Marketing exam 1

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57 Terms

1

Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved 2017)

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VALUE

customers' perceived benefits from a product compared with its cost

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Marketing exists to:

Create • Communicate• Deliver things that have VALUE

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History: 1st phase - Production orientation (pre-1920s):

Quality products, efficient production, low cost; "sold themselves"

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History: 2nd phase - Sales orientation (Great Depression - WWII):

Personal selling and ads to convince people to buy more

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History: 3rd phase- Marketing concept: (Era of expansion beginning in the 1950s):

Characterized by customer orientation.•Continues to evolve, especially with new technology

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What are the 4 P's?

Product, Price, Place, Promotion

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product

What company offers to consumer/customer• Goods, services and ideas

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place

Making product available to consumers• Supply chain, logistics, location, transportationPromotion• Communicate value & persuade purchase• Advertising, personal selling, sales promotions,

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Price

Amount exchanged for product• Affects how value viewed

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Promotion

Communicate value & persuade purchase• Advertising, personal selling, sales promotions, public relations

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Global Marketing

Addresses customers, markets and competition around the world• Globalization: interconnected world economy

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Digital Marketing

The use of digital channels to market products and services in order to reach consumers.

• This type of marketing involves the use of websites, mobile devices, social media, search engines, and other similar channels.

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Marketing Analytics

Measuring, managing and analyzing the performance of a marketing activity•

Become possible and popular because of big data availability, storage and analysis.

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Strategic Planning

Can greatly increase the likelihood of success.

•Shaped by an organization's mission.

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What are the elements of a strategic plan?

marketing plan, financial plan, HR plan, Risk Management plan

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Mission Statement

a statement of the organization's purpose - what it wants to accomplish in the larger environment

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The Marketing Plan

The marketing plan is an action-oriented document or playbook that guides the firm's marketing strategy

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What goes into making a marketing plan?

Creating a marketing plan requires the input, guidance, and review of employees throughout the various departments of a firm, not just the marketing department

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What are the 5 components of a marketing plan?

an executive summary (main points), situation analysis(market, SWOT, competition), marketing strategy(objectives, targets, positioning and mix), financials section, controls section (who does what, when and what if's with backup plans)

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What is an executive summary?

Elevator pitch for the plan • Written last• Include most important points • Make sure everything in the executive summary is actually in the plan BUT not everything in the plan is in the executive summary

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What is situational analysis?

Market summary: current state of the market (where a firm sells products) -Trends, growth opportunities

Competitive analysis • SWOT analysis

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The Boston Consulting Group Matrix

a framework that classifies each product or product line within a firm's "product portfolio" growth-New Ventures fund-Low Market Share

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What is competition analysis?

Direct competitors/ Indirect competitors

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SWOT analysis

strengths, weaknesses, opportunities, threats

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What is a marketing strategy?

Lists specific actions a firm must take to accomplish the marketing objectives it established.

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What are typical marketing strategies?

Specific• Measurable• Realistic

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STP

Market segmentation:

  • Dividing into smaller groups, shared characteristics• Target markets:

  • Group of customers an organization targets with marketing• Positioning: -Activities to create a perception of products with target market

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What are growth strategies

market penetration, market development, product development, diversification

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Marketing Mix Plan

Product Plan Price Promotion

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global marketing strategy

exporting; Make in US, sell overseas, Licensing: company pays to use another firm resources, franchising: franchisor gives franchises right to use name, marketing •Joint Venture: Domestic and foreign companies create new entity •Direct Ownership: Domestic firm actively manages company or facilities overseas

-low risk low return-> High risk high return

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Return on Marketing Investment

the net return from a marketing investment divided by the costs of the marketing investment

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Revenue Analysis

•Revenue from specific products or regions •Find what's working and what isn't

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What is market share analysis?

•Percentage of total market sales captured by brand, product or firm

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what is Profitability Analysis?

•How much profit, or positive gain after subtracting expenses, a firm generates •Uses two main measures

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what is customer acquisition?

how much it costs to gain a new customer

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what is Individual customer profitability?

profit from a customer over time

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What are examples of analytics?

•Sales Forecast •Return on marketing investment goal •Marketing budget of $X •Break-even at x units •Revenue analysis by region

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Controls: Contingencies

Plans in place for: •Interruptions in sourcing, ingredients •Plant production issues

  • Product complaints: customer service •Falling short of sales goals -Revamp marketing plan with increased emphasis on sampling and coupons (sales promotion) -Delete products if sales are below x threshold; sell remaining ingredients to other manufacturers

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What is environmental scanning?

Monitoring developments outside of firm's control to detect and respond to opportunities and threats

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How is environmental scanning conducted?

News reports • Trade magazines • Vendors • Secondary research • Research studies

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What is in a marketing environment?

  • Competition

  • Political

  • Economic

  • Demographic

  • Sociocultural

  • Technological

  • LegalMarketing Environment

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how does economics affect marketing?

Affect willingness, ability to buy products -Gross Domestic Product (GDP) -Income distribution -Inflation -Consumer Confidence

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Competition how it affects marketing:

Substitute products: Perform similar function and can be used in place of one another - usually direct competitors, sometimes indirect

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how does GDP affect marketing?

  • Nation's economic health- Market value of goods and services produced

  • Growth = lower unemployment, increased wealth, consumer confidence, more money to spend (good for marketing)

  • Declines = recession when GDP declines for two or more consecutive quarters, cause layoffs, lower consumer confidence (bad for marketing)GDP: Gross Domestic Product11

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what is consumer confidence?

a statistical measure of consumers' feelings about current and future economic conditions, used as an indicator of the overall state of the economy.

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Demographics

Characteristics that can be used to identify consumer markets -Age -Gender -Ethnicity -Education Level

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how does Socioculture affect marketing?

Combination of social and cultural factors that affect individual development -Environmentalism -Single adult households -Consumer privacy concerns -Less face-to-face communication

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How does politics affect marketing?

Changing policy can affect marketers -School lunch program -Advertising prescription drugs -Trade agreements

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what are legal aspects that affect marketing?

Regulations to protect fair competition and keep businesses from taking advantage of consumers• See laws p. 83 that affect marketers

  • Sherman Antitrust: competition

  • Robinson-Patman: pricing

  • Wheeler-Lea: false advertising

  • Fair Packaging & Labelling: requirements for consumer packaging

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How does technology affect marketing?

Influences how consumers satisfy needs and wants• Changes how companies work the 4 Ps

  • Mobile boarding passes

  • Product naming contests on social media

  • Online ordering

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currency fluctuations

increase and decrease in local currencies can make certain products unaffordable

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with international marketing:

  • changes based on country ads

  • currency differences

  • people have different values trade agreements (eg, NAFTA)

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disposable income

money to spend after taxes

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Inflation

A general and progressive increase in prices

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Income Distribution

Wealth across population, top and bottom earners

  • Marketers determine how to satisfy needs and wants at each level

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consumer confidence

the extent to which people are optimistic or pessimistic about the future health of the economy

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