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56 Cards in this Set
- Front
- Back
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The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large. |
Marketing |
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What are the four p's in marketing |
Product. Place. Price. Promotion |
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What does product focus on? |
Creating value |
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What does price focus on? |
Capturing value |
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What is everything a buyer gives up in exchange for the product |
Price |
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What does place focus on? |
Delivering the value proposition |
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What describes all activities necessary to get the product to the right customer when the customer wants it |
Place or supply chain management |
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What does promotion focus on |
Communicating value |
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What is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response. |
Promotion |
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Examples of supply chain partners? |
Wholesalers, manufacturers, retailers. Agents |
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Marketing to employees |
Internal marketing or employment marketing |
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What are the eras of marketing? |
Production, sales, marketing, value based marketing |
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When did the production era take place |
Turn of the 20th century |
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How do firms become value driven? |
Sharing information, balancing benefits with costs, building relationships with customers, connecting with customers using social and mobile media |
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What percentage of marketers use social media tools for their business |
93 |
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How many people link to some social media sites through their mobile devices |
4.2 billion people |
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What is the societal marketing concept |
The connection between society (human welfare), company (profits), and consumers (want satisfaction) |
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What is the trade of things of value between the buyer and the seller so that each is better off as a result |
Exchange |
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What are items that you can physically touch |
Goods |
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What are intangible customer benefits that are produced by people or machines and cannot be separated from the producer |
Services |
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What are thoughts, opinions and philosophies and intellectual concepts which can be marketed |
Ideas |
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What is the group of firms that make and deliver a given set of goods and services |
Supply chain |
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What reflects the relationship of benefits to cost |
Value |
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What four things are involved in sustainable competitive advantage |
Customer excellence, operational excellence, product excellence, locational excellence |
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What are the steps to the marketing plan |
Define the business mission, conduct a situational analysis, identify and evaluate opportunities using stp, implement marketing mix and allocate resources, evaluate performance and make adjustments |
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What does Stp stand for |
Segmentation, targeting and positioning |
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What are the four growth strategies? |
Market penetration. Product development, market development. Diversification |
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What is market penetration |
Existing marketing mix with existing customers ( going into an existing market with a similar product) |
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What is market development? |
Going into a new market with an existing product (different ethnic group or global expansion) |
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What is product development |
Making a new product for your existing market/ customers |
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What is diversification |
Introducing a new product to a marker segment that currently is not served |
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What is a related diversification opportunity |
The current target market shares something in common with the new opportunity. Ie. Copying from an existing firm that is doing well |
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What is unrelated diversification |
The new business lacks any common elements with the present Business |
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What is achieved when a firm develops a value based strategies for retaining loyal customers and provides outstanding customer service |
Customer excellence |
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What occurs by having good physical location and Internet presence |
Locational excellence |
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What is a written document composed of and analysis of the current marketing situation opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 p's, action programs and projected or pro forma income and other financial statements |
Marketing plan |
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What is a broad description of a firm's objectives and the scope of activities it plans to undertake |
Mission statement |
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What is achieved through efficient operations and excellent supply chain and human resource management |
Operational excellence |
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What occurs by having products with high perceived value and effective branding and positioning |
Product excellence |
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What uses a swot analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats |
Situation analysis |
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What is used to identify and evaluate opportunities for increasing sales and profits |
Stp |
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What is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time |
Sustainable competitive advantage |
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What are the four e's of social media |
Excitement education experience and engagement |
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When you educate the customer what do you need to tell them |
It's value proposition and the offered benefits |
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What are the 3 categories of social media |
Social networking sites, thought sharing sites, and media sharing sites |
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What allows marketers to analyze data from these sources to collect consumer comments about companies and their products |
Sentiment analysis |
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What are total request for a page |
Hits |
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What is the number of times and I page gets viewed by a visitor |
Page views |
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What is the percentage of times a visitor leaves the site almost immediately |
Bounce rate |
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What is how users proceed through the information |
Click paths |
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What is the percentage of visitors that act as the marketer hopes |
Conversion rates |
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What are the cures people used to search on the Internet for their products and services |
Keyword analysis |
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What is the 3 stage process that States how firms engage their customers using social media |
Listen analyze and do |
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What are the 3 main categories of analysis's used for understanding data collected from social media |
1) determine the amount of traffic 2) learn who the visitors are what they are doing and what engages them 3) analyze data that comes from other sites |
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What describes the voluntary actions taken by a company to address the ethical social and environmental impacts of his business operations and the concern of its stakeholders |
Corporate social responsibility |
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What are the 3 phases of integrating ethics into marketing strategy |
Planning phase implementation phase and control phase |
