| Term |
Meaning |
| marketing |
planning & executing the development, pricing, promotion, & distribution of products to achieve goals. |
| market |
all the people or organizations who want or need a product & have the willingness and ability to buy. |
| products |
goods, services, ideas, places, or persons |
| marketing concept |
a customer-oriented philosophy that stresses customer satisfaction as the key to achieving goals. |
| marketing functions |
enviro & consumer analysis
product, price, promotion, & physical distribution (place) planning |
| environmental & consumer analysis |
market research functions that provide the means to evaluate market potential and identify target markets |
| marketing mix |
the combo of controllable factors of product, price, promotion, and place that comprise a mktg program. |
| market segmentation |
dividing the total market into groups based on similarities in ther wants, needs, behaviors, etc |
| market segments |
similar groups of customers who will respond to a firm's marketing mix similarly |
| target market |
one or more specific groups of potential consumers toward which an organization directs its marketing program |
| product differentiation |
perceived differences in a product from its competition |
| product positioning |
shaping the product's perceived image in the consumer's mind relative to competing products |
| marketing plan |
statement of marketing strategy & the specification of the activities required to carry out the strategy |
| situation analysis |
assessment of the situation confronting the firm |
| marketing environment |
comprises controllable and uncontrollable factors |
| marketing objectives |
specific goals of the firm in both quantitative and qualitative terms |
| macroenvironmental factors |
external industrial impacts *demographics *economics *competition *society&culture *politics&law *technology |
| microenvironmental factors |
mostly uncontrollable externalalities impacting individual companies *suppliers *mktg middlemen *target mkt |
| marketing strategy |
the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals |
| product/market opportunity matrix |
4 alternative mktg strategies available: mkt penetration, mkt development, product development, diversification |
| market penetration |
present markets/present products: attempts to increase sales of the firm's existing products to its current markets |
| market development strategy |
present products/new markets: attempst to increase sales by introducing existing products to new markets |
| product development strategy |
new products/present markets: entails offering new products to the firm's current markets |
| diversification strategy |
new products/new markets: aims new products at new markets |
| SWOT matrix |
assesses the potential of new opportunities by strengths weaknesses opportunities threats |
| strengths |
competitive advangages that give the firm a superior ability to meet the needs of its target markets |
| weaknesses |
limitations that a company might face in the development or implementation of a specific marketing strategy |
| opportunities |
favorable environmental conditions that coudl bring the firm rewards if exploited |
| threats |
competitive conditions or other barriers that might prevent the firm from reaching its goals |
| boston consulting group matrix |
identifies product categories by their mkt shares relative to immediate competitors and growth rates for the industry |
| boston consulting matrix stars |
high market share & high industry growth: generates large profits, costs a lot continue growth |
| boston consulting group matrix - problem child |
low mkt share & high growth: doesn't provide great profits & costs a lot to maintain or inc mkt share |
| boston consulting group matrix cash cows |
high mkt share & low industry growth: generates large profits w/ little investment to maintain mkt share in slow-growth |
| dogs |
boston consulting group matrix-low mkt share & low growth rate: low profits and little opp for sales growth |
| differential advantage |
unique qualitities that encourage purchase and loyalty based on substantive differences from competition |
| marketing myopia |
tendency of some marketing managers to focus narrowly on the products rather than the customers wants |
| sustainable competitive advantage |
enduring advantage over competitors with superior value thru lower prices or other elements of the mktg mix |
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