Marketing 304 – 2 OG – Flashcards

means finding attractive opportunities and developing profitable marketing strategies.

the process of planning, implementation, and control

the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

specifies a target market and a related marketing mix.

a fairly homogeneous (similar) group of customers to whom a company wishes to appeal. (two interrelated parts of the marketing strategy)

the controllable variables the company put together to satisfy this target group. (two interrelated parts of the marketing strategy)

focuses on specific customers, while mass marketing aims at an entire market.

finding attractive opportunities and developing profitable marketing strategies.

a marketing mix is tailored to fit some specific target customers. - rifle approach

the typical production-oriented approach, vaguely aims at "everyone" with the same marketing mix. - shotgun approach

all of these might be involved with Place.

Product - concerned with developing the right "product" for the target market. (not limited to physical goods) Place - concerned with all the decisions involved in getting the "right" product to the target market's Place. --concerned with decisions involving channel type, market exposure, kinds of intermediaries, kinds and locations of stores, how to handle transporting and storing, service levels, etc. Promotion - concerned with telling the target market or others in the channel of distribution about the "right" product. Price - must consider the kind of competition in the target market and the cost of the whole marketing mix. -- manager must also try to estimate customer reaction to possible prices. ---manager must know current practices as to markups, discounts, and other terms of sale. ---- all of the planning effort is wasted if customers don't accept the price.

Personal selling - involves direct spoken communication between sellers and potential customers. Mass selling - communicating with large numbers of customers at the same time. Sales promotion - refers to those promotion activities--other than advertising, publicity, and personal selling--that stimulate interest, trial, or purchase by final customers or others in the channel.

a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase. - is often a key to building repeat business. - very expensive and often blended with mass selling and sales promotion.

advertising - any paid form of non-personal presentation of ideas, goods, or services by and identified sponsor. publicity - any unpaid form of non-personal presentation of ideas, goods, or services--includes getting favorable coverage in newspaper stories or on television as well as creating and placing content on the web for customers to find or pass along to others.

any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer. - regarding Place

No, the customer should be the target of all marketing efforts.

sales promotion.

should ideally flow logically from all the relevant dimensions of a target market.

flow logically from all the relevant dimensions of a target market.

a written statement of a marketing strategy and the time-related details for carrying out the strategy. 1. what marketing mix will be offered, to whom (that is, the target market), and for how long; 2. what company resources (shown as costs) will be needed at what rate (month by month perhaps); 3. what results are expected (sales and profits perhaps monthly or quarterly, customer satisfaction levels, and the like). - should include control procedures

putting marketing plans into operation. - after a marketing plan is developed.

short-run decisions to help implement strategies.

creative strategy planning is needed for survival.

opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

identifies a firm's "strengths, weaknesses, opportunities, and threats."

assessing the company's resources and capabilities.

an examination of customers, competition and the external market environment.

means that the marketing mix is distinct from and better than what is available from a competitor.

means trying to increase sales of a firm's present products in its present markets. - probably through a more aggressive marketing mix. {four broad kinds of opportunities}

means trying to increase sales by selling present products in new markets. ex. Dunkin Donuts now sells its popular coffee at grocery stores and not just at its own outlets. {four broad kinds of opportunities}

means offering new or improved products for present markets. ex. Campbell's came out with a line of soups with 25% less sodium than its regular product. {four broad kinds of opportunities}

means moving into totally different lines of business--perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system. - biggest risk, hard to evaluate {four broad kinds of opportunities}

the world is getting smaller. serving international markets may improve economies of scale. around the world, potential customers have needs and money to spend. it helps to develop a competitive advantage at home and abroad.

Market penetration

product development

favorable trends at home and unfavorable trends in other countries make international marketing particularly attractive.

• It is about the company Company mission, structure and culture, financial situation, technology, production, quality control programs, R&D (research and development), relationship with suppliers/agents/customers. • Objectives should set the course - Should be socially and economically useful - Should organize to innovate, implement strategies - Should sustain profitability - Helps to have a mission statement • It is about strength and weaknesses • It is usually controllable.

• It is about the macro-environment - Competition; - Macro-economy; - Technology; - Political and legal; - Social and cultural. • It is about opportunities and threats • It affects the company, as well as its suppliers and customers; • It is usually uncontrollable.

• The emergence of fast, responsive "network corporations"; • Mergers reduce costs through economies of scale; • International competition from emerging countries.

• Economic environment constantly changes • Interest rate, inflation rate, exchange rate • Global economy and trade • Tariffs and Quotas • Purchasing power and spending - Family income: no real increase since 1980; - Spending patterns (in % of total expenditure) • Food, clothing, and personal care declines; • Recreation expenditure increases.

• Provides new product and market opportunities • Provides new processes to be more efficient • The Internet • Convergence: integrating technology with commercial activities • Challenges - Too "tech-oriented" to maintain the marketing concept; - Privacy issues.

• Political - Nationalism (e.g., "Buy American", buyBC); - Consumerism- rights and powers of consumers; - Regionalism and free trade- NAFTA, EU - Environmentalism. • Legal - Increasing emphasis on deregulation; - Protect competition: the Competition Act; - Consumer rights and protection.