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| Marketing is 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. |
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| Marketing accounts for what % of a Buyer's Dollar? |
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| Satisfying consumer needs |
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Trade of things of value between buyer/seller so that each is better off
Backbone of marketing |
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| Factors that influence marketing activity |
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- Organization itself
- Society
- Environmental Forces
*These cannot be changed* |
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-Social
-Economic
-Technology
-Competitive
-Regulatory |
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Focus on consumer benefit
Learn from the past |
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-Market Consists of people with both the desire and ability to buy a specific product
-Some people outside of a market still are consumers |
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| A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product |
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| Process of creating/maintaining a fit with the objectives and resources evolving market opportunities |
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| process of anticipating future events determining strategies to achieve organizational objectives in the future |
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| Designing activities relating to marketing objectives and the changing marketing environment |
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| A written document that acts as a guide book of marketing activities for the marketing manager |
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| A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated envirmental conditions |
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| Defining a business in terms of goods and services rather than in terms of the benefits that customers seek |
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| Strategic Business Unit (SBU) |
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| A subgroup of a single business or collection of related businesses within the larger organization |
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| Collection and interpretation of information about forces, events, and relationships in the external enviroment that may affect the future of the organization |
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| the set of unique feature of a company and its products that are percieved by the target market as significant and superior to the competition |
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| Cost Competitive Advantage |
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| Being the low-cost competitor in an industry while maintaining satisfactory profit margins |
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| A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace |
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| The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives. |
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| Social Marketing Orientation |
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| The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long term best interests |
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| Curves that show costs declining at a predictable rate as experience with a product increases |
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| Product/Service differentiation Competitive Advantage |
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| The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitors. |
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| Niche Competitive Advantage |
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| The advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
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| Sustainable Competitive advantage |
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| an advantage that cannot be copied by the competition |
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| A marketing strategy that tries to increase market share among existing customers |
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| Attracting new customers to existing products. |
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| The creation of new product for current customers. |
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| increasing sales by introducing new products |
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| a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate |
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| In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain market share |
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| In the portfolio matrix, a business unit that is a fast growing market leader |
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| Problem child (Question Mark) |
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| A business unit that shows rapid growth but poor profit margins |
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| In the portfolio matrix, a business unit that has low growth potential and a small market share |
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| The activities of selecting and describing one or more target markets and devoloping and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
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| Market Opportunity Analysis |
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| The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments |
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| A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. |
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| Product, Place, Promotion, Price, which together make up the marketing mix |
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| Corporate Social Responsibility |
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| Business's concern for society's welfare |
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| A defined group most likely to buy a firm's product |
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| When a company implements strategies that attempt to shape the external environment within which it operates |
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| The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single traditional lifestyle. |
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| Study of people vital statistics |
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| A comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas. |
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| A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. |
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| A period of economic activity characterized by negative growth which reduces demand for goods and services. |
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- Terms of sale, factors that make you buy something
- Product availability |
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| Monopoly, Oligopoly, Monopolistic, Pure Competition |
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| Brand, Product, Generic, Total Budget |
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