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MKTG clep
Chap 1-Marketing Environment
| Question | Answer |
|---|---|
| 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
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