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Intro to Marketing
Intro to Marketing ch1-6
| Term | Definition |
|---|---|
| Marketing | An organizational function & set of processes for creating, communicating, & delivering value to customers & for managing customer relationships in ways that benefit the organization & its stakeholder |
| Exchange | trade things of value so that each party is better off after the trade |
| Customer Value | unique combination of benefit received by the target consumer |
| Business firm | serve customers in order to make a profit |
| Non-Profit | serves its customers but does not have a profit as a goal |
| Business Firm Goal: Profit | The reward for the risk a business undertakes in providing a product/service for a sale |
| Mission Statement | a statement about the organization's: scope, customers, market, product, technology, and value |
| Goals or Objectives | Convert the mission into organizational targets to be achieve in specific time frames |
| The Strategic Marketing Process | 1.situation analysis 2.market 3.set marketing & product goals, select target markets, points of difference, position the product 4.marketing program 5.implement 6.control |
| economy of scale | producing more units at less of a price |
| Market Share | Ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself |
| Strategic Marketing Process | Organization allocates its marketing mix to reach its target markets: planning, implementing, control |
| Product market decisions 1.market penetration 2.market development 3.product development 4.diversification | 1.Can we extract revenue we are not receiving? 2.doing business in a new way 3.new or enhanced features 4.go into new businesses & new markets |
| Environmental Scanning | The process of continually acquiring information on events occurring outside the organization to identify & interpret potential threats |
| Social Forces-Demographics | describing the population in terms of characteristics such as age, gender, ethnicity, income, & occupation |
| Socials Forces-Culture | culture trends influence consumer-buying patterns |
| Economic Forces | The economy-income, expenditures, & resources that affect the cost of running a business & household |
| Technological Forces 1.Information & Communication 2.Electronic Commerce | 1.electronic exchange environment provided by computers, telecommunication, & digital communication 2.business activity that uses some form of electronic communication to conduct business |
| Competitive Forces-Competition -Alternate forms: pure competition, monopolistic competition, oligopoly, pure monopoly | alternative firms that could provide a good or service, now or in the future, to satisfy a need of a want of a target market |
| Pure Competition | similar products, distribution is important |
| Monopolistic Competition | substitutable products, sales are important |
| Oligopoly | few companies control sale, promotion/differences to protect market share are important |
| Pure Marketing | reduced roles for marketing |
| Regulatory Forces-Regulation | restrictions placed on the conduct of business by state & federal laws to protect businesses |
| Federal Trade Commission (FTC) | establish in 1914 & is concerned with deceptive or misleading advertising & unfair business practices |
| Sherman Antitrust Act (1890) | prohibits the use of trusts |
| Clayton Act (1914) | outlawed practices considered harmful to consumers (monopolies, cartels, and trusts) |
| Robinson Patman Act (1936) | -prevents unfair price discrimination -legal if one group buys larger quantities then the other |
| Market Segmentation | Involves aggregation prospective buyers into groups that (1) have common needs/wants & (2) will respond similarly to a marketing action |
| Steps in segmenting/targeting markets | step 1: from potential buyers into segments step 2: form products to be sold into groups step 3: develop a market step 4: select target markets step 5: take marketing actions to reach target markets |
| Economics | The study of how society chooses to employ resources to produce goods & services & to distribute them for consumption among various competing groups & individuals |
| Macroeconomics | part of economic study that deals with the operations of the nation's economy as a hold |
| Microeconomics | part of economic study that looks at the behavior of consumers & organizations in particular markets |
| Capitalism | an economic system in which all or most of the means of production & distribution are privately owned & operated for a profit |
| Factors of Production | resources used by a business to create wealth |
| Consumer Behavior | actions a person takes in purchasing & suing products & services |
| Purchase Decision Process | stages the buyer passes through while making choices about which products & services to purchase |
| Attitudes | learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way |
| Brand Loyalty | favorable attitude toward & consistent purchase of a single brand over time |
| Positioning | the power of a brand to provide value, & occupy the prime/favorable position in the consumer mind, is that it makes competing brands seem as the 'meto' product |
| Business Marketing | the marketing of products to companies, government, or not-for-profit organizations for use in the creation of goods & services that they then produce 7 market to other |
| Organizational Buyers | those manufactures, wholesalers, retailers, & government agencies that buy goods & services for their own use or for resale |
| Industrial Markets | reprocess a product or service they buy before selling it again to the next buyer |
| Reseller Markets | wholesalers/retailers that buy products & resell them without reprocessing |
| Government Markets | federal, state, & local, who buy products/services for the constituents they serve |
| Buying Center | consists of people in an organization that participates in the buying process & share common goals, risks, & knowledge important to purchase decisions |
Created by:
NickUD
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