Marketing

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Marketing 1 Study Guide for Chs. 1-4


Fall 00


Chapter 1


1. Marketing a social & managerial process whereby individuals & groups obtain that they want through creating and exchanging products and value w/others


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. Advertising makes you aware of a product or service; persuades you to buy things that are important to you


. Relationship on-going set of transactions


4. Needs a state of felt deprivation


5. Wants form taken by a human need as shaped by culture and individual personality


6. Demands human wants that are backed by buying power


7. Marketing offer some combination of products, services, info, or experiences offered to a market to satisfy a need or want


8. Exchange the act of obtaining a desired object from someone by offering them something in return


. Transaction a trade of values between parties


10. Market the set of all actual & potential buyers of a product or service


11. Marketing management the art & science of choosing target markets & building profitable relationships w/them


1. Production concept the idea that consumers will favor products that are available & highly affordable; production & distribution


1. Product concept idea that consumers will favor products that offer the most quality, performance, & features and that the organization should therefore devote its energy to making continuos product improvements


14. Selling concept the idea that consumers will not buy enough of the organizations products unless the organization undertakes a large-scale selling and promotion effort


15. Marketing concept philosophy that holds that achieving organizational goals depend on determining the needs & wants of target markets & delivering the desired satisfactions more efficiently than competitors do


16. Societal marketing concept the idea that organization¡¦s should determine the needs, wants, & interests of target markets and deliver the desired satisfactions more efficiently and effectively than competitors in a way that maintains or improves the consumer¡¦s and society¡¦s well-being


17. Customer relationship management overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction


18. Customer lifetime value values of the entire stream of purchases that the customer would make over a lifetime of patronage


1. Customer equity total combined customer lifetime values of all the company¡¦s customers


Chapter


1. Strategic planning process of developing and maintaining a strategic fit between the organization¡¦s goals and capabilities and its changing market opportunities; defining a clear mission statement, setting supporting objectives, designing a sound business portfolio, & coordinating functional strategies


. Mission statement a statement of the organization¡¦s purpose- what it wants to accomplish in the larger environment


. Business portfolio collection of businesses and products that make up the company


4. Growth-share matrix The Boston Consulting Group Approach (BCG); a portfolio-planning method that evaluates a company¡¦s strategic business unit in terms of their market growth rate and relative market share; SBU¡¦s (strategic business unit) are classified as---


„� Stars high-growth, high-share businesses or products; require heavy investments to finance rapid growth, eventually become cash cows once growth slows


£G The company will invest more in order to build its share


„� Cash cows low-growth, high share businesses or products; require less investment to hold market share, produce lots of cash, established and successful strategic business units (SBU)


£G The company can invest just enough to hold the SBU¡¦s share at the current level


„� Question marks, ?¡¦s low-share businesses in high-growth markets; require lots of cash to hold their share and to increase it, hard decision to make which of these to build into stars and which to phase out


£G The company can harvest the SBU, milking its short-term cash flow regardless of the long-term effect


„� Dogs low-growth, low-growth businesses; generate enough cash to maintain themselves but do not promise large sources of cash, eventually they shut down


£G The company can divest the SBU by selling it or phasing it out and the resources elsewhere


5. Product/market expansion grid portfolio-planning tool for identifying company growth opportunities through---see Figure .


„� Market penetration customers buying more of the same product


„� Market development selling current products to new markets


„� Product development making new products for existing customers


„� Diversification new customers buying a new product


6. Market segmentation dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes


7. Market segment a group of consumers who respond in a similar way to a given set of marketing efforts


8. Target market process of evaluating each market segment¡¦s attractiveness and selecting one or more segments to enter


. Four P¡¦s product, price, place, promotion


10. Four C¡¦s customer solution, customer cost, convenience, communication


11. Marketing strategy logic by which the business unit hopes to achieve its marketing objectives


1. Marketing implementation process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives


Chapter


Study INSS 60


1. BC business to consumer; e-commerce is initiated by businesses & targets final customers


. BB business to business; business buyers & sellers meet in huge market spaces or open trading networks to share info and complete transactions efficiently


. CC consumer to consumer; e-commerce, consumers can buy or exchange goods directly from one another, i.e. E-bay.com


4. CB consumer to business; consumers learn about products & services and initiate transactions w/businesses


5. E-commerce exchanging money over the internet; buying & selling processes supported by the internet


6. E-business selling products & services over the internet; incorporates e-commerce; i.e. running a business over the internet


7. E-marketing company efforts to communicate about, promote, & sell products & services over the internet


Chapter 4


1. Marketing environment actors and forces outside marketing that affect marketing management¡¦s ability to build and maintain successful relationships w/target customers


. Microenvironment actors close to the company that affect its ability to serve its customers- the company, suppliers, marketing intermediaries, customer markets, competitors, & publics


. Macroenvironment larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, & cultural forces


4. Marketing intermediaries firms that help the company to promote, sell, and distribute, its goods to final buyers; they include resellers, physical distribution firms, marketing service agencies, and financial intermediaries; e.g.


„� PR person


„� Giant supermarket


„� Sam Goody


5. Public any group that has an actual or potential interest in or impact on an organization¡¦s ability to achieve its objectives


„� Financial publics


„� Media publics


„� Government publics


„� Citizen-action publics


„� Local publics


„� General publics


„� Internet publics


6. Demography the study of human populations in terms of race, gender, income, size, density, occupation, age, and other statistics


7. Baby boomers the 78M people born from 146-164; 8-56 yrs old, following WWII, 8% of the population, earning more than 50% of all personal income


8. Generation X the 45M people born from 165-176; 6-7 yrs old, following the baby boom, lack obvious distinguishing characteristics, YIFFIES (young, individualistic, freedom-minded few), frugal w/cash


. Generation Y a.k.a echo boomers, the 7M people born from 177-14; 8-5 yrs old, following the yiffies, technology kids, everything¡¦s digital, spend more than 17B a year


10. Natural environment natural resources that are needed as inputs by marketers or that are affected by marketing activities, i.e. Shortage of raw materials; increased pollution; increased government intervention


11. Technological environment forces that create new technologies, creating new product and marketing opportunities


1. Political environment laws, government agencies, & pressure groups that influence and limit various organizations and individuals in a given society


1. Cultural environment institutions & other forces that effect society¡¦s basic values, perceptions, preferences, and behaviors


14. Environmental management perspective the firm takes aggressive actions to affect the publics and forces in its marketing environment rather than by simply watching and reacting to them


„� Reactive passive acceptance & adaptation


„� Proactive companies that avoid threats and capitalize on opportunities by the use of lobbyists, PR, lawsuits, & complaints





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