BUS 360 Exam 1
Marketing Plan- SWOT Analysis, 4Ps, Action Programs, Projected or other Financial Statements
Marketing Mix- 4Ps→ controllable set of decisions or activities that the firm uses to respond to wants of the target markets
B2B- Business to Business Marketing
B2C- Business to Consumer Marketing
C2C- Consumer to Consumer Marketing
Relational Orientation- relationship building method with customers based on the philosophy that buyers and sellers develop a long term relationship
Customer Relationship Management (CRM)- philosophy and set of strategies, programs, & systems that focus on identifying and building loyalty among the firm’s most valued customers
Conscious Marketing- revised view of responsibilities and roles of marketers; entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services
Marketing Strategy- a firm’s target market, marketing, and method of obtaining a sustainable competitive advantage
Sustainable Competitive Advantage- something a firm can persistently do better than its competitors
4 Macro Strategies- Customer Excellence, Operational Excellence, Product Excellence, Locational Excellence
Customer Excellence- achieved when a firm develops value based strategies for retaining loyal customers and provides outstanding customer service
Operational Excellence- through efficient operations, excellent SCM, and strong relationships w customers
Efficient Operations= good value to customers, earn profitability, satisfy customer needs
Product Excellence- providing products with high perceived value and efficient branding and positioning
Locational Excellence- having a strong physical location or internet presence
Situation Analysis- SWOT and CDSTEP( cultural, demographic, technological, economic, and political forces)
Market Segmentation- dividing the market into groups
MECE- Mutually exclusive, collectively exhaustive
Integrated Marketing Communication (IMC)- promotion dimension; encompasses a variety of communication disciplines in combination to provide clarity, consistency, and maximum communicative impact
IMC Program- Marketers communicate a value proposition
Strategic Business Unit- a division o the firm that can be managed and operated independently from other divisions (Starbucks Regions)
Product Line- a group of products that consumers may use or perceive as similar in some way
Market Share- % of market accounted for by a specific entity
Relative Market Share- a measure of the product’s strength in a particular market ( sales of focal point/ sales achieved by the largest firm in industry)
Market Growth Rate- the annual growth rate of the specific market in which the product competes
Market Penetration Strategy- employs the existing marketing mix and focuses the firm’s efforts on existing customers
Market development strategy- employs the existing marketing offering to reach new market segments
Product development strategy- new product/service to a current market
Related Diversification- current target market shares something in common with the new opportunity
Unrelated Diversification- new business has nothing in common with present business
Social Listening- how firms monitor and track what people are saying about them on social media
Digital Marketing- all online marketing activities (including digital assets, channels, and media, spanning not just online but also social media and mobile marketing)
4Es- Excitement, Education, Experience, Engagement
The Basis of any marketing strategy is- its goals
Search Engine Marketing- activity used in online searches to increase the visibility of a firm by using paid search to appear higher up in search results
Paid Search- similar to conventional ads bc firms pay to appear higher up in the search results, and also often pay an additional fee every time a user clicks on their entry
Crowdsourcing- users submit ideas for a new product or service and/or comment and vote on designs submitted by others
Information Effect- outcome of digital marketing in which relevant information is spread by firms of individuals to other members of social network
Connected Effect- an outcome of social media that satisfies humans’ innate needs to connect with other people
Network Effect- outcome of social media engagement in which every time a firm or person puts information it is transferred to the poster’s vast connections across social media, causing information to spread instantaneously (celebrities IG)
Dynamic Effect- the way in which information is exchanged to network participants through back-and-forth communications in an active and effective manner
Timeliness Effect- concerned with the firm being able to engage with the customer at the right place/time 24/7 from any location
Sentiment Analysis- allows marketers to analyze data from social media sites to collect consumer comments about companies and their products
Bounce Rate-% of times a visitor leaves the website immediately (such as viewing only one page)
Click Path- Shows how users proceed through information on a website
Conversion Rate- a measure that indicates what % of visitors or potential customers click, buy, or donate at the sight
Keyword Analysis- evaluation of what keywords people use to search on the internet for their product or service
Influencer Marketing- marketing strategy that uses opinion leaders, popular on social media to drive marketing messages to a targeted audience
Corporate Blogs→ are central to an organizations’ digital marketing efforts
Microblogs→ allow people to share their thoughts, opinions, and feelings with the entire world, personal blogs are created by and usually for individuals
Fashion Industry→ the second-most polluting sector in the world
4 Main Components of Conscious Marketing→ a higher purpose, stakeholders, conscious leadership & culture & ethics
4 Overriding Principles of Conscious Marketing→ Recognition of Marketing’s Greater Purpose, Consideration of Stakeholders and their Interdependence, The Presence of Conscious Leadership/ Creating a Corporate Culture, The understanding that Decisions are ethically based
Corporate Social Responsibility (CSR)- in addition to economic and legal duties, they have a responsibility to society
Triple Bottom Line- economic, Social, and environmental performance
Most Basic Responsibility of a firm to Employees→ to ensure a safe working environment free of threats to their safety, health, or well- being
To ensure that conscious marketing is infused to all levels of a firm→ it can be integrated into each step of the marketing plan
Conscious Marketing seeks to→ align short-term goals of employees, with long term goals of the firm
Marketing Metrics evaluate→ effectiveness/performance of a marketing strategy
Gross Margin can be used to→ evaluate the performance of a company’s implementation of a marketing plan
The belief that a good product would sell itself came out of the → production orientation era
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