Chapter 1/2/3
The consumer
A firm doing the right thing emphasizes the importance of marketing to _________.
SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis occurs during the second step in the strategic planning process, the situation analysis. By analyzing what the firm is good at (its strengths), where it could improve (its weaknesses), where in the marketplace it might excel (its opportunities), and what is happening in the marketplace that could harm the firm (its threats), managers can assess their firm's situation accurately and plan its strategy accordingly.
Analyze a marketing situation using SWOT analysis.
yes
Are commercial on TV marketing?
Specifies a target market and a related marketing mix...a big picture of what a firm will do in some market.
Define a Marketing Strategy
1. Create Value 2. Enhance value by adds, pesonal delling, and other various ways.
Define the role of marketing in organizations
Once a firm identifies different marketing op- opportunities, it must determine which are the best to pursue. To accomplish this task, marketers go through a segmentation, targeting, and positioning (STP) process. Firms segment various markets by dividing the total market into those groups of customers with different needs, wants, or characteristics who therefore might appreciate products or services geared especially toward them. After identifying the different segments, the firm goes after, or targets, certain groups on the basis of the firm's perceived ability to satisfy the needs of those groups better than competitors and do so profitably. To complete the STP process, firms position their products or services according to the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product or service does or represents relative to competing products or services.
Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts.
Firms use four basic growth strategies: market penetration, market development, product development, and diversification. A market penetration strategy directs the firm's efforts toward existing customers and uses the present marketing mix. In other words, it attempts to get current customers to buy more. In a market development strategy, the firm uses its current marketing mix to appeal to new market segments, as might occur in international expansion. A product development growth strategy involves offering a new product or service to the firm's current target market. Finally, a diversification strategy takes place when a firm introduces a new product or service to a new customer segment.
Describe how firms grow their business
1. Increasing benefits 2. Reducing costs 3.Collecting info about customer's needs and wants. 4. Ability to design products and sevices by achieving a balance between benefits and costs.
Describe how marketers create value for product or service
Excite the Customer- getting the customers excited about an idea. Educate the customer- educating the customer about its value proposition and communicate the offered benefit. Experience he product or service- showing them how they work, how to use them, and where they can obtain it. For example like trying a software for the first month. Engage the customer- Engagement comes action, the potential for a relationship, possibly even loyalty and commitment.
Describe the 4E framework of social media marketing
A marketing plan is composed of an analysis of the current marketing situation, its objectives, the strategy for the four Ps, and appropriate financial statements. A marketing plan represents the output of a three-phase process: planning, implementation, and control. The planning phase requires managers to define the firm's mission and vision and assess the firm's current situation. It helps answer the questions, "What business are we in now, and what do we intend to be in the future?" In the second phase, implementation, the firm specifies, in more operational terms, how it plans to implement its mission and vision. Specifically, to which customer groups does it wish to direct its marketing efforts, and how does it use its marketing mix to provide good value? Finally, in the control phase, the firm must evaluate its performance using appropriate metrics to determine what worked, what didn't, and how performance can be improved in the future.
Describe the elements of a marketing plan
Product-A tangible object or a service provided to customers. It can even be a program planned for clients in which they participate. Price-The process of determining what to charge for the product or service. Promotion-The actual marketing of the product or service, the image portrayed. Place-The distribution of the product (or service) in the most advantageous way possible.
Describe the four P's
Goods are the physical objects that pepole, businesses, or governments buy, whereas Services are the actions or activities that one person performs for another.
Difference between good and service
1.The distinction between needs and wants is not always black and white. 2.Marketers focus on providing products that fulfill customer's wants ,which in turn satisfy their underlying needs . 3. The better a firm understands the difference between wants and needs, the more effectively it can target its message and convince customers to buy its good or service. Firm's offering will meet its customer's needs and wants better than any competing good or sevice.
Difference between needs and wants
No it means the quality isnt as good
Does providing a good value mean selling at a low price?
Through Mobile apps and Facebook.
How are marketers connecting with customers through social and mobile media?
1. Expands firms' Global presence 2 is sread throughout all parts of orgaizations and the suply chain 3.Makes life easier 4 Enriches society 5 Can be entrepreneural
List four functions that illustrate the importance of marketing
1. CUSTUMER EXCELLENCE 2. OPERATIONAL EXCELLENCE 3. PRODUCT EXCELLENCE 4. LOCATIONAL EXCELLENCE
List the four macro strategies that can help a firm develop a sustainable competitive advantage.
customer needs and wants
Marketing is about ________ and _______s
The marketing mix consists of the four Ps— product, price, promotion, and place—and each P contributes to customer value. To pro- vide value, the firm must offer a mix of products and services at prices their target markets will view as indicating good value. Thus, firms make trade-offs between the first two Ps, product and price, to give customers the best value. The third P, promotion, informs customers and helps them form a positive image about the firm and its products and services. The last P, place, adds value by getting the appropriate products and services to customers when they want them and in the quantities they need.
Outline the implementation of the marketing mix as a means to increase customer value
Portfolio analysis is a management tool used to evaluate the firm's various products and businesses—its "portfolio"—and allocate re- sources according to which products are expected to be the most profitable for the firm in the future. A popular portfolio analysis tool developed by the Boston Consulting Group classifies all products into four categories. The first, stars, are in high-growth markets and have high market shares. The second, cash cows, are in low-growth markets, but have high market share. These products generate excess resources that can be spun off to products that need them. The third category, question marks, are in high-growth markets, but have relatively low market shares. These products often utilize the excess resources generated by the cash cows. The final category, dogs, are in low-growth markets and have relatively low market shares. These products are often phased out.
Summarize portfolio analysis and its use to evaluate marketing performance.
Promote themselves or products by using social networking sites media sharing sites and thought sharing sites
Understand the drivers of Social Media engagement
-Social Network site- Such as Facebook which is a more all about social and LinkedIn which is a more business acquaintance. -Media sharing sites-Enables user to content they have generated, for example youtube, instagram , and snap chat. -thought sharing sites- Consist of the different type of blogs: corporate, professional, personal, and micro.
Understand type social media
1. It helps cordinate activities of many areas such as product design, production, logistics, and human recorces. 2. Helps facilitate the smoth flow fo goods through supply chain. 3. Helps develope an image that attracts customers to a firm.
Understand why marketing is important both within and outside the firm
Price check apps, Fashion apps, and Location apps
What are some of the most popular types of mobile applications
Excite, Educate, Experience, Engage
What are the 4E's?
Information, Connected, Network, Dynamic, and Timeliness.
What are the five drivers of social media engagement described in the wheel of social Media Engagement
1. Define the business mission: a broad description of a firm's objective and the scope of activities it plans to undertake. What type of business are we? What do we need to do to accomplish our goals and objectives? 2. Conduct a situation analysis: SWOT analysis in both the internal environment. 3. Identifying and Evaluating Opportunities using STP (Segmentation, Targeting and Positioning) 4. Implement Marketing Mix and Allocate Resources: product and value creation products, price and value capture, price and value delivery, promotion and value communication. 5. Evaluate performance using marketing metrics: trend, dynamics, characteristic. Who is accountable for performance?
What are the five steps in creating a marketing plan?
product- Create value and things people want price- Make sure everything the buyer gives up is worth it place- Make sure you get it to the right customer at the right time promotion- Communicating the value to customers
What are the four components of the Marketing Mix
ad-supported, freemium, paid, and paid with in-app purchases
What are the four options for pricing mobile apps
1) Me time 2) Socialize 3) Shop 4) Accomplish 5) Prepare 6) Discover 7) Self Express
What are the seven types of a customer motivations for using mobile apps
1. A firm's target market(s) 2. A related marketing mix -- four P's 3. The bases on which the firm plans to build a sustainable competitive advantage.
What are the various components of a marketing strategy?
production-oriented era- Good product will sell itself Sales-oriented era- Making and selling as much Market-oriented era- Focused on what the customer wants and design Value-Based Marketing era-They sell a produced and figured out what the customers needs and wants
What are the various eras of marketing
Stars (upper left quadrant): high-growth markets and are high market share products. Cash Cows (lower left quadrant): In low-growth markets but are high market share products. Question Marks (upper right quadrant): high-growth markets but have relatively low market share; thus, they are often the most managerially intensive products in that they require significant resources to maintain and potentially increase their market share. Dogs (lower right quadrant) low-growth markets and have relatively low market shares.
What do the four quadrants of the portfolio analysis represent?
Segmentation-Firms can't satisfy everyone need Targeting-evaluates each segment attractiveness Positioning-Finally decides which segment to
What is STP?
the action or business of promoting and selling products or services, including market research and advertising.
What is the definition of marketing?
A. Excite the Customer - social networks like Facebook and Google + B. Educate the Customer - blogs and blogging tools (e.g., wordpress and twitter), HubSpot (all-in-one marketing software), YouTube and Google +, C. Experience the Product or Service - YouTube, blogs and retailer's website, D. Engage the Customer - blogging and micro-blogging.
What social media elements work best for each of the 4 Es?
Strategic business unit: product line Market share: percentage of market account Relative market share: application because provides managers and relative Market growth rate: annual growth of the specific market in the product completes.
What tool helps a marketer conduct a situation analysis?
individuals and organizations B2C - business to consumers B2B - business to business C2C - consumer to consume
Who can perform marketing?