Marketing
The four activities of marketing are?
What is Creating, Communicating, Delivering, Exchanging?
Industrial revolution until the 1920s; focused solely on production. The mindset of the era was that a good quality product would simply sell itself. This concept worked for many organizations because of strong demand and limited supply of products.
What is the Production Concept Era?
The amount of competition facing a company is critical; a successful business must be aware of competition and should try to stay one step ahead
Competitive Environment
Relatively inexpensive products that buyers spend very little time comparing prices for
What is Convenience Products?
The total product offer consists of:
The Core Product, the Actual Product, and the Augmented Product
What are the 'four p's' of marketing?
What is Product, Price, Place, and Promotion?
It emerged in the late 1990s. This concept focused on building long term relationships with individual customers to foster loyalty and repeat business. Tries to please the customer after the sale.
The Customer relationship Era
changes in economic conditions that affect demand and supply in the global marketplace; e.g. Prosperity, Recession, etc.
Economic Forces
Items which buyers spend a lot of time comparing prices, brands, warranties, etc. Not frequently purchased.
What is Shopping Products?
What is the seven-phase process for introducing new products to the market?
1. Idea Generation 2. Screening 3. Concept Testing 4. Business Analysis 5. Product Development 6. Test Marketing 7. Commercialization
marketing primarily focuses on?
The customers
Mid-1920s throughout the early 1950s; during this period technological advances accelerated production. During the first part of this era, the U.S. was in the middle of the Great Depression, where people only purchased goods/services they ABSOLUTELY NEEDED. Supply far exceeded demand, and the competition was very intense. Companies began using heavy sales tactics and heavy public advertising to sell their products; heavy emphasis was placed on selling existing products
The Sales Concept Era
Differences between countries that are prevalent in the global marketplace; companies must adapt to these differences to be successful in the global marketplace
Social and Cultural Environment
Items with unique characteristics. Buyers spend a lot of time to obtain the items, and these purchases are planned with no alternatives.
What is Specialty Products?
Creating and maintaining a certain concept of a product in a customer's mind
Product Positioning
What is a group of individuals or organizations that have a need for a specific group of customers within that organizations will focus their marketing efforts on?
A Market
The supply of foods/services exceeded demand which created a buyer's market. Companies realized they needed to determine customers' wants and produce products that met those wants/needs. The concept focused on producing the right products for the right customer
The Marekting Concept Era
Legally these factors must be considered by companies in the global marketplace
Political, legal, and regulatory environments
products a customer buys when they have to solve a problem, generally they have no knowledge of this and do not think of purchasing until the need arises.
What is Unsought Products?
Modes of entry into the global marketplace (5)
Exporting, Licensing and Franchising, Joint Ventures,. Strategic Acquisitions, Greenfield Investment
Identify the variables that companies use to find their target markets, in this order:
Location, where you live
Age, gender, physical characteristics
hobbies, lifestyles, and interest
Geographics, Demographics, Psychographics
utilized in the 1960s and 1980s. The focus was for companies to work for the benefit of both the consumer and society while still attaining a profit
The Societal Marketing Era
The internet has enabled many small businesses to compete with large corporations around the world by marketing/selling their products online.
Successful marketing requires using the latest technologies to reach/satisfy their target market wherever they may be
Technology Environment
The process of distinguishing a product from its competitors in today's global marketplace. Companies sometimes use customer input to do this, often includes establishing differences from other products, and a logo
What is Product Differentiation?
Multidomestic Strategy
customizes products or processes to the specific conditions in each country