Marketing Test #1

40 terms by scarp88 

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Customers

focal point of marketing activities

Marketing

producing, placing, pricing, and promoting a good, service, or idea for profit

Target Market

specific group of customers on whom a company focuses its marketing efforts

Value

customers subjective assessment of benefits relative to costs in determining the worth of a product (Benefit/ Cost)

SWOT

examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets

Opportunities

favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly

Mission Statement

answers "Who are our customers?" & "What is our core competency?"

Strategic Business Unit SBU

within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources

Market

group that has willingness, ability, and authority to buy a product

BCG Prod Port Mix

based on the philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy

Marketing Mix

4P's, selection of target markets = basis for creation, elements = marketing mix variables, each element must be matched with needs of market and other elements of mix

Marketing Plan

includes Executive Summaries, Environmental Analysis, Marketing Strategies, Marketing Implementation (in this order)

Core Competencies

things a firm does extremely well, whcih can give it an advantage over its competitiors

Market Opportunity

combo of circumstances granting periods of optimal fit between a firm's product and a target market

Strategic Windows

temporary periods of optimal fit between a market and the particular capabilities of a firm in that market

Competitive Advantage

result of a company's matching core competency to opportunities it has discovered in the marketplace

Marketing Mix

Product, Place, Promotion, Price

Total Quality Management TQM

philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality

Benchmarking

comparing owns products to competitiors, especially primary competitior

Empowerment

granting customer-contact employees authority and responsibility to make marketing decisions without supervisor approval

Centralized Organization

top-level managers delegate very little authority

Decentralized Organization

decision making authority is delegated all the way down the chain of command

Marketing Control Process

est. performance standards, eval. performance by comparing it with est. standards, reducing differences

Environmental Scanning/ Analysis

collecting data/ assessing & interpreting data

Monopolistic Competition/ Pure Competition

many potential compet. & must differentiate/ very large # of sellers, none strong enough to influence price or supply

Recession/ Depression

unemploy. rises, total buying pwr. declines/ unemploy.=very high, wages=very low, dis. income = minimum, consumers lack confidence in economy

Disposable Income/ Wealth

after-tax income/ accumulation of past income, nat. resources, financial resources

Discretionary Income

disposable income available for spending/saving after purchasing basic needs (food, clothing, shelter)

Federal Trade Comission FTC

agency that regulates a variety of business practices & curbs false advertising, misleading prices, and deceptive packaging

Sherman Anti-Trust Act 1890

prohibits contracts, combos, conspiracies to restrain trade, bans monopolies

Clayton Act 1914

prohibits price discrimination, exclusive-dealer arrangements, stock acquisitions that may lessen competition & lead to monopoly

Fed. Trade Com. Act 1914

created FTC, granted FTC pwrs. to investigate potential unfair methods in competition

Robinson-Patman Act 1936

prohibits price discrimination

Technology/Reach

application of knowledge and tools to solve problems and perform tasks more efficiently/ broad nature of tech. as it moves through society

Consumerism

organized efforts by individuals, groups, and organizations to protect consumers' rights

Corp. Social Responsibilty

maximize positive impact and minimize negative impact

Marketing Citizenship

adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic responsibilities expected by stakeholders

Green Marketing

create long-term meaningful relationships with customers while maintaining, supporting, and enhancing the natural environment

Ethical Decision Making Process

Individual Factors, Organizational Factor, Opportunity

Customer Relationship Marketing CRM

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