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How to market yourself and the fact that marketing is everywhere are two aspects of being a ____ ____.

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Marketing expert

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Marketing is derived from both ____ and ____. (Areas of studies)

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Economics and Psychology

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Economic premise of all marketing actions. Two or more parties w/ unsatisfied needs.

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Direct marketing exchange

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The four aspects of the marketing mix that a firm uses to respond to the wants of its target markets.

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Product Place Price Promotion

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Segment of the marketing mix that CREATES value.

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Product

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Segment of the marketing mix that DELIVERS value.

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Placement

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Segment of the marketing mix that CAPTURES value.

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Price

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Segment of the marketing mix that COMMUNICATES value.

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Promotion

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Five main areas marketing applies to.

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Products Services People Places Ideas

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Three categories of products.

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Consumer B2B Industrial.

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iPads, Legos, and ride-on lawnmowers apply to this product category.

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Consumer products

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UPS shipping Amazon's products is an example of this product category.

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B2B products

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Cement, aircraft, and computer chips are examples of this product category.

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Industrial products

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Three categories of services.

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Single exchange Multiple interaction Ongoing relationship

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Type of service category that only happens once. ie bridal clothing, braces, funeral services

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Single exchange

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Type of service category that happens multiple times. ie airlines and casinos

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Multiple interaction

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Type of service category that stems from the idea of loyalty. ie dentists, USC, Coca-Cola

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Ongoing relationship

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Some examples categories of people.

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Politicians Athletes Celebrities

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Type of people category that deals with people like Hilary Clinton, Sarah Palin, and Obama.

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Politicians

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Type of people category that deals with people like Michael Jordan, Michael Phelps, and Michael Johnson.

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Atheletes

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Type of people category that deals with people like Justin Beiber, Angelina Jolie, and the Kardashians.

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Celebrities

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Two categories of marketing a place.

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Travel Investment

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Type of place category that deals with visiting other places for leisure, business, etc. Currently the largest industry globally.

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Travel

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Type of place category that deals with cities, states, counties, etc. ie In the 80s, Ireland had an average of 6-7 kids per family who would leave the country and act as exported goods.

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Investment

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Most difficult marketing area to market.

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Ideas/Concepts

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Mothers Against Drunk Driving (MADD), smoking as hazardous to health, diseases, and religion are all examples of this marketing area

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Ideas/Concepts

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6 eras/periods in the history of marketing

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1. Production Concept 2. Product Concept 3. Selling Concept 4. Marketing Concept 5. Marketing Orientation 6. Experiental/Authentic Mktg

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Producer driven marketing period that dealt with production and operating efficiency. Economies of scale was introduced (ie Ford assembly line). MUST exist for every firm at its outset.

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Production Concept

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Producer driven marketing period that dealt with not only production, but with VARIETY and CHOICES as well. Kellogs and Chevy are two examples of firms that excelled in this era.

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Product Concept

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Producer driven marketing period that dealt with marketing tactics and "gimmicks". Production was at an all time high after WWII, so firms needed to innovate on pushing products to buyers.

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Selling Concept

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Consumer driven marketing period that dealt with recognizing consumer needs and working backwards from there.

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Marketing Concept

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Consumer driven marketing period that deals with ongoing relationship with customer (CRM). Introduced database marketing and social marketing in some cases.

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Marketing Orientation

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Marketing period in which consumers and products have a true relationship. The customer actually markets for the company. Sensory branding is a big aspect (ie consumers' sense of belonging to brand, hatred of brand, etc)

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Experiential/Authentic Value-driven Marketing

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Five consumer utilities marketing provides.

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1. Form utility 2. Time utility 3. Place utility 4. Possession utility (5. Hybrids)

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Consumer utility that deals with uniform and consistent quality. (ie Brewery makes better beer than you)

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Form Utility

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Consumer utility that deals with "when". (ie Brewing beer takes time)

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Time Utility

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Consumer utility that deals with "where". (ie Available as frosty cold beer at Petco Park)

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Place Utility

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Consumer utility that deals with amount needed/wanted. (ie Available by the glass, keg, case, etc)

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Possession Utility

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Type of thinking required in marketing.

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Pyramid of learning 1. Remembering 2. Understanding 3. Applying 4. Analyzing 5. Evaluating 6. Creating

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Excellent marketing campaign to reposition milk against sodas. Ad campaign made milk seem more "useful" than soda (ie milk x oreos)

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"Got Milk?"

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Movie that aired minimalistic/mysterious ads before it was even filmed. Essentially created the Alien fear among Americans.

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"Independence Day"

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Supposedly magical antioxidant with an exotic name.

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Acai

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Marketing campaigns consist of propaganda such as "a ___ is forever"

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Diamonds as engagement rings

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Conscious may be shut off, but the subconscious notices these.

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Logos

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Three tools all managers need to forever be competitive.

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1. Growth options 2. Portfolio analysis 3. Product life cycle

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The eight marketing goals.

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1. Profit maximization 2. Market share 3. Sales 4. Performance / Quality provided 5. Innovation 6. Satisfaction Levels 7. Loyalty Levels 8. Social Responsibility

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Assumed to be the most common goal that businesses have.

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Profit maximization

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Component of profit maximization that occurs when there is scarce supply, no competition, or intellectual property rights. (ie Disney increased prices from $96 to $100)

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Immediate profitability

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Component of profit maximization that occurs when a quality product and/or service is offered at fair price and margin. (ie iTunes sells songs for 99c vs. CD for $15)

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Long-term profitability

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Component of profit maximization that should not be done on ongoing basis.

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Price gouging

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A brand's percentage of the total market sales. One of the most significant measurements of the market power. Having a lot of this offers leverage in channel and more ability to promote.

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Market share

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Businesses want lots of revenue especially in a cash strapped situation. ____ provides business with revenue. ie Volume ____ and Unit ____.

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Sales

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Brands like Sony, Apple, and Lexus give off this image.

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Performance / Quality provided

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Introducing new ideas, methods, products, etc. Companies like 3M, Jack-In-The-Box and Rubbermaid are examples firms that leverage this.

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Innovation

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A measure of how products and services supplied by a company meet or surpass customer expectation. Not the best marketing goal.

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Satisfaction levels

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Measurement in which consumers stick to a certain brand. Existing customers cost less than marketing to new customers. Elaboration is most desirable (ie people who pay for Budweiser clothes)

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Loyalty levels

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Marketing philosophy/goal that a company should take into consideration; "What is in the best interest of society in the present and long term?" (ie Ben ; Jerry)

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Social Responsibility

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Four growth strategies

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1. Market penetration 2. Market development 3. Product Development 4. Diversification

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First growth strategy and easiest option. Occurs in current market with current/existing product. Strategy consists of 1. increasing consumption (ie McDonalds entering breakfast market or creating new uses for baking soda) and 2. appealing to previous and related users (ie fabric softener for students as opposed to 9-5 worker)

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Market penetration

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Second growth strategy in which the business enters a new market with current/existing products. There are two ways to go about this: entering domestic markets (ie tennis balls are now pet toys) or entering foreign markets.

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New market (aka Market development)

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Third growth strategy in which business creates new items for consumption. Much harder to do. This can be done in three ways: creating related products, creating after-market products (ie video game accessories), and entering a different industry (ie gerber: babies to seniors)

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New product (aka Product Development)

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Fourth growth strategy that Olson highly suggests not trying. When a firm introduces a new product or service to a market segment that it does not currently serve.

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Diversification

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When the current target market and/or marketing mix shares something in common with the new opportunity. (ie MTV creating shows with a more positive message instead of wealth)

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Related Diversification

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A growth strategy whereby a new business lacks any common elements with the present business. (ie if Nike ventured into child day care industry)

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Unrelated Diversification

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When management evaluates the firms various products and services and allocates resources according to which products are expected to be most profitable for the firm.

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Portfolio analysis

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Developed this portfolio analysis that measures a firm's growth potential in the category (NOT the brand's growth, but the ENTIRE market). Sorts products/services into a 2x2 matrix. The horizontal axis represents relative market share and the vertical axis represents market growth rate.

answer

Boston Consulting Group (BCG)

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Low growth

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Less than 5%

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Good growth

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Over 12%

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Product with really good market share AND high growth (ie Uber). This costs a lot and takes all the money it makes to support itself. Top left quadrant of BCG.

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Stars

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Product with really good market share BUT low growth (ie. McD's french fries) Requires little maintenance that makes lots of money because investments have been made for its market share already. Helps develop and fund other products via its excess resources. Bottom left quadrant of BCG.

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Cash Cows

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Products with low market share in high growth markets. (ie McDs Coffee) Most managerially intensive due to the fact that they require significant resources to maintain and hopefully increase market share. Top right quadrant of BCG.

answer

Question Marks (aka Problem Child)

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Products with low market share in low growth markets (ie TAB Cola). Do you kill the product or let it live? May generate enough resources to sustain themselves, but should be phased out unless needed to complement or boost sales of another product. Bottom right quadrant of BCG.

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Dogs

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Model with consumers in the middle, immediately surrounded by the company, its competition, and its corporate partners. Surrounding that immediate environment is the macroenvironment which consists of culture, demographics, social, technology, economic, and political/legal factors.

answer

Marketing environment

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* unique customer behavior *

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Target Market

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The Target market is an example of this. Firm can control, but once selected, difficult to change.

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Semi Controllable factors

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Macro and micro environment is an example of this. Firm cannot control these.

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Uncontrollable factors

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The market mix (four p's) is an example of these. Firm can control.

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Controllable factors

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Ability to continually scan the environment such as knowing industries that have come and gone. (ie watches replaced by phones and fitness trackers)

answer

Competitive Intelligence (CI)

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Factors of the marketplace that affect all buyers and sellers (ie economic, political, legal, social factors)

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Macro environment

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Finding the correlation of the macro-economy on the industry/business. Understanding effects of inflation, unemployment, recession, depression, etc.

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Macro economic analysis

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Product that economic conditions don't really affect (ie Milk and disposable diapers)

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Neutral product

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Product that does well when the economy does well. When the economy is bad, these businesses will suffer. This is the majority of products. (ie homes, vacations)

answer

Positively correlated product

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Product that does well when the economy does poorly. When the economy is doing well, the product sells worse. (ie "little luxuries" like Hersheys Kisses, cheap liquor. Also, MBA programs and dry cleaning due to people wanting jobs)

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Negatively correlated products

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Finding the correlation of the micro-economy on the industry/business. Understanding effects of GDP, consumer buying power, etc.

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Micro economic analysis

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Economic factor that consists of age cohorts, family structure, family roles, and pets. Indicates characteristics of human populations and segments, especially those used to identify consumer markets. Provide easily understood snapshot of typical consumer in a typical market.

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Demographics

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Group of people of the same generation. Each have different experiences.

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Age cohorts

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Age cohort of those born 2001-2014

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Gen Z

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Age cohort of those born 1977-2000

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Gen Y

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Age cohort of those born 1965-1976

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Gen X

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Age cohort of those born 1946-1964

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Baby Boomers

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Anywhere that isn't a divorced parents' home for the kids to enjoy. (ie hotel travel and tours)

answer

Neutral territory

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Demographic with 5m born annually. Tons of accessories and toys made and bought for them. In 2015, US spent $400M on Halloween costumes for them.

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Pets

question

Laws create ___ and ___. (ie T-Ray scanner in airports, extravagant baby carriages)

answer

Opportunities and threats

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Fastest growing population in terms of buying power.

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Asian-American

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Greatest current minority segment.

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Hispanic-American

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From this stems other values. (ie America - freedom, China - family, Mexico - tradition)

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Cardinal Values

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Values that stem from Cardinal Values (ie America - individualism, choice, materialism, patriotism)

answer

Primary Values

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Macro economic factor that consists of technological constraints and possibilities and its impact on marketing strategies. (ie Heinz use glass bottles for so long because proper plastic bottles didn't exist in the 50s. Their ads exclaimed "It's worth the wait" in response to dumb glass bottle)

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Low tech factor

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Macro economic factor that deals with the accelerating rates of technology. Cost and innovation expectations affects pricing. (ie Napster mentality - why pay when you can get it for free?)

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High tech factor

question

Phenomenon when an individual resists and objects a product at first. Later, they finally cross the threshold and cannot live without said product. (ie transition from dumbphone to smartphone)

answer

"Magic moments"

question

Marketing inputs -; Consumer "Black Box" -; Desired behavioral outcomes

answer

Consumer Behavior Model

question

The 5 steps of consumer behavior

answer

1. Problem recognition 2. Information search 3. Alternative review 4. Shopping behavior 5. Post purchase actions

question

The 3 steps of Problem Recognition

answer

1. Unaware of need 2. Aware of need 3. Aware of solution steps

question

The 2 types of consumer information search

answer

1. Internal search 2. External search

question

Information search based on factors such as past experience, knowledge, existing knowledge, etc.

answer

Internal search

question

Information search based on secondary sources, primary sources, and anything else outside of one's own mental framework (like WOM). Secondary sources may be the internet and periodicals. Primary sources may be hands on demos like Costco and Guitar Center)

answer

External search

question

When a consumer considers other products in the same category.

answer

Alternative review

question

The 3 parts of alternative review.

answer

1. Comprehend differences 2. Develop preferences 3. Situational factors

question

Has to do with product category (ie tablets, laptops, smartphones)

answer

Primary demand

question

Has to do with brand differences (ie Absolut vs Grey Goose...how to differentiate?)

answer

Secondary demand

question

The four business-to-business organizations

answer

1. Manufacturers 2. Resellers 3. Institutions 4. Governmet

question

Type of B2B organizations that buy raw materials, components, and parts that allow them make and market their own goods. (ie Volkswagen)

answer

Manufacturers

question

Type of B2B organizations that sell manufactured goods without significantly altering their form. (ie wholesalers and distributors. Walmart)

answer

Resellers

question

Type of B2B organization (such as hospitals, schools, and religious organizations) that buys all kinds of goods and services

answer

Institutions

question

Type of B2B organization that happens to be one of the largest purchasers of goods and services. Can be local, federal, state, etc.

answer

Government

question

The 6 steps of the B2B buying process.

answer

1. Need recognition 2. Product specification 3. RFP process 4. Proposal analysis and supplier selection 5. Order specification 6. Vendor/performance assessment metrics

question

First stage of the B2B buying process in which the buying organization recognizes that it has an unfulfilled need.

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Need recognition

question

Second stage of the B2B buying process in which the buying organization makes a list of potential specifications that vendors use to develop their proposals.

answer

Product specification

question

Third stage of the B2B buying process whereby organizations invite alternative vendors/suppliers to bid on supplying their required products to specification.

answer

RFP Process (Request for proposals)

question

An internet site whose purpose is to be a major starting point for users when they connect to the web. Often utilized by small companies that lack the ability to attract broad attention to their requests.

answer

Web portal

question

Fourth stage of the B2B buying process in which the buying organization evaluates all proposals it receives in response to its RFP.

answer

Proposal analysis, vendor negotiation, and selection

question

Fifth stage of the B2B buying process. The firm places its order with its preferred supplier and includes a detailed description of the goods, prices, delivery dates, penalties, etc. The supplier then sends an acknowledgement that it's received the order and fills it by specified date.

answer

Order specification

question

Sixth stage of the B2B buying process in which the firm analyzes their vendors' performance to make decisions about their future purchases.

answer

Vendor performance assessment using metrics

question

The 6 roles within the buying center.

answer

1. Initiator 2. Influencer 3. Decider 4. Buyer 5. User 6. Gatekeeper

question

A group of people typically responsible for the buying decisions in large organizations.

answer

Buying center

question

The buying center participant who first suggests buying the product or service.

answer

Initiator

question

The buying center participant whose views influence other members of the buying center in making the final decision.

answer

Influencer

question

The buying center participant who ultimately determines any part of or the entire buying decision.

answer

Decider

question

The buying center participant who handles the paperwork of the actual purchase.

answer

Buyer

question

The buying center participant who consumes or uses the product or service purchased by the buying center.

answer

User

question

The buying center participant who controls info or access to decision makers and influencers.

answer

Gatekeeper

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