| 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). |
Cardio Block2anatomy
