MAR 3023 FSU BRADY EXAM 1 – Flashcards
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What is marketing?
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the answer to why you buy a product
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View on marketing
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The aim of marketing is to know and understand customers so well the product or service fits them and sells itself.
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what is a core marketing function
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product development
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What is the first goal of marketing?
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identify customers needs
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what is the primary goal of marketing
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develop good products, have them price appropriately, and deliver them to consumers
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misconceptions of marketing
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its not just advertising and promotion (people only see this through their lense) the issue with this is that companies will try to promote their bad products as better than what they are....
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why is marketing needed
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because its timely and powerful time...imitators powerful....people trust brands that are advertise
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a firm needs to perform the marketing mix (the four P's to be really successful)
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product, price, place, promotion
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what are the eras of market history
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Simple Trade Era Production Era Sales Era Marketing department Era Marketing company era Relationship Marketing Era Societal Era
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what are the types Marketing orientation
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customer centric marketing relationship marketing customer relationship marketing green marketing
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what are the 4 p's/marketing mix
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product, price, place, promotion
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Macro-Marketing Core Strategies
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creating value and relationships segmenting markets identifying opportunities
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list the types of opportuinties
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market opportunity and core competency
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people you should know and why
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warren buffet Caleb bradham express the benefit of diversity
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Swot analysis
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match strengths and opportunities covert threats to opportunities convert weaknesses to strengths
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what makes up the internal environment
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market opportunity strategic business units (SBUs)
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what are the origins of a marketing strategy
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mission statement (includes vision) corporate strategy business unit strategy marketing strategy marketing mix elements
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empowerment
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part of the internal marketing category....this gives employees powers to do many tasks like act immediately to obtain satisfaction
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what makes up the environmental forces within the external environment
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competitive, sociocultural, technological, economic, legal/regulatory, political
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what makes up the competitive forces
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brand, production, generic, and total budget competitors
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what makes up the sociocultural force
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demographics/diversity and characteristics, cultural values and consumerism
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what makes up the competitive structures
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monopoly, oligopoly, monopolistic, pur competition
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how does corporate social responsibility, social responsibility, marketing citizenship relate
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the main umbrella is corporate social responsibility and social responsibility is a sub category of that which marketing citizenship is a sub category of that
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dimension of social responsibility
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economic legal ethical philanthropic
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what makes up the social responsibility issues
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sustainability, consumerism, community relations
