Flashcard Set Preview
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| 1 |
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...
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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,...
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Marketing
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the process of creating, distributing, promoting and pricing goods, services, and ideas to...
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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...
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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...
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Strategic Planning Process
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the process of establishing an organizational mission and formulating goals, corporate strategy,...
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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...
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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...
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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...
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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,...
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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...
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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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| 21 |
Consumer Protection
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legislation (federal and state laws), protect people from harm, prohibits hazardous products,...
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| 22 |
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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| 23 |
Social Responsibility
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an organization’s obligation to maximize its positive impact and minimize its negative impact...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Culture
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the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society...
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Subculture
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groups of individuals whose characteristic values and behavior patterns are similar and different...
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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...
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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...
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