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68 Cards in this Set
- Front
- Back
Define Marketing, Does Marketing = advertising?
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The process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders.
Advertising is merely a part of promotion which is a sub-category of marketing. |
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THe four P's of Marketing also known as the marketing mix
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Product, Price, Promotion and Placement/distribution
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The 6 Marketing Environment forces
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Political, Legal and regulatory, Technological, Sociocultural, Competitive, and Economic
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Customers
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The purchasers of organizations products; the focal point of all marketing elements.
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Fig 1.1 Components of strategic marketing
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Center = Customer
Next = Four P's of Marketing Finally = The 6 marketing environmental forces |
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Product
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Physical good, service or idea
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Target Market
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The group of customers on which marketing efforts are focused
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Marketing mix
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Product = Good, service or idea
Price = The price chosen for the product in order to be competitive and successful Promotion = How you go about promoting your product to your target market Placement/Distribution = How you plan on getting your product out to your target market |
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Marketing Concept
Objectives |
The Marketing Concept is a philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organizations to achieve its goals.
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The Product Orientation
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Second half of the nineteenth century Industrial Revolution Era where industries were booming
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Sales Orientation
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The 1920's strong demand for products, Businesses realize they must actually "sell" these products to people.
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Market Orientation
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A mix of all, with a saturated market these days businesses must really target markets and convince them to buy their products. Determining what customers want before they just go mass producing it.
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CRM
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Customer Relationship Management
using info about customers to create marketing strategies, and create customer relationships. |
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Value
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A customers subjective assessment of benefits relative to cost in determining the worth of a product
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Marketing management
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The process of planning organizing implementing and controlling marketing activities to facilitate exchanges effectively and efficiently
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Relationship marketing
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Establishing long-term, mutually satisfying buyer-seller relationships
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Why plan?
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Planning is a key factor in reaching your organizations goals and accomplishing success. necessary for reaching marketing objectives
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Marketing strategy
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A plan for identifying a target market and developing a marketing mix to satisfy
Identify Analyze Develop |
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Marketing plan
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A written document that specifies activities to be performed to control the organizations marketing activities
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Core competencies
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Things a company does extremely well or things they have that give them a competitive edge over their competitors.
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Marketing objectives
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A statement of what is to be accomplished through marketing activities. Important to have because they help you keep the objective or goals in sight.
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Mission Statement
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A long-term view or vision of what the organization wants to become
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Competitive advantage
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Matching a core competency with something a marketing strategy for an advantage.
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Market opportunity
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Circumstances that allow a business to reach a target market
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Strategic window
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Temporary windows in a market allowing your business to excell ex- sarah palin glasses
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SWOT analysis
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A businesses
Strengths- internal Weaknesses-internal Opportunities-external Threats-external Used by marketers to asses an organization |
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SBU
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Strategic-Business-Unit
A division, product line, or other profit center within the company |
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Market
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A group of individuals that have a need for a product service or idea.
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Market share
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The percentage of a market that actually buys a specific product from a particular company.
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Growth Share Matrix
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Star-products with a dominant share of the market and good prospects for growth
Cash Cows-dominant share in the market but low prospects for growth Dogs-Low share of market and no prospects of growth Question Marks-Low share and require a lot of money, not sure where they are going |
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Sustainable competitive advantage
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An advantage that the competition cannot copy
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Marketing planning
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Assessing markets and implementing for control of the marketing program
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External customers
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Individuals who patronize a business- a customer
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Internal customers
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Employees
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TQM
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Total-Quality-Management
A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customer's perceptions of quality |
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Internal marketing
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A philosophy which states that healthy transactions between business and employee will reflect healthy transactions between employees and customers
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Benchmarking
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Comparing the quality of the company's goods, services, or processes with that of its best-performing competitors
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Empowerment
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Giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval
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Centralized organization
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A structure in which top-level managers delegate little authority to lower levels
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Decentralized organization
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A structure in which decision making authority is delegated as far down the chain of command as possible
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Performance standard
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An expected level of performance against which actual performance can be compared
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Environmental scanning
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The process of collecting information about forces in the marketing environment
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Environmental analysis
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The process of assessing and interpreting the information gathered through the environmental scanning
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Competition
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Other organizations selling similar products or targeting a similar marketing group
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Brand competitors
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Firms that market products with similar features to the same customers at similar prices
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Product competitors
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Firms that compete in the same product class but market products with different features benefits and prices
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Generic competitors
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Firms that provide very different products that solve the same problem or satisfy the same customer need ex- fly killers
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Total budget competitors
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Firms that compete for the limited financial resources of the same customers
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Monopoly
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A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
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oligopoly
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A competitive situation where a few sellers control the supply for a large proportion of the product
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Monopolistic competition
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A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
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Pure competition
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A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
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Economic forces
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Can be one of the greatest forces
can control business cycles, and include things like Prosperity, recession, depression and recovery |
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Prosperity
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A stage of the business cycle including low unemployment numbers and high income ensures high buying potential
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Disposable income
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After-tax income
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Discretionary income
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Income available for spending and saving after bills and such are paid (true disposable income)
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Wealth
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The accumulation of past income, natural resources and financial resources
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Political forces
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Political legal and regulatory forces of the marketing environment
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Government regulation and self regulation
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FTC-federal trade commission-federal agency that regulates business behaviour
BBB-Better Business Bureau- non-government regulatory agencies that help settle problems between customers and businesses |
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Social responsibility
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An organizations obligation to maximize its positive impact and minimize its negative impact on society and within its company
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Marketing citizenship
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The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
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Marketing ethics
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Principles and standards that define acceptable marketing behavior as determined by various stakeholders
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Pyramid of Corporate responsibility
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Pyramid Peak = Philanthropic = Be a good corporate citizen
Third = Ethical = Be ethical, Avoid harm Second = Legal-obey the law, play by the rules Base = Economical-Be profitable, only in business to make money |
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Stakeholder vs. Shareholder
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Stakeholder is someone who holds stake in the business-customers,society, these can be internal and external
Shareholders are people who actually hold shares in the company |
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Cause-related marketing
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The practice of linking products to a particular social cause on an ongoing or short-term basis
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Strategic philanthropy
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The synergistic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits
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Sustainability
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The potential for the long-term well-being of the natural environment, including all biological entities as well as the interaction among nature and individuals, organizations, and business strategies
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Green marketing
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A strategic process involving stakeholders assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
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