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MKTG clep

Chap 1-Marketing Environment

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).
Created by: lili8