CH1 & CH2 Marketing Review

Consumer Behavior

Class marketing definition

understanding wants and needs and deliver value to stakeholders

What are the five marketing orientations?

production, product, selling, marketing, societal

What is the marketing mix (4 p’s?)

Product, price, place, promotion

What does CRM stand for?

Customer Relationship Management

Butterflies

high profitability, short-term projected loyalty

Strangers

low profitability, short-term projected loyalty

True friends

high profitability, long-term projected loyalty

Barnacles

low profitability, long-term projected loyalty

Globalization

Companies are competing against each other around the world, not just locally

What does BCG stand for?

Boston Consulting Group

What is on the x axis of the growth share matrix?

relative market share, aka cash generation

What is on the y axis of the growth-share matrix?

market growth rate, aka cash usage

stars

high relative market share, high growth rate

cash cows

high relative market share, low market growth rate

question marks

low relative market share, high market growth rate

dogs

low relative market share, low market growth rate

what is the growth share matrix?

a portfolio-planning method that evaluates a company’s SBUs (strategic business units) in terms of marekt growth rate (cash usage) and relative market share (cash generation)

what is the product/market expansion grid?

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

value chain

internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products

value delivery network

the company, suppliers, distributors, and customers who partner with each other to improve the performance of the entire system in delivering customer value