Principles of Marketing Test 1: Chapter 1-5

4 P’s of Marketing
promotion, price, product, place
5 Necessary Things for an Exchange to Occur
-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.
Production Orientation
-Have an inward focus on business
-“I” mentality
-hard to be successful
-best example is raw material
Sales Orientation
-Internal focus
-Aggressive sales techniques to get people to buy what is available
-High sales = high profits
Marketing Orientation
-External focus
-Distinguish their product from their competitors
-Find out who the perfect customer is
-Reason for existence is to satisfy customers
Societal Orientation
-We should take care of customers and society
-Avoid hurting customers and society
Competitive Cost Advantage
lowest price in the market
Competitive Product/Service Differentiation Advantage
superior service/product to that of competition
Competitive Niche Advantage
offer a product/service that wouldn’t usually be in regular stores; helps small companies stay competitive with chains.
Boston Consulting Group Model
-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
Marketing Plan Elements
-Mission Statement
-Situation Analysis
S – Strengths
W – Weaknesses
O – Opportunities
T – Threats
-Marketing Strategies (4 P’s)
-Implementation (Evaluation)
-Control (Feedback)
Pyramid of Corporate Social Responsibility
Pyramid of Corporate Social Responsibility
Green Marketing
-“good for the earth”.
-Companies trying to reduce their carbon footprint. (example: Toyota Prius)
when a company is “faking it” or trying but not really doing it. (example: SeaWorld)
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