Final Exam Flashcards
(46 cards)
The 4Ps are also known as
The marketing mix
What are the 4 Ps?
Product, Price, Place, Promotion
Product…
creates value
Price…
captures value
Place…
delivers value
Promotion…
communicates value
Three phases of marketing plan
planning , implementation, control
Five steps of marketing plan
mission, SWOT, ID opportunities, implement marketing mix, evaluate performance with marketing mix
How do you identify marketing opps?
segmentation, targeting, positioning
Four growth strategies
market penetration, market development, product development, diversification
Market penetration
current market, current product, I just want to convince you to buy more with things like promotions
Product development
current market, new product, like a Coke Cherry maybe
Market development
new market, current product, like expanding NHL to European games
Diversification
new market, new product, like Tesla from high end cars to homeowner solar panels
Heart of marketing environment
consumer
Factors in immediate marketing environment
company, competitors, physical environment, corporate partners
Factors in macroenvironment
culture, demographics, social, technology, economic, political/legal
Principles of Conscious Marketing
- Recognition of marketing’s greater purpose beyond profit
- Consideration of stakeholders and interdependence
- The presence of conscious leadership, creating a corporate culture
- The understanding that decisions are ethically based
How to create a target market
STP: segment the market, target, position
Segmentation tools
geographic, demographics, psychographics, behavioral, benefits
Segment evaluation: should it be your target market?
identifiable, reachable, receptive, substantial, profitable
Position strategy
value proposition - what can I offer that others can’t?
The 4 E’s of digital marketing
Excitement, Education, Experience, Engagement
The consumer decision process
Need recognition, Information search, Alternative search, Purchase and consumption, Post-purchase
