mgmt187 exam 1
Terms
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- marketing
- process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships w/ customers in dynamic environment
- customers
- purchasers of org's products; focal pt of all marketnig activities
- target market
- specific grp of customers on whom an org focuses its marketing efforts
- marketing mix
- four marketing activities: product, distribution, promotion and pricing that firm can control to meet needs of customers w/in its target market
- products
- goods, services, ideas that satisfy customer needs
- distribution
- ready, convenient and timely availability of products
- promotion
- activities that inform customers about org and its products
- pricing
- decisions and actions that est pricing objectives and policies and set product prices
- exchange
- provision or transfer of goods, services or ideas in return for something of value
- value
- customer's subjective assessment of benefits relative to costs in determining worht of product
- customer value
- customer benefit - customer costs
- customer benefit
- aynthing desired by customer that is received in exchange
- customer costs
- anything customer gives up in exchange for beneits
- executive summary
- synposis of entire marketing plan
- SWOT analysis
- assessment of organization's strengths, weaknesses opportunities and threats
- environmental analysis
-
marketing environment
target market
current marketing objectives and performance - marketing objectives
- statement of what is to be accomplished thru marketing activites that match trengths to opportunities and provide for conversation of weakness to strength
- marketing strategies
- description of how firm will achieve itsmarketing obj and manage its relationship w/ its customers to gain advantage over competition
- competitve advantage
- advantage over competitors gained by offering consumers greater value than competitors offer
- environmental factors
-
competitive
economic
political
legal and regulatory
technological
sociocultural - primary data
- data observed and recorded or collected directly from respondants
- secondary data
- data complied both inside and outside the org for some purpose other than current investigation
- market
- social arragenemtn that allows buyers and sellers to discover info and carry out volutnary exchange
- segmentation variable
- char of individual, grp or org used to divide market into segments
- demographic variables
- population characteristics (e.g. age, gender race)
- psychographic variable
-
personality char
motives
lifestyle - geographic variable
- climate, terrain, cty size, population density, urban/rural areas
- market density
- # of potential customers w/in a unit of land area
- market potential
- total amt of product that consumer will purchase w/in specified period at specified level of industrywide marketing activity
- company sales potential
- max % of market potential that firm w/in an indutry can expect to obtain for certain product
- breakdown approach
- top-down analysis
- build-up approach
- bottom-up analysis
- level of involvement
- individual's intensity of interest in product and importance of product fot that person
- influences on buying decision process
-
situtational
psychological
social - consumer product
- product purchased to satisfy persona/family need
- business product
- product bought to use in organization's operations to resdell or to make other products
- convenience product
-
inexpensive
frequently purchased
buyers exert minimal purchasing effort - shopping product
- buyers are willing to expend considerable effort in planning and making purchase
- speicality products
- item w/ unique char that buyers are willing to expend considerable effort to obtain
- unsought product
- product purchased to solve sudden problem
- product item
- specific version of product
- product line
- grp of closely related product items viewed as unit b/c of marketing technical or end-use considerations
- product mix
- total grp of products that org makes avail to customers
- width of product mix
- # of product lines a co. offers
- depth of product mix
- avg # of different products in each product line
- product life cycle
-
intro
growth
maturity
decline - product adopters
-
innovators
early adopters
early majority
late majority
laggards - line extension
- dev of product that is closely related to existing products inthe line but meets different customer needs
- product modification
- change in one or more char. of product and elimination of original product from product line
- product modification methods
-
quality modification
functional
aesthetic - level of quality
- relative amt of quality a product possesses
- consistency of quality
- degree to which product has same lvl of quality overtime
- value proposition
- set of benefits offered by org to satisfy customers' needs, wants and demand