Term
|
Definition
| Process of planning,executing,developing,pricing,promotion and distribution of goods and services to achieve a goal. |
|
|
Term
|
Definition
| People or Org who wants or needs a product and has the willingness and ability to buy |
|
|
Term
|
Definition
| goods,services,ideas,places,persons |
|
|
Term
|
Definition
| customer oriendted business philosphy; customer satisfaction is the key to achieving org goals; all orgs should be focused on the wants and needs of the customer |
|
|
Term
| 6 Primary Market functions/ processes |
|
Definition
1. Environmental Analysis
2.Consumer Analysis
3.Product Planning
4. Price Planning
5. Promotion Planning
6. Physical distrubution (place) planning |
|
|
Term
| Environment/consumer analysis |
|
Definition
| market research functions that helps eval market potential and identify target markets |
|
|
Term
|
Definition
| Product, price, promotion, and physical distribution planning |
|
|
Term
|
Definition
| combo of product, price, promotion, and physical distribution how they're combined reflects an orgs strategy (controlled by the org) |
|
|
Term
|
Definition
| Process of dividing markets into submarkets/groups based on similiarities in wants, needs, behaviors,or chracteristics |
|
|
Term
|
Definition
| Group of customers who are similar in a way and respond the same to a marketing mix |
|
|
Term
|
Definition
| Potential customers that firms directs a marketing mix. |
|
|
Term
|
Definition
| Product is different from competitors product (promotes feature over competitors feature) |
|
|
Term
|
Definition
| Shaping the products image in the customer's mind. (consumers perceptions) |
|
|
Term
|
Definition
| Orgs marketing strategy and requirements to carry out the strategy; identifies target markets and general guidelines for developing marketing mix |
|
|
Term
| Additonal market plan info |
|
Definition
| environmental analysis, market research plans, cost estimates, and sales forcasts |
|
|
Term
|
Definition
| identifies the company's relative strengths and weaknesses and opportunities and threats from the marketing environment |
|
|
Term
|
Definition
| goals of the firm in both quantitative and qualitative terms. reflect the role of marketing in achieving company-wid objectives; must be specific and measurable and indicate effective time period; helps create detailed goals for marketing mix variables |
|
|
Term
|
Definition
| sales, profit, market share |
|
|
Term
|
Definition
| market leader-ship, coporate image |
|
|
Term
|
Definition
| made up of 2 factors controlled and uncontrolled achieving goals is based on bring able to understand uncontrolled and managing the controlled factors in response |
|
|
Term
| Macroenvironmental Factors |
|
Definition
| uncontrolled outside forces that impact firm within an industry:Demographics or Demography, Economic Conditions, Competition, Social and Cultural Factors, Political and Legal Factors (Governmont), and Technological Factors |
|
|
Term
| Microenvironmental Factors |
|
Definition
| uncontrolled outside forces that impact companys uniquely can be influenced to a certain degree: Suppliers, Marketing Intermediaries, and The Target Market |
|
|
Term
|
Definition
| how the marketing mix is used to achieve goals and satisfy the target market |
|
|
Term
| Product/Product opp guidelines |
|
Definition
| Product/Market Opportunity, SWOT Matrix, and Boston Consulting Group Matrix |
|
|
Term
| Product/Market Opportunity Matrix |
|
Definition
| four fundamentals alternative marketing strategies available to the firm. |
|
|
Term
| Four fundamental alternative marketing strategies |
|
Definition
| Marketing Penetration Strategy, Market Development Srategy, Product Development Strategy, Diversification Strategy |
|
|
Term
| Market Penetration Strategy |
|
Definition
| tries to increase sales of a firms product to it current markets. |
|
|
Term
| Market Development Strategy |
|
Definition
| tries to increase sales by introducting exiting products to new markets |
|
|
Term
| Product Developmet Strategy |
|
Definition
| entails offering new products to the firm's current markets. |
|
|
Term
|
Definition
| aims new products at new markets |
|
|
