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15 percent rule

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Where investors can use up to 15% of their time to do initially unfunded research that might lead to marketable 3M products

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Marketing

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The activity for creating, communicating, delivering, and exchanging offers that benefit its customers, the organization, its stakeholders, and society at large.

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Exchange

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The trade of things of value between a buyer and a seller so that each is better off after the trade.

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Factors that influence Marketing Activities

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1. The organization-objectives 2. Management-respect for establishing these goals

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Marketing Department

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Facilitates relationships, partnerships, and alliances with the organization's customers, it's shareholders, suppliers, and other organizations.

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4 Factors Needed for Marketing to Occur

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1. Two or more parties with unsatisfied needs 2. A desire and ability to satisfy these needs 3. A way for parties to communicate 4. Something to exchange

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What are the four P's?

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Price, Product, Promotion, Place

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Market

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People with both the desire and ability to buy a specific offering

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Target Market

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One or more specific groups of potential consumers toward which an organization directs its marketing program

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Marketing mix

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The controllable factors, product, price, promotion, and place that the marketing manager can use to solve a marketing problem

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Customer Value Proposition

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A cluster of benefits that an organization promises customers to satisfy their needs

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Environmental Forces

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The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision

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Examples of Environmental Forces

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What consumers want and need, changing technology, state of economy, actions that competitors take, government restrictions

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Customer Value

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Buyers benefits, including quality, conveniences, on-time delivery, and before-and-after sale service at a specific price. -best price, product, or service

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Relationship Marketing

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Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

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Marketing program

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A plan that integrates that marketing mix to provide a good, service, or idea to prospective buyers.

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Evolution of the Market Orientation

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Production era, sales era, marketing concept era, customer relationship era

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Marketing Concept

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The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve that organization's goals

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Market Orientation

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Focusing organizational efforts to collect and use information about customers' needs to create customer value

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Societal Marketing Concept

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The view that organizations should satisfy the needs of consumers in a way that also provides for society's well-being

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Product

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A good, service, or idea consisting of bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value

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Ultimate consumers

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The people who use the product purchased for household

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Organizational buyers

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Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

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Utility

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the benefits or customer value received by users of the product (form, place, time, and possession)

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Organization

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a legal entity that consists of people who share a common mission

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Offerings

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Products, services, or ideas that create value for both the organization and its customers by satisfying their needs and wants

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Business Firm

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a privately owned organization (ex: Target)

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Profit

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The money left after a business firm's total expenses are subtracted from its total revenues

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Nonprofit organization

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A nongovernmental organization that serves its customers does not have profits as a goals

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Strategy

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A organizations long term course of action designed to deliver a unique customer experience while achieving its goals

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Structure of Today's Organzations

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Board of Directors-> Corporate Level-> Strategic business unit level-> Function level

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Why does an Organizational Foundation Exist

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Used to guide and inspire their employees through three elements 1. core values 2. mission 3. organizational culture

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Core Values

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The fundamental, passionate, and enduring principles that guide its conduct over time

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Organizational Culture

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The set of values, ideas, attitudes and behavioral norms that is learned and shared among the members of an organization

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Business

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The underlying industry or marketing sector of an organization's offering

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Goals or Objectives

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Statements of an accomplishment of a task to be achieved, often by a specific time

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Market Share

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The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

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Goals

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Social responsibility, profit, market share, sales, quality, customer satisfaction, employee welfare

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Marketing Dashboard

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The visual computer display of essential marketing information

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Marketing Metric

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A measure of the value or trend of a marketing activity of result

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Marketing Plan

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A road map for the marketing activities of an organization for a specified future time period

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Business Portfolio Analysis

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A technique that managers use to quantify performance measures and growth targets of their firms' strategic business units

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Diversification Analysis

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A technique a firm uses to search for growth opportunity from among current and new products and makrets

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Strategic Marketing Process

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An approach whereby an organization allocates its marketing mix resources to reach it's target markets

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Situation Analysis

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Taking stock of where the firm or product has been recently, where it is now, and where it is headed

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SWOT analysis

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An acronym describing an organizations appraisal of its internal strengths and weaknesses and its external opportunities and threats

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Market Segmentation

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The sorting of potentials buyers into groups that have common needs and will respond similarly to a marketing action

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Points of Difference

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Those characterstics of a product that make it superior to competitive substitutes

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Marketing Strategy

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The means by which a marketing goal is achieved

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Marketing Tactics

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Detailed day to day operational decisions essentials to the overall success of marketing strategies.

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Production Era

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The early years of the U.S up until 1920s. Goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them.

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Sales Era

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From the 1920s-1960's, manufacturers found they could produce more goods than buyers could consumer. Competition grew. Firms hired more salespeople.

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Customer Relationship Management

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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.

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Customer Experience

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The internal response that customers have to all aspects of an organization and it's offerings.

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Corporate Level

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Where top management directs overall strategy for the entire organization.

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Strategic Business Unit Level

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A unit of an organization that markets a set of related offerings to a clearly defined group of customers.

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Functional Level

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Where groups of specialists actually create value for the organization.

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Stakeholders

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employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers.

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Mission Statement

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Clear, concise, meaningful inspirational, and long term.

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Cash Cows

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SBUs that generate large amounts of cash, far more then they use. They have a high relative market share and a low market growth rate.

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Stars

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SBUs with a high share of high-growth markets that may need extra cash to finance their own rapid future growth.

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Question Marks

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SBUs with a low market share and a high market growth rate. Need to inject cash to make it into a star.

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Dogs

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Low market share, low market growth rate

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Market Penetration

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A strategy to increase the sales of current products in current markets

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Market development

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A marketing strategy to sell current products to new markets.

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Product Development

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New products to current markets

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Diversification

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New product, new market

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Three Steps of Planning Face

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SWOT analysis, market product focus and goal setting. and marketing program

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Marketing Process

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Planning Phase, Implementation Phase, and Evaluation Phase.

Marketing Chapters 1 and 2 – Flashcards

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