4 orientations of marketing and what they are
- product
- sales
- market
- value-based
4 strategies to create customer value
- customer excellence: retaining loyal customers and excellent customer service
- operational excellence: efficient operations and excellent supply chain and HRM
- product excellence: having products with high perceived value and effective branding and positioning
- locational excellence: having a good physical location and internet presence
5 steps of the marketing plan
- define mission and objectives
- situation analysis
- identifying and evaluating opportunities using STP
- implement marketing mix and allocate resources
- evaluate performance
CDSTEP
cultural demographic social technological economic political
cash cow
low market growth rate
high market share
stars
high market growth rate
high market share
question mark
high market growth rate
low market share
dogs
low market growth rate
low market share
market penetration
current markets
current products
market development
new markets
current products
product development
current markets
new products
diversification
new markets
new products
3 factors in a firm’s microenvironment
- company capabilities
- corporate partners
- competition
competitive intelligence
used by firms to collect and synthesize info about their position in respect to their rivals; allows companies to anticipate changes rather than react
gen x
baby boomer’s children
gen y
millennials
5 steps in the consumer buying process
- need recognition
- search for information
- evaluate alternatives
- purchase
- post purchase
3 determinants on how much time consumers will spend searching for information before buying
- perceived benefits vs. perceived costs of search
- locus of control
- actual/perceived risk
2 types of needs in the need recognition stage
functional
psychological
3 possible postpurchase outcomes
- customer satisfaction
- postpurchase dissonance
- customer loyalty
3 factors affecting consumer buying decisions
- psychological
- social
- situational
