Exam 1 - Review Guide Flashcards
(81 cards)
1
Q
What is marketing?
A
- Combined with production creates utility
- Creates customers by identifying needs, determining the needs it can serve, and developing those needs to convert people to customers
- A process not a logo or brand
2
Q
Utility
A
- The want-satisfying power of a good or service
- Four types
- Necessary for an organization to survive
3
Q
Four Types of Utility
A
- Form
- Time
- Place
- Ownership
4
Q
Five Eras in Marketing History
A
- Production
- Sales
- Marketing
- Relationship
- Social
5
Q
Production Era
A
- Before 1925
- Success based on production
6
Q
Sales Era
A
- 1920s - 1950s
- Increased output
7
Q
Marketing Era
A
- Shift from seller’s market to buyer’s market
8
Q
Relationship Era
A
- 1990 - now
- Long term, value added relationships
- Strategy
9
Q
Social Era
A
- The Internet
10
Q
Avoiding Marketing Myopia
A
- Develop broader marketing-oriented business ideas focusing on customer need satisfaction
11
Q
Marketing Myopia
A
- Management’s failure to recognize the scope of its business
12
Q
Extending the Traditional Boundaries of Marketing/Not for Profit Marketing
A
- Public and private sector
- Meet service objectives
- Communicate through advertisements
- Form alliances with for-profits
- Do not focus on the bottom line
- Want revenue to support causes
- Tangible goods and services
- Many audiences
- Some degree of monopoly
- Users have less control over the future
13
Q
Nontraditional Marketing
A
- Person Marketing
- Place Marketing
- Cause Marketing
- Event Marketing
- Organizational Marketing
14
Q
Person Marketing
A
- Focuses the attention, interest, and preferences of a target market toward a person
15
Q
Place Marketing
A
- Attract people and organizations to a specific area
16
Q
Cause Marketing
A
- Identifies and markets toward a cause
17
Q
Event Marketing
A
- Marketing of sporting, cultural, and charitable activities to selected target markets
18
Q
Organizational Marketing
A
- Persuade others to accept the organization’s goals
- Receive its services
- Contribute to the organization in some way
19
Q
Transaction to Relationship Marketing
A
- Buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties
- Customers are becoming more and more sophisticated
- Move customers up a loyal ladder
20
Q
Marketing Planning: The Basis for Strategy and Tactics
A
- Using planning and marketing planning to look to the future to achieve the best goals
- Centers on relationship marketing
21
Q
Planning
A
- Anticipating future events and conditions and determining the best way to achieve organizational objectives
22
Q
Marketing Planning
A
- Implementing planning activities devoted to achieving marketing objectives
23
Q
Steps in the Marketing Planning Process
A
- Defining a mission and objectives
24
Q
Mission
A
- Essential purpose that differentiates one company from another
25
Objectives
- Guide the development of marketing objectives and plans
26
Planning Tools and Techniques
- Porter's Five Forces
- The potential of new entrants
- The bargaining power of buyers
- The bargaining power of suppliers
- The threat of substitute products
- Rivalry among competitors
27
Elements of Marketing Strategy
- The Target Market
| - Marketing Mix Variables
28
The Target Market
- The group of people toward whom the firm directs its marketing efforts and merchandise
29
Marketing Mix Variables
- Product
- Distribution
- Promotion
- Pricing
30
Methods for Marketing Planning
- Business portfolio analysis
- Strategic Business Units
- The BCG Matrix
31
Business Portfolio Analysis
- An evaluation of the company's products and divisions to determine the strongest and weakest
32
Strategic Business Units
- Key business units with diversified firms
- Each has their own managers, resources, objectives, and competitors
- Help focus the attention of company managers
33
The BCG Matrix
- Developed by Boston Consulting Group
- A market share/ market growth matrix
- Stars, Question Marks, Cash Cows, and Dogs
34
Developing an Effective Marketing Plan
- A detailed description of the resources and actions needed to achieve stated marketing objectives
- One of the most important documents of a company
35
Pieces of a Marketing Plan
- Executive Summary
- Competitive Analysis
- Mission Statement
- Component Plans
- Marketing Plan
- Financing Plan
- Production Plan
- Facilities Plan
- Human Resources Plan
36
Executive Summary
- Answers the who, what, where, when, why, and how for the plan
37
Competitive Analysis
- Focuses on the environment in which the marketing plan is to be implemented
38
Mission Statement
- Summarizes the organization's purpose, vision, and overall goals
39
Component Plans
- Present goals and strategies for each functional area of the enterprise
40
Marketing Plan
- Describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships
41
Financing Plan
- Presents a realistic approach for securing needed funds and managing debt and cash flows
42
Production Plan
- Describes how the organization will develop its products in the most efficient, cost-effective manner possible
43
Facilities Plan
- Describes the physical environment and equipment required to implement the production plan
44
Human Resources Plan
- Estimates the firm's employment needs and the skills necessary to achieve organizational goals
45
Spreadsheet Analysis
- Grid that organizes numerical information in a standardized, easily understood format
46
Why Create a Marketing Plan?
- One of the most important documents of an entire business
- Outlines the entire mission of the business along with all of its beliefs and practices
- Helps meet the needs of the target market
- Helps buyers understand you and your product
47
Environmental Scanning
- Collecting external marketing environment information to identify and interpret potential trades
- Trends represent opportunities or threats to the company
48
Environmental Management
- Attainment of organizational objectives by predicting and influencing the different environments
- Also uses strategic alliance
49
Strategic Alliance
- Partnership in which two or more companies combine resources and capital to create competitive advantages in a new market
50
The Five Environments
- Competitive
- Political-legal
- Economic
- Technological
- Social-cultural
51
Competitive Environment
- Occurs among:
- Marketers of directly competitive products
- Marketers of products that can be substituted for one another
- Marketers competing for the consumer's purchasing power
- Influence consumer responses and marketing strategies
- Few are monopolies
- Anti-trust laws
- Oligopolies
52
Political-Legal Environment
- Laws that require firms to operate under competitive conditions and protect consumer rights
53
Economic Environment
- Gross domestic profit ; all goods and services produced by a nation in a year
- Factors that influence consumer buying power and marketing strategies
- Use the business cycle
- Inflation and deflation
54
Business Cycle
- Pattern of stages in the level of economic activity
| - Prosperity, recession, depression, and recovery
55
Technological Environment
- Application of knowledge based on discoveries in science, inventions, and innovations in marketing
- Addresses social concern
56
Social-Cultural Environment
- Relationship between marketer, society, and culture
| - Depends on shifting demographics and changing views
57
Social Media
- Type of software or technology that allows users to build, integrate, of facilitate a community interaction among users, and user-generated content
58
Why should marketers turn to social media?
- Developing a conversation with potential customers
- Results in: purchase, subscription, registration, or participation
- Not-for-profits can expand their campaigns
59
How do consumers and businesses use social media?
- Consumers rely on the communities created around the brands to learn about goods and services, conduct research, share information, and make final purchasing decisions
- Businesses build relationships with other companies
60
Creating a Social Media Marketing Plan
- Effective: setting goals and developing strategies
- Covers points and answers questions
- Most contain: summary, overview, analysis, body
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Social Media Marketing Plan
A formal document that identifies and describes goals and strategies, targeted audience, budget, and implementation methods and tactics for the SMM effort
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Goals and Strategies of a Social Media Marketing Plan
- Solicits to the audience's participation in a plan
- Requires the audience's trust to be successful
- Set goals, target the audience, develop strategies, produce content, implement, monitor, measure
- Connect with influences
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Cycle of Social Media Marketing
- Set Goals
- Target Audience
- Develop Strategies
- Produce Content
- Implement Plan
- Monitor and Measure
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Producing Content
- Creating and distributing relevant and targeted material to attract and engage an audience, with the goal of driving them to a desired action
- Strong brand focus, focus on the audience, targeted key words, relevant information, and share-worthy images
- Invitations and promotions
65
Implementing the Plan
- A specific time period for engaging with the public
- Managing, monitoring, and measuring
- Do not schedule content more than a week away
66
Monitoring, Measuring and Managing the SMM Campaign
- Includes: Social media monitoring, social media analytics
- Helps marketers understand what their customers need and want
- Adjust to satisfy those needs
- Calculate return of investment
- Expenses against savings
67
What is marketing not?
- A logo or a brand
68
E-Business Marketing
- Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools
- Can reduce costs and increase satisfaction
69
B2B E-Marketing
- Use of the Internet for business transactions between organizations
- Revenue
- Detailed product description
- More efficient
- Uses EDI, web services, extranets, private and electronic exchanges, and e-procurement
70
B2C E-Marketing
- Selling directly to consumers over the internet
- E-tailing
- Driven by convenience and security
- Service providers
71
Electronic Storefronts
- Company website that sells products to customers
- Items are put into an electronic shopping cart
- Smartphones help increase this
72
Challenges in E-Business and E-Marketing
- Safety of online payment
- Privacy issues
- Frauds and scams
- Site design and customer service
- Channel conflicts and copyright disputes
73
"Promotions on the Web"
- Banner Ads
- Pop-up Ad
- Pre-roll video ad
- Search marketing
74
Measures of Website Effectiveness
- Research Studies
- Profitability
- Website Traffic Notes
- Click-through rates
- Conversion rates
- Level of user engagement
75
Marketing As a Vocation for a Christian: Called to Reconciliation
- Christians are called to be agents of reconciliation
- Restore instead of distort
- It is the purpose of our vocation
- We have a redemptive task wherever we are in the world
- The goal of marketing is mutually beneficial exchange
- People expects a better end result because of exchange
- Reconciliation is a God-given behavior
- Many believe it fosters estrangement
76
Misconceptions about Marketing
- Marketing theory encourages selling things to people that they do not need -> estrangement vs. reconciliation
- Marketing theory supports deception in order to get people to buy products -> honesty is necessary
- Marketing theory suggests that a given product should be sold to everyone -> quality vs. quantity -> target marketing
77
Variables of the Marketing Mix Strategy
- Product
- Price
- Place
- Distribution/ Promotion
78
Marketing
- Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings; managing customer relationships in ways that have value for customers, clients, partners, and society at large
79
Geoffrey B. Small Case Study
- Focused on relationship marketing
- Delivering well-made, high-quality products
- Clothing
80
Nederlander Case Study
- Broadway play company
- Partnered with others to sell tickets
- Well-established family business
81
Zappos Case Study
- Online based shoe company
- HQ in Las Vegas
- Been hacked before
