Notes

marketing important
product, promotion, price, place
creating, communicating, delivering, exchanging
eco factors: inflation, unemployment, interest rates, and whether the economy is in a growth or recession
recession- when high-end stores and products sell well and frequently. Other goods and services in traditional stores/retailers may suffer
macro-economic factors, demographic trends, cultural and social trends, political and legal regulations
micro-competition, suppliers, retailers, wholesalers, public, company and customers.
businesses are trying to engage in getting their products or the way they use or dispose of things more sustainable and environmentally friendly
Porter: substatute products, new competitors, bargaining power of suppliers, bargaining power of buyers
changing market environment: ethics and social responsibility, sustainability, service-dominant logic, metrics, global environment
formulating strategies: strategies(game plan, how to achieve the objectives), tactics(specific actions such as coupons, telephone commercials, taken to execute the strategies), firms(multiple strategies to achieve goal and capitalize on marketing goals), Marketing plan(a strategic plan that provides a functioning level a firms marketing group with direction)
market penetration strategies: increasing a firm's sales for an existing product to its existing customers
product development strategies: creating new products for existing customers
market development strategies: focus on creating new products for existing customers
Boston consulting group mix: stars(A star is a product with high growth and a high market share), cash cows(A cash cow is a product with low growth and a high market share.), question marks or the problem child(The same question or problem arises when a product has a low share of a high-growth market.), dogs(. A dog is a product with low growth and low market share. Dogs do not make much money and do not have a promising future.)