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40 terms

Marketing Test #1

STUDY
PLAY
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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