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Flashcards in Test 1 Deck (24)
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1
Q

Production concept

A

Management The loss of the that buyers prefer goods and services which are cheap and widely available while others prefer products that have the most quality

2
Q

Product concept

A

Understanding the dynamics of the product in order to showcase the best qualities and maximum features of the product

3
Q

Selling concept

A

The idea that if customers are left to themselves they will not make the effort to buy a company’s products therefore it dictates a company and they must be aggressive in pushing their sales

4
Q

Marketing concept

A

According to a firms. Goals can be best achieved through identification and satisfaction of the customers stated in unstated needs and wants

5
Q

Societal concept

A

Marketing concept that holds that a company should make marketing decisions by considering consumers wants the company’s requirements and societies long term interest

6
Q

Marketing myopia

A

Focuses on the needs of the company instead of defining the company and its products in terms of the customers needs and wants. It results in the failure to see in just to the rapid changes in the market

7
Q

Digital age

A

The. Starting in the 1970s with introduction of the personal computer with technology introduced providing the ability to transfer information quick quickly

8
Q

Steps and the strategic planning process

A

One. Define company’s mission

  1. set goals
  2. design business portfolio
  3. Develop marketing plans and strategies
9
Q

Goals need to me

A

Measurable
Defined time
Financial/non financial

10
Q

Stars

A

Hi growth/high marketshare

11
Q

Cashcow

A

Low growth high marketshare

12
Q

Question marks

A

Hi growth low market share

13
Q

Dogs

A

Low growth/low market share

Hold-invest enough to maintain market share

Harvest-stop investing and reap remaining profits

Divest-so off or take off the shelves

14
Q

Demographics

A

Age, gender, race, marital status, education

15
Q

Baby boomers

A

78 million people born between 1946 in 1964, 50% consumer spending

16
Q

Gen X

A

49 million people born from 1965 to 1976, best educated

17
Q

Millennial’s

A

80 million people born between 1977 and 2730 $3 billion in purchasing power, ethnically diverse, fluent with digital technology

18
Q

Economic factors

A

UnEmployment rate interest rate and homebuilding right

19
Q

Natural environment

A

Natural resources, weather, sustainability

20
Q

Environment sustainability

A

Developing strategies and practices that create a world economy that can support indefinitely

21
Q

Political and legal forces

A
  1. To protect companies from each other
  2. to protect consumers from unfair business practices
  3. To protect the interests of society again’s on restrained business behavior
22
Q

Culture forces

A
  • recession lift; men and women look younger
  • merging artistry and technology
  • clanning; consumers join group
  • mancipation; softer feminine side(grocery shop, buy food)
23
Q

Microenvironment forces

A

Collaborators
Competitors
Public(stock holders, politicians)
Company (strengths and weaknesses)

24
Q

Marketing

A

Satisfying customer needs while meeting corporate goals

  • exchange
  • win win
  • add value