Test 1 Flashcards
Market penetration
increasing sales of current product in current market segments
Market development
developing new market segment for current products
Product development
new products in current market segments
Value delivery market
network of company, suppliers, distributors and customers
Strategic planning
maintaining strategic fit between capabilities and goals
Portfolio analysis
management evaluates the products and business
Growth share matrix
portfolio planning method that evaluates a company’s SBU
Partner relationship management
working closely with partners in other departments
Share of customer
portion of customer purchasing that a company gets
Customer equity
combined customer lifetime values of all customers
Customer satisfaction
product’s perceived performance matches a buyer’s expectations
Customer engagement marketing
making the brand a meaningful part of the consumers conversations and lives by fostering consumer involvement
consumer generated marketing
brand exchanges created by consumers
societal marketing concept
marketing decisions should consider consumer wants and interests
customer relationship management
building and maintaining profitable relationships by delivering customer satisfaction
customer perceived value
customer evaluation of the difference between all the benefits and costs of market offerings
production concept
consumers favor widely available and inexpensive products
product concept
favor the most quality, performance, and features
selling concept
consumers will not buy enough of the products unless there is a big selling effort. EX: insurance, blood donations
marketing concept
achieving organizational goals means knowing the needs and wants of the target market
Positioning
a product occupies a clear, distinct place in market
marketing mix
tactical marketing tools that the firm blends
SWOT analysis
Strengths, weaknesses, opportunities, threats
marketing controls
measuring market results and taking corrective actions if neccessary
marketing ROI
net return/costs of investment
microenvironment
factors close to the company: customers, suppliers, distributors
macroenvironment
larger societal factors: demographic, economic, natural, tech, political, cultural
marketing intermediaries
firms that help the company promote its product
marketing information systems
assessing info needs, developing info, help make decisions
competitive marketing intelligence
analysis of publicly available info about consumers