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31 Cards in this Set

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What is Marketing?
Organizational function and set of process for creating/communicating/delivering Value to the customer for benefits.
Exchange
People giving up something to receive something they would rather have.
Exchange Condtions
2 Parties
Something of Value
Communication and Delivery
Freedom to yay/nay
Desire to deal w/ other party
4 Aspect's of Marketing A.K.A. 4 P's
Product
Price
Place
Promotion
Market Orientation
Crazy idea that social and economic justification for an org. existence is the satisfaction of customer wants and needs while meeting org. objectives. srsly wtf?
Societal Marketing
Org. exist to satisfy customers and also to preserve or enhance individuals and society's interests.
Less toxic products/more durable
Customer Value
Relationship between benefits and sacrifice necessary to obtain said benefits.
Customer Satisfaction
How fucking happy/upset the customer is about a product.

I don't even know why I made this flashcard.
Strategic Planning
Managerial process of creating and maintaing a fit between the org. obv. and resources and evolving market opportunities.

Long term Profitability and Growth!
Marketing Plan
Document to act as a guidebook for then new marketing manager. Because, I mean, who needs college?
Mission Objective
Statement of what is to be accomplished through marketing.
SWOT Analysis
Identifys:
Strengths
Weaknessess
Opportunities
Threats
External Opportunities/Threats
Social
Demographic
Economic
Political
Competitive
Internal Strengths/Weaknesses
Production costs
Marketing Skillz
Financial resources
Image
Technology
Environmental Scanning
Collection and interpretation of data and relationships. What all the survey/polls/any other shit you ask people about mean.
Competitive Advantage Types
Cost
Product/Service Differentiation
Niche Strategies
Sustainable
Cost Competitive Advantage
Being the low cost competitor in an industry while maintiaing satisfactory profit margins.
Wal-Mart
Sources of Cost Reduction
Experience Curves
Efficent Labor
No-frills production
Govt. Subsidies
Product Designs
Reengineering
Production innovations
New Service Delivery Methods
Product/Service Differentiation Competitive Advantage
Provision of something that is UNIQUE and valuable to buyers besides price
Niche Competitive Advantage
Adv. achieved when a firm seeks to target and effectively serve a small segment of the market
Sources of Sustainable Adv.
Patents
Copyrights
Locations
Equipment
Technology
Customer Service
Promotions
Ansoff's Strategic Opp. Matrix
See the fucking book.
Market Share
Company's sales expressed as a percentage of the sales for total industry.
Relative Market Share
Market share of a specific brand/market share of leader in the market.
Market Share/Growth Stars
Generate Considerable Income.
Strat:Invest more funds for future growth.
Market Share/Growth Cash Cows
Generate Strong Cash Flow
Strat: Invest enough to continue producing.
Market Share/Growth Question Marks
Have potential to become star or cash Cow
Strat: either invest more funds for growth or consider divesting.
Market Share/Growth Dogs
Generate little profit. Most DIE!
Strat: Consider withdrwing harvesting or divesting.
Portfolio Matrix Strats
Build
Hold
Harvest
Divest
Build - Stars
Hold - Cash Cows
Harvest - Increase short term cash
Divest - Get rid of Dogs.
Marketing Strat
Activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges w/ target market.
Evaluation
Process of gauging the extent to which marketing obj. have been achieved.