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Principles of Marketing Summary

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
STUDY
PLAY
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