Marketing Exam 1 Study Guide

Marketing Information System

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights

Product/market expansion grid

Portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification

Firms use competitive marketing intelligence to...

Gain early warnings of competition

Marketing research process

Gives insights into customer motivations, purchase behavior and satisfaction...the first step is to define the problem and research objectives

Physical distribution firm

Helps company's stock and move goods from their points of origin to their destination

Big data

Huge and complex data sets that are generated by todays sophisticated information generation, collection, storage and analysis technologies

Secondary data

Information that already exists somewhere having been collected for another purpose

Macroenvironment

Larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political and cultural forces

Real value of marketing

Lies in how you use it, the customer satisfaction it provides

Northeastern states

Lost the most population over the last 2 decades

Cash cows

Low growth, high sale businesses and products that need less investment to hold market share (quality over quantity)

Market penetration

Making more sales in its current product lines and markets...spur growth through marketing mix improvements; adjustments to product design, advertising, pricing and distribution efforts

Job growth is weakest for...

Manufacturing workers

Exploratory research

Marketing research to gather preliminary information that will help define problems and suggest hypothesis

Product oriented business

Mission statement is product based i.e. "we sell furniture."

Mission statement

A statement of the organizations purpose, what it wants to accomplish in the larger environment • Should be marketed and defined in terms of satisfying customer needs

SWOT analysis

An overall analysis of the company's • Strengths: internal capabilities that may help a company reach its objectives • Weaknesses: internal limitations that may interfere with a company's ability to achieve its objectives • Opportunities: external factors that the company may be able to exploit to its advantage • Threats: current and emerging external factors that may challenge the company's performance

Marketing planning

Choosing marketing strategies that will help the company attain its overall strategic objectives

Business portfolio

Collection of businesses and products that make up a company

Internal data

Collection of data within the company, that you don't share outside the company (can) be collected cheaper and faster

Internal Database

Collections of consumer and market information obtained from data sources within the company (database is cheaper, but 3rd party is recommended to decrease errors)

Diversification

Company growth through starting up or acquiring businesses outside the company's current products and markets

Consumer spending patterns since the Great Recession...

Consist of buying less but spending more on better quality

Government markets

Consists of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them

Most marketing managers are overloaded and overwhelmed by...

Data and information

First step of portfolio planning

Decide what should receive more, less, or no investing

What are the steps for strategic planning?

Define the mission, set objectives and goals, design the portfolio

Descriptive research

Describes market potential, demographics, and the attitudes of consumers who buy the products

Strategic planning

Developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Reseller

Distribution channel firms that help the company find customers or make sales to them

Job growth is strongest for...

Professional workers

Suppliers

Provide resources needed by the company to provide goods and services

Demographics

Studying the population in terms of size, location, age, gender, occupation and other stats

Marketing environment

The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

Microenvironment

The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors and cultural forces

The single most important demographic trend in the U.S.

The changing age structure of the population

Gen X

The most educated generation

Gen Z

The most mobile generation and makes the most purchases based off their own research

Baby Boomers

The wealthiest generation

Marketing implementation

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives