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the benefits a customer receives from buying a good or service

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Value

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supply-channel management brand management advertising new product planning

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Marketing Fields

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Ultimate user of a brand or service

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Consumer

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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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Marketing

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Delivering value to everyone who is affected by a transaction

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Exchange

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The buyers, sellers, investors, and community residents in a company

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Stakeholders

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When a gap exists between a consumer's actual state and some idea or desired state the consumer has a

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Need

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A desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced

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Want

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The outcome that motivates a customer's buying behavior

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Benefit

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A customer's desire for a product coupled with the buying power or resources to obtain the product is called

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Demand

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For a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product to be a part of this

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Marketplace

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Sum of benefits we receive when we use a good or service: Form Place: Products are available when consumers want them. Shipping a dress from New York Time Possession: allows you to own, use, and enjoy the product- bridal stores have a variety of styles and colors a woman could not get on her own

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Utility Types of Utility

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The benefit marketing provides by transforming raw materials into finished products as a manufacturer does by combining silk, thread, and a zipper to create a bridesmaids gown

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Form Utility

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Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of this utility

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Time Utility

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For this to occur, at least two people or organization must be willing to make a trade and each must have something the other wants

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Exchange

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A seller's market in which demand is greater than supply

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In which kind of market would a Production orientation be most successful?

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Selling

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Companies that have this type of orientation tend to be more successful at making one time sales than at repeat business

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This type of orientation is a management philosophy that focuses on ways to satisfy customers needs and wants

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Consumer

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Focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

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Total Quality Management

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A business orientation that looks at financial profits, The community in which the organization operates, and creating sustainable business practices

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Triple Bottom Line Orientation

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Production Orientation EX: Walmart cutting back on emissions and improving the quality of their production

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Companies that focus on a triple bottom line orientation are likely to place a priority on this

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Financial bottom line social bottom line environmental bottom line

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List the 3 components of the triple bottom line orientation

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involves systematically tracking consumers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs EX: Internet can personalize messages and products to better meet the needs of consumers

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Customer Relationship Management (CRM)

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Maintains that marketers must satisfy customers needs in ways that will also benefit society and are profitable to the firm EX: satisfying environmental and social needs for a cleaner, safer environment by developing recyclable packages, adding safety features to cars etc.

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Social Marketing Concept

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A company that focuses on this is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs EX: Walmart uses recyclabe cardboard to ship goods, baseball players wore jerseys made out of plastic retrieved from taiwan and japan

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Sustainability

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A marketing strategy that supports environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers

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Green Marketing

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Intangible products that we pay for and use but never own

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Services

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Tangible products that individuals purchase for personal or family use

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Consumer Goods

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the marketing of goods and services from on organization to another

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Business to Business Marketing

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Goods individuals or organizations buy for further processing or for their own use when the do business EX: Automakers buy tons of steel to use in the manufacturing process, and they buy computer systems to track manufacturing costs and other essential information to operations

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Industrial Goods

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The buying and selling of products over the internet EX: books, CDs, cars etc.

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E-Commerce

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How much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future

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Companies look at this when they calculate the lifetime value of a customer

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A series of activities involved in designing, producing, marketing, delivering, and supporting any product

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Value Chain

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Value Chain

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In addition to marketing activities, this includes business functions such as human resource management and technology development

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Social networking is an integral part of this

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Web 2.0

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A decision process in which marketing managers determine the strategies that will help the firm meet its long term objectives and then execute those strategies using tools they have at their disposal

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Marketing

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A document that describes the marketing environment, outlines the marketing objectives and strategy, and indentifies who will be responsible for carrying out each part of the marketing strategy

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Marketing Plan

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Process of thinking strategically about the big picture and where the firm and products fit within it

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Marketing Planning

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A distinctive group of consumers within a large market who are similar to one another in some way and whose needs differ from other customers in the larger market EX: ford, general motors, and BMW have different cars for different market segments

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Market Segment

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A market segment on which an organization focuses its marketing plan toward which it directs its marketing efforts.

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Target Market

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How the target market percives a product in relation to competitors products

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Market Position

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Price: used as a signal of quality Product: design and packaging (free delivery) Place: places product is available Promotion: how firm communicates with consumers

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Name the 4 P's

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The tools the organization uses to create a desired response among a set of predefined consumers

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Marketing Mix

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The packaging EX: Virgin cola came out in distinct packaging to stand out among competitors

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What is part of the product element of the marketing mix

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The assignment of a product's value, or the amount the consumer must exchange to receive the offering EX: Adidas 1 computerized running shoe got a lot of attention but it was very expensive so it made buying the shoe a state statement for a hardcore runner

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Price

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Element of the marketing mix that communicates the value proposition using forms such as personal selling, advertising, coupons, and publicity

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Promotion

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Element of the marketing mix that is most closely associated with a companys supply chain

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Place

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includes the decisions that guide the entire organization or its business units

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A business Plan

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A document that describes the marketing environment, outlines the marketing objectives and strategies, and identifies how the company will implement the control those strategies

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Marketing Plan

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when a new product takes sales away from original brand

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Product Cannibalization

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If we make more of a product, we can make it at a lower cost per item

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Economies of Sale

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another product under the same brand EX: new flavors, package differences, same product category

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Line Extension

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new product category under same brand name Different product class EX: shoes, toys, sunglassses

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Brand Extension

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The concept of a long term continuous partnership focused on problem solving

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Relationship Marketing

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A firms set of written standards of behavior to which everyone in the organization must subscribe and which establish standards for how the organization interacts with its stakeholders

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Code of ethics

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The managerial decision process that matches the organizations resources and capabilities to its market opportunities for long-term growth EX: firms strategic planner might set objective to increase total revenue by 20% in the next 5 years

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Strategic Planning

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Strategic business units EX: Disney's SBU's include the theme parks, tv network, cruise line divisions

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SBU stands for

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Functional Plan

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The marketing plan it a type of

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decision process that concentrates on developing detailed plans for strategies and tactics for the short term supporting an organizations long term strategic plan EX: Jay Minkoff at first flavor set an objective by introducing three new products during the coming year

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Functional planning

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A decision process that focuses on developing detailed plans for day to day activities that carry out an organizations functional plans EX: first flavor may develop plans for a marketing campaign to promote the product by creating buzz via social media

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Operational Planning

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Mission Statment: formal document that describes organizations overall purpose and what it hopes to achieve in terms of its competitors, products, and resources

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Strategic Planning Step 1:

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Asses the organizations internal and external environments

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Strategic Planning Step 2:

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An assessment of a firms internal and external environment

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Situational Analysis

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strengths and weaknesses

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Analysis of a firms internal environment identifies the firms

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Employees, technologies, facilities, finances

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Internal environment

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elements of the legal environment

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A firms internal business environment does NOT include

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consumers, competitors, economy etc.

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External Environment

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has its own business portfolio EX: if disney loses money at a theme park, they hope to make up for it with at homers who are watching disneys television programs

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Within a larger corporation, each SBU

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a tool management uses to assess the potential of a firms business portfolio. It helps management decide how to allocate resources among the firms current SBU's

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Portfolio analysis

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portfolio analysis

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The growth market share matrix developed by the Boston consulting group is a type of

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SBU's with products that have a dominant market share in high growth areas EX: disney invested a lot into its tv operations seen as stars in Hannah Montana and Narnia. Also the re-release of toy story

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Stars

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strategic business units that have a dominant market share in a low growth potential market EX: Disney's theme parks because sales have been steady or only slightly increasing/decreasing over time

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cash cows

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SBU's with products that have low market shares in fast growing markets EX: disney stores retail market has lagged in recent years

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Question Marks

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SBU's with products that have a small share of slow-growth market EX: when disney announced shutting down pluto and goofy

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Dogs

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Star

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Category of BCG model when sales have been steady and the firm has a large market share

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It doesnt tell managers the best ways to make growth happen

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A limitation of the BCG matrix

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Set organizational or SBU objectives identify what firm hopes to accomplish within the general time frame of the business plan

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Strategic Plan Step 3

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Establish Business Portfolio strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization

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Strategic Plan Step 4

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Develop growth strategies BCG matrix helps managers decide which SBU's they should invest in for growth Marketing strategies: market penetration, market development, product development, and diversification

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Strategic Plan Step 5

question

A growth strategy that attracts users of competitive brands

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Marketing Penetration Strategy

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introduce existing products to new markets EX: nintendos WII has become popular with older consumers because its active functionality during the game provides an opportunity for a light and fun physical workout

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Market Development Strategy

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Diversification- emphasize both new products and new markets to achieve growth

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When mcdonalds purchased donato's pizza and a controlling interest in Chipotle Mexican Grills, the company was pursuing this strategy

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create growth by selling new products in existing markets

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Product development strategies

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BCG growth market share matrix

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This provides managers with 4 different fundamental marketing strategies: market penetration, market development, product development, and diversification

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Market Penetration

answer

when general mills urged consumers to lower their cholesterol by eating cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers. What strategy did General mill use

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Diversification

answer

Strategy that emphasizes both new products and new markets to achieve growth

question

marketing environment

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First step of the marketing planning process involves closely examining this

question

Situation Analysis

answer

What step in developing a marketing plan includes an analyses of the marketing environment?

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Set marketing objectives EX: Jay Minkoff- decide what to accomplish in terms of first flavors marketing mix

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Second Step of the marketing planning process is to

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Marketing objectives

answer

In a marketing plan, these state what the marketing function must accomplish to achieve overall business objectives

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Develop marketing strategies

answer

In this step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use

question

Develop marketing strategies

answer

In this stage of marketing planning process, marketing must determine how they want consumers to think of their product in comparison to competing products

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Pricing strategy

answer

Southwest Airlines used this strategy to target customers who could not previously afford air travel

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promotional strategy

answer

Marketers communicate a products value proposition to the target market by implementing a

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Decision such as product design, packaging, branding support services etc. EX: jetblue airways included in seat video games and television as a key product feature during the flight

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Product strategy

question

Advertising, sales, promotion, public relations, direct marketing and personal selling

answer

Target market strategy

question

distribution (how, when and where firm will make the product aviailable to targeted customers

answer

Many airlines now encourage customer to purchase online "ticketless" flight reservations by charging a fee to those who purchase tickets as ticket counters. What kind of strategy is this

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Implementation can make or break plan

answer

After marketing strategies are developed, the next step in the marketing planning is

question

the formal process of monitoring progress toward meeting marketing objectives 1. measure performance 2. compare this performance to the established marketing objectives or strategies 3. make adjustments to the objectives or strategies on the basis of the analysis

answer

Control

question

implementation and control

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Making adjustments to the marketing plan is part of

question

Economic

answer

Marketers need to understand this environment of a country from two perspectives : the overall level of development of a country and the current stage of its business cycle

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the most commonly used measure of economic health of a country

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gross domestic product (GDP)

question

measures the value of all goods and services produced by a country's individuals or organizations, whether within the country's borders or not

answer

gross national product (GNP)

question

it has an economy based on agriculture

answer

What is true about a least developed country (LDC)?

question

a severe recession, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This condition is a part of it

answer

Business cycle

question

Occurs when prices and the cost of living rise while money is lost

answer

Inflation

question

the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food and clothing

answer

Discretionary income

question

Brand

answer

The YMCA and gold gym engage in this competition when they both try to attract customers to buy their fitness center services

question

one seller controls a market

answer

Monopoly

question

a structure where there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers EX: airlines

answer

Ogliopoly

question

a structure where there are many sellers, each having slightly different products and each having only a small share of the market EX: athletic shoe manufacturers such as nike, new balance compete with one another to offer consumers some unique benefit.

answer

Monopolistic Competition

question

a structure where there are many small sellers each having similar products, and each unable to have a significant impact on the quality price or supply of a product EX: farmers markers

answer

perfect competition

question

firms are constantly scanning this environment in search of ideas and trends that can spark their own research efforts. Sometimes an idea can transform an industry, such as transistors revolutionizing the file of consumer electronics.

answer

Technological Environment

question

Developed to eliminate monopolies and to guarantee free competition

answer

Sherman Antitrust Act

question

created the regulatory body that enforces laws against deceptive advertising and product label regulations.

answer

Fair Packaging and Labeling Act

question

A US regulatory agent that enforces laws and regulations on foods, drugs, cosmetics, and veterinary products. Markets of pharmaceuticals must get approval from this agency before introducing products to the market

answer

Food and Drug Administration

question

refers to the characteristics of a society, the people who live in the society, and the culture that reflects the values and benefits of the society

answer

Sociocultural environment

question

people tend to subordinate their personal goals to those of a stable community EX: try selling someone a product that is "sure to make you stand out" to someone trying to "fit in"

answer

Collectivist culture

question

people tend to attach more importance to personal goals than to the needs of the larger community

answer

Individualistic culture

question

the belief that ones own norms and the products made in ones own country are superior EX: french evaluate food products from other countries very critically EX: british store called marks and spencers in france is selling english style sandwiches

answer

Ethnocentrism

question

Licensing and franchising

answer

After exporting, the next level of commitment a firm can make to a foreign market is a contractual agreement. What are two of the most common types of such agreements?

question

When a firm gives another firm the right to produce and market its product in a specific country or region in return for royalties sold on goods EX: sesame street is licensed to many countries

answer

Licensing Agreement

question

A form of licensing that gives the franchise the right to adopt an entire way of doing business in the host country

answer

Franchising

question

It allows a foreign firm to take advantage of a domestic company's political savvy and market position EX: Mcdonald's purchases lettuce and pickes from local farms

answer

What is true about the market entry strategy of a direct investment?

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