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Flashcards in Exam 1 Power Point Part A Deck (24)
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1

Marketing Defined

The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

2

Marketing Old View

Telling and Selling

3

Marketing New View

Satisfying customers' needs

4

The Marketing Process

- Understand the marketplace and customers' needs and wants
-Design a customer-driven marketing strategy
-Construct a marketing plan that delivers superior customer value
-Build profitable relationships and create customer satisfaction and delight
-Capture value from customers to create profits and customer equity

5

Market

Set of actual and potential buyers for a product or service
-Consumer Market
-Business, B2B, or industrial market

6

Industry

Group of sellers or providers of a similar product or service

7

Needs

-Physical
-Social
-Individual

8

Wants

-Shaped by culture
-Personality

9

Demands

-Backed by Buying Power ($)

10

Needs and Wants are Fulfilled Through?

Market Offering
-Products
-Services
-Plus: Information and Experiences

11

Value

All benefits minus all costs of market offering

12

Customer Perceived Value

-Subjective
-Not all customers view a market offering's value in the same way

13

Suppliers

Firms that provide resources company needs to produce its products and services

14

Intermediaries

Firms that help an organization promote, sell, and distribute products and services to customers

15

Selecting Which Customers to Serve

1. Market Segmentation
2. Target Marketing
3. Differentiation and Positioning

16

Marketing Mix Tools

1. Product
2. Price
3. Place
4. Promotion

17

Satisfaction

Extent to which the product's perceived performance matches or exceeds buyer's expectations

18

Strategy

Basic long-term goals and objectives of an enterprise

19

Strategic Fit

Degree to which an organization matches or aligns its resources and capabilities with opportunities

20

Strategic Planning

Process of developing and maintaining strategic fit

21

Mission Statement

-Describes Purpose
-How organization wants to be known
-Short; 1-2 sentences
-Market Oriented; satisfying customers

22

Problems with BCG matrix approach

1. Difficulty defining and measuring SBUs
2. Assumes SBUs are independent; there may be links or other connections
3. Focuses on cash
4. Considers Current Market, not future opportunities

23

Value Chain

Internal departments that carry out value-creating activities to design, produce, market, deliver, and support an organization's products

24

Value Delivery Network

Network of an organization, its suppliers, its distributers, and ultimately, its customers, who parter with each other to improve performance of the entire system