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Marketing+review+notes1

By Jon Graham,2014-07-08 10:48
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Marketing+review+notes1notes

Marketing Review

    Marketing: The process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations.

     Market: Is a group of potential customers with similar needs who are willing to exchange

    something of value with sellers offering various goods and services.

    

     Gross Domestic Product: Total value of all goods and services produced in a country for

    one year.

     Gross National Income or GDP: same as GDP but excludes income earned by

    foreigners.

     Gross National Income Per Capita: GNI divided by the population.

     Purchasing Power Parity (PPP): GNI per capita compared to the CPI gives you an idea

    of the purchasing power of the individual.

     Consumer Price Index (CPI): Price of a basket of goods in a giving economy.

     Generic Market; is a market with broadly similar needs. The sellers offering various,

    often diverse ways at satisfying those needs. (Entertainment)

    Product market; is a market with very similar needs and sellers offering various close

    substitute ways of satisfying those needs.

    MICRO marketing: is the performance of activities that seek to accomplish an organization

    s objectives by anticipating customer or client needs and directing a flow of need

    satisfying goods and services from producer to customer or client.

    MACRO marketing: is a social process that directs an economys flow of goods and

    services from producers to consumers in a way that effectively matches supply and

    demand and accomplishes the objectives of society.

    Marketing Concept: an organization which aims all its efforts toward its customers , for a

    profit.

    Marketing Ethics; the moral standards that guide marketing decisions and actions.

    The Marketing Mix: The ingredients that go into a marketing program; price, product, place, promotion.

    Product; concerned with developing the right product fit with the target market.

    Components; Processed items that become part of a larger finished product are called: Goods; Physical things that are seen and touched, that are tangible and that you own once you buy them are called:

    Place; concerned with getting the right product to the target market.

    Distribution Channels; is any series of firms that participates in the flow of products from producer to final user or consumer.

    Vendor Analysis; Formal rating of suppliers on all relevant areas of performance.

    Promotion; is concerned with telling the target market or others in the channel of distribution

    about the right product. Everything the customer sees, hears and feels about a marketing

    mix is called

The three Basic Promotional Objectives are; Informing, persuading, and Reminding.

    Advertising; Any paid form of non-personal presentation of ideas, goods or services by an identified sponsor is called:

    Public relations; Managing peoples' perception of a company's image is called: Personal Selling; face to face selling between buyer and seller..

    Pioneering; Advertising that tries to develop primary demand for a product category rather then demand for a specific brand.

    Institutional advertising; Advertising that focuses on the name and/or prestige of an organization is called.

    Reminder Advertising; Advertising to keep the product’s name before the public.

    Bargaining Process; different suppliers offer different prices and buyers choose best price Direct Advertising; Aims at immediate buying action.

    Communication process; Source Encoding Message Channel Decoding Receiver

    Price; setting must consider the competition as well as all the marketing mix costs.

    Skim Pricing; Setting price high and therefore targeting the high end customers. Penetration Pricing; Setting prices low and therefore trying to get a larger market share.

    Marketing Plan: is a written statement of a marketing strategy and the time related details for carrying out the strategy

    .

    Segmenting; clustering people with similar needs into a market segment.

    Segment; sub group within a broad target market.

    Market Segment; A group of similar customers who will respond to a marketing mix in a similar way are called:

    Positioning; refers to how customers think about proposed or present brands in the market.

    A Market Positioning Map

Narrowing down to a superior marketing mix.

    Differentiation; marketing mix that is distinct from and better than what is available from a competitor

     An effective marketing strategy matches a firms resources and its objectives with

    market opportunities.

    Attractive Opportunities; are those opportunities that a firm has a chance of pursuing given its resources and objectives.

    Breakthrough Opportunities; opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time. ( best kind of opportunity )

    Imitators; want to copy and thus share in the innovator's profits if they can. Competitive Advantage; is a marketing mix that the target market sees as better then the competition, and that is hard to imitate.

    Marketing Strategy; Specifies a target market and a related marketing mix.

Market Penetration; trying to increase sales of a firms present products in its present

    markets.

    Market Development; trying to increase sales by selling present products in new markets. Product Development; Offering new or improved products for existing markets. Diversification; Moving into a totally new line of business.

    Product Introduction; New product into new market.

    Pushing; Using normal promotional effort, personal selling, advertising, and sales promotion to

help sell the whole marketing mix to possible channel members.

    Pulling; Using promotion to get consumers to ask middlemen for the product.

    Bargaining Process; different suppliers offer different prices and buyers choose best price. Reciprocating; Trading sales for sales, that is , “if you buy from me, I will buy from you”

    Electronic Data Interchange (EDP); An approach that puts information in a standardized format easily shared between different computer systems.

    Target Market; a fairly homogeneous group of customers to whom the company wishes to appeal.