Marketing Chapter 1-3

customers
the focal point of all marketing activities
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships
customer relationship management
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
customer value
customer benefits-customer cost
strategic planning
the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
marketing plan
a written document that specifies the activities to be performed and implement and control an organization’s marketing activities
plan is a written document
difference between marketing strategy and plan
core competencies
a strength, but doesn’t gaurantee an advantage
SWOT analysis
an assessment of the organizations strengths, weaknesses, opportunities, and threats
Internal SWOT analysis
strengths and weaknesses
External SWOT analysis
opportunities and threats
mission statement
a long-term view of what the organization wants to become; a filter to look at all decisions
levels of strategic planning
mission statement, corporate strategy, business unit strategy, marketing strategy, marketing mix elements
corporate strategy
a strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals
strategic business unit
business within a business
market
a group that has the needs, ability, willingness, and authority to buy
market share
the percentage of a market that continually buys a specific product
star, cash cow, question mark, dog
BCG classifications
star
requires additional resources for continued growth
cash cow
generates surplus resources for allocation to other SBUs
question mark
represents a high risk/lost opportunity requiring a large commitment of resources to build a market share
dog
has deminished prospects and represents a drain on the portfolio
true
We can control the marketing mix (T/F)
false
We can control the environmental forces
opportunities and threats
environmental forces are what we analyze when looking at —-
environmental scanning
the process of collecting; knowing
environmental analysis
the process of assessing and interpreting the information gathered; doing
economic; political; legal and regulatory; technological; sociocultural
environmental forces
sociocultural forces
the influences in a society
marketing
process of creating, disturbing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment
marketing mix
four marketing activities that a firm can control to meet the needs of customers within its target market
product, distribution, promotion, pricing
marketing activities in the marketing mix
target market
the marketing mix is aimed at the—-
product
goods, services, or ideas that satisfy customer needs
distribution
the ready, convenient, and timely availability of product (placement)
promotion
activities that inform customers about the organization and its products
pricing
decisions and actions that establish pricing objectives and policies set
marketing mix
cornerstone of marketing
exchange process
marketing is an —-