Question | Answer |
Marketing | anticipating and satisfying the wants and needs of the market. |
Market | All people or organizations who want or need a product and have the willingness and ability to buy; |
Products | Goods, services, ideas, places, persons. |
Marketing concept | A customer-oriented business philosophy stressing customer satisfaction as the key to achieve organizionational goals. |
Marketing Functions | Environmental analysis, Consumer analysis, Product planning, Price planning, promotion planning, physical distribution planning. |
Marketing Mix | Product, Price, Promotion, Physical distribution. |
Market segmentation | Process of dividing the total market into distinct submarkets or groups based on similarities in theirs wants, needs, behaviors, etc. |
Market segments | Groups of customers who will respond to a firm's marketing mix similarly. |
Target Market | One particular group of potential customers that the organization seeks to satisfy with a product (specific marketing mix). |
Product differentiation | How the product or service is percieved as different from its competitors. |
Product Positioning | Decisions involved in shaping the product's image in customers' mind. |
Marketing Plan | Organization's statement of marketing strategy. |
Marketing Environment | Composed the factors that the organization can control and those that it cannot control. |
Macroenvironmental factors | Demography, Economic conditions, competion, cultural factors, political/legal factors, technological factors. |
Microenvironmental Factors | Suppliers, Marketing intermediaries, Target market. |
Marketing strategy | Way in which the marketing mix is used to satisfy the needs of the target market. |
Market Penetration | Increase sales of existing products in current markets. |
Market development | Increase sales of existing products in new markets. |
Product Development | Offering new products to current markets. |
Diversification | Aim at new products in new markets. |
SWOT | Strenghts, Weaknesses, Opportunities, Threats. |
Star - High market share/High Industry growth rate | Produces large profits but consume substancial resources to finance continued growth. |
Problem Child - Low market share/High Industry growth rate | No great profits and high levels of investments. |
Cash Cow - High market share/Low Industry growth rate | Generates large profits and little investment. |
Dogs - Low market share/Low Industry growth rate | Low profitability and little opportunity for sales growth. |
Differential advantage | Unique qualities of a product that encourage customer purchase and loyalty (preference). |
Marketing myopia | Short-sighted marketing strategy with focus on the product rather than on the the customers served. |
Sustainable competitive advantage | Enduring differential advantage held over competitors (Place is the most sustainable). |