Target market-
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a specific group of customers on whom an organization
focuses its marketing efforts
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Marketing mix
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marketers combine and balance four elements when determining how to satisfy customers needs for a product. Product, price, distribution, promotion |
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Marketing Exchanges
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the provision or transfer of goods, service, or ideas in return for something of value |
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Marketing Environment
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the six forces that surround the customer and affect the marketing mix. Economic, political, legal and regulatory, technological, socio-cultural, competitive |
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Marketing |
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the process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customer and develop and maintain favorable relationships with stakeholders in a dynamic environment |
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Marketing Concepts
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a management philosophy that an organization should try to provide products that satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals |
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Evolution of the Marketing Concept
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product orientation (1850-1920), Sales orientation (1920-1960) market orientation (1960-current) |
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Value- Driven Marketing
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a customer’s subjective assessment of benefits relative to costs in determining the worth of a product |
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Strategic Planning Process
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the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan. |
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Marketing Strategy
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a plan of action of identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
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Marketing Plan
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a written document that specifies the activities to be performed to implement and control the organization’s marketing actives |
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Competitive Advantage
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the result of a company’s matching a core competency to opportunities in the market place |
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Corporate Identity
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should support all corporate activities, unique symbols, personalities, philosophies. |
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Corporate Strategy
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a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals |
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Marketing Implementation
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the process of putting marketing strategies into action |
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Environmental Scanning
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- the process of collecting information about forces in the marketing environment. |
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Political Forces in Marketing
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enactment of legislations, legal decisions interpreted by courts through civil criminal cases, influences or regulatory agencies. |
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Types of Competitive Structures
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Monopoly, Oligopoly
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Monopolistic Competition
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when an organization with many competitors develops a marketing strategy to differentiate its products |
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Pure Competition
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a large number of sellers, no one of which influences price or supply |
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Consumer Protection
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legislation (federal and state laws), protect people from harm, prohibits hazardous products, requires information disclosure, aimed at particular marketing activities |
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Adoption and use of technology
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firms must keep up with technology to maintain their status as market leaders |
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Social Responsibility
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an organization’s obligation to maximize its positive impact and minimize its negative impact on society |
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Cause Related marketing
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the practice of linking products to a particular social cause on an ongoing or short term basis |
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Strategic Philanthropy
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the synergistic use of organizational core competencies and resources to address key stakeholder’s interests and achieve both organizational and social benefits. |
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Ethical Issues to the marketing mix
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product-failing to disclose risks associated with a product, distribution- manipulating product availability, promotion-offering and accepting bribes in personal selling situations, price-price fixing |
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Social Responsibility and ethics improve marketing performance
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evidence shows there are long term financial to being ethical and socially responsible |
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Steps in conducting marketing research
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locating and defining issues of problems, designing the project, collecting data, interpreting research findings, report’s findings. |
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Methods of gathering date
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mail, telephone, online, door-to door, focus group |
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Marketing Research process step 1 & 4
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1- focus on uncovering the nature and boundaries of situation, 4-interpret findings. |
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Type of Research
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exploratory, conclusive, descriptive, experimental. |
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Personal Interview survey
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in-home/door to door, focus groups, customer advisory board, telephone depth, shopping mall intercept. |
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Questionnaire Construction types
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open ended question, multiple choice question, dichotomous question |
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Consumer Market
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purchasers and household members who intend to consumer or benefit from the purchased products and do not buy products to make profits |
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Business Market
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individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations |
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Undifferentiated targeting strategy
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a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product |
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Homogenous Market
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a market in which large proportion of customers have similar needs for a product |
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Major Segmentation
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the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs |
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Concentrated Targeting Strategy
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a market segmentation strategy in which an organization targets a single market segment using one marketing mix |
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Differentiated Targeting
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a strategy in which an organization targets two or more segments by developing a marketing mix for each segment |
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Target Market Selection process- Step 3
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develop market segment profiles |
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Product Positioning
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creating and maintain a certain concept of a product in customers mind |
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Repositioning
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changing the product, its price or its distribution |
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Stages of consumer buying
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problem recognition, information search, evaluation of alternatives, purchase stage, post purchase evaluation |
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Consumer buying behavior
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the decision processes and actions of people involved in buying and using products |
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Perception |
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selecting, organizing and interpreting information to produce meaning |
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Attitudes |
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individual’s enduring evaluations of feelings about and behavioral tendencies toward an object or idea. |
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Lifestyles |
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refers to individual’s pattern of living expressed through activities, interest and opinions |
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Consumer problem solving strategies
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routinized response, limited problem solving, extended problem solving, and impulse buying |
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Social Influence roles
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actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons |
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Culture |
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the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generation |
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Subculture |
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groups of individuals whose characteristic values and behavior patterns are similar and different from those of the surround culture
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Characteristics of transactoins with businesses |
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tend to be longer than individual consumer sales |
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Types of business purchases |
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new task purchase: item purchased to perform a new job, straight rebuy: routine purchases of same product, modified rebuy: new task purchase that is changed on subsequent orders |
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Buying Center |
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the group of people within the organization who make business purchase decisions |
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influences of the business buying decision process |
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environmental, organizational, interpersonal, individual |
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Industrial classification systems |
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ready-made tools which allow marketers to divide organization into groups based mainly on the type of goods and services provided |
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