Marketing

Created by

Raver jane

Cards (98)

Strategic marketing  
The general plan of action aligned with the company's vision.
Tactical Marketing  
Actions a company undertakes in order to execute an organization's strategy
Microenvironment  
The internal forces
Macroenviroment  
The external forces
Elements of microenvironment
Customer and consumer
Competitors
Organization
Market
Suppliers
Intermediaries
Customer and consumer  
Who buy an organization's products/services
Competitors  
Other organizations that compete with each other for both resources and market
Organization  
-One of the important aspects is the self analysis for this.
-understand its own strengths and weaknesses
Organization
Owners
Board of directors
Employees
Owners 
People who have a major shareholding in the organization
Board of directors  
Elected by the shareholders for overseeing the general management of the business
Employees 
People who work in the organization are major contributors to its success
Market 
-more than the sum of all customers
-organization must study it's actually size, the potential for growth and it's attractiveness
Important issues Must study:
-the cost structure of the market
-price sensitivity of the market
-technological structure of the market
-the existing distribution system of the market
-the maturity of the market
Suppliers 
Organization depend on them for equipment, raw materials etc.
Intermediaries  
-Major determining force in business
-Most customer unaware of the manufacturer of the product's they buy since they approach retailers, departmental stores, chain stores or online stores for their purchases
Elements of macro environment  
Demographic environment
Economic environment
Natural environment or ecological factors
Technological environment
Political environment
Sociocultural environment
Demographic environment  
The study of human populations in terms of size, destiny, location, age, gender, race, occupation and other statistics
Economic environment  
-Macro factors that affect consumer buying power and spending patterns
-includes the level of income, policies, and nature of an economy, economic resources, trade cycles, distribution of income and wealth
Natural environment or ecological factors  
Involves natural resources that are needed as inputs by marketers of they are affected by marketing activities
Technological environment  
-the most dramatic forces which are changing rapidly
-the create new product, new markets and marketing opportunity for marketers
Political environment  
Includes government actions, government legislation, public policies and acts which affect the operations of company in business
Sociocultural environment  
Beliefs, practices, norms, customs, and traditions that affect business operation
Marketing research  
-Systematic and scientifically unbiased collection and analysis of data .
-Systematic collection of information for decision making
-aims to identify and assess how changing elements of the marketing mix impacts customer behavior and environment
The marketing research process
State the objectives
Determine the researcher methodology
Gather data
Interpret the results
Present the results
State the objectives  
The bases of research questions
Determine the researcher
methodology  
The researcher should choose a combination of appropriate research methods to fulfill research objectives.
Gather Data 
The researcher should collect data based on his or her chosen method
Interpret the results  
After collecting data, the researcher should now be ready to interpret them.
Present the results  
-Can be presented in a textual report with graphs, charts, tables, and figures.
-There should be comprehensive documentation of the entire research process
Marketing Decision Based Process 
External factors research
Observation research
Target market studies
Concept, product development, and product studies
Pricing tests
Location studies
Advertising pre- and post-testing
Usage, attitude, and image studies
External factors research 
The information from these researches helps marketers identify macro-environmental shifts.
Observation research 
This is an invaluable aid in determining consumer behavior. It assists marketers in determining the retail shelf placement strategy to use. It also reveals the effectiveness of point-of-purchase collateral materials.
Target market  
These helps identify, quantify, and understand the target market better. Companies may decide to redefine its target market by including characteristics the market should possess
Concept, product development, and product studies 
organizations shall select the proposed product/service concepts that have the highest level of market acceptance.
Pricing test 
can be utilized by marketers to calculate a product’s or service’s optimal price, to determine price elasticity, or to determine how price adjustment can affect total demand for the product or service.
Advertising pre- and post-testing 
These tests can determine advertising copy effectiveness, advertising recall, sales promotion response rates, outdoor advertising traffic results, and the effectiveness of public relations media placement. A product’s/service’s advertising theme or message and the mechanics of consumer sales promotions can be adjusted based on these results
Usage, attitude, and image studies 
-These studies can provide cost- effective ways on how to increase a product’s/ service’s awareness level and brand trial
-This can help in determining if distribution outlets can be ascertained. This can helpin determining if distribution should be expanded or alternate distribution outlets should be developed.
Consumer Market 
a system composed of all individuals or consumers who purchase goods and services for personal consumption or use. I
Problem Recognition or Need Recognition 
consumer recognizes a need or problem and feels a difference between the actual state and some desired state. They try to find goods to satisfy such needs.
Information Search. 
The consumer tries the find out as much as possible about the product’s available brands