Marketing 351 Exam 1 CSUF Lancellotti

Marketing 351 Exam 1 CSUF Lancellotti star Fast growing market leader cash cow Generates more cash than it needs to maintain its market share. In a low growth market, but product has dominant market share question mark Shows rapid growth but poor profit margins. Low market share in high growth industry dog Low growth potential and a small market share SWOT Analysis Identifying internal strengths and weaknesses and also examining eternal opportunities and threats Penetration same products for same customers Product Development new products for same customers Market Development same products for new segments Diversification new products for new segments Demography The study of people's vital statistics, such as age, race and ethnicity, and location Marketing Marketing is the analysis of customers, competitors, and a company, combining this understanding into an overall understanding of what segments exist, deciding on targeting the most profitable segments, positioning your products, and then doing what's necessary to deliver on that positioning. good marketing identifying the needs of the customers and better addressing them than other companies good marketing involves listening to customers, not tell. trying to make your customer happy (not just get a lot of sales) product solution to a consumers problem. positioned relative to competitors (price, offerings, etc.) need state of felt deprivation including physical, social, and individual needs. Natural, cannot be created by marketers want form that a human need takes, as shaped by culture and individual personality. Marketers can create a want demand Wants + Buying Power (i.e. benefits sought) market anyone who does and would buy a product market segment a portion of the overall market Production Orientation Availability and affordability Product Orientation Benefits of the product Selling Orientation promotion of the product marketing orientation needs, wants, and satisfaction of the customer societal marketing orientation needs, wants, satisfaction, and costs to society high prices caused by costs of distribution, advertising and promotion, excessive markups distribution cost should be a solution to getting what consumers want. Distribution is normally high for most products excessive mark-ups cost besides to increase profit, mark-ups might result to keep products exclusive or even to prevent over-inflation of the product high advertising and promotion cost results from companies needing to get their product known by consumers and to be competitive with other companies. When companies get more customers, they can lower the prices Goal of Marketing not just to reach a high amount of people, but also to reach the RIGHT people (who are more likely to buy the product) Deceptive Pricing falsely advertising "factory/wholesale" prices or large reduction from fake high list price Deceptive Promotion Overstating the Product's Features, Luring Customers to the Store for Out-of-Stock Bargains, etc. Deceptive Packaging Exaggerating Package Contents, Not Filling Package to the Top, Using Misleading Labeling Planned Obsolescence Reasons increased sales, reduced service, competitive advantage Unsafe Products okay in certain situations. Knifes are unsafe if used improperly. if making a product safe costs an unreasonable amount, the product might be sold as is. materialism judging others based on what they have. can create "false" wants cultural polution