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marketing part 1
Terms in this set (52)
The activity, set of institutions, and processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners and society at large.
any person or organization who has a "stake" in or
is impacted by a >irm's choices and their outcomes.
production era (dark ages)
§ Companies' only focus was to
produce and distribute things in a
the sales era (american hustle)
Companies invested heavily in
advertisements, and personal
selling to enhance customer
relationship era (reniassance)
identifying customers, gaining a deep
understanding of their needs, and creating
favorable long-term perceptions of the >irm so that
customers consistently choose them.
financial, social, enviromental
what three goals must successful marketing meet?
the edge that a >irm has over
its competitors (year after year), allowing it to have
higher sales, pro>its among target customers.
All the possible customers in a market
(all the possible people who might buy a product),
regardless of their speci>ic needs and wants
A distinct group of customers within
the mass market that are similar to each other in some
meaningful way, but different from others in the mass
The segment(s) that a company wants
to focus on.
1.) domestic and global market conditions and opportunities
2.) your competitive advantage
what are the two biggest things to consider when deciding whether or not to expand your company globally?
that give companies in that country a "home court
a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time
an official ban on trade or other commercial activity with a particular country.
a tax or duty to be paid on a particular class of imports or exports
Make a product in your own country
and send it to foreign markets for sale through
licensing and franchise
what are the two types of contractual agreements?
a company gives another company
in a foreign market the right to produce and market its
product and gets royalties on the products sold.
A special type of licensing where the
licensor (the foreign company) doesn't just buy rights to
the product or parts of the product (such as the logo), it
adopts the entire system of doing business.
A more involved commitment
that requires a formal partnership between the
company that seeks to expand and a company in the
Strategic alliances typically take the form of a ______________ where two companies (the one that wants
to expand abroad and one that's based in the foreign
geography) form a new entity and pool their
The most involved form of
global market entry, where a company goes "all in"
when entering a new market
straight product extension
(total standardization) of product
(partial localization) of product
(total localization) of product
high-level planning to match a company's
resources and capabilities with market opportunities
strategic planning with respect to
detailed plan of day-to-day to accomplish
strategic and functional plans
within a company that operate like a separate
The range of different
businesses (SBUs) that a large Mirm operates.
: A tool for evaluating a Mirm's
business mix and assessing the value or potential
of a speciMic SBU.
market growth rate
How attractive is the market in
terms of annual growth rates?
relative market share
What is the market share of my
Mirm's SBU's compared to my competitors' SBU's?
product market growth matrix
that characterizes different types of growth
strategies based on whether the Mirm is interested
in new or existing markets (users/customers) and
new or existing product categories.
market penetration strategy
increase sales to existing markets
product development strategy
selling new product in existing market
market development strategy
existing product new market
new products and new market
raw, unorganized facts that need to be
data that has been organized and
structured so it can be interpreted
the use and interpretation of
data in such a way that it allows a business to acquire,
develop and retain customers
information that has
already been collected (by
your 3irm or some other
entity) for some purpose
other than the purpose/
question at hand
information that is gathered
directly from respondents to address the question/
problem at hand.
A small group of target customers discusses a
topic of the marketer's interest
Instead of directly questioning
people about a topic, you allow them to project their
feelings onto a third party or some other object.
Collecting data about an issue
by observing people in their homes or natural
environments (as they use products).
casual research (experiments)
identify a cause-and-effect relationship between
high volumes of complex and varied
intenret of things
: A system in which everyday
objects are connected to the Internet and
communicate information through an
the process of analyzing Big Data
from different perspectives to identify correlations
or unique patterns between different factors and
summarize it into useful information
: the collection, use,
analysis and interpretation of Big Data for
the use of large quantities of
data to more accurately predict future outcomes.
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