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MKTG REVIEW
CLEP PRINCIPLES OF MARKETING CH 1
| Term | Meaning |
|---|---|
| marketing | planning & executing the development, pricing, promotion, & distribution of products to achieve goals. |
| market | all the people or organizations who want or need a product & have the willingness and ability to buy. |
| products | goods, services, ideas, places, or persons |
| marketing concept | a customer-oriented philosophy that stresses customer satisfaction as the key to achieving goals. |
| marketing functions | enviro & consumer analysis product, price, promotion, & physical distribution (place) planning |
| environmental & consumer analysis | market research functions that provide the means to evaluate market potential and identify target markets |
| marketing mix | the combo of controllable factors of product, price, promotion, and place that comprise a mktg program. |
| market segmentation | dividing the total market into groups based on similarities in ther wants, needs, behaviors, etc |
| market segments | similar groups of customers who will respond to a firm's marketing mix similarly |
| target market | one or more specific groups of potential consumers toward which an organization directs its marketing program |
| product differentiation | perceived differences in a product from its competition |
| product positioning | shaping the product's perceived image in the consumer's mind relative to competing products |
| marketing plan | statement of marketing strategy & the specification of the activities required to carry out the strategy |
| situation analysis | assessment of the situation confronting the firm |
| marketing environment | comprises controllable and uncontrollable factors |
| marketing objectives | specific goals of the firm in both quantitative and qualitative terms |
| macroenvironmental factors | external industrial impacts *demographics *economics *competition *society&culture *politics&law *technology |
| microenvironmental factors | mostly uncontrollable externalalities impacting individual companies *suppliers *mktg middlemen *target mkt |
| marketing strategy | the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals |
| product/market opportunity matrix | 4 alternative mktg strategies available: mkt penetration, mkt development, product development, diversification |
| market penetration | present markets/present products: attempts to increase sales of the firm's existing products to its current markets |
| market development strategy | present products/new markets: attempst to increase sales by introducing existing products to new markets |
| product development strategy | new products/present markets: entails offering new products to the firm's current markets |
| diversification strategy | new products/new markets: aims new products at new markets |
| SWOT matrix | assesses the potential of new opportunities by strengths weaknesses opportunities threats |
| strengths | competitive advangages that give the firm a superior ability to meet the needs of its target markets |
| weaknesses | limitations that a company might face in the development or implementation of a specific marketing strategy |
| opportunities | favorable environmental conditions that coudl bring the firm rewards if exploited |
| threats | competitive conditions or other barriers that might prevent the firm from reaching its goals |
| boston consulting group matrix | identifies product categories by their mkt shares relative to immediate competitors and growth rates for the industry |
| boston consulting matrix stars | high market share & high industry growth: generates large profits, costs a lot continue growth |
| boston consulting group matrix - problem child | low mkt share & high growth: doesn't provide great profits & costs a lot to maintain or inc mkt share |
| boston consulting group matrix cash cows | high mkt share & low industry growth: generates large profits w/ little investment to maintain mkt share in slow-growth |
| dogs | boston consulting group matrix-low mkt share & low growth rate: low profits and little opp for sales growth |
| differential advantage | unique qualitities that encourage purchase and loyalty based on substantive differences from competition |
| marketing myopia | tendency of some marketing managers to focus narrowly on the products rather than the customers wants |
| sustainable competitive advantage | enduring advantage over competitors with superior value thru lower prices or other elements of the mktg mix |
Created by:
forrestree71
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