MKT 320 Exam #1 UNCG – Flashcards
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Marketing
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Activity, set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners at large.
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Bartering is Marketing: T/F? Why?
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True! Because marketing is any 2 or more parties exchanging of value
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Old View of Marketing
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Marking a sale "telling and selling"
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New View of Marketing
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Satisfying customer needs
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Things that can be marketed:
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-Goods -Services -People -Behaviors -Organizations -Information -Places
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Marketing Process
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1. Understand needs/wants of marketplace/ customer 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program to deliver superior value 4. Build profitable relationships and create customer delight
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To succeed in marketing you need to be able to:
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Analyze needs Predict wants Estimate demand Determine where Estimate price Decide promotion Estimate competition Provide service
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4 P's are:
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Price Product Place Promotion
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Production Era
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"Can we make it?" Assumed that customers are interested primarily in product availability at low prices. "A good product will sell itself"
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Sales Oriented Era
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Sell, sell, sell! Consumers aggressively persuaded to buy Lack of concern for customer needs Customers not returning
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Marketing Oriented Era
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Company must determine the needs and wants Marketing Objectives: Make what you can sell and focus on buyers needs (not sellers) Problems: customers complex, subject to variety of unique customer needs
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Value Based Era
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Companies try to interact with customers on regular basis, and maintain healthy, ongoing relationships
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When referring to "exchange" marketers are focusing on what?
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The trading things of value
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When a T-shirt manufacturer states, "we sell it only in black because that way we can buy plenty of black fabric ad run our plant efficiently, its statement reflects the views that were popular in which era of the evolution of marketing
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Production- oriented era
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When discussing the marketing planning process, STP stands for what?
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Segmentation Targeting Positioning (finding out your different groups you are targeting)
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In BCG portfolio analysis, products in low-growth markets that have recieved heavy investments and now have excess funds available to support other products are called what?
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Cash Cows
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What are the 4 parts of the BCG matrix?
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High Market Growth + High Relative Market = Stars High Market Growth + Low Relative Market = Question Marks Low Market Growth + High Relative Market = Cash Cows Low Market Growth + Low Relative Market = Dogs
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BCG Matrix Best to Worst Opportunities
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1. Stars 2. Question Marks 3. Cash Cows 4. Dogs
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Which of the following is NOT one of the four major growth strategies typicaly utilized?
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Segment Development
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What are the 4 Major Growth Strategies?
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1. Market Penetration 2. Product Development 3. Market Development 4. Diversification
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Current Market + Current Products and Services =
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Market Penetration
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Current Markets + New Products/ Services =
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Product Development
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New Markets + Current Products and Services =
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Market Development
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New Markets + New Products/ Services =
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Diversification
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Market Penetration
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Promos, incentives, trying to sell more of the same products (think how Burger King continuously still advertises their Whopper sandwich) Existing marketing mix/ ustomers
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Product Development
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Creating new products for existing customers (Think about how Chick-fil-a is now offering new "family sized" meals as an option for their existing customers) New products or services in current target market
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Market Development
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Take existing product/ service and market to new location or group of people (think about McDonalds taking their same product/ service overseas to new countries) Relocating or adding in new location/ market place
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Diversification
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New products in new markets (think about how Netflix started streaming movies online versus having to rent movies in store) *This is the most risky form of growth strategy- you are taking a gamble! It is new products or services in a whole new market
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Jane decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Jane is pursuing a ______________ growth strategy
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Market Penetration
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Over the last few months, John and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, John has also identified what he belives is an advantage his competitors cannot match. John and his colleagues have been developing what?
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Business Mission Statement?
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The 4E framework for social media guides marketers in using social media effectively to build and deepend customer relationships. What are the 4Es in this framework?
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1. Excitement 2 . Education 3. Experiences 4. Engagement
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Excitement:
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Offer must be relevant to its targeting customers (personalized offers) that get the current customers excited to come back for more. Think: Social Networking
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Education:
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Golden opportunity product's value proposition and offered benefits Think: Thought Sharing Sites, Media Sharing sites
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Experience:
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Information about a firm's goods and services. Simulating real experiences Think: Media Sharing Sites
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Engagement:
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Action, loyality, and committment. Positively engaged consumers lead to more profitability. (Engagement may backfire though from negative customer responses.) Think: Social Networking Sites, and Media Sharing Sites
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Social Newtowkring Sites
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Facebook, LinkedIn, Google+, etc.
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Thought Sharing Sites
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Blogs, corporate, professional, personal, Twitter (microblogs)
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Media Sharing Sites
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Youtube- highlights how consumers can experience. Encourage consumers to engage.
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A Groupon offer for discounted theater tickets was sent to targeted customers who had previously purchased movie or theater tickets. This BEST describes which of the 4E frameworks?
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Excite
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How companies engage customers:
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Listening Analyzing Social Media Campaigns
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Listening
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Sentiement analysis: attitudes/ preferences (comments posted on facebook)
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Analyzing
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Use hits, page views, bounce rate, click paths, conversion rates, keyword analysis
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Social Media Campaigns
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Identify goals, target audience and then perform campaign
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Bounce Rate
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% of times visitor leaves site almost immediately
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American Marketing Association Code of Ethics
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Generally accepted code in marketing Flows from general norms of conduct to specific values Subereas within marketing have their own code of ethics to deal with specific issues
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Integrating Ethics into Marketing Strategy
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Planning Phase --> Implementation --> Control Phase
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Planning Phase
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The mission or vision statements sets the overall ethical tone for planning
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Mission Statements can be used as what?
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Guides for a firm's SWOT analysis
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Implementation Phase
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Should firm be targeting this market with this product? Should firm relocate? Should firm be selling its product in this marker/ manner?
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Control Phase
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1. Check successful implementation 2. React to change
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Ethical + Socially Responsible =
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both ethical and socially responsible (but may not be cheap for corporation to support)
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Ethical + Socially Irresponsible =
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Ethical firm not involved with the larger community
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Unethical + Socially Responsible
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Questionable firm practices, yet donates a lot to the community
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Unethical and Socially Irresponsible =
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Neither ethical nor socially responsible
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Customer Perceived Value
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The ratio between customers perceived benefits and the resources used to obtain those benefits
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Customer Satisfaction
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Percieved value is relative/ subjective Customers are key. They spread positive word of mouth and servicing them is cheaper
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Customer Retention
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Developing a valued relationship between client and seller
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CLV stands for what?
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Customer Lifetime Value
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How to create customer lifetime value CLV:
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Total company effort to satisfy customers Offer superior customer value Attract customers Satisfy customers
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Marketing Channels
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Raw Materials Manufacturer Retailer Consumer
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True or False: Marketing helps expand global presence
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True
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Customer Excellence
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Retaining loyal customers/ customer service
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Operational Excellence
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Effifient operations--> excellent supply chain management
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Product Excellence
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High quality products
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Locational Excellence
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Best location, try to go to populated areas
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What percentage of corporations actually use excellent marketing?
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Only 2-3%
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Marketing Plan
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1. Business Mission/ Objectives 2. Situation Analysis SWOT 3. Identify Opportunities 4. Implement Marketing Mix (product/place/price/promo)-delivering value 5. Evaluate performance using marketing metrics- make adjustments here
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SWOT stands for:
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Strengths Weakness Opportunities Threats
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Private Labels are:
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Store Brands
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STP
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Segmentation Targeting Positioning
