Marketing exam 1 (BSc in Business management with marketing) 1 year of uni

Marketing- “The management process of anticipating, identifying and satisfying customer requirements profitably” (CIM, 2001). Facilitating the exchange of value between businesses and their customers. 

Goal - long term satisfaction

7 P’s:

1. Product
2. Price 
3. Place 
4. Promotion 
5. Physical evidence
6. Process
7. People

Relationship pyramid: Non-users; infrequent users; frequent users; loyal users & brand fanatics

Some established marketing practices:

1. Exchange 
2. Retailing 
3. Word of mouth 
4. Sales
5. Advertising 
6. Branding 

A company’s marketing environment consists of the actors and forces that affect the company’s ability to develop and maintain successful transactions and relationships with its target customers. 

Macro - environment - STEEPLE 

Task - environment - markets; customers; suppliers; distributors; competitors 

Micro - environment - mission; 4P’s

STEEPLE: 

S - Socio-cultural factors: demographics, lifestyles, social mobility, educational levels, attitudes, consumerism 

T - Technological factors: levels and focuses of governmental and industrial R&D expenditure; speed of technology transfer; product life cycle; joint ventures

E - Economic factors: business cycles; money supply; inflation rates; investment levels; unemployment; energy costs; GNP trends; patterns of ownership 

E - Ethical factors: CSR policy; fair trade; suppliers’ practices; animal welfare 

P & L - Political and Legal factors: legislative structures; monopoly restrictions; political and governmental stability; political orientations; taxation policies; employment legislations; foreign trade regulations; environmental protection legislation; pressure groups; trade union power

E - Ecological: Climate change; sustainable sourcing; product disposal

Porter’s 5 forces model: threat of new entrants; bargaining power of suppliers; bargaining power of customers; threat os substitute products or…