Marketing 3300 Chapter 1, 2, 3, & 4

What are the four components of the marketing mix?

(four Ps) Product, Price, Place, and Promotion - the controllable set of activities that a firm uses to respond to the wants of its target market.

Provide examples of each of the stakeholders that firms should consider in their corporate social responsibility efforts.

1. Employees, their families, 2. Customers, current customers, potential customers, 3. Marketplace, partners, competitors, 4. Society, community, environment. All the above is CSR, corporate social responsibility.

What are the 4Es?

1. Excitement, 2. Education, 3. Experience, 4. Engagement.

What are the steps in developing a social media campaign?

1. Identify strategy & goal, 2. Target audience, 3. Campaign Experiment & engage, 4. Budget, 5. Monitor & change.

What are the three steps in developing social media engagement strategies?

1. Listen, 2. Analyze, 3. Do.

What ethical questions should a marketing manager consider at each stage of the marketing plan?

1. Planning phase, marketers can introduce ethics at the beginning of the planning process by including ethical statements in the firms mission or vision statement. 2. Implementation Phase, when firms id potential markets and ways to deliver the 4Ps to them. 3. Control Phase, systems must be in place to check whether each potential ethical issue raised in the planning process was actually successfully addressed.

List the four macro strategies that can help a firm develop a sustainable competitive advantage.

1.Customer excellence 2.Operational excellence 3.Product excellence 4.Locational excellence.

Four macro strategies.

1.Customer excellence: retaining loyal customer and excellent customer service.

Four macro strategies.

2.Operational excellence: achieved through efficient operations and excellent supply chain and human resource management.

Four macro strategies.

3.Product excellence: having products with high perceived value and effective branding and positioning.

Four macro strategies.

4.Locational excellence: Having a a good physical location and internet presence.

What are the various components of a marketing strategy?

A marketing strategy identifies (1) a firm's target market, (2) a related marketing mix - its four P's - and (3) the bases on which the firm plans to build a sustainable competitive advantage.

what is the definition of marketing?

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers relationships in ways that benefit the organization and its stockeholders.

Why might it be important to develop a personal social media presence?

Because social influence can have significant effects on your life such as hiring success.

Which strategy is the riskiest?

Diversification, Unrelated diversification do not capitalize on either core strengths associated with markets or with products. Thus, they would be viewed as very risky.

What are the four growth strategies?

Market penetration, market development, product development, diversification

Who can perform marketing?

Marketing can be performed by both individuals and organizations. manufacture, retailer, consumer, everyone.

What type of strategy is growing the business from existing customers?

Product development and market penetration

What do the four quadrants of the portfolio analysis represent?

Relative market share, Stars, Question marks, Cash cows, Dogs.

What is STP?

STP stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits.

What tools help a marketer conduct a situation analysis?

SWOT analysis (strengths, weaknesses, opportunities, threats)

How do firms examine customer sentiments?

Sentiment analysis. a technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products. Examples: hits, page views, bounce rate, click patches, conversion rates, keyword analysis.

What is an example of a social network, a media sharing site, a thought-sharing site, and a mobile application?

Social network example or Facebook, Linedin, Google. Media-sharing sites examples, Instagram, YouTube, Flickr. Thought-sharing sites, Bogs, Microblogs. Mobile application, for example price check apps, fashion apps, and location-based apps.

At which of the 4Es dimensions do social networks, media-sharing sites, thought-sharing sites, and mobile applications excel?

Social networks create Excitement. Media-sharing, consumers can Experience, and become Engaged with the firm. Thought-sharing sites, Educating, and Engaging user, and may enhance Experience. Mobile Apps, create Excitement.

Identify the stages in the ethical decision-making framework.

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

What are the five steps in creating a marketing plan?

Step 1.Planing Phase Step 2. Planing Phase Step 3. Implementation Phase: Identify opportunities example, segmentation , targeting, positioning. Step 4.Implementation Phase Step 5. Control Phase.

The five steps in creating a marketing plan.

Step 1.Planing Phase: Business mission & objective.

The five steps in creating a marketing plan.

Step 2. Planing Phase: Situation analysis.

The five steps in creating a marketing plan.

Step 3. Implementation Phase: Identify opportunities example, segmentation , targeting, positioning.

The five steps in creating a marketing plan.

Step 4. Implementation Phase: Implement marketing mix example, product, price, place, promotion the four P's.

The five steps in creating a marketing plan.

Step 5. Control Phase: Evaluate performance using marketing metrics.

How has corporate social responsibility evolved since the turn of the twenty-first century?

Today, companies are undertaking a wide range of corporate social responsibility initiatives, such as establishing corporate charitable foundations, supporting and associating with existing nonprofit groups, supporting minority activities, and following responsible marketing, sales, and production practices.

Marketing is about satisfying ______ and ______.

needs, and wants.