MKT

understand why people act unethically (from the book)

For money, tunnel vision, pressure (from competition, or spouse)

MICROBLOG

differs from a traditional blog in size. Consists of short sentences, short videos, or individual images. Twitter is an example of a microblog

PERSONAL BLOG

website written by a person who receives no products or remuneration for his or her efforts

PROFESSIONAL BLOG

website written by a person who reviews and gives recommendations on products and services

ethical values marketers should embrace (AMA code of ethics)

Do no harm (don't advertise bad things to kids), foster trust in marketing systems, embrace ethical values (honesty, responsibility, respect, transparency, and citizenship)

ways in which corporate social responsibility programs help various stakeholders

Employees should have safe working environment. No pressure on employees that is stressful. Customer- privacy should be respected. Marketplace- companies go out into community and raise the bar for what markets should do. Society- improvement of overall activity and environment

keyword analysis

Evaluation of what keywords people use to search products (names for different items)

4E framework

Excite (with ads, and promotions), educate, experience (trying out something), and engage (inter activity and helps foster loyalty)

bounce rate

# of keyboard clicks to get to where you want on a website and leave immediately (how many people enter a website and then leave immediately?)

page view

# of times an internet page gets viewed by any user. Gives different info

hit

# of times website pages were accessed

market share

% of market accounted for by a single entity

four steps in ethical decision-making

1. Identify issues. 2. Gather info and identify stakeholders. 3. Brainstorm and evaluate alternatives. 4. Choose a course of action

five steps in creating a marketing plan (also know the three phases)

1; business mission and objectives. 2; situation analysis SWOT← planning. 3; identify opportunities. (STP) 4; implement marketing mix ← implementation phase 5; evaluate performance using marketing metrics ← control phase

the elements of the marketing mix and how they relate to value

4 P's: product: creating value, price: capturing value, place: delivering value, and promotion: communicates value.

Core competency

A company does something and does it really well. (starbucks tastes the same no matter where you go, and the training program is similar all the way around).

strategic business unit

A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

marketing strategy

A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage

marketing

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

touch point

Any point of contact b/w buyer and seller

B2B, B2C, C2C

B2B- business to business; selling merchandise or services from one business to another. B2C- business to consumer; businesses sell to consumers. C2C- consumer to consumer; consumers sell to consumers (garage sales).

Channels

Buying similar products at different department stores

integration of ethics into marketing strategy

Can do this through all the phases. In planning phase you want ethical mission statement. Are you determining your target market in an ethical way. Control phase- were all things acknowledged?

distinguish between ethics and social responsibility

Companies can be socially responsible and unethical. They are not mutually exclusive. Make sure the work environment and community is good

Understand how customers, the company, competitors and corporate partners affect

Company capabilities and focus on those. Satisfy customer and play to those strengths. Matching core competencies. Look at competitors strengths and weaknesses. Figure out a lot about competitors. 3 corporate partners. Can affect supply chain and the product

the core aspects of marketing

Creates value, satisfies customer's wants and needs, entails an exchange (captures value), 4 P's, individuals and organizations market, marketing affects various stakeholders

CDSTEP

Culture, demographics, social, technology, economic, Political/regulatory

supply chain

Deals with place and the products of getting the stuff to the customer

goods, services and ideas

Goods- items that you can physically touch. Service- intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Ideas- include thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed.

pop-up store

Halloween stores (around for a short period of time)

search engine optimization

Having a solution on the first page of google; getting your website to be higher up in search results

click path

How do customers navigate the website

conversion rate

How many people did what you wanted them to do once they got there

Salad bowl

Individual cultures that live together and aren't homogenous and recognize cultural differences when you make decisions. Still retain cultural aspects.

value proposition

Innovation, service, or feature intended to make a company or product attractive (sketch up shoes. Heated seats)

Greenwashing

Looks like you're doing something good for the environment but you're really not. Trying to create a good public image. (i.e environmentally friendly products)

relevancy in social media marketing Social Media Marketing Campaign: Step 1: Establish the Strategy and Goals Step 2: Identify Target audience Step 3: Develop the Campaign Step 4: Budget Step 5: Review success of campaign

Make sure that offers are relevant to the customers a company is targeting

portfolio analysis

Market growth rate:: measures how attractive a particular market is.

Growth strategies: market penetration, market development, product development, diversification

Market penetration; focuses on current customer, encourage customers and companies to spend more. Increasing sales of the firms current products to its current target markets Market development; using marketing strategies to target a new segment (expansion). Product development- add a new product or service to what company does. Diversification- new product or service to new market segment, can be related or unrelated to marketing strategy (starbucks with teas, caters to people who don't like coffee).

Developing Marketing Strategies and Marketing Plans 1st step: who do we target to buy product 2nd related marketing mix (4p's) 3rd come up with a sustainable competitive advantage (customer, operation, product, and location) ß helps create sustainable advantage

Marketing strategy: firm's target markets, a related marketing mix (4 P's), bases on which the firm plans to build a sustainable competitive advantage. Marketing plan: written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified with the 4 p's.

social media Engagement process: 1. Listen 2. Analyze 3. Do

Media content used for social interactions such as Youtube, Facebook, and Twitter.

Recognize the characteristics of generational cohorts

Millennials. People will respond the same way if in the same generational cohort. Realize similarities. Baby boomers are brand loyal

lifetime value of customers

Money company expects consumers to spend over the course of a lifetime buying nike shoes all of a kid's life)

Corporate partners

Parties that work with local firm (suppliers unions, etc)

Recognize social trends and their impact on marketing

People want to recycle more and come up with more products to combat pollution

elements required in order to create a marketing strategy

Planning, implementation, and control.

marketing eras (they have changed based on changes in economy)

Production oriented- product would sell itself, sales oriented- due to over supply, firms had to be more conscious of sales (door to door sales), market oriented- turned from war era to consumer products (lots of options/ different types of cars), value based- aim to satisfy customer needs and wants (to keep customers coming back by building trust & loyalty)

the definition of value for a consumer/customer

Quality, what you get for what you give (subjective). Sometimes based on convenience

ROI

Return of Investment - the money you get back from your invested money

Recognize why marketers must consider the macroenvironment when making decisions

SDSTEP

showrooming

See a product in a store and order it cheaper online

STP

Segmentation, targeting, and positioning. Firm divides marketplace into sub groups or segments, determines which of those segments it should pursue or target and finally decides how it should reposition its products

product lines

Set of related products Under single brand and sold by the same company

reasons companies must consider employees, stakeholders and society in marketing plans

They are all involved in marketing in one way or another. Manufacturers sell merch. To retailers, but retailers convince manufacturers to sell them. Marketing can benefit an entire industry or society at large. Helps create value

ways to achieve an SCA (as they relate to customer, operational, product, location)

Through customer excellence (retaining customers and providing great customer service); operational excellence (exceptional operations & supply chain); product excellence (product needs to have high perceived value, effective branding & positioning); and locational excellence ('can customers get what they need, where they are?')

reach

Total number of different households exposed to a different medium during a given period (how many times people see the same thing in the same house

BLOG

a web page that contains periodic posts; corporate blogs are a new form of marketing communications

CORPORATE BLOG

a website created by a company and often used to educate customers