Summary Marketing : real people, real decisions

ISBN-10 0273758160 ISBN-13 9780273758167
468 Flashcards & Notes
27 Students
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This is the summary of the book "Marketing : real people, real decisions". The author(s) of the book is/are Michael R Solomon. The ISBN of the book is 9780273758167 or 0273758160. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Marketing : real people, real decisions

  • 1 What is marketing?

  • What is the Definition of marketing?
    The strategic business function that creates vale by stimulating, facilitating and fulfilling customer demand. 
  • What is a consumer?
    The ultimate user of the product (can be individual but also business, government, etc)
  • What is a need?
    A need is the difference between a customers actual state and some ideal or desired state. 
  • What is a want?
    A want is a desire for a particular product to satisfy a need in a specific way that depends on the individuals gusto, learning experience and cultural environment.
  • What is a benefit?
    It occurs when a product satisfies a need or want
  • What is demand?
    it results when one couples desire with buying power to satisfy a want. 
  • What is a marketplace?
    It are the host locations for exchanges. 
  • What is the evolution of the marketing concept?
    - the production era
    - the selling era
    - the consumer era
    - the new era (tripple bottom line)
  • Explain the production era 
    It was until 1930~ 
    A production orientated way works best in a market where the demand is greater than the supply. 
    businesses thought that a basic function was enough to satisfy. 
  • Explain the selling era
    It is a company centered approach to business, management try to move product rather than meeting the customers needs and wants.
  • Explain the customer era
    1957- 1998
    A customer orientated period, trying to satisfy customer needs and wants and offering it. 
  • Explain the new era (triple bottom line)
    Building long term bonds with customers. relies on CRM.
  • What is a green marketing strategy?
    It is t choose packages and product designs that are eco-firendly, but still profitable.
  • What is the marketing mix?
    - product
    - place
    - price
    - promotion
  • 2 Strategy and environment

  • What are the 3 levels of business planning?
    - strategic 
    - functional 
    - operational
  • What defines strategic planning?
    - done by top level (management)
    - Mission, sets business unit objectives
    - establish the business portfolio 
    - develops growths strategies 
  • What defines functional planning?
    - Functional level (Marketing director)
    - make situation analysis
    - marketing objectives
    - develop marketing strategies
    - implement them
    - monitor and control them
  • What defines operational planning?
    - by supervisor managers
    - make action plans
    - monitor if plan is working
  • What are SBU's
    Statistic business units 

    Individual units representing various areas of business within the firm. 
  • What is a mission statement?
    A formal document that describes the transitions overall purpose and what it hopes to achieve. 
  • How can you measure the internal and external environment?
    With a SWOT analysis 

    - internal: strengths and weaknesses 
    - external: opportunities and threats 
  • What is the PESTEL-analysis?
    - political
    - economic
    - socio- cultural
    - Technological 
    - environmental trends
    - legal
  • what are FMCG
    Fast moving consumer goods
  • What is GDP?
    Gross domestic product.

    The total value of goods and servers of a country proces in it's borders. 
  • What is GNP?
    Gross national product

    Measures the value of all goed and services produced by a country's individuals and organizations. (doesn't have to be inside the country's border) 
  • What is a LDC?
    Less developed country
    Countries at the lowest stage of economic development
  • What is the standard of living?
    An indicator of the average quality and quantity of goods and servies in a country are consumes. 
  • What is the business circle?
    The overall pattern of changes or fluctuations of an economy 
  • What is Competitive intelligence (CI)? 
    The process of gathering and analyzing publicly available information of competitors. 
  • What is the competition in micro-environment?
    it means that the product alternatives from which members of a target may choose. 
  • What are the 3 levels where marketers compete in the micro-environment?
    - disposable income (the money left after paying for all the necessities)
    - Product competition (in which competitors offer different products to satisfy the need and wants of a customer. (e.g. Starbucks vs Tea in england)
    - brand competition (In which competitors offer similar goods or services to fight for a share of the customers wallet)  
  • What is monopoly?
    Where one seller controls the market
  • What is oligopoly?
    Relative small number of sellers, each holding a substantial market share in a market of many buyers.
  • What is monopolistic competition?
    Many sellers who compete for buyers in a market, each offering a slightly different product, each a small share of the market.
  • What is nationalization?
    When the domestic government reimburses a foregone company for its assets after taking over.
  • What is expropriation?
    When a domestic government seizes a foregein company's assets. 
  • What is the socio-cultural environment?
    it are the:
    -people who live in that society
    - culture (Value's and believes)
    - Demographics (size, age, income, education)
  • What is a collectivist culture?
    People tend to subordinate their personal goals to those of a stable community. (turkey, greece) 
  • What is a individualist culture?
    Tend to attach more importance to individual goals. 
  • What is enthocentlrism?
    The tendency to prefer products from their own culture over those of others. 
  • Where does SMART stands for?
    Attainable (acceptable)
  • What is a business portfolio?
    The range of different businesses that a firm operates (e.g. unilever) 
  • What is a portfolio analysis?
    A tool management uses to asses the potential of a film's business portfolio. it decided which SBU's should get more or les of the firms recourses.
  • What is the BCG growth market share mix?
    it determines the growth-rate of the market and the relative market share.

    - Stars: High growth, high market share
    - Cash cows: Low growth, high market share
    - Question marks: High growth, low market share
    - Dogs: low growth, low market share 
  • Which 4 growth strategies are there?
    - Market penetration: Existing product in existing markets (encourage to let customers buy more)
    - Development strategies: Introducing existing products into new markets.
    - Product development: New products in existing markets
    - Diversification: New products in new markets. 
  • What are the 4 steps of making a marketing plan?
    - situation analysis
    - Marketing objects
    - Marketing strategies
    - Implement and control marketing plan 
  • What is an operation plan?
    It focuses in the day-to-day execution of the marketing plan
  • What is the corporate culture?
    Value, norms, believes that influence everybody in the organisation
  • What is an import quota?
    Quotas are limitations on the amount of a product allowed to enter or leave the country.
  • What is an embargo?
    An extreme quota that prohibits specific foreign goods completely.
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Latest added flashcards

What is the width of the product range?
The total number of different product lines produced by the firm. 
what are the 3 layers of the product?
- the core (Basic benefits)
- actual product (features, package, brand, quality, appearance) 
- augmented product (Warranty, installation, customer support services, delivery, product-use instruction) 

Examples for a car: 
Core: Transportation, carrying cargo, excitement, image enhancement. 
Actual product: Engine size, color, size, style, options available. 
Augmented product: 4-year bumper-to-bumper warranty, dealer parts and repair department, free phone customer complaint
What two factors often dictate the type of decision-making process? 
Involvement and perceived risk. 
With extended problem solving the perceived risk and involvement is high. 
With Habitual Decision making the involvement and perceived risk is low.
What is sampling? 
Sample design covers the method of selection, the sample structure and plans for analysing & interpreting the results.
Explain the Marketing Information System (MkIS)
The MkIS is a process that first determines what information marketing managers need and then gather, sorts, analyses, stores and distributes relevant and timely marketing information to system users. 
What are 4 tactics for discounting to the channel of distribution (wholesalers, retailers) 
- trade or functional discounts 
- Quantity discounts
- Cash discounts
- Seasonal discounts 
What is a list price (recommended retail price (RRP))?
it is the price the manufacturer sets as the appropriate price for the end consumer to pay. 
What are credence qualities? 
It are product attributes we find difficult to evaluate even after we've experienced them. 

Ex. We don't know if our doctor's diagnose is correct.
What are experience qualities?
It are product attributes that customers can determine during or after consumption. 

Example: can't predict how good a holiday we'll have until we experience is, so marketers need to reassure customers Before the dacht that they are in for  good time.
What are search qualities?
It are product attributes that the consumer can examine prior to purchase. These include colour, style, price, fit, smell and texture.