Marketing 100 – Dennis Morgan ( OCC ) Ch. 1-4 – Flashcards
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Marketing
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Finding a need and than satisfying it
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Diagram of Marketing Mix
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Consumer, prices, product,place,promotions, economic, technological, societal, political, competitive
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External diagram
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Economic, societal, competitive, technological, political
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Center diagram
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Consumer
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Internal diagram
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product, place, promotion, price
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Product
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Represent s what you are trying to sell
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Price
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Price point at which you sell the product
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Place
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The distribution of the product or how you are going to get the product to the consumer.
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Consumer
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Anything you do should know what the consumer wants.
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Promotion
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Communication how people hear about yourproduct
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Economic
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Recession, depression, recovery, prosperity. societal spending capabilities, the current economy situation
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Societal / consumer forces
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Any consumer force that may post restrictions on business (I.e. MADD)
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What are the 4 competitors quadrants
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Defense, offense, flanking, guerilla
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Quadrant 1
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Defense
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Quadrant 2
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Offense
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Quadrant 3
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Flanking
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Quadrant 4
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Guerilla
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Defense
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Typically used when in the number one product placement
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Offense
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When 2nd largest product uses in overtaking the product ahead of you in product placement
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Flanking
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Used best by 3rd or 4th largest company when surprising your competitors in an area they do not seem profitable and succeed in exposing their weakness, a way to stay relevant.
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Guerilla
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Where most small business are.
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"Compete by not competing"
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Go under, over, around a company, dont try and go through them.
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Steps to research studies
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Objectives, secondary data, primary data, Presenting findings
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Objectives
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You have yo go for the cause and ask yourself "why?"
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Secondary Data
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Info that already exists
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Primary data
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You will learn new things by observation method, survey, experimental method, consumer suggestions.
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Observation Method
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Watching how people do things and gather that data
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Survey
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Survey people about their behavior
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Experimental method
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Simply just going to conduct an experiment
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Sources of Secondary Data
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M.I.S. , Natural resources, hire firms to do research, government census, studying adds and research from them.
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Marketing Information System
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M.I.S. - research info pertaining to a certain business data that they have gathered
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Tabulate
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Crunching numbers, gathering them together and organization.
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3 reasons people buy a product
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1. Feel better. 2. Get rid of fear. 3. Solve a problem.
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The two types of Sample Surveys
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Probability, and Non probability
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Probability Survey
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Random - each person has a equal likelihood to be chosen
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Non probability Survey
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Not random - Each person does not have a likely chance to participate
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Competitive
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Competition between businesses
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S.W.O.T.
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Strength, weaknesses, opposition, threats
