Key Marketing, Consumer, and Product Terms
Key Marketing Terms
Marketing
Marketing encompasses all activities that move goods from producers to consumers, including production, distribution, packaging, and pricing.
Consumer
A consumer is the user of a product and a member of the market.
Product
A product can be a consumer good, an industrial good, a service, a specific category, or a brand.
Advertising
Advertising is any means of promoting the sale and use of a product through paid promotion in major media.
Marketing Concept
The marketing concept
Read MoreMarket Entry Strategies: Communication, Advertising, and Public Relations
Item 5: Market Entry Strategies
5.1 Reactions to Market Entry and Overcoming Barriers
Entering a new market can face obstacles, including:
- The need for significant technological innovation.
- Highly competitive existing companies.
- Defensive strategies from incumbent companies (e.g., improved quality, discounts).
Ways to Overcome Barriers:
- Analyze Market Differences: Identify opportunities presented by the new market.
- Establish Competitive Strategies:
- Cost Leadership: Offer lower costs.
- Product Differentiation:
Effective Strategies for Enterprise Decision-Making
Strategies to Improve Decision-Making in the Enterprise
Decision trees assess the various possible consequences of a decision.
- Decision Node: A point where a person must decide among several choices when facing a problem.
- Probability Node: At this point, the process takes a random event.
- Branch: Shows the possible paths to take after each of the two nodes.
The SWOT method is used to analyze the possibilities of implementing new decisions in a company. The analysis is done on two levels:
- Internal to the
Marketing Essentials: Concepts, Strategies, and Processes
Marketing: Definition and Scope
Marketing: is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The Marketing Process: A Step-by-Step Approach
MARKETING PROCESS:
- Understanding Consumers and the Marketplace: Consumers’ needs and wants are fulfilled by market offerings: combinations of products, services, information offered to satisfy a need/want; marketing myopia;
Strategic Planning and Brand Management: Key Concepts
Strategic Planning Overview
Strategic planning: Headquarters designs the 1CORP STRATEGY plan (guiding the enterprise: how many resources for each unit, what business to start/stop). Each business unit develops a 2PLAN for a profitable future. Each MK3OFFERS a MK plan to achieve its objectives.
Corporate strategy: Define line of business, determine objectives for each line of business, assign resources.
Business strategy: Using resources for competitive advantage.
Functional strategy: Maximize performance.
Read MoreOptimizing Marketing Funnel Performance Metrics
Awareness Stage
Impressions
- Low: Suggests limited reach, possibly due to narrow targeting or low ad spend.
Recommendations:
- Expand target audience; use broader demographics/interests.
- Increase ad budget for more exposure.
- Explore additional channels/placements to reach a wider audience.
- High: Indicates strong visibility.
Recommendations:
- Refine targeting to focus on more relevant audiences.
- Improve ad creative and messaging to increase relevance.
- Apply frequency capping to avoid ad fatigue.
CTR (Click-Through
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