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MARKETING

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Is the activity set of institutions and processes for creating, communicating , delivering , and exchanging offerings that have value for customers, clients, partners, and society at large

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exchange

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people giving up something in order to receive something else they rather have

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exchange process ( 6 parts )

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-There has to be at least 2 parties -Each party has something that might be of value to other party -Each person is capable of communication and delivery -Each party is free to accept or reject the exchange offer -Each party believes it is appropriate or desirable to deal with other party. -Exchange will not necessarily happen even if these conditions but they must exist for the exchange to be possible.

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Market orientations ( 4)

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Product orientation- A philosophy that focuses on the internal capabilities of the firms rather than on the desires and needs of the market places Sales orientation - The belief that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profits. Market orientations - A philosophy that assumes that a sale does not depend on aggressive sales forces, but rather on a customers decision to purchase a product, it is synonymous with the marketing concept. Relationship Marketing - A strategy that focuses on keeping and improving relationships with current customers

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Empowerment

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Delegation of authority to solve customers problems quickly, usually by the first person the customer notifies regarding a problem

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Customer relationship management ( CRM)

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A company wide business strategy designed to optimize profitability, revenue , and customer satisfaction by focusing on highly defined precise customer groups

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Strategic Planning

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The managerial process of creating and maintaining a fit between the organizations objective and resources and the evolving market opportunity.

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Strategic Business Units ( SBU'S)

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A subgroup of a single business or collection of related business within the larger organization.

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Asnoff's Strategic opportunity matrix( 4 parts )

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Market penetration - A marketing strategy that tries to increase market share among the existing customers. Market development - A market strategy that entails attracting new customers to existing products. Product development - A market strategy that entails the creations of new products for the present markets. Diversification - A strategy of increasing sales by introducing new products into new markets IE : Market Penetration -sells more coffee to customers who register their re-loadable Starbucks card. New product - Starbucks development provided instant coffee called VIA Market Development - Starbucks opens stores in Brazil and Chile . Diversification - Starbucks launches hear music buy ethos water

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The boston consulting Group Model ( 4 parts )

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Portfolio Matrix - A tool for allocating resources among products or strategic business units ( SBU'S) On the basis of related market share and growth rates STAR- In the portfolio matrix a business unit that is a fast growing market leader CASH COW- A business unit that generates more cash than it needs to maintain market shares Problem child ( question mark ) - In the portfolio matrix, a business that shows rapid growth but poor profit margins. DOG- In the portfolio matrix a business that the unit has low growth potential and a small market share.

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Market planning

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Designing activities relating to marketing objectives and the changing marketing environment.

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Planning

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The process of anticipating future events and determining strategies to achieve organizational objectives in the future

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ELEMENTS OF A MARKETING PLAN

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Business mission statement situation or SWOT analysis objectives marketing strategy target market strategy marketing mix(product ,produce,place,promotion) Implementation evaluation control

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Mission statement

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A statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

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SWOT Analysis ( STRENGTHS WEAKNESSES OPPORTUNITIES AND THREATS )

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Identifying internal Strengths and Weaknesses and also examining opportunities and threats

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Marketing objective

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A statement of what is to be accomplished through Marketing activities

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Target Market strategy

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identifies the market segments to focus on

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Marketing mix ( 4 p's)

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product,price,place,promotion A unique blend of product ,place ( distribution ) , promotion, and pricing strategies defined to produce mutually satisfying exchanges with target market

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Product

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Product offerings and strategy

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place or distribution

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Makes products available when customers need them

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promotion

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includes advertising , public relations, sales promotion, and personal selling

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pricing

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what a buyer must give up in order to obtain a production

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Environmental scanning

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collection and interpretation of information about forces , events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

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Competitive advantage

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A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of competition .

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Ethics

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The moral principle or values that generally govern the conduct of an individual or a group

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morals

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The rules people develop as a result of cultural values and norms

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code of ethics

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a guideline to help marketing managers and other employees make better decisions

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ethical development( 3)

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pre-conventional morality - based on what will be punished or rewarded , self centered, calculating , selfish conventional morality- moves towards the expectation of society concerned over legality post conventional morality - concern about how they judge themselves and if its right in the long run

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sustainabilty

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The idea that socially responsible companies will out perform their peers by focusing on the worlds social problem and viewing themselves as opportunity to build profits and help the world at the same time.

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Corporate Social Responsibility ( CSR)

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Concern for societies welfare

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Pyramid of corporate social responsibility

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A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic, responsibility that a firms economic performance supports the entire structure.

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Green marketin

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The development an d marketing of products designed to minimize negativity

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Cause related Marketing

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The cooperative marketing efforts between a for profit firm and a non profit organization

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Target Market

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A group of people or organization for which an organization design implements and maintains a marketing mix intended to meet need of that group resulting in mutually satisfying exchange.

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component lifestyle

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The practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle.

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environmental management

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When a company implements strategies that attempt to shape the external environment with which it operates

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Demography

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The study of peoples vitals such as ethnicity, statistics, such as age , race, and location.

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Purchasing power

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a comparison of income versus the relative costs of standard set of goods and services in different areas

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Basic research

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pure research that aims to confirm an existing theory or to learn more about a concept or phenomemon

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applied research

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research that attempts to develop new or improve products

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global marketing

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marketing that targets markets throughout the world

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Gross Domestic Product ( GDP)

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The total market value of all final goods and services produced in a country for a given period of time

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Outsouring

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sending U.S jobs abroad

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Multinational corporation

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A company that is heavily engaged in international beyond exporting and importing

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capital intensive

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using more capital then labor in the production price

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world trade organization ( WTO)

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A trade organization that replaced the old general agreement on tariff and trade .

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North American free trade agreement (NAFTA)

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An agreement between Canada , the U.S and Mexico that created the NAFTA , the worlds largest trade zone

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Exporing

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Selling domestically produced products to buyers in other countries

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Joint Ventures

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When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

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Dumping

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The sale of an exported product at a price lower than that charged for the same or like product in the home market of the exporter

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Consumer behavior

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processes a consumer uses to make purchase decisions as we;; as to use and dispose of purchased goods or services also includes factors that influence purchase decisions and product use

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Consumer decision making process

answer

a 5 step process used by consumers when buying goods or services

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need recognition

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results of an imbalance between actual and desired state

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want

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recognition of an unfulfilled need and a product that will satisfy

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stimulus

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an unit of input affecting one or more of the 5 senses: sight, taste, smell, touch, hearing

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cognitive dissonance

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Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

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route responsible behavior

answer

The type of decision making exhibited by consumers buying frequently purchased low cost goods and services; requires little search and decision time

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limited decision making

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the ype of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category

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extensive decision making

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the most complex type of consumer decision making used, when buying an unfamiliar expensive product or an infrequent bought item; requires use of several criteria for evaluating option and more for seeking information.

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culture

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the set of values norms, attitudes, and other meaningful symbols that shape human behavior and artifacts or products of that behavior as they are transmitted from one generation to the next

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structure

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a homogeneous group of people who share elements of the overall culture as well as unique elements of their own

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social class

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a group of people in a society who are considered nearly equal in status or community esteem who regularly socialize among themselves both formally and informally and who share behavioral norms

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reference group

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all of the formal and informal groups in society that influences an individuals purchasing behavior

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opinion leader

answer

an individual who influences the opinions of others

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socialization process

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how culture values norms are passed down to children

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personalities

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a way of organizing and grouping the inconsistencies of an individuals reaction to situations.

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selective exposure

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a process whereby a consumer notices certain stimuli and ignore others

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selective distribution

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a process whereby a consumer changes or distort information that conflict with his or her feelings or beliefs

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selective retention

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a process whereby a consumer remembers only that information that supports his or her personal beliefs

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motive

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a driving force that causes a person to take action to satisfy specific needs

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maslow's hierarchy of neeed

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a method of classifying human needs and motives into 5 categories in ascending order of importance : physiological, safety, social, esteem, and self actualization.

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business marketing ( B2B )

answer

The marketing of goods and services to individuals and organizations for purposes other than personal consumption.

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Business product

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A product used to manufacture other goods or services to facilitate an organization's. operations or to resell to other customers

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strategic alliance ( Strategic partnership )

answer

A cooperative agreement between business times

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Relationship commitment

answer

A firms belief that an organizations ongoing relationship with another firm is so important that the relationship warrants maximum efforts to maintain it indefinately

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trust

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the condition that exists when one party has confidence in an exchange partners reliability and integrity

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keirertsu

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a network of interlocking affiliates

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North amerian classification system ( NAICS)

answer

A detailed numbering system developed by the US , Canada , and mexico to classify north american business establishments by their main production processes .

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Derived demand

answer

the demand for business products

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joint demand

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the demand for two or more items used together in a final product

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reciprocity

answer

a practice whereby business purchasers choose to buy from their customers

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business products

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major equipment, accessory equipment , supplies, raw materials, component parts, processed materials, and business services

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major equipment

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capital goods, such as large or expensive machines, mainframes, blast furnace, generators, airplanes, and buildings

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buying centers

answer

all those people in an organization who become involved in the purchase decision

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market

answer

place or organization with needs or wants and the ability and willingness to buy

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market segment

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a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

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market segmentation

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The process of dividing a market into meaningful , relatively similar , and identifiable segments or groups

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segmentation bases

answer

characteristics of individuals, groups, or organizations

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target market

answer

a group of people or organizations for which an organization deigns, implements, and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchange

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niche

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one segment of market

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undifferentiated target strategy

answer

a marketing approach that views the markets as one big market with no individual segments and thus uses a single marketing mix.

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concentrated target strategy

answer

a strategy used to select on segment of market for targeting markets efforts

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multi-segment target strategy

answer

a strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each

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positioning

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developing a specific marketing mix to influence potential customers overall perception of a brand or product line or organization in general

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re-positioning

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changing consumers perception of a brand in relations to competing brands

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marketing research

answer

the process of planning collecting and analyzing data relevant to marketing decisions

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secondary data

answer

data previously collected for any purpose other than the one at hand

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market research process

answer

1) identify and formulate the problem 2) plan research and gather secondary information 3)specify the sampling procedure 4)collect primary data 5)analyze the data 6)prepare and present the report 7) followup

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survey research

answer

the most popular technique of gathering primary data in which researchers interacts with people to obtain facts , opinions, and attitudes

question

primary data

answer

information that is collected for the first time; used for solving the particular problem under investgation

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open ended question

answer

an interview question that encourages an answer phrased in respondents own words

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close ended questions

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an interview question that asks the respondent to make a decision from a limited list of responses

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scaled response question

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a closed ended question designed to measure the intensity of a respondents answer.

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focus group

answer

7-10 people who participate in a group discussion led by a moderator

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observational research

answer

a research method that relies on four types of observation people watching people watching an activity machines watching and machines watching an activity

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mystery shopper

answer

researchers posing as customers who gather observational data about a store

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ethnographic research

answer

the study of human behavior in its natural context;involves observation of behavior and physical seting

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sample

answer

a subset from a larger portion

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universe

answer

a population from which a sample will be drawn

question

probability sample

answer

a sample in which every element in the population has a known statistical likelihood of being selected.

question

competitive intelligence

answer

an intelligence system that helps manager asses their competition and vendors in order to become more efficient and effective competitors.

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supply chain

answer

the connected chain of business entities both internal and external to the company that performs or support the logistics function

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supply chain management

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a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process. from the source to the point of consumption resulting into enhanced customer and economic value

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customer relations management

answer

allows companies to prioritize their marketing focus on different customer groups according to each groups long-term values to the company supply chain

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outsourcing

answer

a manufacturer or suppliers use of an independent third party to manage the entire function of logistics system such as transportation ,warehousing or order processing.

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electronic distribution

answer

includes any kind of product or service that can be distributed electronically, whether over traditional forms such as fiber-optic cable or through satellite transmission.

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big data

answer

the rapidly collected and difficult to process large-scale data set that have recently emerged and which push the limits of current analytical capability

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supply chain analytics

answer

data analysis that support the improved design and management of the supply chain

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marketing channels

answer

a set of independent organizations that ease the transfer of ownership as products move from producers to business users or consumers

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merchant wholesalers

answer

an institution that guys goods from manufacturers and resells them to businesses ,government agencies, and other wholesalers or retailers and that receives and takes tittle to good stores, them in its own warehouse and later ships them

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agents and brokers

answer

wholesaling intermediaries who do not take the title to a product but facilitates its sale from producer to end user by representing retailers, wholesalers, or manufacturers .

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intensive distribution

answer

a form of distribution aimed at having a product available in every outlet where a target customer might buy it

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retailing

answer

all of the activities directly related to the sale of goods and services to the ultimate consumer for personal non business use

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retailer

answer

a channel intermediary that sell mainly to consumers

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independent retailer

answer

retailer owned by a single person or partnership and not operated as part of a larger retail in situation

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franchise

answer

a relationship in which the business rights to operate and sell a product are in granted by the franchiser to the franchisee

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specialty store

answer

a retail store specializing in a given type of merchandise

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convienient store

answer

a miniature supermarket carrying only a limited line of high turn over convienient goods

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category killer

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a large discount store that specializes in a a single line of merchandise and becomes the dominant retailer in this category.

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non store retailing

answer

shopping without visiting a store

question

direct retailing

answer

the selling of products representing door to door offices to office or at home sales parties

question

direct marketing

answer

technique used to get consumers to make a purchase from their homes office or other non retail seting

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telemarketing

answer

the use of the telephone to sell directly to consumers

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retailing mix

answer

a combinations of the 6 p's ( product promotion price presentation personel place ) to sell goods and services to the ultimate consumer

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atmosphere

answer

the overall impression conveyed by a stores physical layout decor and surrounding

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adverting

answer

impersonal one way mass communication about a product or organization that is paid for by the marketer

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institutional advertising

answer

a form of advertising deisgned to enhance a company's image rather than promote a particular product

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product advertising

answer

a form of advertising that shows the benefits of a specific good

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advertising campaign

answer

a series of related advertsiements focusing on a common theme slogan and set of advertising appeals

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advertising appeal

answer

a reason for a person to buy a product

question

unique selling prposition

answer

a desirable exclusive believable advertising appeal selected as the theme of a campaign

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infomercial

answer

a 30 minute or longer advertisement that looks like a television talk show than a sales pitch

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continuous media schedule

answer

a media scheduling strategy in which advertising is ran steadily throughout the advertising period used for products in the later stages of product life cycle

question

public relations

answer

the elements in the promotional mix that evaluates public attitudes, identifies issues that may elicit public concerns and executes programs to gain public concern and executes program to gain public understanding

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publicity

answer

an effort to capture media attention and initiated through press releases that further a corporations public relations

question

sales promotion

answer

marketing communication activities other than advertising personal selling and public relations that manipulates consumers or members to purchase a good or service.

question

coupon

answer

a certificate that entitles customers to an immediate price reduction

question

rebate

answer

a cash refund for the purchase of a product

question

premium

answer

an extra item offered to the consumer in exhance for some proof of purchase

question

loyalty marketing program

answer

a program designed to build long term mutually beneficial relationships for a company and its customers

question

relationship selling

answer

a sales practices that involves builing and maintaining interactions with customers to develop long term satisfaction through a mutually beneficial partnership

question

sales process

answer

the set of steps a sales person goes through to sell a product or service

question

customer centric

answer

a philosophy where the company customizes the product and service offering based on the data generated through interactions between customers and the company

question

touch point

answer

areas of a business where customers have contact with the company and data might be gathered

question

price

answer

that which is given in an exchange to acquire a good or service

question

revenue

answer

the price charged to customers multiplied by the units sold

question

profit

answer

revenue minus expenses

question

return on investment

answer

net profit after taxes divided by total assests

question

market shares

answer

a company's product sale as a percentage of total sales for that industry

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demand

answer

the quantity f a product that will be sold in the market at various prices for a specific perod

question

price bundling

answer

marketing two or more products in a single package for a special price

question

social media

answer

any tool or service that uses the internet to facilitate conversation

question

social commerce

answer

a subset of e commerce that involves the interactions and user contributions aspects of social online media to assist only buying and selling of products and services

question

blog

answer

a publicly accessible web page that functions as an interactive journal whereby readers can post comments on the authors entry

question

social networking cites

answer

websites that allow individuals to connect networks with friends peers and other business associates.

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