CLEP PRINCIPLES OF MARKETING CH 1
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| marketing | planning & executing the development, pricing, promotion, & distribution of products to achieve goals.
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| market | all the people or organizations who want or need a product & have the willingness and ability to buy.
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| products | goods, services, ideas, places, or persons
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| marketing concept | a customer-oriented philosophy that stresses customer satisfaction as the key to achieving goals.
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| marketing functions | enviro & consumer analysis
product, price, promotion, & physical distribution (place) planning
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| environmental & consumer analysis | market research functions that provide the means to evaluate market potential and identify target markets
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| marketing mix | the combo of controllable factors of product, price, promotion, and place that comprise a mktg program.
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| market segmentation | dividing the total market into groups based on similarities in ther wants, needs, behaviors, etc
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| market segments | similar groups of customers who will respond to a firm's marketing mix similarly
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| target market | one or more specific groups of potential consumers toward which an organization directs its marketing program
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| product differentiation | perceived differences in a product from its competition
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| product positioning | shaping the product's perceived image in the consumer's mind relative to competing products
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| marketing plan | statement of marketing strategy & the specification of the activities required to carry out the strategy
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| situation analysis | assessment of the situation confronting the firm
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| marketing environment | comprises controllable and uncontrollable factors
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| marketing objectives | specific goals of the firm in both quantitative and qualitative terms
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| macroenvironmental factors | external industrial impacts *demographics *economics *competition *society&culture *politics&law *technology
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| microenvironmental factors | mostly uncontrollable externalalities impacting individual companies *suppliers *mktg middlemen *target mkt
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| marketing strategy | the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals
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| product/market opportunity matrix | 4 alternative mktg strategies available: mkt penetration, mkt development, product development, diversification
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| market penetration | present markets/present products: attempts to increase sales of the firm's existing products to its current markets
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| market development strategy | present products/new markets: attempst to increase sales by introducing existing products to new markets
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| product development strategy | new products/present markets: entails offering new products to the firm's current markets
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| diversification strategy | new products/new markets: aims new products at new markets
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| SWOT matrix | assesses the potential of new opportunities by strengths weaknesses opportunities threats
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| strengths | competitive advangages that give the firm a superior ability to meet the needs of its target markets
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| weaknesses | limitations that a company might face in the development or implementation of a specific marketing strategy
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| opportunities | favorable environmental conditions that coudl bring the firm rewards if exploited
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| threats | competitive conditions or other barriers that might prevent the firm from reaching its goals
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| boston consulting group matrix | identifies product categories by their mkt shares relative to immediate competitors and growth rates for the industry
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| boston consulting matrix stars | high market share & high industry growth: generates large profits, costs a lot continue growth
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| 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
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| 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
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| dogs | boston consulting group matrix-low mkt share & low growth rate: low profits and little opp for sales growth
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| differential advantage | unique qualitities that encourage purchase and loyalty based on substantive differences from competition
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| marketing myopia | tendency of some marketing managers to focus narrowly on the products rather than the customers wants
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| sustainable competitive advantage | enduring advantage over competitors with superior value thru lower prices or other elements of the mktg mix
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