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MKT Module 2

QuestionAnswer
Marketing Environment Everything that affects a business.
Microenvironment Forces close to the business.
Macroenvironment Forces outside the business.
SWOT Analysis Strengths, weaknesses, opportunities, and threats.
Strengths Things a business does well.
Weaknesses Things a business does poorly.
Opportunities Outside chances to improve.
Threats Outside problems.
Environmental Scanning Collecting information.
Environmental Analysis Studying the information.
Reactive Response Reacting after change happens.
Proactive Response Preparing for or creating change.
Competitive Forces Competition in the market.
Porter's Five Forces Five forces that affect competition.
Competitive Rivalry Competition between businesses.
Threat of New Entrants New businesses entering the market.
Threat of Substitute Products Other products that can replace yours.
Bargaining Power of Buyers Customers' power.
Bargaining Power of Suppliers Suppliers' power.
Brand Competitors Very similar products.
Industry Competitors Same type of products.
Form Competitors Different products with the same purpose.
Generic Competitors Products competing for the same money.
STP Segmentation, Targeting, Positioning.
Segmentation Dividing customers into groups.
Targeting Choosing a group to sell to.
Positioning How customers see your product.
Demographic Segmentation Grouping by age, gender, income, etc.
Psychographic Segmentation Grouping by lifestyle and personality.
Behavioral Segmentation Grouping by buying habits.
Needs Segmentation Grouping by customer needs.
VALS Values and lifestyles.
Ideals Orientation Motivated by beliefs.
Achievement Orientation Motivated by success.
Self-Expression Orientation Motivated by fun and experiences.
Undifferentiated Targeting One strategy for everyone.
Differentiated Targeting Different strategies for different groups.
Niche Targeting One small target market.
Micromarketing Marketing to individuals or small areas.
Perceptual Map Shows how customers compare products.
Value Proposition Why customers should buy your product.
Positioning Statement A product's place in the market.
Business Products Products businesses buy.
Derived Demand Demand caused by customer demand.
Joint Demand Demand for products used together.
Business Market (B2B) Businesses buying from businesses.
Consumer Market (B2C) People buying for themselves.
Straight Rebuy Buying the same thing again.
Modified Rebuy Buying again with changes.
New Task Buying for the first time.
Culture A group's shared beliefs and values.
Subculture A smaller group within a culture.
Enculturation Learning your own culture.
Acculturation Learning a new culture.
Reverse Acculturation Your culture changes because of another culture.
Corporate Social Responsibility Businesses helping society.
Sustainability Meeting today's needs without hurting the future.
Preconventional Morality Doing what's best for yourself.
Conventional Morality Following rules and expectations.
Postconventional Morality Doing what's morally right.
Global Marketing Standardization Selling the same product the same way everywhere.
Licensing Letting another company use your product or brand.
Contract Manufacturing Paying another company to make your product.
Marketing Plan A plan for marketing.
Executive Summary Summary of the marketing plan.
Company Description, Purpose, and Goals What the company is and wants to do.
Marketing Situation Current business and market conditions.
Forecasting Predicting future results.
Marketing Strategy Plan to reach marketing goals.
Measurement and Control Checking if the plan is working.
Created by: user-1886677
 

 



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