Marketing

present product, new market... attracting new customers to existing products

New product, present market.. creating a new product for present markets

New product, new market... increasing sales by introducing new products to new markets

rapid growth but poor profit margins

fast growing market leader

low growth potential and small market share

generating more cash than it needs to maintain market share

company outperforming its peers by understanding world problems and doing something about them while increasing profits

social, economic, technological, competitive, regulatory

selling domestically produced goods to other countries

allowing another firm to use your product and manufacture it/ know everything about it

private label manufacturing by a foreign company

Domestic firm buys part of foreign company or joins with foreign company

active ownership of a company

process of recalling past information

process of seeking information in outside environment

tension a consumer experiences after recognizing inconsistency between behavior, values, or opinion

group of people in society who are considered nearly equal in status

Primary- small, informal group... Secondary- large, formal group

Aspirational- someone wants to join... NonAspiratonal- Someone wants to avoid being identified with

highly effective in influencing consumer perceptions, beliefs, and attitudes about a product

used to manufacture other products... become part of another product... aid operations of organization... resale without change in form

Demand for business product results from demand for consumer product

increase or decrease in price will not affect demand for product

demand for two or more items used together in final product

demand for new business product is less stable than demand for consumer products

geography, demographics, psychographics

benefits sought, usage rates

information collected for the first time

data previously collected for any purpose than the one at hand

element of brand that cannot be spoken

part of brand that can be spoken

group of closely related products

Placing two or more brand names on a product or package

marketing several different products under one brand name

Services are intangible, inseparable, inconsistent, perishable

Time, quantity, form, possession, places, assortment

Transactional, logistical, facilitating, service

achieve mass marketing selling

work with selected intermediaries

work with single intermediary

producer --> consumers

producer --> retailers --> consumers

producer --> wholesalers --> retailers --> consumers

producer --> agent/broker --> wholesalers --> retailers --> consumers

rapid growth, shared risk, fees and royalties, income streams

help at low cost, known brand, training provided, shared risk, more successful

manufacturer promotes to wholesaler --> wholesaler promotes to retailer --> retailer promotes to consumer --> consumer buys from retailer

manu. promotes to consumer --> consumer demand product from retail --> retailer demand product from whole --> whole demand product from manu

media expanding, mature markets, sheer excess of goods and services, need for measurable results

banner ads, sponsored posts

websites, blogs, social media

media coverage, publicity activities, social media

Sender --> encode message --> message channel --> decode message --> receiver

informing, remaining, connecting, persuading

paid and controlled communication, creative strategy, variety of media channels

create programs and communication, internal and external, owned and earned media

publicity, digital media, corporate identity materials, philanthropy, event sponsorship

incent to buy NOW, sampling, giveaways, sweepstakes

provides data for segmenting, promotion and development, easy to understand, choice of rewards

personal paid for communication between two people

must know everything about: product/ service, customers, competition, industry

generate leads, qualify leads, probe customer needs, develop solutions, handle objections, close the sale, follow up

demand, cost, competition

cost factors, competitive environment

successful when: inelastic demand, unique advantages, legal protection of product, technological breakthrough, blocked entry

lead to lower costs, blocks competition from market entry, boosts sales

satisfactory profits, profit maximization, targeted ROI

market share, sales maximization

maintain prices/ margins, meet competition