Term
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Definition
The creating, promoting, pricing, and distribution of goods, services, and ideas to facilitate a satisfying exchange relationship in a dynamic environment.
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Definition
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Term
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Definition
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Term
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Definition
putting a value on your offering |
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Place/how you get the goods and services from one point of origin to another |
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Term
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Definition
1)Business Mission Statement
2)goals/ objectives
3)situation or SWOT anaylsis
4) Marketing strategy
5)Implementation Evaluation control |
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Business Mission Statement |
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Definition
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Term
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Definition
Goals: long term(vision)
Objectives: short term(stepping stones), quantifiable |
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Term
Situation or SWOT anaylsis |
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Definition
Strengths-internal
Weaknesses-internal
Opportunities- external
Threats- external |
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Term
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Definition
Target market:who you are trying to sell to, why, how, and how you define them
Marketing mix: Product-what you are bringing into the market, Distribution-place or where you are selling, Price-how much you are selling it for, Promotion-how you communicat the three |
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Term
| Implementation Evaluation Control |
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Definition
- turning your plan into action
- monitoring how you are doing
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Term
Competitive Growth Strategies |
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Definition
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Present Product
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New Product
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Present Market
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Market Penetration
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Product Development
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New Market
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Market Development
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Diversification
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Diversification: new product into new market
The greater the risk the greater the potential for return
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Term
Components of Strategic Marketing |
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Definition
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| Pyramid of Social Corporte Responsibility |
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Definition
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Term
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Definition
| Paying attention to your stakeholder's interests because its a smart good business |
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Entering the Global Market Place |
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Definition
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[image]Export
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Sell domestically produced products to buyers in other countries
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Licensing
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Legal process allowing use of manufacturing/ patents/knowledge Licensor/Licensee
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Contract Manufacturing
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Private label manufacturing by a foreign company
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Joint venture/ strategic alliance
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Domestic firm buys/ joins a foreign company to create new entity
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Direct investment
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Active ownership of a foreign company/ manufacturing facility
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Higher risk with higher return.
Risk is increasing from top to bottom. |
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Term
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Definition
- Upfront licensing fee
- Royalties-for every sale some % goes back to the licensor
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Term
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Definition
could be:
Cheaper, clower to source of supply, closer to customer |
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Term
Joint Venture/ Strategic Alliance |
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Definition
- Sinergy: where the total is greater than the sum of its parts
- "together we can do so much more than individually"
- a lot of companies do not allow for more than 51% of foreign ownership
- usually does not work bc they have to share decision making managment and profits
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Term
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Definition
Risky: costs a lot of money to do this |
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Term
| Consumer Decision Making Process |
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Definition
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Term
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Definition
One business sells to another
3 differences between b-b and b-consumer:
1)Money
2)Time
3)# of ppl involved |
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Term
| Categories of Business Market Customers |
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Definition
- Producers(Companies that make things):OEM
- Resellers(buy products, don't change them and turn around and sell them):wholesalers, retailers
- Gov't: Federal, State, Municipal, Country
- Institutions: unions, foundations, civic clubs, nonprofits, house of worship
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Term
| Organizational buying Situations |
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Definition
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Straight Re-buy
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No changes. “keep on keeping on”
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Modified Re-buy
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A situation where the purchaser wants some change in the original good or service
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New buy
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A situation requiring the purchase of a product for the first time
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Term
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Definition
- Undifferentiated strategy: "mass marketing"ex) Walmart
- Concentrated Strategy: "niche" a small opening in the market where yu can be comportable and profitable. ex) family owned restaurant
- Multi-segment strategy:selling some product into different markets, different ways. ex) KSU
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Term
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Definition
| done in the MIND of the consumer |
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Term
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Definition
| build long-term personalized, and profitable relationships with each customer |
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Term
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Definition
| a group of people with similar needs who have the willingness, ability, and authority to satisfy thoes needs. |
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Term
| Segmentation Variables for Consumer Markets |
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Definition
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Demographics: What we are. It is the most commonly used segment variable because it is easy to verify.
Age Occupation
Gender Family Size
Race Family Life Cycle
Ethnicity Religion
Income Social Class
Education
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Geographic
- Region: area ex) southeast U.S
- Urban(inside city), Suburban (surrounding/outside city), Rural (way outside the city)
- Market Size: number of people in the market
- Market density: number of ppl per square mile
- Climate
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Psychographic: Who we are
Personality attributes: how people describe you
Motives: what drives you*Yourself*
Lifestyles: how you choose to live
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Behavioristic: the usage patterns
- Volume usage
- End Use: ex) coke to clean battery acid
- Benefit expectation: what you get out of it
- Brand loyalty: do not change brand
- Price sensitivity: company raised price till customers say no
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Term
| Business/ Organizational Markets Segmentatin Variables |
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Definition
company characteristics:
- Geographic location: where you are
- type of company:four types:1)producer 2) reseller 3) gov't 4) institution
- Company size: sales volume
- Volume of purchase: how much you are purchasing
- Product use
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Term
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Definition
the gathering of information to help marketers do their jobs better |
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Term
Marketing Research Process |
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Definition
- define the problem(not the symptom)
- collect the research vehicle: how we are going to collect our data
- Collect data
- Analyze data
- Prepare/present report
- Follow Up
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Term
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Definition
- Surveys(person to person)
- Observations(watching)
- Experiment
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Term
| Surveys: Forms of Survey Research |
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Definition
- In-home interview:most effective. not used as much bc ppl are not home, busy, & don't let strangers in their home
- Mall intercept interview: don't talk to ppl not in their target market
- telephone interview: most efficient bc biggest quantity of info in the smalles amount of time
- mail surveys: respondent can do at their leisure. Downside: terrible response rate.
- Executive interview: like in-home. difference is it is w/ businesses. Downside: time may not work for respondant
- Focus group:"10 heads are better than 1". Bringing together a group of ppl to focus on an issue or product
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Term
| Telephone Interview Questions |
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Definition
- Close- ended: questions with definitive answers
- Open-ended questions: the respondent is aloud to answer in their own words
- Sub mantic differential: rating scale: Strongly agree-strongly disagree.
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Term
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Definition
Situation: ppl watching ppl
Example: myster shopping in a supermarket
Situation: ppl watching phenomena
Example: observer at an intersection counting traffic
Situation: machines watching ppl
Example: video cameras recording behavior
Situation: machines watching phenomena
Example: Traffic-counting machine monitoring traffic flow
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