Principles of Marketing Test 1: Chapter 1-5 – Flashcards
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4 P's of Marketing
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promotion, price, product, place
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5 Necessary Things for an Exchange to Occur
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-Two Parties Present -Something of Value to Both Parties -Each party can communicate and deliver -Each party is free to accept/reject the offer -Each party has to believe that it is appropriate to make a deal.
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Production Orientation
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-Have an inward focus on business -"I" mentality -hard to be successful -best example is raw material
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Sales Orientation
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-Internal focus -Aggressive sales techniques to get people to buy what is available -High sales = high profits
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Marketing Orientation
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-External focus -Distinguish their product from their competitors -Find out who the perfect customer is -Reason for existence is to satisfy customers
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Societal Orientation
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-We should take care of customers and society -Avoid hurting customers and society
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Competitive Cost Advantage
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lowest price in the market
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Competitive Product/Service Differentiation Advantage
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superior service/product to that of competition
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Competitive Niche Advantage
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offer a product/service that wouldn't usually be in regular stores; helps small companies stay competitive with chains.
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Boston Consulting Group Model
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-Star: fast growing market leader; large profits but need large amount of cash to begin with. -Cash Cow: generates more cash than necessary to maintain. -Problem Child: rapid growth but poor profit margins -Dogs: low growth potential and small market share
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Marketing Plan Elements
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-Mission Statement -Situation Analysis S - Strengths W - Weaknesses O - Opportunities T - Threats -Objectives/Goals -Marketing Strategies (4 P's) -Implementation (Evaluation) -Control (Feedback)
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Green Marketing
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-"good for the earth". -Companies trying to reduce their carbon footprint. (example: Toyota Prius)
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Greenwashing
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when a company is "faking it" or trying but not really doing it. (example: SeaWorld)
