Marketing study guide Flashcards
(49 cards)
What is “Marketing
Marketing-as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Discovering consumer needs
first step in marketing, crowdsourcing, what’s benefit to buyers & what are “showstoppers
Needs vs. wants
NEED occurs from deprivation, WANT is a need shaped by culture, knowledge & personality
Define and identify target market(s)
One or more specific groups of potential consumers toward which an organization directs its marketing program
Identify the 4 P’s of marketing
product, price, promotion, place
Define an ultimate consumer
a person or group that buys and uses goods or services for personal or household use
Identify stakeholder(s
employees, shareholders, suppliers, creditors, unions, board of directors, customers
Stages of the strategic marketing process
planning, implementation, evaluation (PIE
Stages of the Boston Consulting Group (BCG) matrix
- question marks 2. stars 3. cash cows 4. dogs
Define product development
selling new products to current markets
Define a SWOT analysis
acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
Define market segmentation
involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action
Identify customer value proposition
a cluster of benefits that an organization promises customers (or segments) to satisfy their needs
Define environmental scanning
getting information on events occurring outside the organization to identify and interpret potential trends
Define demographics
characteristics such as age, gender, ethnicity, income, occupation
Positive business
balances the interests of shareholders, employees, and society
Identify disposable income
money a consumer has left after paying taxes to use for necessities
Identify discretionary income
money left for luxury items
Culture vs. morals vs. ethics
Culture-shared beliefs, Ethics- established rules, Morals-personal conceived behaviors
Forms of competition
Pure competition -many sellers and each has a similar product
Oligopoly- a few companies control the majority of industry sales
Monopoly-only one firm sells the product
Monopolistic competition-many sellers compete with substitutable products within a price range
Identify greenwashing
misleading claim about the environmental benefits of a product
