Summary: Marketing

Read the summary and the most important questions on marketing

• 1 marketing in the 21th century

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• give 5 examples of marketing practices that changed in the 21th century:

  -digital revolution 
  -global scale
  -consumer resistance
  -consumer information
  - more competition
  
  - industry convergence

• what are 5 things marketers can use for marketing in the 21th century they couldn't previously:

  1. internet as powerful information and sales channel
     
  2. can collect fuller and richer information about competitors, consumer and markets
     
  3. social media to amplify their brand
  4. mobile marketing, target costumer on the move
  5. can facilitate and speed external comm. among costumers 

• explain the holistic approach and give the 4 elements:

  with holistic marketing they mean that to have a good marketing system you have to have an integrated and broad perspective because everything is important in marketing the 4 elements are
  

  1. internal marketing
  2. integrated marketing 
  3. socially responsible marketing
  4. relationship marketing

• what are the 8 tasks/ stages of marketing management?

  1. developping plan
  2. getting inside info about market
  3. connecting with customers
  4. building strong brands
  5. shaping markets offering
  6. delivering value
  7. communicating value
  8. creating long-term succesful growth

• 2 developing marketing strategies and plans

• what are the 3 differents levels on which corporations plan?

  -corporate and division startegic planning
  -business unit stategic planning
  -product planning

• explain the different stages of corporate and division strategic planning:

  1. defining the mission of the company: who are we, who is our customer, what is of value, what should our business be and what is it going to be? 
  2. assigning business units and addressing resources to them
  3. assessing growth opportunities

• what are the 2 different growth opportunities:

  1. integrative growth (horizontal): having more products in the same product line
     
  2. diversification growth: new product lines

• what is important when doing business unit strategic planning? (3)

  • making sure the business unit mision is in line with the companies mission
    
  • making swot analysis of business units
  • formulate strategic goals

• what is product planning?

  when implementing a new product we have to make a marketing plan for this product where we first analyse and research the market to know wheter it will work, we set goals that are product must reach and we can implement changes or remove products (oreo)

• 3 collecting information and forecasting demand

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• of what does a marketing information system consist and how is it used?

  1. internal company records
  2. marketing research 
  3. marketing intelligence activities

  
  people equipment and procedures to gather sort analyse and distribute timely accurate information to marketing decision makers