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Marketing Final
Terms and Concepts
| Question | Answer |
|---|---|
| What is marketing? | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| What are the four marketing orientations? | Production, sales, market and societal marketing |
| What is production orientation? | a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace |
| What is sales orientation? | the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
| What is market orientation? | the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives |
| What is societal marketing orientation? | a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product; it is synonymous with the marketing concept |
| What is strategic planning? | the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities |
| What is strategic business unit? | a subgroup of a single business or collection of related businesses within the larger organization |
| What are the characteristics of an SBU? | A distinct mission and a specific target market, Control over its resources, Its own competitors, A single business or a collection of related businesses, Plans independent of the other S B U s in the total organization |
| What does Ansoff's Strategic Opportunity Matrix do? | Gives firms four options to match products with markets |
| What are the four options of Ansoff's Matrix? | Market Penetration, Market Development, Product Development, and Diversification |
| What is market penetration? | a marketing strategy that tries to increase market share among existing customers |
| What is market development? | a marketing strategy that entails attracting new customers to existing products |
| What is product development? | a marketing strategy that entails the creation of new products for present markets |
| What is diversification? | a strategy of increasing sales by introducing new products into new markets |
| What is SWOT analysis? | identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) |
| What is marketing mix? | a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| What is product? | The heart of the marketing mix, the starting point, is the product offering and product strategy |
| What is place? | Place, or distribution, strategies are concerned with making products available when and where customers want them |
| What is promotion? | role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organization or a product. |
| What is pricing? | Price is what a buyer must give up in order to obtain a product. |
| What is positioning? | developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general |
| What are the stages of the consumer decision making process? | Need recognition, information search, evaluation of alternatives, purchase and post-purchase behavior |
| What is need recognition? | result of an imbalance between actual and desired states |
| What is evaluation of alternatives? | consumer will use the information stored in memory and obtained from outside sources to develop a set of criteria. The environment, internal information, and external information help consumers evaluate and compare alternatives |
| What is post-purchase behavior? | How well consumers’ expectations of a purchase are met determines whether the consumer is satisfied or dissatisfied with the purchase |
| What is internal information search? | the process of recalling information stored in the memory |
| What is external information search? | the process of seeking information in the outside environment |
| What are the three types of purchases? | Planned, partially planned, and impulse |
| What is a market segment? | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| What is market segmentation? | the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
| What is geographic segmentation? | segmenting markets by region of a country or the world, market size, market density, or climate |
| What is demographic segmentation? | segmenting markets by age, gender, income, ethnic background, and family life cycle |
| What is psychographic segmentation? | segmenting markets on the basis of personality, motives, lifestyles, and geodemographics |
| What is benefit segmentation? | the process of grouping customers into market segments according to the benefits they seek from the product |
| What is usage rate segmentation? | dividing a market by the amount of product bought or consumed |
| What is target market? | a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges |
| What is marketing research? | the process of planning, collecting, and analyzing data relevant to a marketing decision |
| What role does marketing research serve? | Marketing research helps managers to understand what is going on in the marketplace and to take advantage of opportunities |
| What are the steps in the marketing research process? | Identify and formulate problem/opportunity, Plan research and gather secondary data, specify sampling procedures, collect primary data, analyze the data, present report, and follow up |
| What is a product? | everything, both favorable and unfavorable, that a person receives in an exchange |
| What is a product item? | a specific version of a product that can be designated as a distinct offering among an organization’s products |
| What is a product line? | a group of closely related product items |
| What is a product mix? | all products that an organization sells |
| What is diffusion? | the process by which the adoption of an innovation spreads |
| What are the types of adopters in the diffusion process? | Innovators, early adopters, early majority, late majority and laggards |
| What is a product life cycle? | a concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death) |
| What are the stages of the product life cycle? | Introductory, Growth, Maturity and Decline |
| What is promotion? | communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response |
| What is promotional mix? | the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization’s overall goals |
| What is the AIDA concept? | a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action |
| What is integrated marketing communications? | the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every point at which a company has contact with the consumer |
| What is advertising objective? | a specific communication task that a campaign should accomplish for a specified target audience during a specified period |
| What is media mix? | the combination of media to be used for a promotional campaign |
| What is public relations? | the element in the promotional mix that evaluates public attitudes, identifies issues that may elicit public concern, and executes programs to gain public understanding and acceptance |
| What are the steps in the price process? | Establish pricing goals, estimate demand costs and profits, choose a price strategy to help determine a base price, and fine-tuning the base price with pricing tactics |
Created by:
Faith64
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