An orgazinational function that consists of 3 functions:
Key to creating value
Providing consumers with benefits that meet their needs and wants
% of new products that fail
Members of the supply chain
Manufacturers, wholesalers, retailers, shipping companies
Stages in the evolution of marketing
Production orientation -> sales orientation-> Marketing Concept -> Relationship orientation
The idea that a firm’s long term success must include a company wide effort to satisfy customer needs.
Most basic concept in marketing
Understanding the difference between needs and wants
1st point of discussion relative to the marketing mix
Marketing strategy that consciously addresses customers, markets, and competition throughout the world.
Name, term symbol, design or combination of these that identifies and differentiates a firm’s products
Corporate social responsibility
A firm’s obligation to maximize positive impact on society (charities, supporting minorities, demanding responsible business practices, etc.) and minimize negative impact on society.
Primary strategic planning tool
Key components of the marketing plan
Focus of good mission statement
To capture a shared purpose and provide motivation
Foundation of the marketing plan
Strategic planning (?)
One of the most popular analysis tools to describe the current market.
A 2-by-2 matrix that graphically describes the strengths and attractiveness of a market.
How a firm’s products are perceived in the eyes of a target market.
Set of actions taken to achieve organizational objectives
Superior position a product has over competing products
A combination of activities that represent everything a firm can do to influence demand for its good, service or idea. (Product, promotion, pricing, distribution/place)
How much needs to be sold to cover expenses
Selling domestically produced products to foreign markets (least risky)
An arrangement in which a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign company’s market.
A situation in which products that perform the same function compete against one another.
External factors affecting the marketing environment.
GDP (Gross Domestic Product)
Market value of all officially recognized final goods and services produced within a country within a given period.
Increase in general level of prices over a period of time.
Characteristics of the population such as age, gender, ethnicity, and educational level.
Amount of money available to households after paying taxes.
Consumer Protection Agency
Federal Trade Commision (FTC)
Regulates unfair or deceptive trade practices
Use of technology/Technological Applications
One of most significant challenges and also opportunities for marketing professionals.
Use of facebook and other social media to increase awareness and enhance relationships.
Key goals of NAFTA
Free trade zone among the US, Mexico and Canada.
Belief by residents of a country that it is innapropriate or immoral to purchase foreign made goods or services.