Marketing Midterm Exam

What is marketing and web communication?

Blogs and podcasts and web promotions. *Apple uses blogs, podcasts and all types of web based promotions for their products. Some of these are banner ads, pop-up ads, video ads"

What is transaction-based marketing?

Limited communications and little or no ongoing relationship between buyer and seller. *Example of this type of marketing is Amazon. You make a purchase (transaction) without having any relationship with Amazon, knowing anyone there on any level. So, it s a pure purchase with no relationship*

How do you convert needs into wants?

To convert needs into wants, marketers focus on the benefits of goods and services. *The company, also called a marketer figures out to meet a customers needs by selling the benefits of the iPhone features (good) and Apple services (Genius Bar)*

What is the political-legal environment?

Laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights Government regulations *An example- Apple needs to know the laws and what they. mean for both competitors and consumers. Laws are different by each State in the US and different by each company around the world.*

What is social responsibility?

marketing's philosophies, policies, procedures, and actions that have the enhancement of society's welfare as a primary objective. * Basically, and for Apple's marketing people, they need to be fair and ethical and obey the laws.*

What is the SM marketing plan

* A Social Media marketing plan is part of a marketers overall marketing plan. It's a document that describes the following about how Apple and other companies would use social media as part of their social media marketing strategy:* *Goals- for each of SM platform Apples uses* * Target audience- what SM platform does Apples target market use the most* *Strategies are developed for social media platforms* * Apples marketing produces content for SM platforms* * Apples marketing Implements the SM marketing plan* * Apples marketing Monitors and measures how successful each SM platform is for their products*

Who conducts marketing research? ASK DAD ABOUT THIS ONE TOO AND THE TERMS BELOW THE DEFINITION

* Because of the availability of Big data, new companies have been created to sell this data to to other companies. These big data companies are called: data brokers, data resellers, or data partners.* *These big data companies provide their data services in 3 ways:* *1.Syndicated service* - standardized data delivered on a scheduled basis to subscribers *2. Full-service research supplier* - marketing research organization that offers a full array of marketing information *3. Limited-service research suppliers* - Firms that specialize in a limited number of activities, I.e., field interviews, focus groups, etc.

What is the components of the business market?

* In Business Markets, they sell to other businesses which is called "Commercial Markets".* * Business Markets doesn't call companies that distribute their products, distributors as Apple does for ATT. Rather Business Markets calls them Resellers. These resellers can be retail businesses or wholesale businesses.* *Business Markets sells to Governments too."* *Business Markets also sells to all public institutions like business and private institutions like schools.*

What is relationship marketing?

* Relationship marketing is all about building long term relationships with your customers.* *For company's, relationship marketing involves improving sales and customer services. These are internal groups or operations that the customer works with.* * The ultimate goal is build long term relationships with your customers. This is what relationship marketing is all about!*

What is multinational economic integration?

* SKIP THIS ONE- PER NOTES, DO NOT NEED TO KNOW FOR MIDTERM EXAM* *This is known as "Free-trade areas". These are areas which the US has agreements under different names by country or region. These agreements minimize tariffs or taxes when US businesses market to company's in other parts of the world.* *Some of the best known Free-trade areas for US businesses are:* *1. General Agreement on Tariffs and Trade (GATT)* *2. North American Free Trade Agreement (NAFTA)* *3. Free Trade Area of the Americas (FTAA)* *4. Central American Free Trade Agreement-DR (CAFTA-DR)* *5. European Union (EU)*

What are retaining customers?

* This is about building buyer and seller relationships in B2C. This is done through:* *1. Frequency marketing*- marketing on a regular basis to customers * 2. Affinity marketing*- marketing similar programs to customers that help them buy many products that are similar or complementary to each other.

What is information technology?

* This is also about building buyer and seller relationships in B2C. This is done through:* *1. Database marketing*- Marketing programs designed and launched to your database of customers. *2. Interactive television*- Television promotions that create interactions for customers for them to buy more products.

What is marketing intelligence? ASK DAD ABOUT THIS ONE TOO AND THE TERMS BELOW THE DEFINITION

* This is the process of gathering information on the market place, competitors, products, industry, trends. It is then analyzed and used to improve a marketers business strategy, tactics, and daily operations of their business.* * Market Intelligence is gathered or collected in 3 ways:* *1. Data mining* - specialized software searches through computerized files to detect patterns *2. Predictive analysis* - using data captured through data mining to model scenarios and create forecasts *3. Key performance indicators* - a quantifiable measurement (like "customer satisfaction").

What are customers as advocates or what does it mean?

* This means that current customers talk about their success with a certain product or service and how great it is to attract new customers to buy the same product.* *This can be done in 3 ways:* *1. Grassroots marketing:* This type of marketing is focused on one customer at a time. *2. Viral marketing:* This type of marketing goes viral across all customers. *3. Buzz marketing:* This type of marketing creates a lot of buzz in the marketplace to catch potential customers attention.

What are the four types of utility?

*1. Form-* Conversion of raw materials into finished goods *Think of raw materials that go into making an iPhone- memory, screens, case, mother board* *2 Time-* availability of goods and services when consumers want them. * Think of new iPhone releases that bring new or fixed features to customers when they need them* *3. Place-*Availability of goods and services at convenient locations. *Apple customers want to buy both online and in retail either through apple or a distributor partner like ATT and Verizon* *4. Ownership (possession)-* Ability to transfer title to goods or services from marketer to buyer *When a customer buys an iPhone it becomes the new owner, so the "title" is transferred from Apple to the customer*

What are planning tools?

*1. SWOT Analysis-* *Strengths*- of the organization, product or company. These are internal to the company. *Opportunities*- in the market place- high demand by target markets or consumers, has features nobody else has. These are external to the company. *Weaknesses*- of the organization, product, or company. These are internal to the company. *Threats*- in the market place- competitors, suppliers, economy. These are external to the company. *DRAW A SWOT ANALYSIS ON PAPER FOR APPLE* *2 Strategic Window* Limited period when market requirements and a firm's competencies best fit together. * This means that there is a small timeframe or limited period where the marketplace is requiring certain products or certain product features. When a company can identify this "strategic window", they need to move fast to meet those market demands.* *An example is when Apple saw that the windows phone was going out of business, Apple knew they had a "strategic window" to launch a new iPhone with a similar camera as windows to meet the needs of the market place.* * 3. Business Portfolio Analysis-* Evaluation of a company's products and divisions to determine the strongest and the weakest *A Business Portfolio Analysis is about the company's whole set of products or product line. It's also about the company's internal department and divisions who are responsible for making the product a success.* *An example is Apple has a whole product line of iPhones of different sizes and features. This is their "Business Portfolio" for the iPhone product line. They always analyze this product line and the departments who are responsible for it at apple to ensure everything is running the best it can.* *4. BCG Market Share/Market Growth Matrix-* A matrix that plots market share against market growth potential *This is where a company determines how much of the marketplace they want to own. This is called market share. In this matrix they then figure out how fast they can grow that market share and achieve their goals. This is called, Market growth.* *Companies create a BCG Matrix to show when market share increases, what is the rate of increase of their market growth* *An example, is when Apple grows market share in more mobile phones than Samsung. Their BCG matrix will also show how fast this market share is growing. This is Apple's market growth rate in the market place.*

How do you Target your best customer ASK DAD ABOUT THIS ONE TOO

*A consumer marketer will target their best customers in a target market. This could be certain individuals or a group of people who buy their products on a regular basis"* *Whole Foods is a great example:* *The target customers for Whole Foods Market are individuals and families whose income is well above the national average, lead a healthy lifestyle and conscious of the environment. Most customers have college degrees and live in upscale areas. Another target group of Whole Foods are wealthy customers. These customers do not need discount deals or coupons and will be averse to shopping at Walmart.*

What are SM platforms & tools?

*Apple and all companies now, use many of he following platforms and tools:* Social-networking sites Bookmarking sites Social news sites Online forums Blogging sites Microblogs App's QR Codes

How do marketers use SM

*Apples marketing groups, use social media for the following:* Build relationships with customers Strengthen brands Launch new products Enter new markets Boost sales

What is the consumer decision process

*Before a person buys something they go through a decision making process. We do this before we buy a new iPhone. We consider the following in our decision process:* *Apple and other companies try and understand their customers decision process as it helps marketers develop content, provide Q&A, and help with customer service.* *1. Need recognition- Do we really need a new iPhone* *2. Information search- we read information or watch videos on the new iPhone to help understand the new features* *3. Evaluation of alternatives- we may look at other smart phones or different iPhone models to help us evaluate and choose the one we need or want.* *4. Purchase decision- we make a decision to buy a specific iPhone* *5. Post purchase behavior- sometime we feel that we bought the right thing and are satisfied. Other times we may feel that we just purchased something when we didn't need it and we feel Quilty.*

What is segmenting B2B markets and how do you do it?

*Business Marketing People look at their marketplace little different than consumer marketers. Business markets looks at other companies in these ways:* *In Business Markets this is called "segmentation" or segment the customer's into different categories"* *Segmentation by:* *Demographics*- What industry is the business in *Customer type*- Are they a business, government or private institution like a school *End-use application*- How is the company gong to use Worldwide Technology computer system *Purchase categories*- Is the customer buying from Worldwide a Cisco System, a internet technology or a call center technology

What are some of the challenges that different markets face?

*There are different challenges by the type of Business Markets that B2B Marketers must understand when marketing their business products to different markets. Some of them are:* *Government markets:* (City, State, Federal Governments for example) *1. Have very complex purchasing procedures* *2. They are very slow to use online purchasing* *Institutional markets:* (Schools for example) *1. Buying procedures are very different by each school* *2. There are many decision makers to make a final decision* *International markets* (China, Europe, for example) *1. International buyers are from a different culture than US and have different attitudes on how to buy from businesses.* *2. Each country has different laws when buying products for a business from another country.*

What are the parts of B2B and consumer marketing

*Business Marketing or known as Business to Business or B2B is about companies marketing product to other companies. World Wide Technologies is a business marketing company.* *This is different than Consumer Marketing.* *Consumer Marketing is Business to Consumer or B2C. Consumer marketing is about companies marketing products to consumers. Apple is a consumer marketing company.* *Both B2B Marketing and B2C Marketing do marking a little different by the below marketing areas:* * World Wide Technology B2B marketing is like:* *Product* -Technical with a lot of service *Promotion*- Personal selling by sales people * Place (Distribution)* -Company supplies products direct from their warehouse *Consumer Relations*- Are ongoing and require a lot of sales support by the sales people *Decision-Making Process*-Often group decision and can take a long time. *Price*-Competitive bidding for World Wides products. Apples, B2C marketing is like:* *Product*- Standard products for all consumers and may offer less service *Promotion*-done through advertisements not sales people *Place (Distribution)*-Long path from production or manufacturing to the retail or online store. *Consumer Relations* -Not a lot of contact with customer. *Decision-Making Process*-Is by an Individual or family not a whole group of people like in a company. *Price*-It's the same List price for everyone

What is the nature of business market?

*Business buy products from other business and this is known as "Business Markets"* *In Business Markets purchases of another companies products can be:* * 1. large and complex- Worldwide Technology sells large and complex computer systems to other companies.* *2. Purchased product fill needs- Companies who buy Worldwide Technology computer systems have a need for new technology to run their business.*

What are the typical B2B buying stages?

*Businesses go through many more steps to buy another businesses products, than a consumer does in buying an iPhone from Apple* * These B2B Buying stages have many steps and are complex* They are: *Need recognition*- A business has a need for a new computer system * definition of characteristics and quantity*- A business identifies he type of computer systems they need *development of specifications*- A business develops details specs or specification of all the features it needs to have in the computer system. *search for qualification of suppliers (discovery)*- A business researches all businesses like Worldwide who sell computer systems for businesses. *proposal or quote solicitation*- A business develops a proposal for a quote for a company like Worldwide to bid on the computer system. *evaluation of proposals and supplier selection*- A business will evaluate all the proposals and pick one to buy the new computer systems *performance evaluation and feedback (validation)*- Once the business selects the company to buy the new computer systems, they review their buying process to see if there are areas in the buying process they can improve next time.

What is customer relationship management (CRM)?

*CRM is short for Customer Relationship Management:* It is a software solution that brings many capabilities together for a company to manage their customers. *Features of a CRM software include:* You can store all your prospects and customers, make calls, send emails, create reports, schedule appointments, add notes, manage your pipeline, and find out who's opened your latest email—its all in the CRM system.

What are challenges in E-business and E-marketing

*Companies like Apple, have to ensure that all their websites are safe and secure for things like:* Safety of online payment Privacy issues Frauds and scams Site design and customer service Channel conflicts and copyright disputes

How do you Make, Buy, or Lease?

*Companies like Worldwide Technology have different options on the products they sell to their business customers* * Worldwide buys Cisco products from Cisco as their supplier* *Worldwide also makes their own systems that work with the Cisco systems they resell.* *Worldwide does have an option to lease Cisco systems to sell to their customer, but they don't do that.*

What is the digital world?

*E-Business or the digital world is all about the internet. Here are some statistics you need to know:* 1. More than 86% of U.S. population access the internet. 1. 51% of the world's population has internet access. (3.8 billion) U.S. - communication, information, purchases China - instant messaging, information, music and game downloading

What are internal customers?

*Employees or departments within an organization or company.*

What are some examples of positioning strategies?

*Examples include:* *1. Attributes* - eBay, "Buy it. Sell it. Love it" *2. Price/quality* - Omega watches, "We measure the 100th of a second that separates winning from taking part." *3. Competitors* - Walmart, "Save money, Live better." *4. Application* - Blue Cross Blue Shield health insurance, "Experience. Wellness. Everywhere." *5. Product user* - Crane's stationery, "for the writer somewhere in each of us." *6. Product class* - BMW, the "ultimate driving machine."

What is economic environment?

*It's important for a marketer to always watch the economy. A good economy means customers buy more and companies can offer products with higher pricing. This helps a marketer in developing their marketing strategy.* *Marketers look at the Gross domestic product (GDP) and factors that influence what their customers buy or, also know as consumer buying power* *Marketers also look at inflation and unemployment. If inflation is to high, customers may not be buying their products. If there is high unemployment and people don't have jobs, then they won't be buying Apples' iPhones.* *If the company markets globally, then they look at the same types of things for a global economy.*

What are personal determinants of consumer behavior?

*These are each person's different behaviors and individual influences in making a buying decision. Apple looks at these to help them further understand how different type of customers make their decisions on what products to buy. Apple looks at:* *1. Needs and motives- what motivates a person to buy a product. Does it make them feel better or make them feel safe* *2. Perceptions- does it make the person feel cool, because they have the newest iPhone and people perceive them to be cool* *3. Attitudes- Apple wants to know how a new iPhone may change their attitude by using new features* * 4. Learning- Apple want to know how their customer learns to use the new iPhone. What is easy for them and what features may be hard for them to understand.*

What are reasons for marketers to go global?

*Marketers and the company they work for expand into global markets for many reasons. Some of them are:* 1* Domestic market is saturated- A US based company's domestic market is the US. If that company has no more business to get in their own country, then they look beyond their domestic markets to global markets.* *2. Currently have strong domestic share- A US based company is the top leader in their market. They have the majority of the market share in their own country or known as their domestic share. So they start to look at global markets to expand into.* *3. Globalization of customers- Many business customers become global themselves. So, a company like Worldwide, had to expand into global markets because their customer did* *4. Emerging markets- these are new markets that my open up in other parts of the world. They are called emerging markets. So, this could be another reason business need to enter global markets* *5. Globalization of competitors- a businesses competitors may become global, so that business has to become global too. This happened to Worldwide.* *6. Reduced trade barriers- Some countries make it really easy to do business with companies in their country. so, they reduce trade barriers and attract other company's other parts of the world* *7. Advances in technology- this makes it easy for companies to market their products globally*

What are the 3 levels of relationship marketing?

*Marketers use 3 different level when the develop a relationship strategy for this customers. They are:* *1. Level 1: Focus on price:* Rely on pricing to motivate customers *2. Level 2: Social interactions:* wth Customer service and marketing communications to customers. *3. Level 3: Interdependent partnership:* Buyer and seller work more closely on what products to buy and at what price.

How do marketers identify and develop a marketing strategy?

*Marketers use a STP Model to identify their market and develop a marketing strategy for it* * S is for Segment- identify the market. you want to market too.* * T is for Target- target the best customers to market your products too.* *P is for Position- whom you want to position your product too.*

What are the levels of involvement in global marketing?

*NOTE- PER NOTES, THERE WILL BE A QUESTION OF THIS ON TEST* *There are different forms of doing businesses in global markets that are about control and risk* *Three areas are important and each has a different degree of control and risk. They are:* * 1. Import and Export*- this is about importing and exporting products into different countries. It has *"low degree of control and risk"* *2. Franchise, Foreign License, Subcontracting*- these are different types of businesses and different countries have different rules for global marketing. They have a *"medium degree of control and risk"* *3. Acquisition, Joint Venture, Overseas Divisions*- these are very large business arrangements with company's in other countries. They are very complex arrangements. They have *"high degree of control and risk"* *YOU NEED TO REMEMBER ONLY WHAT IS BOLDED IN 1,2,3*

What are external customers?

*People, organizations, or businesses that buy a firm's goods or services.*

What is the international marketing environment

*The International marketing environment is different than the US because it has different environments by country:* *1. Economic environment* *2. Social-cultural environment* *3. Technological environment* *4. Political-legal environment* *When US based businesses market internationally, they have trade barriers which are a lot like business taxes in the US. These are called "tariffs, quotas, embargo or subsidies" in other countries.* *International marketers need to be aware of trade barriers for the countries they are marketing their products too*

What are the 4 elements of relationship marketing

*There are 4 parts or elements to being successful at relationship marketing with your customers:* *1. Collect data about customers*- know everything you can about them *2. Use data to modify marketing mix to deliver customized marketing programs*- Use the data you gather on your customers to create marketing programs for them that drive greater customer service and more sales *3. Monitor interactions with customers*- company's need to know everything they interact with a customer. Whether its a sales person or call center agent. *4. Use Customer Relationship Management (CRM) software*- This software helps you track every interaction, communication, product purchased, sales call made with your customer. It helps a company know their customer the best to build a long term relationship with them.

What are the types of planning?

*There are 4 types of planning-* *1. Strategic Planning-* primary objectives of the strategic plan. *2 Tactical Planning-* guides the implementation of activities specified in the strategic plan *3 Operational Planning-*detailed plans in order to meet tactical planning goals *4. Contingency Planning-* Back-up plans for the company. *Examples of the 4 types of planning-* *1. Apple determines their strategic planning* as the primary objectives they want to achieve. An example is that a new iPhone brings more features and keeps them ahead of their competition *2. Apple's tactical planning* are the tactics they create to achieve their strategy. An example could be how they promote their features and the when do they tell the public about them, so Samsung can't launch the same features and Apple can stay ahead of Samsung *3. Apple's operational planning* are their detailed to plans to make the tactics successful. An example is the deciding on what features to advertise and the timing of it as in relationship to the launch of a new iPhone. *4. Apple and all companies have contingency plans* or back-up plans. An example, would be if Samsung found out about a new features before Apple was ready to advertise it, and there was risk that Samsung could launch the same feature before Apples' release date. Apple would have a back up plan or a contingency plan to avoid this competitive threat from happening.

What are the components of the marketing environment?

*There are 5 components of the marketing environment-* 1. Competitive environment 2. Social-cultural environment 3. Technological environment 4. Economic environment 5. Political-legal environment

What are the 6 steps for the marketing research process?

*There are 6 steps, a marketer typically follows when doing marketing research:* 1. Define problem 2. Conduct exploratory research 3. Formulate hypothesis 4. Create research design 5. Collect data- either primary or secondary 6. Interpret and present research information

What are the interpersonal determinants of consumer behavior?

*These characters or what marketers call "determinants"- meaning characters of different types of people that influence how and what they buy. For Apple, it's important to know these as many different types of people buy their product and each type of person will be have differently when making they purchasing decisions.* *Apple and all companies consider the following when understanding different type of consumer behaviors:* *Social influences- low, middle, upper classes* *Family influences- children, teens, adults* * Cultural Influences- Spanish, Asian, Black, others*

What are strategic considerations

*When a company develops their strategic plan as part of their overall planning process as mentioned in the above questions, the company takes into consideration certain things about their strategy.* *These are called strategic considerations.* *There are 5 strategic considerations-* *1. First-mover strategy* The company first to market is usually the winner for a long time. *An example is Apple was to first to market with the iPhone* *2. Second-mover strategy* The company in second position, thinks about how to gain advantage on the first mover. *An example is how Samsung thought of features of their phone that Apple didn't have in order to gain advantage over Apple.* *3. A changing, diverse population strategy* As new products enter a market, the first and second movers always need to see how the market place and the populations in that marketplace use the products in different ways. *An example is when Apple launched the iPhone with a few apps, they leaned that people or populations wanted more apps and this caused Apple to change and create the Apple Store where developers could launch apps for use on the iPhone* *4. A boundary-less business environment created by internet strategy* The internet created no market place boundaries. Companies could sell their products to anyone, anywhere. *An example is that Apple can sell their products over the internet to anyone, 24 hours a day, seven days a week.* *5. Globalization strategy* Companies take into consideration where they go global as part of their strategy. What countries do they enter first, Which companies have best opportunities. This is important for their growth. *An example is when Apple decided to expand outside of the US, they entered Canada, Mexico, and Europe first. Then they went around the world.*

*What are the three strategies for targeting a market*

*When a consumer marketer looks at targeting a market, they look at one of these 3 ways:* *1. Mass Market* (undifferentiated) A business targets the WHOLE market, ignoring segments. Products focus on common need. An example is bottled water and gasoline. *2. Segmented Market* (differentiated) A business targets several market segments within the same market. Products are designed for each segment. An example is different clothing brands. *3. Concentrated Market* (niche) Business focuses on narrowly or smaller segments. Aim is to achieve a strong market position. An example is an expensive watch (Cartier) or car (Volvo).

What are examples of segmenting consumer markets?

*When consumer marketers segment their marketplace they do it in 4 ways:* Geographic segmentation Demographic segmentation Psychographic segmentation Product-related segmentation

What are partnerships in B-2-B Markets?

A Business relationship of two or more companies that help each other achieve common goals. *An example is World Wide Technology partnership with Cisco to resell Cisco products with a World Wide computer system.*

What is a subculture?

A group of people that differentiates itself from the parent culture to which it belongs, often maintaining some of its founding principles. Subcultures develop their own norms and values regarding cultural, political and sexual matters. * Apple looks at many different subcultures to understand their buying or consumer behaviors. An example of a subculture is someone who is born in America, but their parents are immigrants from another country.*

What is social media platform (SM platform)?

A web-based technology that enables the development, deployment and management of social media solutions and services. * For Apple, these are all the social media platforms they use- Twitter, Facebook, You Tube, and many others*

What is planning?

Anticipate future events and conditions and determine the best way to move forward. * Apple plans their products well before they release a new iPhone or other products to market. This is really the whole company plan or objective for the company that everyone at Apple follows. It's like their master plan or blueprint.*

What is interactive marketing?

Buyer and seller communicate freely Buyer controls amount and type of information received from a marketer. *Example of this type of marketing, is going into an Apple Store to buy an iPhone. You are "interacting" with an employee, you get to know the employee, the employee get to know you. You ask the questions you need to learn about the new iPhone and person answers. The seller and buyer are interacting with each other.*

What is ethics and social responsibility?

Companies that promote ethics and social responsibility. * Having good ethics, like Apple, means that their employees are loyal and their customers continue to grow. It also give the public or marketplace a positive image about the company.*

What is co-branding in B-2-B Markets?

Cooperative arrangement or where two businesses team up to closely link their names on a single product or solution. *An example, again, is World Wide Technology and Cisco.*

What is co-marketing in B-2-B Markets?

Cooperative arrangement or where two or more businesses jointly market each other's products. *An example, again, is World Wide Technology and Cisco.*

What is demographic segmentation?

Defining consumer groups according to demographic variables, i.e., gender, age, income, occupation, education, household size, sexual orientation, and stage in family lifecycle. *This means that consumer marketers will create marketing programs for certain demographics on people. They will create marketing promotions for certain genders, age, income, occupation, education, household size, sexual orientation*

What is a corporate website?

Designed to increase a firm's visibility, promote its offerings, and provide information to interested parties. * For Apple and other companies, this is .com website*

What is social media (SM)?

Different forms of electronic communication through which users can create online communities to exchange information, ideas, messages, and other content, such as videos or music. * For Apple, this would all the areas they are use to promote their product- Twitter, Facebook, You Tube, Blogs*

What is market segmentation? ASK DAD ABOUT THIS ONE TOO

Division of the total market into smaller, relatively homogeneous groups. * This means that company's look at their market and break it down into smaller pieces or segments. They do this as smaller segments may have different needs, make different decisions to buy products. All of this may affect the purchasing decision by different groups.* *An example, is that Apple does a lot of segment marketing, as one group or segment will want an iPhone 6 and another group will only buy the iPhone X. So, Apple needs to look at all these different groups or segments in their market as they will need to market differently to each segment as based on each segments needs and wants in an iPhone.*

What is the business portfolio analysis?

Evaluation of a company's products and divisions to determine the strongest and weakest. *THIS IS ANSWERED ABOVE IN PLANNING TOOLS*

What is a market or what does it mean or consist of?

Group of individuals or organizations with purchasing power, authority, and a willingness to buy. * A Market is either a Consumer Market or a Business Market where a consumer or company has the ability to buy a product and can pay for it*

What is a target market? Ask DAD quizlet says there is a repeat

Group of individuals or organizations, a firm believes is most likely to buy its goods or services. * The target market is a person or company that a company targets to sell it's products or services too. Again, this is either B2C or B2B.*

What is market planning?

Implementing planning activities devoted to achieving marketing objectives. * Apple's market planning is the foundation for their marketing strategy. Market planning includes areas of production or manufacturing of the iPhones, pricing decisions, distribution channels like ATT and Verizon, and how are they going to promote their new iPhone through events, over the internet, TV, social media.*

What is big data?

Information that originates in unprecedented volume and at unprecedented speed Big data makes it possible for anyone to gather and analyze information from many sources. *Big Data really means data on markets, products, customers, competitors that is available by many different sources or companies. It's a lot of information that companies collect and sell to other companies for their use in marketing strategies and planning.*

What is the competitive environment?

Interactive process that occurs in the marketplace among marketers. The competitive environment for a company is with: *1. Direct Competitors- for Apple that would Samsung* *2. Indirect Competitors- For Apple that would products that can be used instead of their products. That could be Microsoft products* *3. Competition among other companies that compete for a customers purchases. For Apple, that other company could be Charter or T-Mobile who offer mobile services with many different smart phone brands.*

What is a marketing websites main purpose?

Main purpose is to increase purchases by visitors * This is why Apple has links on their websites to buy all their products. It's another way to increase sales*

What is marketing ethics?

Marketers' standards of conduct and moral values. * When Apple markets products, they have to have good ethics in the marketplace:* *1. For their products, they have to have fair packaging and directions* *2. For distribution, they have to follow laws on how to ship their products* *3. For Promotion, they have to real promotions that don't deceive a potential customer* *. For Price, they have to follow fair pricing laws. They can't gouge a customer. This means they can't charge customers in one city a higher price than in another city*

What are the eight universal marketing functions?

Marketing is responsible for the performance of 8 functions: buying, selling, transporting, storing, financing, risk taking, standardizing and grading, securing market information. *Buying: Product supply meets customer demand. Think of supply of a new iPhone to meet demand by customers* *Selling: Product is sold through sales and advertising. Think about how a new iPhone is sold* *Transporting: Moving or shipping of products from where they are made to locations for people to buy them. Think of where iPhone's are made and where they are sold* *Storing: This is keeping products in a warehouse until they are ready for sale. Think of a new iPhone in a warehouse before it is released for sale.* *Standardizing and Grading: This ensures the product meets quality and quantity controls. Think of a new iPhone meeting all the quality controls needed before it is released* *Financing: This is where the company finances credit for partners to see their products. Think about ATT as a Apple distributor. Apple provides financing or credit for ATT to distribute their phones* *Risk Taking: Dealing with the uncertainty of future customer purchases. Think about Apple taking Risks that people are actually going to buy a new version of an iPhone.* *Securing Marketing Information: Collecting information on consumers, competitors, and partners for making marketing decisions. Think about all the information Apple collects on its customers, competitors like Samsung, and its partners like ATT to make their marketing decisions.*

What is an strategic alliance?

Partnership in which two or more companies combine resources and capital to create competitive advantages in a new market. *An example- Apple will create strategic partnerships with other companies to open up new channels of distribution for their iPhones and their other products*

What is positioning and what does it seek to do?

Positioning seeks to put a product in a certain position, or place, in the minds of prospective buyers. *It is defined with a set of customer needs in mind and includes elements such as brand identity, brand image, features and quality. An example is when customer only buy luxury items, such as Gucci, the marketer will position the product for those buyers*

What is consumer behavior?

Process through which buyers make purchase decisions. * For Apple understand how all their different customers make buying decision on which type of iPhone or other product to buy, helps Apple develop their marketing strategies specific to all different types of people, cultures, and social groups.*

What is product-related segmentation

Product-related segmentation involves dividing a consumer population based on their relationship to a product. Segmenting based on Benefits sought Usage rates Brand loyalty * This means that consumer marketers will do a lot of research on existing customers and the products that have already purchased, and the type of features they like and how much they like the brand. For example, Apple does a lot of this. When they have a customer, buying a new iPhone ever year, they will market their new iPhone directly to this segment because they already know people in this segment buy a new iPhone every year.*

What is the history of marketing

Production - Pre 1920's "A good product will sell itself." Sales - Prior to 1950's "Creative advertising and selling will overcome consumer resistance to buy." *Production, 1920's, Product sells itself* Marketing - Since 1950's The consumer rules. Find a need and fill it." *Marketing, 1950's, Customer start to want to needs, so marketing started to become important* Relationship - Since 1990's "Long-term relationships with customers leads to success." * Relationship, 1990, developing long term customer relationships* Social - Since 2000's "Connecting to customers vi the internet and social media is an effective tool." *Social, 2000's, connecting with customers through internet and apps*

What is the technological environment?

Represents application of knowledge based on discoveries in science, intentions, and innovations to marketing. *Technology is always changing and improving. It's important for a marketer to know the latest and greatest technology to ensure their products are always using the most current technology. For Apple, an example, is their use of facial recognition in the new iPhones.* *Staying current on new technologies, helps a marketer to:* *1. Develop new product with new technology* *2. Improve existing products with new technology* *3. Offer better customer service to customers with new technology in call centers.* *4. New technology reduces prices as new technology saves time".

What is geographic segmentation?

Segmenting an overall market into homogeneous groups based on locations. Seek core regions; areas where brand gets 40 to 80% of sales * This means that marketers look at which segments by geography (city, state for example), to see where they have the greatest amount of sales. They will create marketing promotions to these areas with the highest sales*

What is Psychographic segmentation

Segmenting population into groups with similar attitudes, values, and lifestyles. * This means that consumer marketers will create marketing programs for people who have certain lifestyles and values. Examples could be about people who like to vacation at beaches, go skiing in the mountains, run marathons, or people who like to paint. This is whole other way to segment consumer markets*

What is the global marketing strategy?

Standardized marketing mix with minimal modifications that a firm uses domestically and internationally. * This means that a US business uses its US marketing plan tailored or adjusted for international or global markets* * An example, would be a McDonalds in Sweden has 9 piece McNuggets instead of 10, because in Sweden, they would find 10 an odd number. So, McDonalds, adjusts for that international market*

What is the multi-domestic marketing strategy?

Tailoring or adapting the marketing mix to local (international) tastes * This means that by each international country, there will be difference within that country, that the marketer has to support, even though its another country. Like regions in the US, each international country has it's own "multi-domestic" differences and marketers need to pay attention to this to promote and sell their products* * An example, in Marbella, Spain, the McDonalds Egg McMuffin has Ham on it. Where in northern Spain, the Egg McMuffin would have fish on it.*

What is marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings to satisfy consumer needs and wants. * Apple's activity is developing an iPhone and creates product info and communicates to consumers on how to deliver or buy the product with features that meet the persons needs and wants for features in an iPhone* Managing customer relationships in ways that have value for customers, clients, partners, and society at large. *Apple delivers value in their iPhones for customers, partners to continue to upgrade when new phones are released to keep customers always buying apple versus a competitor like Samsung*

What is utility?

The attributes of a product or service that make it capable of satisfying consumers' needs and wants. * The iPhone features are the attributes of the product that meet the customer needs for checking email, texting, photos and using their social media apps (needs and wants)*

What is a target market?

The group of people toward whom a firm directs its marketing efforts and merchandise. This includes: *Product*- Who is the the competition *Place*- Where do certain cultures and social groups buy the product *Promotion*- Where is the best place to promote the product- stores, distributors, online *Price*- What does the economy look like and how best can they set their price for products * Apple's target market for their products is to consumers or people. They determine the best place to sell their product by cultures and social groups. Some will go to stores and some to distributors and some online. Based on place, Apple then figures out the best way to promote their products to these cultures or social group. Then Apple figures out the best price for their market market as based on what on the economy is doing.*

What is marketing research?

The process of collecting and using information for marketing decision-making. *Marketers who do marketing research focus on researching the market place, competitors, customers, and everything they can research to gain what they call "market intelligence". They then use this marketing research to develop new products or improve existing products.*

What is the environmental scanning?

The process of collecting information about the external marketing environment to identify and interpret potential trends. *An example- Apple is always in the process of collecting information about their target audience, partners, and competitors. This helps Apple and all companies to understand marketplace trends, changes, and what customers are looking for in their products and what competitors are doing.*

What is social-cultural environment?

The relationship between the marketer, society, and culture. This is how the companies marketing person or marketer pays close attention about their marketplace to: *1. the demographic and value changes in their target market. For Apple, this could be where they pay attention to new ways customers are using their iPhones with identifies new features for a new release*. *2. the increasing importance of cultural diversity. For Apple, this would be where they promote and advertise their iPhones in Spanish for the growing Spanish speaking marketplace in the US.*