MKT 3305 Exam 1 (ch 1, 3, 4)

Marketing

Create, communicate, deliver value.

Production era

A phase in marketing focused on production efficiency.

Selling era

A phase in marketing focused on selling products.

Relationship era

A phase in marketing focused on building long-term relationships with customers.

Triple bottom line (CSR) era

A phase in marketing that considers profits, people, and planet.

Marketing 4 P's

Product, Promotion, Price, Place.

Product

Includes all aspects of product design, packaging, and associated aspects.

Promotion

Includes all activities marketers undertake to inform consumers about their product.

Price

The amount the consumer must exchange to receive the product or service offering.

Place

Key to making the product available to consumers at the desired time and location.

Competitive advantage

Most successful firms have a competitive advantage because they identify, establish, and maintain distinctive competencies.

Market planning

Identifying target markets and adjusting the marketing mix for each.

Product strategies

Include decisions on product design, packaging, support services, and maintenance.

Pricing strategies

Include decisions on whether to base pricing on costs, demand, or price of competing products.

Promotional strategies

Communicate a product's value proposition to the target market.

Place/distribution strategies

Outline when, how, and where the firm will make the product available to targeted customers.

Strategic planning

Planning done by top-level corporate management.

Functional (market) planning

Planning done by top functional-level management such as the firm's chief marketing officer (CMO).

Operational planning

Planning done by supervisory managers.

Mission statement

A formal document that describes the firm's overall purpose and what it hopes to achieve.

Situation analysis

Assessing the firm's internal and external environments.

SWOT analysis

Presents environmental analysis, defining firm strengths, weaknesses, opportunities, and threats.

Business portfolio

The range of SBUs or businesses that a large firm operates.

Boston Consulting Group (BCG) matrix

A method used for portfolio analysis that assesses the growth potential for a firm's SBUs or product lines.

Stars

SBUs whose products have a dominant market share in high growth markets.

Questions marks (problem children)

SBUs whose products have a low market share in high growth markets.

Cash cows

SBUs whose products have a dominant market share in low growth markets.

Dogs

SBUs nobody wants.

Market penetration

Increase market share among existing customers (e.g., Walmart renovates store).

Marketing development

Attract new customers to existing products (e.g., HEB opens locations in Oklahoma).

Product development

Create new products for present markets.

Diversification

Introduce new products into new markets.

Market research process

Define research problem, list symptoms, list possible causes, list some solutions, list objectives.

Research strategy

Step by step plan of action that gives direction to the researcher in planning, executing, and monitoring a study.

Secondary data

Information that has been collected for a purpose other than the research at hand.

Primary data

Information that has been gathered specifically for the research objectives at hand.

Exploratory research

Describes less structured data collection methods to clarify research problem, gain background info, test and discover new products, generate insights for future studies.

Qualitative data

Data collected through methods like focus groups and case studies.

Focus groups

Flexible, group discussion of a product, ad, or concept led by a moderator.

Case studies

Analysis of a business situation similar to one at hand.

Benchmarking

Process of comparing business processes and performance metrics to industry bests.

Crisis management

Strategies to deal with a crisis situation.

Observation

Systematically recording the behavioral patterns of people, objects, and events to obtain marketing information.

Descriptive research

Surveys conducted to answer questions about who, what, where, when, and how.

Cross sectional studies

Give out survey once.

Longitudinal studies

Give survey to the same people multiple times over a longer time frame.

Causal research

Identifies cause and effect between variables through experiments.

Simple Random Sampling (SRS)

Each sampling frame element is assigned a number then randomly selected.

Systematic sampling

Select a random starting point and then choose every ith element.

Stratified sampling

Divide population into strata and randomly choose elements from each stratum.

Non probability sampling

Sampling methods that do not involve random selection.

Convenience sampling

No control, non-representative sampling.

Quota sampling

Purposely selecting a sample to mirror the population demographics.