Foundation of Marketing
Three components of Marketing
Create Value, Communicate Value, Deliver Value
The primary strategic planning tool is used for directing and coordinating the marketing effort and helps to guide the firm’s marketing strategy.
What is a marketing plan
A measure of how optimistic consumers are about the overall state of the economy and their own personal finances.
What is consumer confidence?
The broad set of knowledge, beliefs, laws, morals, customs, and any other capabilities or habits acquired by humans as members of society.
What is culture
Three general categories of B2B buying situations
what are New buy, straight rebuy, and modified rebuy
When is relationship marketing most successful
What is firms focus on attracting, maintaining, and enhancing customer relationships
Provides information for how much the company needs to sell to cover its expenses, where profits are $0.
What is a break-even analysis
The amount of spending money available to households after paying taxes.
What is disposable income
Psychological process that can influence consumer behavior.
What are Attitudes, perception, learning, and motivation
One of the greatest influences on consumer behavior
What are Family members
The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea
What is the marketing mix
Characteristics of a quality marketing objective
What are Specific, Realistic, measurable
The political, economic, demographic, sociocultural, technological, and legal factors that affect a company’s ability to meet its marketing goals.
What are the factors in the marketing environment
Two main categories of information searches in the consumer decision-making process
What are Internal and external
4 marketing mix elements
Product, Price, Place, Promotion
When marketers evaluate whether a marketing campaign was successful by using metrics to measure performance
What are marketing analytics
Executive summary, situation analysis, marketing strategy, financials, controls
What are the components of the marketing plan
A belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods or services
What is ethnocentrism
Purchases made in a retail outlet that are different from those the consumer planned prior to entering the store.
What are unplanned purchases
Strength, Weakness, Opportunity, Threat
What is SWOT analysis?
The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it
What is customer value
Two elements are measured by the four categories of the BCG matrix
What are Market growth and relative market share
If the value of the euro increases relative to the dollar, Disney might attract European families by advertising specially priced tourist packages. In this scenario, what global marketing environment factor would Disney be capitalizing on?
What is currency fluctuation
Two examples of situational influences on the consumer decision-making process
what are time and involvement
List the five steps of the consumer decision-making process.
What are Problem recognition, information search, evaluating alternatives, outlet selection and purchase, post-purchase evaluation