Chap 1-Marketing Environment
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Marketing | anticipating and satisfying the wants and needs of the market.
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| Market | All people or organizations who want or need a product and have the willingness and ability to buy;
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| Products | Goods, services, ideas, places, persons.
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| Marketing concept | A customer-oriented business philosophy stressing customer satisfaction as the key to achieve organizionational goals.
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| Marketing Functions | Environmental analysis, Consumer analysis, Product planning, Price planning, promotion planning, physical distribution planning.
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| Marketing Mix | Product, Price, Promotion, Physical distribution.
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| Market segmentation | Process of dividing the total market into distinct submarkets or groups based on similarities in theirs wants, needs, behaviors, etc.
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| Market segments | Groups of customers who will respond to a firm's marketing mix similarly.
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| Target Market | One particular group of potential customers that the organization seeks to satisfy with a product (specific marketing mix).
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| Product differentiation | How the product or service is percieved as different from its competitors.
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| Product Positioning | Decisions involved in shaping the product's image in customers' mind.
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| Marketing Plan | Organization's statement of marketing strategy.
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| Marketing Environment | Composed the factors that the organization can control and those that it cannot control.
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| Macroenvironmental factors | Demography, Economic conditions, competion, cultural factors, political/legal factors, technological factors.
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| Microenvironmental Factors | Suppliers, Marketing intermediaries, Target market.
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| Marketing strategy | Way in which the marketing mix is used to satisfy the needs of the target market.
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| Market Penetration | Increase sales of existing products in current markets.
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| Market development | Increase sales of existing products in new markets.
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| Product Development | Offering new products to current markets.
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| Diversification | Aim at new products in new markets.
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| SWOT | Strenghts, Weaknesses, Opportunities, Threats.
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| Star - High market share/High Industry growth rate | Produces large profits but consume substancial resources to finance continued growth.
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| Problem Child - Low market share/High Industry growth rate | No great profits and high levels of investments.
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| Cash Cow - High market share/Low Industry growth rate | Generates large profits and little investment.
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| Dogs - Low market share/Low Industry growth rate | Low profitability and little opportunity for sales growth.
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| Differential advantage | Unique qualities of a product that encourage customer purchase and loyalty (preference).
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| Marketing myopia | Short-sighted marketing strategy with focus on the product rather than on the the customers served.
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| Sustainable competitive advantage | Enduring differential advantage held over competitors (Place is the most sustainable).
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