final Flashcards
(9 cards)
Marketing Definition
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
Marketing Concept
An organization should try to provide products that satisfy customer needs through a coordinated set of activities that also allows the organization to achieve its goals. Customer satisfaction is key. This is a management philosophy.
The Strategic Planning Process
A) Organizational mission and goals
B) Corporate and business-unit stratigies
C) Analysis of organization’s strengths and weaknesses. Identification of organization’s opportunities and threats
1) Marketing (objectives, strategy, plan)
2) Production (objectives, strategy, plan)
3) Finance (objectives, strategy, plan)
4) Human Resources (objectives, strategy, plan)
The Marketing Enviroment
External forces that directly or indirectly influence an organization’s acquisition of inputs and creation of outputs. There are six forces. Forces are always dynamic. They create uncertainty, threats, and opportunities.
1) competitive
2) economic
3) political
4) legal and regulatory
5) technological
6) sociocultural
Environmental Scanning
The process of collecting information about forces in the marketing environment.
Environmental Analysis
The process of assessing and interpreting the information gathered in scanning.
Brand competition
Firms that market products with similar features and benefits to the same customers at similar prices
Product competitors
Firms that compete in the same product class but market products with different features, benefits and prices.
Total Budget Competitors
Firms that compete for the limited financial resources of the same customers.
