Intro to Marketing Exam 1: Dr. Sojka

Marketing mix
product, price, place (distribution), promotion
marketing
satisfying customers needs while meeting organizational (corporate) goals
exchange
money for product
win-win
1) buy what you wanted, happy
2)payed not what you wanted, sad
add value
-add value so you’ll spend extra money
-what does the customer want/need, how do w eadd value
strategic planning
process of developing & maintaining a strategic fit b/w organizational goals and capabilities in its changing marketing opportunity
business portfolio
collection of businesses and products that make up the company
growth-share matrix
a portfolio planning method that evaluates a company SBU’s in terms of marketing growth rate and relative market share
market penetration
company growth through increasing sales of current products to current market segment without changing product
market development
company growth by ID and developing new market segments for current company products
product development
company growth by offering modified or new products to current market segments
diversification
company growth through starting up or acquiring business outside the companies current product markets
value chain
series of internal departments that carry out value- creating activities design, produce, market, and deliver, and support a firms product
value delivery network
network made up of company, its suppliers, distributors, and ultimately it’s customers who partner with e/o to increase performance of the entire system
marketing strategy
marketing logic by which companies hopes to create custom value and achieve profitable customer relatinship
marketing segmentation
divide market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
market targeting
process of evaluating each market segment’s attractiveness and selecting 1 or moe segments to enter
positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing product in minds of target customers
differentiation
actually differentiating the market offering to create superior customer value
SWOT
strength, weakness, opportunity, threat
marketing implication
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
marketing control
measuring and evaluating the result of marketing strategies and plans and taking corrective actions to ensure objectives are achieved
marketing return on investment (ROI)
net return from a marketing investment dividing by cost of the marketing investment
strategic planning
process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunity
strategic planning process
1) define companies mission
2) set goals
3) develop business portfolio
4)develop marketing plans and strategy
mission statement
a statement of the organization’s purpose- what it wants to accomplish in the larger environment
business portfolio
collection of businesses and products that make up the company
BCG Matrix
companies use to asses and see where they are and where they will go in the future
star
high growth/ high market share (red bull, monster) heavy investment for rapid growth
question mark
high growth/ low market share (minute maid, full throttle) not large source of money
dog
low growth/ low market share ( naked smoothie, odualla, tab)
cash cow
low growth/ high market share ( coke, dasani, oj) pay bills and support SBU’s investment
product market matrix
portfolio planning tool for IDing company growth opportunities through market penetration, market development, product development, diversification
macro-environment
touch to change (unchangeable, uncontrollable), offers opportunities and trends (anticipate trends), impacts all competitors (opportunities/threats)
6 major forces in microenvironment
1. demographics
2. economic
3. natural
4. technological
5. politcal
6. cultural
demographic
study of human population in terms of: race, age, gender, occupation, location, density
baby boomers
78 million people born during the years following World War II until 1964
Generation X
49 million people born between 1965 and 1976 in the “birth dearth” following the baby boomers (best education)
millennial (gen Y)
83 million children of the baby boomers born between 1977 and 2000
Generation Z
people born after 2000 (some include ppl born after 1995) kids, tweens, and teen markets
political/ legal
government agencies, penetrate new markets in different countries (intellectual property different in America and China)
Natural
physical environment and the nat. sources that are needed as inputs by marketers or that are affected by marketing activities (weather)
technology
radio frequency ID tags
Micro-Environment
organization has a bit more control (strength/weakness)
1) customers
2) competitors-raise price, lower price impact how much they charge
3) collaborators-suppliers(raw mat)
4)company
Marketing Intelligence
ongoing collection of data, marketing research focus group, use of data that you gain passively or through transactions
Secondary data
obtained data through other researchers (collected for another purpose, already exists)
CRM
(customer relationship management system) manage ind. customer info at all touch points (record all the times customer interacts w/ company)
qualitative
observational, visual or textual methods (focus groups, interviews, observation)