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Flashcards in QUIZ 1-3 Deck (125)
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5 STEPS OF MARKETING PROCESS

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5 MARKETING MANAGEMENT ORIENTATIONS

1. PRODUCTION CONCEPT 2. PRODUCT CONCEPT 3. SELLING CONCEPT 4. MARKETING CONCEPT 5. SOCIETAL MARKETING CONCEPT

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Production concept DEFINITION

Consumers will favor products that are available and highly affordable

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Product concept DEFINITION

Consumers favor products that offer the most quality, performance, and features. The focus is on continuous product improvements.

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Selling concept DEFINITION

Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.

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Marketing concept DEFINITION

Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors

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Societal marketing DEFINITION

The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

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MARKETING MANAGEMENT DEFINITION

the art and science of choosing target markets and building profitable relationships with them.

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PRODUCTION CONCEPT DEFINITION

consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency. 

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5 Marketing Management Orientations

1. Production Concept

2. Product Concept

3. Selling Concept

4. Marketing Concept

5. Societal Marketing Concept

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strategic planning DEFINITION

strategic fit between the organization & marketing opportunities

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4 STEPS OF STRATEGIC PLANNING

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 growth-share matrix DEFINITION

PORTFOLIO PLANNING THAT EVALUATES SBUs MARKET GROWTH RATE AND SHARE

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SBU STANDS FOR?

STRATEGIC BUSINESS UNIT

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product/market expansion grid

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 market penetration DEFINITION

making more sales to current customers without changing its original products

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Market development DEFINITION

identifying and developing new markets for its current products

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 Market targeting DEFINITION

SELECTING BEST MARKET SEGMENTS TO ENTER

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4 MARKETING MIX COMPONENTS

1. PRODUCT

2. PRICE

3. PLACE

4. PROMOTION

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forces outside marketing that affect marketing
management’s ability to build and maintain
successful relationships with target customers

MARKETING ENVIRONMENT

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2 MARKETING ENVIRONMENTS

1. Microenvironment

2. Macroenvironment

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6 Actors in the Microenvironment

1. THE COMPANY

2. SUPPLIERS

3. MARKETING INTERMEDIARIES

4. COMPETITORS

5. PUBLICS

6. CUSTOMERS

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4 Marketing Intermediaries

1. RESELLERS

2. PHYSICAL DISTRIBUTION FIRMS

3. MARKETING SERVICES AGENCIES

4. FINANCIAL INTERMEDIARIES

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5 MICROENVIRONMENT MARKETS

•Consumer markets
•Business markets
•Reseller markets
•Government markets
•International markets

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7 MICROENVIRONMENT PUBLICS

• Financial publics
• Media publics
• Government publics
• Citizen-action publics
• Local publics
• General public
• Internal publics

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6 MACROENVIRONMENT FORCES

1. DEMOGRAPHIC

2. ECONOMIC

3. NATURAL

4. TECHNOLOGICAL

5. POLITICAL

6. CULTURAL

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segmenting people by lifestyle or life stage
instead of age IS ___?

Generational marketing DEFINITION

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KARL MANNHEIMS 3 FORMATIVE INFLUENCES

1. ECONOMIC

2. SOCIAL

3. CULTURAL

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3 RESPONSES TO MARKETING ENVIRONMENT

1. UNCONTROLLABLE

2. PROACTIVE

3. REACTIVE

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3 SOURCES Marketers obtain information from

1. Internal data
2. Marketing intelligence
3. Marketing research