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Marketing Funamental
Topic 1
| Question | Answer |
|---|---|
| Marketing | An organized system of activities designed to get the money out of someone's pocket and into yours. |
| Exchange | Trading something of value to receive something perceived to be of greater value. |
| Marketing Management Philosophies: Production orientation | Focus on internal capabilities of the organization and what it can most likely readily produce. Example: Yankees stadium, pine trees planted to harvest 10-12 years from now with a projected market for it. Production as lowest Price. Cost advantage. |
| Marketing Management Philosophies: Sales orientation | employment of a sales force and aggressive sales tactics to push that which the organization most readily produce. Example: Sally hires forth graders to sell bird feeders. |
| Marketing Management Philosophies: Marketing Orientation | focus on the wants and needs of the customers, and create offerings to satisfy those wants and needs. Began in the 1960's. Example: deadbolts= security, flouriest= love,taking the product from the customers' point of view. |
| Marketing Management Philosophies: societal marketing orientation | extend the marketing orientation to have the organization committed to contributing to the best interests of the customers and society. Began in the 1990's. Best interest of the customer and society. |
| Marketing concept: | The Foundation of a societal marketing organization: Satisfy the wants and needs of the target customers and contribute to the best of society, while simultaneously achieving the organization's objectives. |
| Marketing Concept: | - define your offerings in terms of customer benefits - all employees focused on customer satisfaction - achieve the organization's long term objectives |
| Profit: | Respect for the law, ethics, philantropic |
| Preconventional Morality | Child/State, instant gratification. Example: No thought of long term relationship, morality rate of a ten year old. |
| Conventional morality: | do it because everyone else is doing it. |
| Post conventional morality | enlightened self- interest consistent with your own ethically focused personal value system. |
| External Marketing environment: Uncontrollable variables | all elements social, demographic, economic, technological, political- legal, competition) outside the organization. |
| environmental management | actions taken by the organization to shape and influence the "uncontrollable variables" |
| Demographics | Statistical facts such as sec, age, race, income, location, family status, ect. Example: Baby boomers, generation x. Warning is collectivism. Do not segment based on demographics. |
| ethnic communities and identities | embrace diversity |
| Federal regulatory agencies | Consumer Product and safety commission Federal trade commission corrective advertising Cease and desist |
| Consumer product safety commission | protects the health and safety of consumers using products in and around the home. |
| Federal trade practices | (FTC) prevents unfair trade practices including anti- trust and deceptive advertising. |
| corrective advertising | clarifying statements believed misleading. Example: Diet commercials that say "fat away alone won;t help you, you also need diet and excersize." |
| cease and desist | Stop the ad now! |
| food and drug administration (FDA) | safety of food and drug products |
| Culture | Values, norms, attitudes, behaviors, and other meaningful behaviors and symbols that characterize a nation or people. |
| Global marketing standardization | Selling the exact same product everywhere in the world. The downside in lost jobs, out sourcing and lower wages. Upside is that it has enhances the standard of living worldwide, enhanced product value and quality. |
| Product and message | Same or different product? Same or different message? (example: big macs where cows are worshiped. |
| legal considerations | regulate and restrict trade |
| tariff | tax levied on goods entering a country. Example: Japanese tax U.S rice imports in order to protect domestic production. United States tax steel imports in order to produce U.S jobs |
| quota | limit on amount of a specific product that enter a country |
| boycott | by nations: exclusions of all products from certain nations or organizations. By individuals or groups: Refusal to buy products from certain nations and organizations. |
| exchange control | impediments or outright inability to convert a nation's currency into a convertible currencies such as dollars and euros. Take out Profits in goods instead of currency. |
| Market Group | two or more nations working together to form a common trade area. Example: NAFTA |
| Global Marketing Strategies: In order of lowest risk/lowest return to highest risk/highest return | exporting, licensing, contract manufacturing, joint venture, direct investment. |
| exporting | selling domestically produced products to customers in another country |
| licensing | legal process permitting another firm to use an organizations manufacturing process, trademarks, patents, and other proprietary knowledge. |
| contract manufacturing | outsourcing your manufacturing function to a foreign or domestic firm. |
| joint venture | two organizations working together to create a new business entity. Example: Fed ex. and French Post Office |
| direct investment | buying out another firm or starting your own from the ground up with your organization having total ownership |
| need recognition | difference between where you're at and where you'd like to be |
| evaluation of alternatives | when information search is completed at least for the time being |
| evoked set | what's in the pool for consideration |
| purchase | based on product attributes or perhaps predominantly, intangibles and image |
| cognitive dissonance | tension/anxiety about the purchase decision |
| routine response behavior | least complex, low involvement. |
| limited decision making | moderately quick. limited consequences (Car, Condo) -emotions and intangibles are the primary role in the buying decision. successful marketers play the audience. |
| Factors that influence decision making | culture, social factors, individual factors, and psychological factors. |
| subculture | most important for markets. Groups of consumers with similar component lifestyles. |
| component lifestyle | what do they do on a Saturday night for a thrill? |
| reference group | groups that influence an individual's AIO (Activities, interests, opinions) |
| primary membership group: | meet with regularly, face to face, informally. Friends, coworkers and family. |
| Secondary membership group | meet with less, clubs, professional associations. |
| direct membership group | actually belong to |
| indirect aspirational group | desire to belong/ want to emulate |
| non aspirational group | want nothing to do with |
| opinion leaders | persons looked up to and who influence the opinions of others |
| selective exposure | choose which stimuli to see |
| selective perception | notice certain stimuli, fail to notice others |
| selective distortion | distort what you see/hear to make it consistent with pre-conceived attitudes |
| selective retention | only remember that which is consistent with feelings and beliefs. |
| Decision support system (DSS) | In house data and information system |
| marketing research | process of planning collecting data relevant to a specific marketing decision |
| Marketing strategy | define the problem- what is happening/what should we do to fix it. Situation analysis- what are we doing/what's happening in the external environment. Correlation vs. cause-effect. tentative hypothesis- cause-effect- relationships. |
| marketing strategy 2 | secondary data- what information is already available, in house or online. plan research design- questions to be answered/ how-what data to be collected/analyzed. collect primary data- precisely relevant to the problem at hand. ?'s/datacollection/analysis |
Created by:
ANL16
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