marketing

Created by

thea

Cards (42)

Marketing 
A set of human activities directed at facilitating and consummating exchange. It refers to different sorts of transactions intended to satisfy human needs. The management process through which goods and services move from concept to the customer.
Market 
A mechanism by which consumers and producers interact to determine both the price and quantity of goods and services. It takes the form of physical structures as in a marketplace or wet markets, as well as online or electronics/digital marketing. In some sense, market is sometimes used to refer to the consumer or recipient of the firm's product may it be a good or a service.
Marketing Plan/Marketing Strategy Plan 
A plan for getting products and services into the hands of customers in a timely, cost-effective, and appropriate manner. Provides a detailed description of the products and services, including how the products and services benefit their customers. Identifies the strengths and weaknesses of the firm as recognized in strategy planning.
Major Factors in the Environment to be Considered in Marketing Planning
Competitor's marketing activities
Economic situations
Developments in technology
Sociocultural factors
Political factors
Government laws, policies and programs
Global and international developments
The Marketing Strategy Planning Process
1. Identify the strengths and weaknesses of the firm
2. Analyze external environment
3. Identify attractive market opportunities
4. Identify target market
5. Determine applicable marketing mix
6. Determine the size of the market
Target Marketing 
The activity of selecting well-defined groups of potential customers and tailoring a marketing mix to their needs and preferences.
Consumer 
The individual who uses the product.
Customer 
The person who actually buys the product.
Marketing Mix 
The set of marketing tools that the firm uses to pursue its marketing objectives in the target market. It is composed of properly blended controllable variables of the firm.
Marketing Mix Variables (4 P'S of Marketing Mix)
Product Offering
Price
Promotion
Place
Product Offering 
Includes the breadth of product line, quality levels, and customer levels
Methods of Price Determination
Cost plus pricing
Demand pricing
Competitors pricing
Markup pricing
Methods of Promotion 
Advertising
Personal Selling
Publicity
Sales Promotion
Types of Advertising 
Retail Advertising
Service Advertising
Trade Advertising
Industrial Advertising
Institutional Advertising
Advertising Aspects 
Advertising budget
Positioning message
First year's media schedule
Tools of Sales Promotion
Point-of-purchase display
Premium
Trading stamp
Sampling
Product demonstration
Retailer coupon
Consumer contest
Sweepstakes
Rebates
Trade show
Word of Mouth
Different Distribution Strategies 
Direct sales
Original equipment manufacturer sales
Manufacturer's representatives
Wholesalers
Brokers
Retailers
Direct mails
Pricing Strategies 
Communicate with customers
Include a surcharge rather than raise price
Eliminate customer discount coupons and "freebies"
Offer products in smaller sizes or quantities
Focus on improving efficiency
Absorb raw material cost increases for long-term accounts
Emphasize the value provided to customers
Raise prices incrementally and consistently
Shift to less expensive raw materials
Anticipate rising materials costs and lock in prices early
Determining the Market Share
1. Define the physical limits of the target market area
2. Determine the potential sales of the target market based on its demographic characteristics
3. Determine the purchasing power of the target market
4. Determine the total sales revenue of the industry in the target market area
5. Determine the percentage of the total sales that can be effectively served by the company
Means of Forecasting Company Sales
Market-factor analysis
Survey of buyer intentions
Test marketing
Past sales analysis
Trend analysis
Sales-force composite
Executive Judgment
Much as the company business plan is the key to successful operations, a marketing plan is necessary for success in the promotion of the entrepreneur's products and services. That is why entrepreneurs spend a lot of money and time preparing and planning their marketing strategy. And the first and most important investment in marketing should be a thoughtful, goal-oriented marketing plan.
Marketing 
A set of human activities directed at facilitating and consummating exchange. It refers to different sorts of transactions intended to satisfy human needs. The management process through which goods and services move from concept to the customer.
Market 
A mechanism by which consumers and producers interact to determine both the price and quantity of goods and services. It takes the form of physical structures as in a marketplace or wet markets, as well as online or electronics/digital marketing. In some sense, market is sometimes used to refer to the consumer or recipient of the firm's product may it be a good or a service.
Marketing Plan/Marketing Strategy Plan 
A plan for getting products and services into the hands of customers in a timely, cost-effective, and appropriate manner. Provides a detailed description of the products and services, including how the products and services benefit their customers. Identifies the strengths and weaknesses of the firm as recognized in strategy planning.
Major Factors in the Environment to be Considered in Marketing Planning
Competitor's marketing activities
Economic situations
Developments in technology
Sociocultural factors
Political factors
Government laws, policies and programs
Global and international developments
The Marketing Strategy Planning Process
1. Identify the strengths and weaknesses of the firm
2. Analyze external environment
3. Identify attractive market opportunities
4. Identify target market
5. Determine applicable marketing mix
6. Determine the size of the market
Target Marketing 
The activity of selecting well-defined groups of potential customers and tailoring a marketing mix to their needs and preferences.
Consumer 
The individual who uses the product.
Customer 
The person who actually buys the product.
Marketing Mix 
The set of marketing tools that the firm uses to pursue its marketing objectives in the target market. It is composed of properly blended controllable variables of the firm.
Marketing Mix Variables (4 P'S of Marketing Mix)
Product Offering
Price
Promotion
Place
Product Offering 
Includes the breadth of product line, quality levels, and customer levels
Methods of Price Determination
Cost plus pricing
Demand pricing
Competitors pricing
Markup pricing
Methods of Promotion 
Advertising
Personal Selling
Publicity
Sales Promotion
Types of Advertising 
Retail Advertising
Service Advertising
Trade Advertising
Industrial Advertising
Institutional Advertising
Advertising Aspects 
Advertising budget
Positioning message
First year's media schedule
Tools of Sales Promotion
Point-of-purchase display
Premium
Trading stamp
Sampling
Product demonstration
Retailer coupon
Consumer contest
Sweepstakes
Rebates
Trade show
Word of Mouth
Different Distribution Strategies 
Direct sales
Original equipment manufacturer sales
Manufacturer's representatives
Wholesalers
Brokers
Retailers
Direct mails
Pricing Strategies 
Communicate with customers
Include a surcharge rather than raise price
Eliminate customer discount coupons and "freebies"
Offer products in smaller sizes or quantities
Focus on improving efficiency
Absorb raw material cost increases for long-term accounts
Emphasize the value provided to customers
Raise prices incrementally and consistently
Shift to less expensive raw materials
Anticipate rising materials costs and lock in prices early
Determining the Market Share
1. Define the physical limits of the target market area
2. Determine the potential sales of the target market based on its demographic characteristics
3. Determine the purchasing power of the target market
4. Determine the total sales revenue of the industry in the target market area
5. Determine the percentage of the total sales that can be effectively served by the company