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Customer-perceived value
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Customer evaluation of the products benefits and costs compared to competitors
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Customer Satisfaction
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When a products perceived performance matches a customer's expectation
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Customer Delight
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Customers make repeated purchases and also become willing marketing partners
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4 components of customer satisfaction and relationships
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basic relationships, full partnership, frequency marketing programs, and club marketing programs
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Older customer compared to a acquiring a new customer
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It is 5 times cheaper to keep an old customer than acquire a new one
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Customer Equity
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the total combined customer lifetime values of all the company's customers, current and potential
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Strategic planning
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a fit between marketing opportunities and organizational goals and capabilities
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Mission Statement
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Statement of the organization's purpose identifies what the organization wants to accomplish in the larger environment
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Strategic business units (SBU's)
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Key businesses that make up the company
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What makes up the Growth-Share Matrix
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Stars, Cash Cows, Dogs, Question marks
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Stars
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high growth, high share. requires heavy investment to finacne fast growth
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Cash Cows
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Low growth, high share. established and successful. Needs less to investment, produces a lot of cash for the company.
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Question Marks
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high growth, low share. Requires a lot of cash to hold their share
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Dogs
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low growth, low share. may generate enough cash to stay afloat
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Market penetration
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company growth by increasing sales of current products to current market segmentation. No change in product
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Market Development
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growth by identifying and developing new market segments for current company products
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Product development
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growth by offering modified or new products to current market segments
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Diversification
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growth through starting or acquiring businesses outside the company's current products/markets
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SWOT Analysis
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Strength, Weaknesses, Opportunities, Threats
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Three steps of SWOT
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planning, implementing and controlling
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Executive summary
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brief summary of goals and recommendations
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Current Market situation
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describes target market and company's position
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Return on Investment (ROI)
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the net return for a marketing investment divided by the cost of the marketing investment
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Marketing Environment
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the "actors" and forces that affect marketing management's ability to build and maintain successful relationships with target customers
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Microenvironment
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Actors close to the company. all the departments like accounting and R&D.
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Marcoenvironment
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larger societal forces that affect that microenvironment, including demographic, economic, natural, technological, political, and cultural forces
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Generational marketing
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separating products and marketing programs by generation
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Economic environment
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economic factors that affect customer purchasing power and spending patterns; marketers must pay close attention to trends to trends and customer spending patterns
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Natural Environment
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natural resources that are needed as inputs by marketers or that are affected by marketing activities
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Political environment
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laws, government agencies, and pressure groups that influence and limit organizations and individuals in a society
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Cultural environment
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forces that affect society's basic values, perceptions, preferences, behaviors, the society we grow up influences our beliefs and values
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Marketing Information Systems (MIS)
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people and procedures dedicated to assessing information needs, developing the information and helping managers use the information to generate and validate customer market insights
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Market Research
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Systematic design, collection, analysis, and reporting of data relevant to specific marketing situations
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Qualitative Data
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Qualifies a problem
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Quantitative Data
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Quantifies an answer
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Focus Group Interviewing
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group interviewing involving 8 -12 people who gather for a few hours to talk about a product, service, or organization
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The Marketing Process involves
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Understanding the marketplace and customer needs and wants. Capturing value from customers and creating profit. Creating value for customers.
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The mistake of paying more attention to specific product than to the benefits of the product is..
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Market Myopia
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Marketing is defined as...
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Managing profitable customer relationships
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"Blank" buy again and tell others about their experiences
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satisfied customers
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This concept is also referred to as the "make and sell" philosophy and involves marketers trying to get customers to buy goods they would not otherwise think of buying
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selling concept
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This concept is also referred to as the "sense and respond" philosophy in which marketers are trying to find the right products for their customers
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Marketing Concept
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This concept refers to the idea that customers will favor the products that offer the most quality, performance, and features
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Product Concept
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The process of dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors, and who might require separate products or marketing programs is called:
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Market Segmentation
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of a customer is called:
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Positioning
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called
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Customer relationship management (CRM)
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A customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to competing offers is called
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Customer-perceived value
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Caring Capitalist
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A company that is founded entirely on a cause-related mission
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Steps of Market Research
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1. Define the problem and research objectives 2. develop the research plan for collecting the info 3. Implement the research plan, collecting and analyzing the data 4. Interpreting and reporting the findings
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Entering an agreement with a larger company to provided needed services in exchange for the products it desires.
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Barter - Direct exchange of goods and services between two parties
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Experiencing rapid overall economic growth due to unprecedented growth in manufacturing. There is a new wealthy populace as well as a growing middle class.
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Emerging Economy - Fast growth in manufacturing results in rapid overall economic growth. Industrialisation typically creates a new rich class and a small but growing middle class, both demanding new types of imported goods.
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Simply Soup is an American company that produces soup and soup mixes. It has decided to branch out and enter into foreign markets, selling its signature soup with very little modification.
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Exporting - The practice of entering foreign markets by selling goods produced in the company's home country, often with little modification, is known as exporting
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The development of foriegn based assembly or manufacturing facilities
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Direct Investment
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A company making agreements with manufacturers in the foreign market to produce a product or provide a service
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Contract Marketing
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Practice of entering foreign markets by joining foreign companies to produce or market a product or service
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Joint Venturing
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An international marketing strategy that uses the same marketing strategy and mix in all of the company's international markets
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Standardised global marketing
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A global communication strategy to fully adapting advertising messages to local markets
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Communication Adaptation
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Takes time to create and maintain different product mixes and unique marketing strategies for each of the 28 countries in which it does business
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Adapted global marketing
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Markets a product in a foreign country without making any changes to its recipe
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Straight product extension
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Selling a product in a foreign market - which should be considered before planning any marketing program
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Cultural Differences
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A group of nations organised to work toward common goals in the regulation of international trade
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Economic Communities/Free trade zones
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Deciding to go global
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Ability to navigate a foreign market
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Channel design that takes the entire global supply chain and marketing channal into account in order to forge an effective global value delivery network
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Whole Channel View
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Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as
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-Customer Equity -Marketing Mix -The marketing concept -Market Offerings -Customer-engagement marketing The Marketing Mix
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Bertram's Beer Structure its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers
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Customer Equity
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Marketing
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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Marketing Myopia
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Mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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How has the internet most affected companies and customers
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The Internet has allowed consumers to take marketing content and share it
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The idea that a company's marketing decisions should consider consumer wants, the company's requirements, consumer long run interests, and society's long run interests
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Societal marketing concept ex. Attempting to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term
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The idea that consumers will favor products that are available and highly affordable; therefore, the organisation should focus on improving production and distribution efficiency
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Production Concept
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The idea that consumers will favor products that will offer the most quality, performance, and features; therefore, the organisation should devote its energy to making continuos product improvements
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Product Concept
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The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
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Typically practiced with goods that buyers do not normally think of buying Selling concept
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A philosophy in which archiving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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Marketing concept
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Aspects of sustainable marketing
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Seek ways to profit by serving long run interests of customers and communities Deliver value in a socially and environmentally responsible way Practise caring capitalism by being civic and responsible Help protect the natural enviroment NOT - OBSERVE ENVIROMENTAL LEGISLATION AS IT IS INSTITUTED
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Current trend in businesses in relationships with customers
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Hand-pick the most profitable customers and allow them more input
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Which marketing philosophy that consumers will favor products that offer the most in quality, performance, and innovative features
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Product concept
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Act of obtaining a desired object from someone by offering something in return is known as
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an Exchange
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Julie's Jump Rope Emporium is a brand new company, from a marketing stand point, what is the first thing Julie's company needs to do
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Determine who in the community wants or needs a jump rope 1. Understanding the marketplace and customer needs and wants
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How does the new concept of marketing differ from the old concept of marketing?
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It focuses on the experience of the customer
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How do market demands relate to needs and wants
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Needs are satisfied by wants, and buying power converts wants into demand
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Why is good marketing critical
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To ensure the company serves as many customers as it can as and as well as it can
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What is the main problem that sellers suffering from marketing myopia face
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The focus more on products than to the customer's underlying need
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Make and sell philosophy that focuses on improving their product
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Product Concept
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Customer oriented and find the right products for their customers
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Marketing concept
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What is the ultimate aim of customer relationship management
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Product high customer equity
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How has the Great Recession of 2008-2009 affected consumers' attitudes
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Consumers are showing an enthusiasm for frugality(cautious in spending)
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Loyalty rewards program that rewards customers with seat upgrades and free miles fro their continued patronage
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Frequency Marketing program
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Four Ps of the marketing mix
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Product - create a need-satisfying market offering Price - How much it will charge for the offering Place - How it will make the offering available to target consumers Promotion - communicate with target customers about the offering and persuade them of its merits
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A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in
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Market Exchange
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Barnacle
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Going to diner for 20 years, he only purchases a cup of coffee
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What is the most likely to cause a variation in customer perceived value
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The customer's opinion of what constitutes value
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When a company chooses a group of customers to serve, it is engaging in
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Target marketing
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The ultimate goal of the marketing process
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Receive value from customers
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Not for profit marketing
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In recent years marketing for non-profits have increased.
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What is the importance of selling and advertising in marketing
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The work in order in developing good customer relations
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Marketing Process
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Market - understanding the needs and wants of consumers Strategy - Create a customer driven strategy Plan/program - Develop marketing program that delivers superior value Build - build profitable and customer delight Capture - capture value from customers to create profits and customer equity
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Market Offering
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Some combination of products, services, information or experiences offered to a market to satisfy a need or a want
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When customers come to Queso's, we want them to breathe cheese, eat cheese, and absorb cheese through their very pores
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Brand Experience
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We will turn your child into ninja's
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The raised customer expectations too high
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Customer Equity
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Total combined customer lifetime values of all of the company's current and potential customers
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After examining the market and determining which segments
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Determine on a value proposition - differentiation and positioning
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It endeavours at all times to improve its eyewear, but it also is adamant about keeping production costs low and providing a low cost product to the consumer
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Production and Product
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Frieda's fries is in the process of finalizing its marketing strategy. The marketing manager has already examined the market, determinded which segments would be the best fit for the company's fries, and decided how to differentiate Frieda'd Fries from the competition.
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Choose a marketing philosophy to guide company practice
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Customer Perceived value
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Based upon the customer's opinion of value, not on the actual cost of the merchandise
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Customer Lifetime value
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value of the entire stream of purchases that a customer makes over a lifetime of patronage
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Customer Satisfaction
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based upon a product's perceived performance measured against the customer's expectations
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Share of customer
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Portion of the customer's purchasing that a company gets in its product categories
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Consumer Generated marketing
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Consumers themselves are playing a bigger role in shaping their own brand experiences and those of others Companies invite consumers to play a more active role in shaping products and brand messages ex A soda company holds a contest to determine the new flavor for its soda
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Great recession
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Marketers have begun to focus on the value for the money in their sale pitches
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Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
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Sustainable Marketing
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Not for profit companies are looking ways to raise money or cut costs
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Use social marketing campaigns to raise money
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Pure Marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare.
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Societal Marketing Concept
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Marketing Management
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Art and Science of choosing target markets and building profitable relationships with them
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Designing a customer-driven marketing strategy
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Selecting customers to serve - Market Segmentations and target marketing Choosing a value proposition - how it will serve targeted customers - how it will differentiate and position itself in the market place; set of benefits or values it promises to deliver to consumers to satisfy their needs
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Fiver marketing strategies
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Production - favor products that are available and highly affordable Product - Most in quality, performance and innovative features Selling - consumers will not buy enough of the firm's product unless it undertakes large scale promotion
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Marketing - archiving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Customer focus and value are the paths to sales and profits
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Societal marketing concept - pure marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare
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Sustainable marketing
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socially and environmentally responsible marketing that meets the present needs of consumers and business while also preserving or enhancing the ability of future generations to meet their needs
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Shared value
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focuses on creating economic value in a way that also creates value for society
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Customer relationship management
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Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer perceived value
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The customer's evaluation of the difference between all the benfits and all the cots of a market offering relative to thos eof competing offers
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Customer engagement marketing
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Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuos customer involvement in shaping brand conversations, experiences and community
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Partner relationship management
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Working closely with others inside and outside the company to jointly bring more value to customers
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Marketing
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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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create value for customers and build customer relationships
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understand the marketplace and customer needs and wants, design a customer-driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight.
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needs
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states of felt deprivation
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wants
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the form human needs take as they are shaped by culture and individual personality
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demands
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human wants that are backed by buying power
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market offerings
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some combination of products, services, information or experiences offered to a market to satisfy a need or want
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marketing myopia
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the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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exchange
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the act of obtaining a desired object from someone by offering something in return
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market
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the set of all actual and potential buyers of a product or service.
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marketing management
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the art and science of choosing target markets and building profitable relationships with them
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production concept
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idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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product concept
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the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
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selling concept
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the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
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marketing concept
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a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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societal marketing concept
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idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
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customer relationship management
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overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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customer-perceived value
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the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
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customer satisfaction
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extent to which a product's perceived performance matches a buyer's expectations
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customer-engagement marketing
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making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
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consumer-generated marketing
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brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
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partner relationship management
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working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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customer lifetime value
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the value of the entire stream of purchases a customer makes over a lifetime of patronage
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share of customer
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the portion of the customer's purchasing that a company gets in its product categories.
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digital and social media marketing
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using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email and blogs that engage consumers anywhere, at any time, via their digital devices
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strategic planning
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the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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mission statement
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a statement of the organizations purpose- what it wants to accomplish in the larger environment.
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business portfolio
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the collection of businesses and products that make up the company
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portfolio analysis
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the process by which management evaluates the products and businesses that make up the company
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growth-share matrix
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a portfolio-planning method that evaluates a company's SBU's in terms of market growth rate and relative market share
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product/market expansion grid
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a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification
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market penetration
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company growth by increasing sales of current products to current market segments without changing the product.
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market development
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company growth by identifying and developing new market segments for current company products
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product development
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company growth by offering modified or new products to current market segments
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diversification
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company growth through starting up or acquiring business outside the company's current products and markets
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value chain
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the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
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value delivery network
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the network made up of the company, its suppliers, its distributors, and ultimately, its customers who partner with each other to improve the performance of the entire system
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marketing strategy
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the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
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market segmentation
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dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
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market segment
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a group of consumers who respond in a similar way to a given set of marketing efforts
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market targeting
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the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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differentiation
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actually differentiating the market offering to create superior customer value
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marketing mix
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the set of tactical marketing tools-product, price, place, and promotion that the firm blends to produce the response it wants in the target market
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product
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the goods-and-services combination the company offers to the target market.
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price
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the amount of money customers must pay to obtain the product
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place
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includes company activities that make the product available to target consumers
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promotion
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refers to activities that communicate the merits of the product and persuade target customers to buy it
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SWOT analysis
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an overall evaluation of the company's strengths (S), weakness (w), opportunities (o) and threats (T)
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marketing implementation
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turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
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executive summary, current marketing situation, threats and opportunities analysis, objectives and issues, marketing strategy, action programs, budgets, controls
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contents of a marketing plan
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market description
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defines the market and major segments and then reviews customer needs and factors in the marketing environment that may affect the major products in the product line
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product review
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shows sales, prices, and gross margins of the major products in the product line
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competition
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identifies major competitors and assesses their market positions and strategies for product quality, pricing, distribution and promotion
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distribution
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evaluates recent sales trends and other developments in major distribution
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marketing control
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measuring and evaluating the results of marketing strategies and plans and taking corrective action to endure that the objectives are achieved.
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marketing return on investment or marketing ROI
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the net return from a marketing investment divided by the cost of marketing investment
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it focuses on the experience of the customer
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how does the new concept of marketing differ from the old concept of marketing?
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the marketing mix
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selling and advertising are a part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as
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determine who in the community wants or needs a jump rope
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julie's jump rope emporium is a brand new company. From a marketing standpoint, what is the FIRST thing julies jump rope emporium needs to do?
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they work in tandem with developing good customer relations
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what is the importance of selling and advertising in marketing
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target marketing
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when a company chooses a group of customers to serve, it is engaging in which of the following
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exchange
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the act of obtaining a desired object from someone by offering something in return is known as which of the following
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Follow a product or marketing concept
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Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, where Jan belives they should be more customer-oriented and find the right products for their customers. which of the following BEST describes this situation
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Market exchange
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a local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows starts poetry reading nights, and sends volunteers to the local high school. what is the drama club engaging in?
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needs are satisfied by wants, and buying power converts wants into demand
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how do market demands relate to needs and wants
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they focus more on products than to the customer's underlying need
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what is the main problem that sellers suffering from marketing myopia face
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Price, promotion, place, product
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what are the 4 P's of the marketing mix?
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frequency marketing program
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asher airlines has instituted a loyalty rewards program that rewards customers with seat upgrades and free miles for the continued patronage. what customer relationship tool is asher airlines using?
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edward's earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term
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which of the following scenarios BEST describes the societal marketing concept
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to ensure that the company serves as many customers as it can and as well as it can
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why is good marketing management critical
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the customer's opinion of what constitutes value
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what is MOST likely to cause a variation in customer-perceived value
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receive value from customers
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the ultimate goal of the marketing process is to do which of the following?
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barnacle
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scott frost has been coming to aldwin's diner for 20 years and refuses to go anywhere else joseph, the owner of aldwin's loves scott's loyalty but admits he purchases only a cup of coffee each visit. scott would best be described as which of the following
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customer equity
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bertram's beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. what is bertram's beer attempting to build?
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hand pick the most profitable customers and allow them more input
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which of the following describes the current trend in business regarding relationships with customers
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produce high customer equity
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what is the ultimate aim of customer relationship management
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practice caring capitalism, seek ways to profit by serving the long run interests of customers, help protect natural environment, deliver value in a socially and environmentally responsible way
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name all of the aspects of sustainable marketing
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not for profit marketing
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vaughns video has suffered in the current economy because fewer people have the money for videos and because fewer people use the technology, given the advance of online streaming sites such as youtube and hulu. The videos Vaughn's video does sell are often out priced by versions coming from china or Taiwan or they are accused of being damaging to the environment. which of the following marketing impacts has Not affected vaughns video
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the internet has allowed consumers to take marketing content and share it
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how has the internet MOST affected companies and customers
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consumers are showing an enthusiasm for frugality
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how has the great recession of 2008-2009 affected customers attitudes
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define company mission, set company objectives, design business portfolio, planning marketing and other functional strategies
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steps in strategic planning
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growth share matrix
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a portfolio planning method that evaluates a company's SBUs in terms of market growth rate and relative market share
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stars
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high growth, high share business or products
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cash cows
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low growth, high share businesses or products
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question marks
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low share business units in high growth markets
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dogs
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low growth low share business and products
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product/market expansion grid
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a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
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market penetration
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company growth by increasing sales of current products to current market segments without changing the product
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market development
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company growth by identifying and developing new market segments for current company products
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product development
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company growth by offering modified or new products to current market segments
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diversification
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company growth through starting up or acquiring businesses outside the company's current products and markets
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customer solution, customer cost, convenience, communication
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4C's
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determine your company's goals and objectives
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you are managing a business that is in the process of strategic planning. you have devleoped a mission statement and have ensured that it is both measurable and motivational. what is the next step for you?
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strategic plans focus on adapting to the current business enviornment
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which of the following best describes a difference between annual and long-range plans versus strategic plans
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the company will lose money and begin to decline
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a company begins to lose market share with its cash cows, which start to become question marks or dogs. what is likely to happen to the company if nothing is done?
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to identify company growth opportunities
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what is the purpose of a product or market expansion grid
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the company's value chain
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you are a manager of a company that is doing poorly in the marketplace because of problems with the way the company operates. you attempt to change your internal operations so that everyone contributes to the overall mission of the company which of the following are you, as the manager, making changes to?
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a breakdown in its partner relationship management
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freds fireplaces has been having trouble getting its products and advertising out in a timely manner. the advertising department keeps blaming the production department, saying that they do not have timely updates about new product features, which hinders their ability to properly advertise. the production department blames the advertising department complaining that they are not effectively advertising the benefits of the new features. what is fred's fireplaces experiencing?
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market targeting
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a company analyzes its resources and decides to offer a limited set of products to a wide variety of customers. in which of the following is this company engaging?
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market segment
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joe, lisa, eva, and darell all love the same things. they all eat quesadillas, watch horror movies, and wear jeans. they believe in ghosts and distrust religion. joe, lisa, eva and darrell could be considered which of the following
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geographic organization
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save money bank is a growing company that has locations in 43 states and 16 foreign countries. it is looking to expand into more national and international markets. which marking organization would best suit save money bank?
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an adequate marketing ROI
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heyry's hair club spent millions of dollars on its advertising budget during the last fiscal year in an attempt to take market share from the men's hair club. however, at the end of the year henry's hair club did not make any additional profits or take any additional market share. why did henrys hair club fail to achieve?
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marketing goals
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Attract new customers by promising superior value Keep and grow current customers by delivering satisfaction
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traditional market view
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View - Making a sale Abundance of products in the nearby shopping centers Television, magazine, and direct-mail ads
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contemporary market view
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View - Satisfying customer needs Imaginative Web sites and mobile phone apps, blogs, online videos, and social media Reach customers directly, personally, and interactively
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customer needs and wants, design customer driven market strategy, construct integrated marketing program, build profitable relationships
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The marketing process: creating and capturing customer value
