Strategic Marketing Flashcards
(19 cards)
Define Marketing
process of creating, pricing, distributing and promoting goods
Limits to marketing mix
Economic conditions, competitive structure, government regulations
Product features not often changed are
size, shape and design of a product
What are the easier marketing mix ideas to change
price and product distribution
Marketing focuses on what?
The customer
Focus is not on what?
not on what they can make or produce but how to satisfy customers
Example focus of disney
Not on making more theme parks but on entertaining and making people happy
what are the 6 economic forces
economic, political, competitive, socio-cultural, technology, legal/regulator
What do customers expect
to make a better benefit than the cost
How to establish customer relations
Delivering on promises made and fulfill expectations
Define target market
Focusing ads on specific group is
4 variables of marketing mix
product, price, distribution, promotion
Marketing managers must
monitor competition and adapt the marketing mix
Company Example: Chrome Industries
Chrome Industries in Colorado created more durable bags for bike messengers
3 types of products
good, service, idea
Typical time spend on mobile devices a day
Nielson study says 10 hours and 40 minutes
An entity that satisfies needs and earns profit
