Marketing Intro + Planning Flashcards
(27 cards)
marketing
the activity of promoting and selling products/services, including market research and advertising to satisfy customer needs
market orientation
approach that bases its decisions on customers needs through market research
product orientation
approach that focuses on wat it can produce and hope the customers will like it. Products/Services are new and innovative which tempts the customers to buy them
market size
total sales in a specific market for a certain period of time (usually a year)
market share
percentage of one firms share of the total sales in the market. firms sales/total sales in the market x 100
market growth
percentage change in the market size over a certain period of time. current years sales -last years sales/last years sales x 100
market leadership
when the market has the largest market share in a given market
marketing planning
process of creating a marketing plan for the business including appropriate comprehensive strategies and objectives
marketing plan
a detailed written document that lays out the plan for how marketing will work in the short and long term
essentials of marketing plan
market analysis (info on target market and competition) - marketing objectives - resources required - budget - marketing activities
advantages of marketing planning
helps identify and find solutions before they happen - increases chances of success with specific objectives - improves organization and communication with other departments - reduces waste of resources
disadvantages of marketing planning
plans can become outdated quickly - lots of time and energy spent making them - can create unrealistic expectations and hurt motivation
segmentation
dividing a market into groups to meet their wants and needs more easily
market segment
groups of consumers with similar characteristics with clear wants and needs from within a larger group
demographic segmentation
considers many characteristic of the human population in the market including age, gender, religion, and ethnicity
geographical segmentation
when the market is divided into different geographical sectors. It considers characteristics of regions and climate change conditions
psychographic segmentation
divides the market based on peoples lifestyle choices or personality. It includes economic, social status, and values
target market
a particular market segment that a business focuses its marketing activities on in hopes they will buy their products
mass market
a large market that is not segmented and a business targets everyone in the market
niche market
a small group of consumers with very specific needs for products/services
positioning
how a product or brand is perceived by the target audience in relation to its competitors
position map
a graphical organizer that businesses use to plan the position of their products. It allows them to know their competitors, identify gaps in the industry and helps the business target specific markets.
unique selling point
a feature of a product/service that differentiates it from competitors. It makes it unique which attracts more customers and allows them to charge higher prices due to brand loyalty.
differentiation
when a business tries to distinguish its products/services from its competitors, the goal is to be unique
