Marketing 10/30

When marketers plan where to go and how to get there, what are they attempting to achieve between producers and customers?
They are attempting to create satisfaction between the costumer
Why is it important for a goal to be specific?
Marketers know that a goal must be specific so that it can be evaluated for success or failure at the end of a given time frame.
How do marketers ensure that their tactics line up with their strategies?
Tactics focus more on the costumer and line up with the strategies.
How many appropriate strategies can there be?
Reasonable amount that allows you to reach your goal
After selecting the best strategy, what do marketers do about funding?
Evaluate their recourses, figuring out deadline, and set aside money
How do changing circumstances impact marketing strategies?
Goals change, change in your product, bad publicity, government regulations, and the economy.
Explain why the same strategy does not work in every situation.
Not every strategy works in every situation because of just that, the situation is different, the strategies must align with the goal in the end and if not there’s no way to view success.
Every situation is different and you must adjust your strategies according to this.
What do marketers do with their strategies in order to fit their purposes?
Closely look at details to make sure that each strategy fits their goal and in the long run will give the company/product success.
Finding a good balance between value and satisfaction for the customer
Price
Getting a selected product in the right place at the right time
Place
The amount of money a firm asks in exchange for its products
Price
The various types of communication that marketers use to inform, persuade, or remind customers of their products
Promotion
Customer feels that the benefits received outweigh the costs
Price
What goods, services, or ideas a business will offer its customers
Product
Creating convenience for the customer
Place
Telling the customer about the products
Promotion
Finding out what customers need and meeting that need
Product
Customer can buy the product when and where s/he wants
Place
Customer sees the best solution
Product
What must marketers remember to do before customizing the marketing mix?
Each P is equally important, if one of the P’s fails fill its role the other will fall apart.
Have to have their goal
What is a goal?
An objective you plan to fulfill …
What is a strategy?
A strategy is a plan you use to achieve your overall goal./your guide
What is a tactic?
A tactic is an action used to achieve your overall goal./specific actions that help fulfill your strategy.
Why are marketing strategies important?
Marketing strategies are important because they all work together, and if one fails then the other will to. They are all connected and serve an individual purpose that helps achieve the goal. Also looking at their resources
How do firms determine which strategy is the best?
Firms determine which strategy is the best by researching data and finding out about their customers and then base their strategies/goal off of the customers.
What are four examples of situations that could cause a strategy to be changed?
Four examples of situations that could cause a strategy to be change are price changes, unpopular product, bad PR, firms aren’t all succeeding in their part of the goal.
What is the marketing mix?
The marketing mix is a combination of the 4 elements or marketing (product, place, price, and promotion).
Why is the product element of the marketing mix important?
The product/service element is the premise of the P’s and if there’s no product there are no other P’s
To be successful with the price element, what must marketers balance?
To be successful with price element the marketers must balance the profit.
What factors should marketers consider when developing the place element?
Which firms to buy the products from, how to process costumers, orders, and channels
As a marketing-mix element, what is promotion?
Promotion is getting out information about the product/service.
Advertising, publicity, sales promotions (coupons)
How do the marketing-mix elements affect each other?
The way that the marketing-mix elements affect each other is that if one doesn’t succeed, then none of them will. They all lean on each other for support in succeeding.
A flake cereal becomes a strawberry flake cereal
Product
A customer buys a magazine from the check-out aisle
Place
A customer thinks the benefits outweigh the costs.
Price
A firm runs an advertisement in the newspaper.
Promotion
A firm communicates a message to a customer.
Promotion
A customer orders a product online.
Place
A firm figures out what a customer needs
Product
A salesperson meets one-on-one with customers.
Strategy
A firm wants to increase sales by 10% over last year’s sales
Goal
A salesperson calls to set up a meeting with a customer
Tactic