Key Marketing Concepts and Business Strategies
Key Marketing Functions
- Financing
- Information Management
- Pricing
- Product and Service Management
- Promotion
- Selling Distribution
Applying Marketing Through:
Attitudes
Attitudes – a settled way of thinking or feeling about someone or something, typically one that is reflected in a person’s behavior.
Cash Cows
Cash cows – (low growth, high market share) Profits and cash generation should be high, and because of the low growth, investments needed should be low. Keep profits high. Foundation of the company.
Code of Ethics
Code of Ethics – by a business is a particular kind of policy statement. A properly framed code is, in effect, a form of legislation within the company binding on its employees, with specific sanctions for violation of the code.
Consumerism
Consumerism – the protection or promotion of the interests of consumers.
Contract Manufacturing
Contract Manufacturing – a manufacturer that contracts with a firm for components or products. It is a form of outsourcing.
Corporate and Social Responsibility
Corporate and social responsibility – the voluntary activities undertaken by a company to operate in an economic, social, and environmentally sustainable manner.
Cultural Sensitivity
Cultural sensitivity – being aware that cultural differences and similarities between people exist without assigning them a value – positive or negative, better or worse, right or wrong.
Culture
Culture – the beliefs, customs, arts, etc., of a particular society, group, place, or time.
Diversification
Diversification – a risk management technique that mixes a wide variety of investments within a portfolio.
Divestment
Divestment – the action or process of selling off subsidiary business interests or investments.
Dog
Dog – (low growth, low market share) Avoid and minimize the number of dogs in the company. Beware of expensive “turn around” plans. Deliver cash otherwise liquidate.
Environmental Scanning
Environmental scanning – a process that systematically surveys and interprets relevant data to identify external opportunities and threats. An organization gathers information about the external world, its competitors, and itself.
Ethical System
Ethical system – the study of what makes actions right and wrong. These theories offered an overarching moral principle one could appeal to in resolving difficult moral decisions.
Ethics
Ethics – moral principles that govern a person’s or group’s behavior.
Ethnocentrism
Ethnocentrism – evaluation of other cultures according to preconceptions originating in the standards and customs of one’s own culture.
Financial Statement
Financial statement – (or financial report) is a formal record of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand.
Functional Planning
Functional planning – medium-term planning carried out by middle management and at times with assistance of top management as well.
Global Marketing Standardization
Global marketing standardization – the ability to use standard marketing internationally. In other words, it’s the ability for a company or business to use the same marketing strategy from one country to the next, and across various cultures.
Gross Profit
Gross profit – a company’s total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
Joint Venture
Joint Venture – a commercial enterprise undertaken jointly by two or more parties that otherwise retain their distinct identities.