Marketing 341 Exam 1 Mackalski

What are the 6 aspects of a microenviornment ?

- customers

-competitors

- company

-suppliers

-intemediaries

-publics

Intermediaries

Firms that help the company promote, sell, and distribute its good to buyers

publics

any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

Macroenviornment

-political, economic, sociocultural, demographic, and technology

SWOT analysis

a popular tool to evaluate the external and internal factors

S- Strengths

W-weaknesses

O- opportunities

T- Threats

What is the marketing information system step 1

what information do we need?

- asses information needs (benefit >cost) (actionable)(valuable)

What is the marketing information system step 2

Where can we get marketing info

- internal databases, competitive marketing inteligence, marketing research

what is the first step in market research?

The first step is to always define the problem

Marketing is the...

bridge between what the customer wants and the firm can offer

4 ways to meet wants

- product

- price

-place

-promotion

A need is

state of felt deprivation

A want is

the form human needs take as they are shaped by culture and individual personality

A demand is

wants backed up by purchasing power

What is the business philosophies triangle

Point: society welfare

Left side: customer satisfaction

Right side: company profits

What is stragetic planning

a process of developing and maintaining a stragetic fit between organizations goals and capabilities, and its changing marketing opportunities

stragetic planning process

1. company mission

2. setting company objectives

3. designing the business portfolio

4. planning marketing

market share

a company's product sales as a percentage of total sales for that industry

A high market share and high growth

-star

- modest cash flow

A high market share and low growth

A Cash Cow, maintain them and use cash elsewhere

A low market share and high growth

question mark

- negative, but large cash flow

A low market share and low growth

dog

- modest positive or negative cash flow

suppliers

provides resources, products, and services

Political enviornment

forces related to laws, government agencies, and pressure groups

socialcultural environment

relates to how the population relates to views of us, others, nature, society, companies, universe

demographic enviornment

factors that relate to the population

- like size, pop., age mix, educational groups

Customer insights are

fresh understanding of the consumers and customers and the market from marketing information

lifetime value

The net present value of a customer's business over the span of their relationship with an organization.

What is the importance of lifetime value

creating meaningful relationships with customers, marketer needs

What do insights help us do

They help us deliver the marketing concept and give the customer the best experiences and products

Marketing Process Step 1

Understand the marketplace and customer needs and wants

Marketing Process Step 2

Design a customer value-driven marketing strategy

Marketing Process Step 3

Construct a marketing program that delivers superior value.

Marketing Process Step 4

Build profitable relationships and create customer delight

Marketing Process Step 5

Capturing value from customers

Marketing myopia

a narrow-minded approach to marketing where a business focuses on only their products or services rather than the customers NEEDS

Target marketing

specific customer demands in certain market segments

product concept

customers will favor products that are a certain way

- available and easily accessible

The selling concept

-typically practiced with unsought goods

- focuses on existing products

The marketing concept focuses on what

customer needs

societal marketing concept

focuses on creating economic value in a way that creates values for the environment

- its sustainable to help the society in return of selling/ buying

Place the generational groups in order from oldest to youngest

boomers, Gen X, Gen Y, Gen Z

What is the purpose of the bcg mix

a planning tool that uses graphical representations of a company's products and services to help a company decide what it should keep, sell, or invest more in.

how is economic enviornment defined in marketing?

Factors that affect consumer buying power and spending patterns

what is a mission statement

A statement of what the organization believes

Who are baby boomers?

people born between 1946 and 1964 which started following ww2

Ethnographic research is

a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments"

competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

Examples of the marketing landscape are

- social media

- growth in mobile marketing

- AI

- global competition

Point of attraction

Where product, service, idea come together with customer