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SBModule8

Marketing

QuestionAnswer
Marketing The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Marketing concept The philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more effectively and efficiently than competitors do.
Define marketing mix The combination of the four strategies for product, price, place and promotion – the 4 P's of marketing.
Warranty Assurance by the seller that the product is as it is represented to be or that it will be as it is promised to be.
Business Image The mental picture customers have of the business
Discount Image is built on “low prices everyday.”
Popular-priced Image is built on the concept of quality designer brand merchandise at lower prices.
Exclusive Image is built on the superiority of the products carried by the business.
Specialty Image is built on the single brand or single type of merchandise carried.
Positioning the perceived standing of a business or product in the minds of its customers as compared to the competition
Terms Conditions of purchase and payment, which are sometimes negotiated between suppliers and buyers
Discounts Reductions in the price of goods, which are negotiated in some situations
Seasonal Discounts Given for buying goods off season
Quantity discounts given for large discounts
Cash discounts given for paying a bill early
Channels of distribution How a product gets from the manufacturer to your customer
Common carrier Provides transportation services for any business in its operating area for a fee.
Contract carrier For-hire carriers that provide equipment and drivers for specific routes according to contracts between the carrier and the shipper.
Private carrier Transports goods for an individual business. Equipment can be purchased or leased to meet the specific transportation needs of the business
Advertising A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail.
Personal selling Communication between a salesperson and a customer (or customers) intended to influence the customer’s buying decision.
Publicity Information about a business or its products distributed through various media at no cost to the business and often not controlled by the business.
Public relations Activities designed to create a favorable image for the business, its products, or its policies. Sponsorship of a local charitable activity would be public relations.
Sales promotion promotional activities except advertising, personal selling, publicity, and public relations designed to stimulate sales/sales effectiveness. Coupons, contests, rebates, displays, and other short-term incentives are considered sales promotion activities.
Customer attitudes Individuals’ feelings or opinions affect everything from fashion to food, from cars to planes and may change quickly and without warning.
Economic conditions Layoffs, unemployment rates, interest rates, and cost of living affect customer spending.
Technological advances New technology may make a product obsolete or may help in improving product quality or productivity.
Political Forces Government regulations, National security and international relations, Consumer trust of the system
Natural forces Natural occurrences as simple as a thunderstorm can impact sales for all different types of businesses.
Competition Activity among competitors may affect traffic and sales in the business.
Internal forces Elements within the business that can be monitored and adjusted by the organization and that affect the marketplace
Market The group of potential customers who have similar needs and wants, sufficient buying power, and the willingness to give up a portion of that buying power in order to obtain a product or service.
Market segmentation Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics.
Target marketing Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments.
Target market The group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product.
Geographic segmentation Dividing markets by where customers are located. For example
Demographic segmentation Dividing markets by characteristics people have in common. For example
Psychographic segmentation Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market. For example
Behavioral segmentation Dividing markets by identifying common responses to products and product features
Measurable The potential sales/income from the segments must be measurable.
Substantial The measurable potential sales/income from the segment must be substantial enough to warrant the investment required to reach the segment.
Responsive The likelihood of the individuals responding positively to promotional efforts must be high enough to justify the investment required.
Market potential The total amount of revenue that can potentially be generated in a specific industry or market.
Market share The percentage of the total sales revenue captured by a firm within a market or industry.
Market position The perceived standing of a business or a product in the minds of its customers as compared to the competition.
average market share calculated by dividing total sales volume by the number of competitors in a given market.
Created by: mrsljohnson
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