Principles of Marketing Summary

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Quiz 1: Ch 1 Overview of Marketing Ch 2 Developing Marketing Strategies & Marketing Plan Ch 4 Analyzing the Marketing Environment Ch 5 Consumer Behavior Ch 6 B2B Marketing

marketing

1. Helps create value
2. Satisfies customer wants & needs
3. Entails an exchange
4. Requires 4P decisions
5. Performed by individuals and organizations
6. Occurs in many settings

value

relationship of benefits to costs

value driven companies

-share info. across organization
-balance customer benefits & costs
-build customer relationships

marketing eras

1. Production
2. Sales
3. Marketing
4. Value-based marketing

B2B markets

1. Manufacturers
2. Resellers
3. Institutions
4. Government

buying process factors

1. Buying center
2. Organizational culture
3. Buying situation

buying center

1. Initiator
2. Influencer
3. Decider
4. Buyer
5. User
6. Gatekeeper

organizational culture

1. Democratic
2. Consultative
3. Consensus
4. Autocratic

buying situations

1. New buy
2. Modified rebuy
3. Straight rebuy

internet B2B marketing

1. Sales support
2. Virtual trade shows
3. Private exchange
4. Product design
5. Online auctions

sustainable competitive advantage strategies

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

marketing plan 1

Mission & objectives

marketing plan 2

Situation analysis (SWOT)

marketing plan 3

Identify opportunities (STP)

marketing plan 4

Implement marketing mix

marketing plan 5

Evaluate performance with marketing mix

planning phase

1) Mission & objectives
2) Situation analysis (SWOT)

implementation phase

3) Identify opportunities (STP)
4) Implement marketing mix

control phase

5) Evaluate performance with marketing mix

strategic business unit (SBU)

division of firm that can be managed independently with different mission

growth strategies

1. Market penetration
2. Market development
3. Product development
4. Diversification

scenario planning

uses info. from situation & opportunity analysis of marketing plan to understand performance outcomes of marketing mix

scenario planning 1

Examine strengths & weaknesses to understand situation

scenario planning 2

Examine opportunities & threats to find what impacts firm

scenario planning 3

Identify different scenarios

scenario planning 4

Apply marketing mix to each scenario

scenario planning 5

Assess each profitability

immediate environment

1. Company capabilities
2. Competitive intelligence
3. Corporate partners

macroenvironment

1. Culture
2. Demographics
3. Social trends
4. Technological advances
5. Economic situation
6. Political/legal

consumer decision process 1

Need recognition

consumer decision process 2

Information search

consumer decision process 3

Alternative evaluation

consumer decision process 4

Purchase

consumer decision process 5

Post-purchase

consumer decision process factors

1. Marketing mix (4P's)
2. Psychological (motives, perceptions, lifestyle, attitudes, learning)
3. Social (family, reference groups, culture)
4. Situational (purchase situation, shopping situation)

Maslow's hierachy of needs

Self actualization
Esteem
Love
Safety
Psychological

buying decisions

1. Limited problem solving (habitial decision making, impulse buying)
2. Extended problem solving

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