ENT3315 Ch7 – Flashcards
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consists of those business activities that direct the creation, development and delivery of a bundle of satisfaction from the creator to the target user (for long term success, always keep the customer happy)
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Small business marketing
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The fundamental benefit or solution sought by customers ie: protect the foot
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core product/service
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The basic physical product/service that delivers those benefits ie: the shoe itself
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Actual product/service
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The basic product/service plus any extra or unsolicited benefits to the consumer that may prompt a purchase ie: increased running speed, greater comfort, less wear and tear on feet & legs
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Augmented product service
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product oriented philosophy, sales oriented philosophy, customer oriented philosophy
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The three marketing philosophies
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the product and the production of it are the focal points... if you build it, they will come -promotion, distribution an -in monopolies, production is the focus...ie: oil companies -short term success, but not long term
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production oriented marketing philosophy
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focused on the sale (now)/achieving sales goals are the highest priority and not the customers desires or the products effectiveness -short term ok, but not long term -ie: car dealership,
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sales oriented marketing philosophy
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What are their needs & and what can be delivered (? does their need to be a change and adapt) -long term success -everything centers around the customer; begins and ends with the customer
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Consumer orientated marketing philosophy
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consumer oriented, bc most consistent with long term sales
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All new business should begin with what orientation and why
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marketing research, Marekting analysis,
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What goes into the Formal Marketing Plan
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Who is your target market population -?who is going to want this... this to customer profile...size of target market...forecast sales -?who is the competition (ie pizza, not just pizza, but also other eating establishments)
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Marketing analysis
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...
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Marketing mix
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a well prepared market analysis and a discussion of the competition are important
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What is important to the formal marketing plan
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`product decision- transforms the basic product/service into a bundle of satisfaction (how will you be different) `place (distribution)- activities providing regarding the delivery of the products to the customer (store) `pricing- an acceptable exchange value on the total product/service (what prices and how do you come up with them) `promotions- communicating the necessary information to target markets (advertising, trade shows, sales) (using this media in this way and why)
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What are the marketing mix "4 P's"
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1-ID what you need to know 2-Searching of secondary data (market information previously complied) can go to city and state for state traffic on location*** 3-Collecting primary data , searching for new information, most expensive (observational data, questioning data)*** Colleges are a big source of info. 4- Interpreting the data gathered
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Steps in marketing research process
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-have to have money AND -have to have need or desire ie: wanting to buy a get
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Potential target costumer
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LOL: bic razors
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Market segmentation
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The first part of a financial plan; a prediction of how much a product/service will be purchased within a given market during a specified time period
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Sales forcast
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1-for NB forecasting circumstances are unique and hard to do with entrepreneurial inexperience and new product vs ongoing business that only requires updates for existing products 2-SB manager may be unfamiliar with quantitative methods; qualitative are ok to use, but quantitative methods have proven their value in forecasting 3-SM know little about the forecasting process; to combat they try to keep in touch with industry trends through contacts with appropriate trade associations
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Large firms use forecasting more than small firms because the Limitations of Forecasting are ....
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try to keep in touch with with industry trends through contacts with appropriate trade associations.
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To overcome limitations of forecasting
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1-breakdown process AKA chain-ratio method : the forecaster 2-buildup
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Forecasting starting point
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The Customer orientation marketing philosophy bc its is most consistant with long term success
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What marketing philosophy orientation is recommended for all new businesses and why
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A well prepared market analysis and a discussion of the competition
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What is important to the marketing plan
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The information on marketing strategy and is subject to the closest scrutiny from potential investors
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What section forms the most detailed section of the marketing plan?
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telephone surveys and personal interviews, BUT Personal interviews are expensive and individuals are reluctant to grant such interviews if they think a sales pitch is coming
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In collecting primary data what achieves higher response rates? And what are some exceptions
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The break down process AKA chain ratio method that begins with a large scope variable and works down to the sales forecast
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In market forecasting the starting point is ?
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US Census Bureau Survey of Buying Power (a sales & marketing management magazine)
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One source of data for the break down process AKA chain ratio process is ...?
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-ID's all potential buyers in submarkets and adds them up ** especially helps with industrial goods forecasting -is in the starting point of market forecasting
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What is the build up process and where does it lie
