Marketing 280 Exam one Flashcards
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It’s an old saying but it’s true, build a better mouse trap and the world will beat a path to your door. And thats exactly what we do. Our products are always being enhanced and improved upon and quite simply they are the best on the market.
Producer
We are very focused on understanding our customers and meeting their needs. And you have to be for example, 30 years ago our firm used to manufacture typewrites- well nobody buys them anymore. Therefore, to sell we adapted and fortunately our whole firm committed to that goal. Last year we recorded profits and high customer satisfaction scores.
Marketing
We are an importer of various products that are suited to direct marketing promotion. In particular we are heavy users of late nigh tv info-commercials, Our approach is simple, find fun, novelty or self- improvement products from overseas and import them and effectively promote them.
Sales
In today’s society running a successful business is quite a complex challenge. It is a real balancing act to constantly provide a fair return to our shareholders, whilst meeting the ever-changing needs of the consumers. And we also do this within our requirements of working environmentally friendly technology and materials as well as giving back to the community.
Societal
At our firm we are very cost focused and we have worked hard to become a lean organization, we believe that if we can make and distribute product very efficiently then we can always sell cheaper than our competitors and hence we will sell more and make more money
Sales
The body shop is a large retail chain throughout many countries, as part of their business philosophy they will only deal with “ethical” suppliers (for instance they only have fair employment practices” It is also important to them that they continue good causes and that their products are environmentally friendly.
Societal
Some company’s are very focused on innovation and technological break throughs and some will even disregard poor market research concept test results if they really believe in their product. These firms understand new technology often takes time to be adopted by consumers (for instance, mobile phones were initially only adopted by businesss and much later by consumers) therefore they create a great product first and then try to create a market.
Production
The Salvation Army is a high-profile charity that helps thousands of people annually through its many programs and various forms of support. However to provide such extensive support they need significant donations from individuals and businesses. Therefore, throughout the year they conduct many fundraising launches with business people have significant direct marketing programs in place generate significant amounts of publicity and even conducting advertising.
sales
a situation where one party has more or better information than another party in a transaction or relationship.
information asymmetry
a workplace culture that encourages employees to feel safe sharing their ideas, concerns, and thoughts without fear of negative consequences
psychological safety
what is marketing?
a business activity that involves creating, promoting, and delivering products or services to customers
Production Orientation
a management philosophy that focuses on manufacturing goods efficiently and cheaply, rather than on the needs of the customers
Sales Orientation
a business model that focuses on selling products and services rather than on customer needs or market research
Market Orientation (Marketing Concept)
a business strategy that focuses on understanding and meeting customer needs
Social market orientation
a business strategy that focuses on understanding and meeting customer needs
Why write a marketing plan?
design more effective promotions and impactful campaigns, reach your customers with targeted advertising, and track your business success with analytics.
Mission Statement
a brief statement that explains a company’s purpose, values, and goals
SWOT Analysis
a strategic planning tool that helps businesses evaluate their current position and identify areas for improvement
Marketing Mix
a collection of factors that a company uses to differentiate its product or service in the market
SWOT analysis and environmental scanning factors:
o Demographic
age, race, gender, income, and education
SWOT analysis and environmental scanning factors: Economic
involves reviewing external sources to identify factors that impact a business. Economic scanning includes evaluating how consumers spend their money, the financial health of markets, and which industries are performing well.
SWOT analysis and environmental scanning factors: societal
Consumer behavior: How consumers behave
Cultural attitudes: The cultural attitudes of the community
Demographic shifts: How demographics are shifting
Unmet community needs: What needs in the community are not being met
SWOT analysis and environmental scanning factors; Political/legal
Political factors include government policies, leadership, tax policy, labor law, environmental law, trade restrictions, tariffs, and political stability.
SWOT analysis and environmental scanning factors; technological
Technological factors are one of the external factors that can be considered in a SWOT analysis. For example, new enabling technologies are external factors that an organization can take advantage of
