marketing

Marketings relationship to sales is?

Good advertisement brings sales and opportunities

What falls under the umbrella of marketing?

-Market research
-Product
-Price
-Place
-Promotion
-Sales
-Public relations

Global Marketing

Implies that the firm realizes that all world markets (including the company's own domestic market) are, in reality, a single market with many different segments.

Entering Foreign Markets

The most common method for ___________ is exporting.

Culture

Understanding a global market's culture and social trends is fundamental for consumer products. Cultural values, symbols and rituals, and cultural differences affect people's perception of products. Must learn local cultural practices to recruit employees and establish good business relationships.

Exporting

Most common method for entering foreign markets, it offers firms to get their product into a new country and finding customers there. it requires minimal investment and risk. and ten percent of all global economic activity.

Understanding global markets

focuses on five basic types of information. Economic, Culture/societal trends, business environment, political/legal, and specific market conditions.

Sum

tells you how big the total situation is.

Ratio

Tells you how well you are doing compared to everyone else.

Behavioral Data

Information about when, what, and how often customers purchase products and services as well as other customer "touches."

Observational Data

Watch how people move through a store, noting what aisles they go down and where they spend their time. Researchers see people in a very personal environment to better understand how people use and interact with products.

Mass Customization

Combining flexible manufacturing with flexible marketing to greatly enhance customer choice.

Goals

General statements of what the firm wishes to accomplish in support of the mission and vision.

Societal Marketing

A business strategy that balances company profits, customer satisfaction, and long-term public well-being.

NAFTA

Created to eliminate tariffs between Canada, Mexico, and the United States, and which stands as the single largest economic alliance today. Replaced by the United States -Mexico -Canada Agreement (USMCA) in 2020.

European Union

A successful regional marketing zone founded more than 50 years ago by six European countries (Belgium, France, Italy, Luxembourg, The Netherlands, and West Germany) with the Treaty of Rome and that now includes 27 countries.

Marketing Ethics

A societal and professional standard of right and fair practices that are expected of marketing managers in their oversight of strategy formulation, implementation, and control.

ACAC in sales

How to handle objections appropriately as a salesperson
by Acknowledging, Clarifying, addressing, and confirming.

Return On Marketing Investment

A metric that measures how much profit a company makes compared to how much money it spends on advertising and promotion. Investment decisions in marketing must consider the level of investment, returns, risks, and hurdle rates.

Primary Research

Data collected specifically for a particular research question.

Secondary Research

Data collected for some other purpose than the problem currently being considered.

Big M

high-level, strategic framework that defines a company’s core direction, market position, and long-term value.

little m

Marketing that handles daily tactical execution.

Customer Lifetime Value (CLV)

Relationships pay off in terms of cost savings, revenue growth, profits, referrals.

Value proposition

Communication/statement that explains why a customer should choose your product or service over the competition

Value chain

Serves for firms to identify ways to create, communicate, and deliver more customer value within a firm.

Mission statement

An organization's purpose, or reason for existence. Most also include a discussion of what the company would like to become in the future.

Core competencies

The activities a firm can do exceedingly well.

Customer empowerment

a business practice where companies give customers the tools, information, control, and authority to shape their own buying experiences and make fully informed decisions. 

Customer experience management

How the firm makes sure the customer has an excellent experience at every encounter

Boston Consulting group matrix

a classic strategic portfolio management framework used to evaluate a company’s business units or products. 

Benefit

Some type of utility that the company and its products and services provides a customer.

Value

We define ____ as a ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

Analyzer strategy

Firm relies heavily on analysis and imitation of the successes of other organizations, especially prospectors.

Prospector Strategy

Focused on continuous innovation, aggressive growth, and entering new markets. 

Qualitative marketing research

Less structured research not meant to be used for statistical analysis that can employ methods such as surveys and interviews to collect data.

Quantitative marketing research

Research used to develop a measured understanding using statistical analysis to assess and calculate the results.

Marketing mix

The key component of marketing. (The 4P's)

The 4Ps of marketing?

Product, Price, Place, and Promotion.

Product

Offerings

Place

Complex supply chain.

Price

value/benefits/price.

Promotion

advertisement