Positioning statement is _____________ (internal/external). - internal (you and your team)
Notes -
Most important definition of Marketing. - To discover the NEEDS and WANTS of prospective customers.
AND
To Satisfy them.
What are the four P's? *On midterm & Final* - Product, Price, Promotion, Place
Want VS Need - A *want* is a *need* this is shaped by a person's *knowledge, culture*, and
*personality*.
What's needed for Marketing to Occur? - 1. Two or more parties with *unsatisfied* needs
2. A desire and ability on their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
Product - A good, service, or idea to satisfy the customer's needs
Price - What is exchanged for the product
Promotion - A means of communication between the seller and buyer
Place - A means for getting the product to the customer
,Target Marketing - One or more specific groups of potential consumers toward which an organization
directs its marketing program.
Marketing is the activity for creating, communicating, __________ offerings that benefit customers, the
organization, its stakeholders, and society at large. - delivering, and exchanging
Maddie's mom needs a new tablet device, so you recommend that she read the latest ComputerWorld
magazine because it has reviews of Apple's new iPad Air and Samsung's new Galaxy S 5. Maddie finds a
copy of the magazine in the student bookstore. What is needed next in order for marketing to occur? -
She must check to see if she has sufficient cash (or credit) to purchase the magazine at the bookstore.
A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18. This
restriction would be an example of which environmental force? - Regulatory
The essence of successful marketing and gaining loyal customers is for firms to focus on __________. -
providing customer value
Social responsibility refers to... - the belief that organizations are accountable to a larger society for their
actions.
Customer Value Propositon - (Stand for something) The cluster of benefits that an organization promises
customers to satisfy their needs.
EX: Walmart CVP can be described as "everyday low prices for a broad range of products that are always
in stock in convenient locations. "
Michelin's customer value proposition can be summed up as "providing safety-conscious parents greater
security in tires at a premium price."
What makes up company culture? - - The *fabric* or *essence* of the company
-It's the *heartbeat* of the company (not "brain*)
-Something that is pre-existing in a company's genetic code.
, What are *S.M.A.R.T* goals? What is an example? - S: Specific
M: Measurable
A: Attainable
R: Relevant
T: Time-Based
EX: Paradox inc. in *2017*, will achieve a *5% increase* in *market share* within the *automated car
segment* in the U.S.
*The exam will make us write smart goals*
Goals or objectives (terms used interchangeably) is defined as and what are the different types? - :
Statements of accomplishment of a task to be achieved, often by a specific time.
-Profit
-Sales
-Market share
-Quality
-Customer satisfaction
-Employee welfare
-Social responsibility
Situation (SWOT) Analysis - -Build on a *strength*
-Correct a *weakness* (neutralize a weakness)
-Exploit an *opportunity*
-Avoid a disaster- laden *threat*
EX: Figure 2-7 in book
In SWOT what is *internal*? - Strengths & Weaknesses
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