Marketing Exam Chapters 1-6
an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the four P's.
Marketing Mix (Four P's)
Product, price, place, promotion......The controllable set of activities that a firm uses to respond to the wants of its target markets.
the process of selling merchandises or services from one business to another.
a firms target market, marketing mix, and method of obtaining a sustainable competitive advantage.
Sustainable competitive advantage
something the firm can persistently do better than its competitors.
second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats.
the process of dividing the market into two groups of customers with different needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them.
the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
market penetration strategy
growth strategy that employs the existing marketing mix and focuses the firms efforts on existing customers.
market development strategy
growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international.
product development strategy
growth strategy that offers a new product or service to a firm's current target market.
relative market share
a measure of the products strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.
refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
Corporate social responsibility
refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
generational cohort of people born after WWII, between 1946 and 1964.
generational cohort of people born between 1965 and 1976.
generational cohort of people born between 1977 and 1995; biggest cohort since the original post war baby boom.
consumers born between 1977 and 2000 and the children of the baby boomers.
information about the characteristics of human populations and segments, especially those used to identify consumer markets such as age, gender, income, and education.
aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situations, and political/regulatory environment.
the younger edge of Generation Y.
the process by which people select, organize, and interpret information to form a meaningful picture of the world.
a component of psychographics; refers to the way a person lives his or her life to achieve goals.
consumer's interest in a product or service.
the process of buying and selling goods or services to be used in the production of other goods or services, for consumption by the buying organization, or for resale by wholesalers and retailers.
Request for proposals (RFP)
a process through which buying organizations invite alternative suppliers to bid on supplying their required components.
reflects the set of values, traditions, and customs that guide a firm's employees' behavior.
subgroup of the millennials.