Term
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Definition
| The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment. |
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Term
| Who is tehe focus of marketing? |
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Definition
Customers The purchasers of organizations’ products; the focal point of all marketing activities.
The Target Market |
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Term
| What is the marketing mix? |
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Definition
| Economic forces, competitive forces, sociocultural forces, technological forces, legal and regulatory forces, political forces>feed into = price, product, promotion and distribution>feed into=the customer |
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Term
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Definition
| Goods, events, properties, services, persons, organizations, experiences, places, information, ideas. |
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Term
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Definition
| the provision or transfer of goods services, or ideas in return for something of value |
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Term
| What is the evolution of the marketing concept? |
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Definition
| 1850-1900 - production orientation. 1900 to 1950 - sales orientation. 1950 to 2000 - marketing orientation. |
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Term
| What is marketing orientation |
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Definition
| an organization-wide commitment to researching and responding to customer needs. |
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Term
| What are the four pillars of the marketing concept? |
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Definition
| Target market, customer needs, integrated marketing, profitability |
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Term
| What is the traditional physical value delivery process? |
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Definition
| Make the product (design, procure, make) Sell the product (price, sell, advertise/promote, distribute, service) |
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Term
| What is the value creation and delivery sequence? |
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Definition
Choose the value (customer segmentation, market selection/focus, value positioning) Provide the value (product develepment, service development, pricing, sourcing/making, distributing/servicing) Communicate the value (sales force, sales promotion, advertising)
Choosing the value is part of strategic marketing while prviding the value and communicating it is part of tactical marketing. |
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Term
| What is the stratgic planning process? |
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Definition
| the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan |
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Term
| What are the components of strategic planning? |
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Definition
| Analysis of organizations stregths and weaknesses and identification of organizations opportunities and threats -> organizational mission and goals -> corporate and business-unit strategies -> (marketing-objectives, strategy, marketing plan)(production-objectives, strategy and production plan)(Finance-objectives strategy, finance plan)(Human resources-objectives, strategy, human resources plan) |
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Term
| What is a marketing strategy? |
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Definition
| A plan of action for identifying and analyzing a target market and developing a marketing mix to meed the needs of that market |
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Term
| What are the Characteristics of core copetencies |
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Definition
| a source of competitive advantage, applications in a wide variety of markets, difficult to immitate. |
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Term
| What is a SWOT analysis and what does it look like/include? |
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Definition
An assessment of the organizations strengths weaknesses, opportunities, and threats.
A square that converts weaknesses to strengths, mathes strenths to opportunitys, and converts threats to opportinitys |
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Term
| What are potential internal strenghts to consider in a SWOT Analysis? |
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Definition
Abundant financial resources
Well known brand names
#1 ranking in the industry
Economics of scale
Proprietary technology
Patented processes
Lower costs (raw material of processes)
Respected company/product/ brand image
Superior management talent
Better marketing skills
Superior product quality
Alliances with other firms
Good distribution skills
Committed employees |
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Term
| What are potential internal weaknesses in a SWOT Analysis |
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Definition
Lace of strategic direction
Limited financial resources
Weak spending on R&D
Very narrow product line
Limited distribution
Higher costs (raw materials or processes)
Out of date products or technology
Internal operating problems
Internal political problems
Weak market image
Poor marketing skills
Alliances with weak firms
Limited management skills
Under trained employees |
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Term
| What are potential external opportunities in a SWOT analysis? |
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Definition
Rapid market growth
Rival firms are complacent
Changing customer needs/tastes
Opening of foreign markets
Mishap of a rival firm
New product discoveries
Economic
Government deregulation
New technology
Demographic shifts
Other firms seek alliances
High brand switching
Sales decline for a substitute product
Changing distribution methods |
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Term
| What are potential external threats in a SWOT analysis? |
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Definition
Entry of foreign competitors
Introduction of new substitutes products
Product life cycle in decline
Changing customer needs/taste
Decline in consumer confidence
Rival firms adopt new strategies
Increased government negotiation
Economic downturn
Change in federal reserve policy
New technology
Demographic shifts
Freight trade barriers
Poor performance of ally firm
International political turmoil |
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Term
| What should be included in your mission statement? |
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Definition
| Who are our cutomers? What is our core competency? |
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Term
| What should be part of your corporate identity? |
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Definition
| Unique symbols, personalities, philosophies |
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Term
| What is the hierarchy in developing corporate, business-unit, and mareketing strategies? |
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Definition
| Mission statement->corporate strategy->business-unit strategy->Marketing strategy->Marketing mix elements (product, distribution, promotion, pricing) |
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Term
| What are elements of good mission statements? |
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Definition
| Focus on limited number of goals, stress major policies and balues, define major competitive spheres. |
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Term
| What is the definition of a corporate mission statement |
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Definition
| The corporate mission statement is an essential ingredient to the success of a company. It gives everyone, from top management, to the employees who work on the assembly line a clear focus of direction. They know where to focus their attention and thus, can help create the desired outcome. It states what you do, and who you do it for. It is a concise but accurate description of your company. |
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Term
| What are the components of markeing stategy? |
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Definition
| target market selection, creating the marketing mix, sustainable competitive advdantage |
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Term
| What is included in the schematic of the marketing process? |
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Definition
| Marketing analysis(5cs-customers, company, competitors, collaborators, context)-> Creating Value ->(market segmentation->target market selection->product and service positioning)-> Marketing mix and capturing value (The 4 Ps Product&service, place/channels, promotion = all feeding into pricing)-> Sustaining value (Customer acquisition-> cutomer retention) -> profits |
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Term
| What are the components of a marketing plan? |
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Definition
| Exectuve summary, envirumental analysis, SWOT analysis, Marketing Objectives, Marketing Strategies, Marketing Implementation, Evaluation and control |
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Term
| What is an exectutive summary? |
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Definition
| one to tow page synopsis of the entire marketing plan |
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Term
| What is an enviromental analysis and what does it consist of? |
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Definition
Information about the copanys current situation with respect to the marketing enviroment
1.Assessment of marketing enviromental factors 2. Assessment of target markets 3. Assessment of current marketing objectives and performance |
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Term
| What is a marketing strategie and what does it consist of? |
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Definition
Outline of how the firm will achieve its objectives
1.Target markets, 2. Marketing mix |
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Term
| What is a Markeing implementation and what does it consist of? |
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Definition
Outline of how the firm will implement its marketing strategies
1. Marketing organization
2. Activites and responsibilities
3. Implementation of timetable |
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Term
| What is Evaluationa and control and what does it consist of? |
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Definition
Explanation of how te firm will measure and evaluate the results of the implemented plan
1.Performance standards
2. Financial controls
3. Monitering procedures (audits) |
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Term
| What is enviromental scanning |
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Definition
| the process of collecting information about forces in the marketing enviroment |
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Term
| What are the different forms of competitive forces? |
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Definition
| Brand Competitors, product competitors, generic competitors, total budget competitors |
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Term
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Definition
| one competitor with many barriers to entry, almost no substitutes |
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Term
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Definition
| Few competitors, some barriers to entry, homogeneors or differentiated product ex. toyota |
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Term
| What is monopolistic competition? |
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Definition
| Many competitors with few barriers, product differentiation with many substitutes |
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Term
| What is pure competition? |
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Definition
| unlimited competition with no barriers and a homogeneous product |
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Term
| What does monitoring competition do? |
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Definition
| helps determine competitors strategies and ther effects on firms own strategies, guides development of competitive advantage and adjusting firms strategy, provides ongoing information about competitors, and assists in maintaing a marketing orientation |
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Term
| What are economic forces? |
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Definition
| economic conditions, buying power, and willingness to spend |
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Term
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Definition
Resources, such as money, goods, and services that can be traded in an exchange.
Income(Disposable and discretionary)
credit
wealth
willingness to spend |
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Term
| What are political forces? |
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Definition
| Legislation enacted, legal decsions interpreted by courts, regulatory agencies created and operated, marketers (adjust to conditions, influence through contributions) |
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Term
| What are examples of legal and regulatory forces? |
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Definition
| Procompetitive legislation (preserves compettition, Consumer protection legislation (protect people from harm, prohibit hazardous products, information disclosure, particualr marketing activities) Encourage compliance, regulatory agencies, self-regulatory forces |
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Term
| What are the federal trade commission enforcement tools? |
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Definition
| Cease and desist order(court order to a business to stop engaging in an illegal practice) Consent decree (An order for a business to stop engaging in questionable activities to avoid prosectution) Redress (Money paid to customer to settle or resolve a complaint) Corrective advertising (A requirement that a business make a new advertisment to correct misinformation) Civil penalites (court-ordered civil fines for up to 10,000 per day for violationa cease and desist order |
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Term
| What are the effects of the impact of ttechnology |
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Definition
| Dynamics, reach, self-sustaining |
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Term
| What are sociocultural forces? |
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Definition
| The influences in a sciety and its cultures that change peoples attitudes, beliefs, norms, customs, and lifestyles |
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Term
| What are demographic diverstiy and characteristics |
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Definition
| Age, gender, race, ethnicity, marital/parental status, income, education |
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Term
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Definition
| health, family, enviroment |
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Term
| What is social responsibility and ethics in marketing? |
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Definition
| an organizations obligation to maximize its positive impact and minimize its negative impact on society (marketing citizenship, stakeholders) |
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Term
| What are the stakeholder groups and their possible effects? |
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Definition
Customers (Positive product evaluation, cusotmer loyalty, postive word of mouth, long term relationships, enhanced corporate reputation)
Marketing channel members (long term partnerships, trusting relationships, enhanced efficiency in communications)
Employees (Improved self concept, increased commitment and motivation, reduced absenteeism and turnover, trust in coworker relationships, enhanced efficiency in communicaton. |
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Term
| What is the pyramid of corporate social rsponsibility (top to bottom) |
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Definition
| Philanthropic (Be a good corporate citizen and contribute resources to the community; improve quality of life)Ethical (be ethical, obligation to do what is right, just, and fair, avoid harm) Legal (obey the law, law is society's codification of right and wrong, play by the rules) Economic (be profitable, the foundation upon which all others rest) |
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Term
| What are marketing ethics? |
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Definition
| principles and standards that define acceptable marketing conduct as determined by various stakeholders |
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Term
| What is an ethical issue? |
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Definition
| An identifiable problem, situation, or opportunity requiring a choic among several actions that must be evaluated as right or wrong, ethical or unethical |
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Term
| What are the ethical issues in marketing? |
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Definition
| Product (failing to disclose risks with the product, information about a products function, value, or use, and changes in the nature, quality or size of a product) Distribution (Failing to live up to the rights and responsibilites assciated with specific intermdiary roles, manipulating product availability, using coercion to force other intermdiaries to behave in a certain way) Promotion (false or misleading advertising, using manipulative or decptive sales promotion, tactics and publicity, offering or accepting bribes in personal selling situations) Pricing (price fixing, predatory pricing, failing to disclose the full price of a purchase) |
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Term
| What is the texas instruments ethics "quick test" |
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Definition
| Is the action legal? Does it comply with our values? If you do it, will you feel bad? How will it lok in the newspaper? If you know its wrong, dont do it! If youre not sure, ask. Keep asking until you get an answer. |
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Term
| What is cause-related marketing? |
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Definition
| The practice of linking products to a particular cause on an ongoing or short-term basis (Stratgeic philanthropy) |
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Term
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Definition
| Group of people seeking prducts in a specific product category. Can be...specific loctation (flea market), large geographic location, relationship between supply and demeand (market for given product), action word, as in market a product |
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Term
| What are market requirements? |
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Definition
| Must need or desire a particular product, must have the ability to purchase the product, must be willing to use their buying power to purchse the product, must have the authority to buy the product |
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Term
| What are the types of markets and what do they consist of? |
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Definition
| Consumer markets (Purchasers and individuals in households, purchases are for personal consumption, not profit) Business Markets (Individuals and groups that purchase products for resale, direct use to produce other products or use in daily buisness operations, purchasers can be categorized as producers, resellers, governemtn, and institutional markets |
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Term
| What is market segmentaion? |
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Definition
| refers to dividing the market into groups of (potential) customers-called market segments-with distinct characteristics, behaviors or needs. These segments differ in their response to marketing strategy. |
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Term
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Definition
| Consists of selecting the most appropriate segment or segments to serve |
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Term
| What are the conditions for successful market segmentation? |
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Definition
| customer product needs are heterogeneous, segments identifiable and divisible, market divided so segments can be compared on sales potential, costs and profits, at least one segment has potential to justify marketing expense, segment can be reached with a particualr markeitng mix |
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Term
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Definition
| By understanding variance in customer needs, we can: Develop offering that are higher value to each segment than an undefferentiated offer, charge more for providing higher value products and services, achieve higher sales valume overall by better meeting the needs of each segment |
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Term
| What is the target market selection process? |
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Definition
| Identify the appropriate targeting strategy, determine which segmentation varibles to use, develop market segment profiles, evaluate relevant market segments, select specific target markets |
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