| The process of planing and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals | What is Marketing? |
| A Market is made up of all the people or organizaitons who want or need a product and have the willingness and ability to buy. | Define Market. |
| Goods, Services, Ideas, Places, or Persons | What are Products? |
| A customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals. | What is the Marketing Concept? |
| Environmental Analysis, Consumer Analysis, Product Planning, Price Planning, Promotion Planning, Physical Distribution (Place) Planning | What are the 6 Marketing Functions? |
| Provid the means to evaluate market potential and identify target markets. | What do Environmental & Consumer Analysis Market Research Functions do? |
| The Marketing Mix Variables | Product, Price, Promotion, and Physical Distribution Planning Are known as? |
| Four variables that comprise an organization's marketing program: Product, Price, Promotion, and Physical Distribution. | What is the Marketing Mix? |
| Product, Price, Promotion, Physical Distribution | What are the Four "P's"? |
| Process of dividing the total market into distinct submarkets based on similiarities in: wants, needs, behaviors, or other characteristics | What is Market Segmentation? |
| Groups of customers who are similar to each other in a meaningful way and who will respond to a firm's marketing mix similarily. | Define Market Segments |
| One particular Group of potential cusotmers that the organization seeks to satisfy with a product. | Define Target Market |
| Exists when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic. | What is Product Differentiation? |
| The decisions involved in shaping the product's image in the customer's mind. These images are defined relative to competing products. (not actual differences in the product) | What is Product Positioning? |
| An organization's state of marketing strategy and the specification of the actitives required to carry out the strategy. | What is a Marketing Plan? |
| Identify target markets, provide general guidelines for developing the marketing mix, environmental analysis, market rersearch plans, cost estimates, and sales forecasts. | What does a Marketing Plan Typically Cover? |
| The plan begins with an assessment of the situation confronting the firm. | What is the first step when developing a Marketing Plan? |
| Identifies the company's relative strengths and weaknesses, as well as opportunities and threats posed by it's marketing environment. | What is Situation Analysis? |
| Goals of the firm both quantitative (profits, market share, sales) or qualitative (market leadership, corporate image). Goals must be specific, measurable, and within a stated time frame. | Define Marketing Objectives and Give Examples. |
| Macroenvironmental Factors and Micoenvironmental Factors. | What are the two factors of the Marketing Environment? |
| Uncontrollable Forces: Demographics, Economic Conditions, Competition, Social and Cultural Factors, Political, Legal, Government, and Tech Factors. | What are Macroenvironment Factors? |
| External forces that impact each specific company uniquely. Largely uncontrollable but firm can influence to a significant degree: Suppliers, Marketing Intermediaries and the Target Market. | What are Microenvironmental Factors? |
| Defines the way in which the marketin gmix is used to satisfy the needs of the target market & achieve organizational goals. | What is a Marketing Strategy? |
| SEE PHYSICAL FLASHCARD | Draw the Product/Market Opportunity Matrix |
| Attemps to increase sales of the firm's existing products to its current markets. | What is Market Penetration Strategy? |
| Attempts to increase sales by introducing existing products to new markets. | What is Market Development Strategy |
| Entails offering new products to the firm's current markets. | What is Product Development Strategy? |
| Aims new products at new markets. | What is Diversification Strategy? |
| SWOT Matrix | What tool is used to assess the potential value and fit of new opportunities? |
| SEE PHYSICAL FLASHCARD | Draw SWOT Grid. |
| Strengths, Weaknesses, Opportunities, Threats | Define the 4 areas of SWOT. |
| Strengths and Weaknesses of a Firm | Which two areas of SWOT are Internal? |
| Opportunities and Threats | Which two areas of SWOT are External? |
| Framework that classifies each product or product line within a firm's product portfolio. | Define Boston Consulting Group Matrix. |
| SEE PHYSICAL FLASHCARD | Draw Boston Consulting Group Matrix. |
| Generate large profits, consume substantial resources to finance continued growth. | Define "Stars" of BCGM |
| Not great profits, requires high levels of investment to keep or increase market share. AKA "question mark". | Define "Problem Child" of BCGM |
| Generate large profits and require little investment to maintain market share. | Define "Cash Cows" of BCGM |
| Low profitability and little opportunity for sales growth. | Define "Dogs" of BCGM |
| Made up of the unique qualities of a product that encourage customer purchase and loyalty. Gives a customer a reason to "prefer". | What is a Differential Advantage? |
| A consumers' ability to perceive differences among competing products. | What is Product Differentiation? |
| Used to characterize short-sighted marketing strategy. Refers to managers focusing narrowly on products they sell rather than customers they serve. | What is Marketing Myopia? |
| Differential advantage held over competitors by offering buyers superior value either through lower prices or other elements of hte marketing mix. | What is Sustainable Competitive Advantage? |
