MKTG 201 Midterm -- Scott Rackham BYU
, MKTG 201 Midterm -- Scott Rackham BYU
1. Marketing is the exchange that takes place between sellers and buyers.
2. Marketing creates, communicates, and delivers value to facilitate
Components of Marketing (Defined by
exchanges. (We add a third component to the definition, often referred to as
AMA)
the marketing concept:)
3.By delivering value, marketing satisfies customer needs and wants at a profit.
The Boston Consulting Group's portfolio model
provides a useful approach for measuring the
performance of the company's strategic business
The Boston Consulting Group's Portfolio units (SBUs) based on two criteria: market growth
Model (BCG Model) rate and relative market share.
Companies are defined as stars, question marks,
cash cows, or dogs
Marketing Mix -- Four P's Price, Product, Place, Promotion
Customers who love the firm's products and then advocate or champion the
Brand Champions/Love Group
products to others.
Market penetration: selling more of the existing
products in existing markets
Product development: introducing new products
to existing markets
Product-Market Expansion Matrix
Market development: introducing existing products
to new markets
Diversification: introducing new products to new
markets
customer acquisition, customer retention, sales per customer, margin (the difference
Profitability Drivers
between price and cost)
Marketing Philosophies Product Orientation, Sales Orientation, Market Orientation, & Societal Orientation
Product Orientation All about the product. Does not consider competitors of the needs of the market
Sales Orientation Aggressive sales techniques
Understand customer needs, company capabilities, knows competitors, and wants
Market Orientation
to make a profit.
Societal Orientation Concerned about the environment
CLV: Attempts to determine the economic value a customer brings over the "lifetime"
with the business.
Customer Profitability and Lifetime Value
If you don't know what a customer is worth, you don't know what you should spend
to get one or what you should spend to keep one.
Create products that Solve customers problems
Strengths, Weaknesses, Opportunities, Threats
SWOT
Social forces influence what people buy, where they buy, how they buy, how much
Social Forces
they buy, and when they buy
Shared values, attitudes, and practices that shape human behaviors are known as
Culture culture. Culture exerts the broadest and deepest influence on consumer buying
pattern
Demographics Describes a population
, MKTG 201 Midterm -- Scott Rackham BYU
1. Marketing is the exchange that takes place between sellers and buyers.
2. Marketing creates, communicates, and delivers value to facilitate
Components of Marketing (Defined by
exchanges. (We add a third component to the definition, often referred to as
AMA)
the marketing concept:)
3.By delivering value, marketing satisfies customer needs and wants at a profit.
The Boston Consulting Group's portfolio model
provides a useful approach for measuring the
performance of the company's strategic business
The Boston Consulting Group's Portfolio units (SBUs) based on two criteria: market growth
Model (BCG Model) rate and relative market share.
Companies are defined as stars, question marks,
cash cows, or dogs
Marketing Mix -- Four P's Price, Product, Place, Promotion
Customers who love the firm's products and then advocate or champion the
Brand Champions/Love Group
products to others.
Market penetration: selling more of the existing
products in existing markets
Product development: introducing new products
to existing markets
Product-Market Expansion Matrix
Market development: introducing existing products
to new markets
Diversification: introducing new products to new
markets
customer acquisition, customer retention, sales per customer, margin (the difference
Profitability Drivers
between price and cost)
Marketing Philosophies Product Orientation, Sales Orientation, Market Orientation, & Societal Orientation
Product Orientation All about the product. Does not consider competitors of the needs of the market
Sales Orientation Aggressive sales techniques
Understand customer needs, company capabilities, knows competitors, and wants
Market Orientation
to make a profit.
Societal Orientation Concerned about the environment
CLV: Attempts to determine the economic value a customer brings over the "lifetime"
with the business.
Customer Profitability and Lifetime Value
If you don't know what a customer is worth, you don't know what you should spend
to get one or what you should spend to keep one.
Create products that Solve customers problems
Strengths, Weaknesses, Opportunities, Threats
SWOT
Social forces influence what people buy, where they buy, how they buy, how much
Social Forces
they buy, and when they buy
Shared values, attitudes, and practices that shape human behaviors are known as
Culture culture. Culture exerts the broadest and deepest influence on consumer buying
pattern
Demographics Describes a population
