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18 terms

Part 1

STUDY
PLAY
How to maintain a value for something with an oversupply?
By withholding supply; clever marketing; suckers with misplaced values?
How to double the marketing size for DeBeers
Establish a tradition for the other hand
The Troublesome 4
Tobacco, alcohol, gambling, guns
An industry dominated by younger people factors (3)
creativity, enthusiasm, hard work
4 strategies to drive web traffic (Ray-Ban)
engaging anthem web film. 5 directors short films interpreting "never hide", web photo gallery, downloads
Marketing
the set of human activities directed at facilitating and consummating mutually beneficial, long-term, exchange relationships
4 facts of economic life
firms compete for consumer's favor and operate to make a profit but this is not guaranteed, consumers are not forced to buy, caveat emptor- "let the buyer beware"
Firms basic approach to marketing
Bundle of satisfactions, marketing mix
Bundle of satisfactions
physical, functional, social, psychological
Marketing mix
Product, place, price, promotion
Marketing manager's task
to make optimal adjustments of factors under his or her control to factors beyond control
Uncontrollables
the market environment: individual costumers
Macro environments
natural, cultural, technological, economic, legal
Two controllables
the marketing mix, product placements
Immersion experience
forcing midlevel management to be more in tune with the consumers by working on ground level
(The marketing concept) Consumer Orientation- four needed steps
Generic need definition, target group evaluation, differentiation strategy, research commitment
Integrated Marketing
functional areas, mix elements, customer satisfaction
Brand image
a mental image reflects the way a brand is perceived, including all the indentification elements, the products personality, and the emotions and associations evokes in the mind of the consumer