Marketing Quiz #1

Corporate Social Responsibility

a mechanistic business approach independent of corporate principles, incorporates CM as a part of its strategy

Conscious Marketing

a mission-driven business approach centered around a caring culture for its stakeholders

what are the ethical questions a company should consider at each stage of the marketing plan?

planning: whether or not to include a commitment to ethics in its mission; implementation: if a company should proceed with marketing a product in a certain manner; control: if the firm is prepared for handling a potential ethical lapse

stages in the ethical decision-making framework

identify issues, gather information & identify stakeholders, brainstorm and evaluate alternatives, choose a course of action

marketing

The activity, institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that provide value for customers, clients, partners, and society.

marketing’s mission

create value for the firm and for customers

marketing mix (the 4 ps)

product, price, place (how products are distributed), promotion—-all elements have to match because they’re part of the buyer’s journey

components of a marketing strategy

the firm’s target market, related marketing mix, the basis for sustainable competitive advantage

sustainable competitive advantage

why you should buy from this company and not another; allows some firms to charge crazy high prices (montblanc example)

what are the five steps in creating a marketing plan?

define the business mission, conduct a situation analysis, identify and evaluate opportunities, implement marketing mix & allocate resources, evaluate performance

four growth strategies

market penetration (existing products + existing markets), market development (new products + existing markets), product development (new products + existing markets), diversification (new products + new markets)

elements of a situation analysis

SWOT, CDSTEP (cultural, demographic, social, technological, economic, political)

value equation

customer perceived value = perceived benefits - perceived costs