MKTG Test 1 Ch.'s 1-3
Terms in this set (32)
What are the 4 marketing philosophies?
Internal capabilities of the firm
aggressive sales techniques and belief that high sales result in high profits
satisfying customer needs and wants while meeting objectives
satisfying customer needs and wants while enhancing individual and societal well-being
states of deprivation (physical, social, individual)
shaped by culture, experiences, and personality
the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
the extent to which a firm fulfills a customer's needs, desires, and expectations.
a strategy that focuses on keeping and improving relationships with current customers.
What are the 4 marketing mix elements (aka "4 P's")?
the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.
involves designing activities relating to marketing objectives and the changing marketing environment.
a written document that acts as a guidebook of marketing activities
Core values (components of an organizational foundation )
the fundamental, passionate, and enduring principles that guide its conduct over time.
Mission statement (components of an organizational foundation )
the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.
Organizational culture (components of an organizational foundation )
the values, ideas, attitudes, and norms of behavior that are learned and shared among organizational members.
o A useful aid for identifying relevant screening criteria and for zeroing in on a feasible strategy
o the unique features of a company and its products are perceived by the market as significant and superior to the competition.
Market penetration (types of marketing opportunities)
Try to increase sales of a firm's present products in its presents markets, often through a more aggressive marketing mix
Market development (types of marketing opportunities)
Try to increase sales by selling present products in new markets
Gross income (3 components of consumer income)
the total amount of money made in one year by a person, household, or family unit.
Disposable income (3 components of consumer income)
the money a consumer has left after paying taxes.
Discretionary income (3 components of consumer income)
the money that remains after paying for taxes and necessities such as food, clothing and shelter.
a comparison of income versus the "cost of living" in a certain geographic area
gives inventors the right to exclude others from making and using or selling a patented invention
gives the author of a literary, dramatic, musical or artistic work the exclusive right to print, perform or otherwise copy that work
requires the advertiser to correct the past effects of misleading advertising
Pure competition (alternative forms of competition)
every company has a similar product
Monopolistic competition (alternative forms of competition)
many sellers compete with their products on a substitutable basis
Oligopoly (alternative forms of competition)
a few companies control the majority of industry sales
Pure monopoly (alternative forms of competition)
only one firm sells the product