Marketing Chapter 2 and 5

company capabilities

(I) - using the companies strengths to satisfy customers wants

competitors

(I) knowing you competition is important to advirtise

physical enviroment

(I) land, water, air, organisms

corporate partners

(I) working with your partners that supply different parts of your business

culture

(Macro) shared meanings and beliefs, morals, values, and customs of a group of people

technological advances

(macro) accelerated vastly, improving the value of products services

demographics

(macro) characteristics of a specific target market

demographics

(macro) characteristics of a specific target market - age - race - education - ethnicity - gender - income - gender

economic situation

(macro) inflation, foreign currency fluctuations, interest rates

social trends

(macro) sustainability, health and wellness, efficiency in distribution of food

What are immediate environment factors?

- company capabilities - competitors - corporate partners - physical environment

How do you develop a sustained competitive advantage?

- customer excellence - operational excellence - product excellence - locational excellence

What are examples of underlying assumptions, artifacts, and talked about values

- honor code, community building - windmill, hill, natural lands - Oles Can. Oles Will., heavily committed and involved

What are the 5 steps of the marketing plan?

1. Define business mission and objectives by creating a mission statement 2. conduct a SWOT analysis 3. Identify and Evaluate Opportunities for increasing sales and profits by using an STP analysis 4. implementing marketing mix and allocation of resources 5. evaluare performance

What is a marketing plan?

3 steps - once you have sustainable competitive advantage you can start the marketing plan

Step 1 of the Marketing Plan

Mission Statement that answers 3 questions 1. What type of business are we? 2. What are our objectives? 3. What do we need to accomplish objectives? Also focus on: - underlying Assumptions - Artifacts - Talked about values

Step 3 of marketing plan

STP Analysis

Step 2 of marketing plan

SWOT Analysis - strengths - weaknesses - opportunities - threats

sustainable competitive advantage

an advantage over the competition that is not easily copied and can be maintained over a long period of time

The idea of value-based marketing requires firms to charge a price that

captures the value customers perceive that they are recieving

positioning

defines the specific marketing mix based on the segments to provide a clear understanding of the product

Segmentation

divide the market into groups with similar beliefs because you can't satisfy everyone

Step 5 of marketing plan

evaluate performance: - compare to competition or past years sales and profits - view product/service portfolio - portfolio analysis

Bryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Bryan's firm must look at everything it does

from a consumers point of view

What is the STP Analysis

identify and determine growth opportunities through segmentation, targeting, and positioning

what is the marketing analysis important?

if the organization is not looking at the external environment then they can't forsee changes in consumers wants and needs

What is a marketing strategy?

it identifies and explains - target market - the marketing mix - builds a sustainable competitive advantage

What should you focus on when building a sustained competitive advantage?

it is important to focus on one that your business can do really well - you don't want to do to much and then not have enough resources to fulfill your goals

Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.

market penetration

successful firms focus their efforts on satisfying customer needs that

match their core competencies

Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's

product excellence

Step 4 of marketing plan

product: company develops product that is valuable enough to buy price: based on the value the customer percieves is responsible place: make the product accessible when and where consumers want to buy it promotion: sales promotions, public relations, direct marketing, and online marketing

Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life.

purchase behaviors

what is a portfolio analysis?

stars: high growth, high market share question marks: high growth. low market share cash cow: low growth, high market share dogs: low growth, low market shares

As part of her company's SWOT analysis, Cindy is assessing the company's internal environment, including

strengths and weaknesses

targeting

target which segments you want to pursue further

When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities

that build on their strengths relative to those of their competition

What are the 4 components of the marketing mix?

the 4 P's 1. Price 2. Product 3. Place 4. Promotion

Integrated Marketing Communications(IMC)

variety of communication disciplines to provide clarity, consistency and max communicative impact

market penetration startegy

when the company attempts to grow using existing products in existing market

What is the marketing enviroment analysis framework?

CDSTEP - culture - demographic - social - technology - economic - political

which generation's members are also known as millennials>

Gen Y