Marketing Chapter One Study Guide Essay
Environmental Forces – the uncontrollable social, economic, technological, nominative, and regulatory forces that affect the results of a marketing decision. Customer Value – Buyer’s benefits, including quality, convenience, on-time delivery, and before- and after-sale service at a specific price. Marketing Program – A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Tasks of Marketing – Discover the needs and wants of consumers who are prospective buyers, satisfying the needs of targeted consumers.
Profit – the reward to a business firm for the risk it undertakings in marketing its offerings Mission – a statement or vision of an organization’s function in society. Market Share – ratio of a firm’s sales to the total sales of all firms in the industry. Goals – targets of performance to be achieved, often by a specific time. Business Portfolio Analysis – a technique that managers use to quantify performance measures and growth targets of their firms’ strategic business units (SSW). Requires an organization to locate the position of each of its Subs on a growth-scale matrix. Vertical axis is market growth rate.
Horizontal axis is the relative market share Cash-cows (bottom left) – Subs that generate large amounts of
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Dogs (bottom right) – Subs with low shares of slow-growth markets. Although they may generate enough cash to sustain themselves, they do not hold a lot of promise Often starts as question marks and move counterclockwise towards dogs. The Strategic Marketing Process – An approach whereby an organization allocates its marketing mix resources to reach its target markets. The Planning Phase of the strategic marketing process: Step One: Situation Analysis – taking stock of where a firm or product has been recently, where it is now, and where it is headed.
SOOT analysis – internal strengths and weakness, and external opportunities and threats. Step Two: Market-product Focus and Goal Setting. Set marketing and product goals, Select target markets, find points of difference (characteristics of a product that make it superior to competitors), and position the product. Step Three – Marketing Program. Product strategy, price strategy, promotion strategy, and place (distribution) strategy. The Implementation Phase of the Strategic Marketing Phase. Step One – Obtain resources.
Step Two – Designing the Marketing Organization to implement the program Step Three – Developing Planning Schedules Step Four – Executing the Marketing Program The Evaluation Phase of the Strategic Marketing Process Compare Results with Plans to Identify Deviations Acting on Deviations Market Segmentation – sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action. Demographics -description of a population according to characteristics such as age, gender, ethnicity, income, and occupation.
Chirography’s – the study of personality, values, attitudes, interests, and lifestyles. Baby Boomers – the generation of children born between 1946 and 1964 Generation X – Member so the US population born between 1964-1976 Consumer Bill of Rights – Codified the ethics of exchange between buyers and sellers, a formal statement of ethical principles and rules of conduct.