Marketing Flashcards
Explain marketing and its importance in a global economy.
Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for the customer.
Global marketing allows you to sell more products, attract more customers and enlarge your market share in different countries. Your brand influence will increase. Building a well-known brand’s reputation gives you a powerful competitive advantage in local markets of different countries
95 % of consumers outside the U.S.
Describe marketing functions and related activities.
Pricing - finding appropriate price for target market
Promotion - communicating what the product is, and advertising benefits
Distribution - using appropriate channels to give product to consumer
Selling - communicating talking points of product / service to persuade people to get sales
Product / Service Management - create products that satisfies consumer needs
Marketing Information Management - collecting information about consumers, market
Financing - paying for the marketing strategy (debt and equity)
Explain factors that influence customer / client/ busines buying behavior.
Personal - needs and wants depends on age, gender, income
Psychological - motivations, perceptions, beliefs and attitudes towards a product
Social - class, customs, family traditions
Economic - assets, income, also external (e.g. interest rates, inflation)
Marketing - ads, promotion, discount, sales
Maslow’s hierarchy of needs
Demonstrate actions employees can take to achieve the company’s desired results.
Define organizational objectives.
The employees should come together to create long term goals that can be realistically reached. These goals must align with the companies goals and plan. The employees can also come together to identify their strengths and weaknesses so they can work on them or improve them as they work. (quality circles).
Demonstrate connections between company actions and results.
Influencing customer buying behavior through ads, promotions, pricing, promotional mix
Gaining / losing market share based on sales when compared to competitors.
Employee management - employee retention and satisfaction through HRM(S).
