Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MKTG clep

Chap 1-Marketing Environment

QuestionAnswer
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
Popular Marketing sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards