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| The goal and definitions of marketing |
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Definition
Marketing is not synonymous with sales.
The act and science of choosing target markets and building a relationship with them |
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Definition
| acknowledges that some products that customers want may not really be in their best interest or the best interests of society |
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Definition
Psychology-Why people act the way they do
Economics-Transaction activity
Sociology-Why groups behave the way they do |
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Definition
| involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
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Definition
| Blend of product, place, promotion, and pricing strategies (4 P's) |
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Definition
| Advertising, public relations, sales promotion, and personal selling. |
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| Mission statements and Vision components |
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Definition
| Answers question--What business am I an? Market Myopia--Too narrow a statement. Components--Product/Economic/Social |
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Term
| BCG Growth\Share matrix, SBUs |
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Definition
| Strategic Business Unit--subgroup of single business or collection of related business in larger organization. |
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Definition
| The product/market grid has two dimensions: products and markets. New/Existing |
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Definition
Psychology-Why people act the way they do
Economics-Transaction activity
Sociology-Why groups behave the way they do |
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Definition
| Survey of Buyer's Intention, Sales force research, expert opinion, test marketing, time series, multivariate research |
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Definition
Total Available Market
TAM=# of customers x Quantity purchased x price x repurchase rate |
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Definition
| Geographic area potential |
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| Serviceable Available Market |
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Definition
| Customers you can actually reach and serve |
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Definition
| Actual Sales/TAM (or AAM or SAM) |
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Definition
| Buying Power index. Weighted average, population, effective buying income, retail sales. |
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Definition
| Allows for focus from general market to specific addressable market. Estimate SAM |
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Definition
| Customer Lifetime Value. Customer Life (N) = 1/1-CR (customer retention). CR=1-1/N |
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| Baby Boomers, Generation x(29-40), Genration (11-28) y, Millenials (7-10) |
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Definition
| Human intelligence (legally and ethically obtained) |
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Term
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Definition
1)Describe competitive environment
2)Forecast future competitive environment
3)Challenge underlying assumptions
4)Identify and compensate exposed weakness
5)Adjust strategy for changing environment
6)Determine when a strategy is no longer sustainable |
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Term
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Definition
| Collection-->Analysis-->Dissemination-->Decision Making-->Evaluation-->Planning |
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Definition
| Define Problem, research objectives-->Develop plan for collecting info-->Implement plan, collect and analyze data-->Interpret findings |
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Term
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Definition
| Primary Data-Info collected for specific purpose at hand. Secondary Data-Info collected for another purpose which already exists |
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Term
| 3 Types of market research |
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Definition
| Survey research, Observational research, ethnographic research (human behavior in natural context) |
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