MAR3023 Final UF – Flashcards
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Organization
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A legal entity of people who share a common mission
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Organization: Business Firm
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Privately owned organization that serves its customers to earn a profit so that it can survive.
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Organization: Nonprofit, nongovernmental
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Serves its customers but does not have profit as a goal.
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Corporate Level
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Top management directs overall strategy for the entire organization
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Strategic Business Level
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Managers set a more specific strategic direction for their businesses to set value-creating opportunities
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Functional level
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Groups of specialists actually create value for the organization
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Core Values
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Organization's fundamental, passionate, and enduring principles that guide its conduct over time
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Mission
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Statement of an organization's function in society.
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Organizational Culture
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Set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
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Business
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The clear, broad, underlying industry category or market sector of its offering
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Marketing Dashboard
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Used to visually display essential information to decide to take an action or further analyze a problem.
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Marketing Metric
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A measure of the quantitative value or trend of a marketing activity or result. (Tied to quantitative objectives)
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Business Portfolio Analysis
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Assesses units or products to determine the amount of cash each should receive
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Diversification Analysis
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Helps managers increase revenues 1)Market penetration 2)Market Development 3)Product development and 4) diversification
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Market penetration
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Selling more of an existing product to an existing marker
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Market Development
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Selling an existing product to new markets
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Product development
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Selling a new product to existing markets
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Diversification
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Selling new products to new markets
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Strategic marketing process
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Used to allocate an organization's marketing resources to reach its target markets. (planning, implementation, evaluation)
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Planning phase
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1) SWOT Analysis 2)Market segmentation 3)Budget 4) Marketing strategies and tactics
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Implementation Phase
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Carries out the marketing plan to achieve goals set from planning (obtaining resources, designing marketing organization to perform research, developing schedules to identify tasks/deadlines, and execution)
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Evaluation Phase
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Keep the marketing program moving in the direction that was established. Comparing results to goals to a) identify planning gaps and b) take corrective action
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1) Gradual decline of economic protectionism by individual countries (fewer tariffs and quotas) 2) Growing economic integration and free trade 3) Global competition among global companies for consumers (promoting global brands) 4) Networked global marketspace
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Four Trends that have influences the landscape of global marketing
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1) Cultural: values, customs, language 2) Economic: development and infrastructure, income, purchasing power 3) Political-regulatory: create favorable or unfavorable climates for business efforts
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Three Environmental forces
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Licensing
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A company offers the right to a trademark in return for a royalty or fee
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Joint Venture
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A foreign company and a local firm invest together to create a local business
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Direct Investment
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A domestic firm actually investing in and owning a foreign subsidiary
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Standardization
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All elements of the marketing program are the same across countries and cultures
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Customization
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One or more elements of the marketing program are adapted to meet the needs of consumers in a particular culture.
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Marketing Channel
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Consists of individuals and firms involved in the process of making a product or service available for use or consumption.
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Intermediaries
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Make possible the flow of products from manufacturers to buyers by transactional, logistical, and facilitating. Create utility for consumers!
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Transactional function
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Buying, selling and risk taking
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Logistical function
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Gathering, storing and dispensing
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Facilitating function
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Assists producers in making goods and services more attractive to buyers
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Centrally Coordinated Marketing Channels
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Designed to achieve channel economics and maximum marketing impact
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Corporate vertical marketing system
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combines successive stages of production and distribution under a single ownership
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Contractual vertical marketing system
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Independent production and distribution firms integrate their efforts on a contractual basis to obtain greater functional economies and marketing impact than they could achieve alone
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Administered vertical marketing system
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Achieves coordination at successive stages of production and distribution by the size and influence of one channel member rather than through ownership
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1) Environmental 2) Consumer 3) Product 4) Company
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What four factors affect a company's choice of a marketing channel?
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Intensive market coverage
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Very convenient! Many outlets EX: Soft drinks and candy
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Exclusive market coverage
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Only one retailer in a specified geographical area carries the firm's product
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Selective market coverage
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A firm selects a few retailers in a specific area to carry its products. MOST COMMON
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Vertical Conflict
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Between different levels in a channel. EX: A mftr and a retailer.
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Horizontal conflict
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Between two or more retailers that handle the same manufacturer's brands. EX: Netflix and a movie theater
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Logistics Management
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the practice of organizing the cost-effective flow of goods from point of origin to point of consumption to satisfy customer requirements
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Supply chain
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sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers. MEMBERSHIP
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Supply chain management
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Integration and organization of information and logistics activities across firms in the chain for the purpose of creating and delivering products and services that provide value.
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Describe how a company's supply chain aligns with its marketing strategy
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1) A supply chain must reflect the needs of the customer segment 2) A company must understand what a supply chain is designed to do 3) Supply chain must be consistent with the targeted customer's needs and the company's marketing strategy.
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Customer service factors
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1) Length of time 2) Communication 3) Dependability of inventory 4) Convenience
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Logistics cost factors
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1) Transportation 2) Materials handling and warehousing 3) Order processing 4) Inventory management
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Classifying retail outlets
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1) Ownership form 2) Level of service: self, limited, full 3) Type of merchandise line: Depth and breadth
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Nonstore retailing
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vending, catalogs, home shopping *vary by the level of involvement of retailer and customer
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Retail position: Walmart
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broad product line/low value added
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Retail position: Ross
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narrow product line/low value added
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Retail position: Tiffany
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narrow product line/high value added
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Retail position: Macy's
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broad product line/high value added
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Retailing mix actions/variables
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Used to manage a retail store and merchandise pricing, location, communication, merch.
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Wheel of retailing
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Explains how retail outlets typically enter the market as low-status stores. Over time, stores add products/services, increase price/status. Leave opening for new low-status store.
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Retail Life: Early growth
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Emergence. Market share rises gradually. Profits low due to starting costs
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Retail Life: Accelerated development
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Both market share and profit achieve greatest growth rates. Multiple outlets.Competition enters Establish dominant position for market share
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Retail Life: Maturity
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Competitors drop out.
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Retail Life: Decline
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market share and profit fall rapidly.
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Interactive marketing
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two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information.
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Customer Experience
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the sum total of the interactions that a customer has with a company's web site (initial look to purchase)
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Web Site design elements
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Context, content, community, customization, communication, connection, and commerce
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Click-and-mortar
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Women who browse retailer web sites but actually buy products at outlets
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Hunter-gatherers
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Use the internet like a consumer magazine to gather information and compare products and services.
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Brand loyalists
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Regularly visit their favorite bookmarked web sites and spend the most money online
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Time-sensitive materialists
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Regard the internet as a convenient tool for buying
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Ebivalent newbies
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Newcomers to internet, rarely spend money online but seek information
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Interactive marketing products
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1) information is important for purchase decision, but prepurchase trial is not critical 2) Items for which audio or video demonstration are important 3)Items that can be digitally delivered 4)Unique items 5)Regularly purchased and convenience is important 6)Highly standardized items for which information about price is important
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Cross-channel shoppers
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online consumer who researches products online and then purchases at a retail store (Reached through multichannel marketing)
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Transactional web sites
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Electronic storefronts. Focus principally on converting an online browse into a buyer.
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Promotional web sites
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Serve to advertise and promote a company's products and services and provide information on products
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Porter's generic business strategies
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Cost leadership differentiation strategy Cost focus strategy differentiation focus strategy
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Cost leadership
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Reducing expenses to lower product prices while targeting many segments
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Differentiation Strategy
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Products have significant points of difference to charge a premium price while targeting many markets.
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Cost focus strategy
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Controlling costs to lower prices while targeting few segments
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Differentiation focus strategy
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Products have points of difference to reach one or only a few markets
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Marketing synergies
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horizontally across the row of products offered to a single market
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Manufacturing synergies (r&d)
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vertically down a column of various market segments for a a given product
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Market-product concentration
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Focus on single product line and market segment
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Market specialization
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Providing complete product line for one market segment
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Product specialization
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Producing one product for all markets
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Selective specialization
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Uniqueness of combinations
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Gantt Chart
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Graphical representation of tasks, responsibilities, and deadlines. Identify tasks that must be done sequentially
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Line positions
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Individuals who have the authority and responsibility to issue orders to people
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Staff positions
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Individuals who have the authority to advise but not directly order line positions
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Product line groupings
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Responsible for specific product offerings
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Functional groupings
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Represent the different departments and business activities within a firm
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Geographical groupings
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Sales territories are subdivided on a geo basis
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Market-based groupings
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Utilize specific customer segments
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Product manager roles
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Interact with people inside and outside the firm Coordinate the planning, implementation, and evaluation of the marketing plan Annual and long-term budgets
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Input metrics
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Number of ideas
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Output metrics
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Measure of results
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Marketing ROI
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The application of modern measurement technologies to understand, quantify, and optimize marketing spending.
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Improve ROI
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Quantifying a goal with a defined output metric and tracking it
