IB Business and Management: Unit 4
Terms in this set (47)
dominant/key players in a market
Being market oriented means a approach is adopted by businesses that are outward looking. Meaning that they focus on making products they can sell, not selling products they can make, while product oriented marketing is when business are inward looking, and they focus on selling products they can make, not making products they can sell.
The organizations share of the value of sales
how many customers in the market
Marketing is the management role of predicting, identifying and meeting the needs and wants of customers in a profitable manner
systematic examination and review of the current marketing position of an organization in terms of its strengths and weaknesses
the main elements of marketing strategies. product, price, promotion, place, physical evidence, people, process and packaging
The systematic process of devising marketing objectives and appropriate marketing strategies to obtain this goal
is the goal of increasing sales and achieving a sustainable competitive advantage
while product oriented marketing is when business are inward looking, and they focus on selling products they can make, not making products they can sell
is an approach used to develop activities aimed at changing or maintaining people's behaviour for the benefit of individuals and society as a whole.
the moral aspects of a firm's marketing strategies. can be encouraged by the use of moral codes of practice
is any organized effort to gather information about target markets or customers.
the way a product is presented
the material part of a service
A diagram which illustrates the position of products in relation to each other and against variables such as price, quality, and target market.
data Customized by the company to accomplish specific goals
Gathering and analyzing the results of someone else's research
A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers.
unique selling point
Any aspect of or characteristic of a product that differentiates it from the competition. Firms will often want to stress this in their marketing.
Is a tool for analysing the product portfolio of a business. It measures whether products have a high or low MARKET SHARE and operate in HIGH or LOW GROWTH industries.
Is an attempt by marketers to lengthen the product life cycle of a particular product. Such strategies are typically used during the maturity or early decline stages of a product's life cycle.
A tangible artifact produced by means of either human or mechanical work, or by biological or chemical process.
All products that an organization sells.
product life cycle
Four stages that product goes through over its life: introduction, growth, maturity, and decline.
competition based pricing
setting prices based on competitors' strategies, prices, costs, and market offerings
cost based pricing
Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.
cost plus pricing
all costs & expenses are added to the desired profit to determine the selling price
A pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market
A pricing strategy that involves setting prices higher than those of the competition
above the line promotion
refers to any form of paid for advertising through the mass media in order to reach a wide audience
A written or spoken media message designed to interest consumers in purchasing a product or service.
below the line promotion
non-media communication or advertising that gives immediate incentive to purchase (coupons, prizes, etc) (direct mail, e mail, etc)
A combination, or blend, of marketing communication channels that a business uses to send its messages to consumers (i.e., advertising, sales promotion, personal selling, and publicity).
methods that lure customers into buying a product
means using intermediaries, such as real estate agencies or financial consultants, to help sell products.
A public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image
word of mouth
People influencing each other in personal conversations.
Attention, Interest, Desire, Action
an agent who handles business affairs for another; especially one who deals with employers
channels of distribution
Routes that products and services take from the time they are produced to the time they are consumed.
Organizations that help other organizations sell their goods or services to customers.
: business firms operating between manufacturer & the customer/buyer that aides in the movement of product (middlemen); o performs Marketing functions better than manufacturer is capable of.
Businesses that sell consumer goods directly to the public.
Businesses that buy large quantities of goods from manufacturers, store the goods, and then resell them to other businesses.
retailers who operate solely online