Chapter 1 Terms Flashcards
Marketing
Meeting needs profitably.
Marketing concept
Philosophy that holds that key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets.
Marketing strategy
Selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service, price, promotion, and distribution system to meet the wants and needs of customers within the target market.
4 P’s…
Marketing research
The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
Market research
A process used to define the size, location, and/or makeup of the market for a product/service.
Function of Marketing research
To link the consumer to the marketer by providing information that can be used in making marketing decisions.
Basic research
Conducted to expand our knowledge rather than to solve a specific problem.
Applied research
Used to solve specific problems.
Marketing information system (MIS)
Structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
Internal reports system
Gathers info generated by internal reports – including billing, orders, inventory levels, etc.
AKA: Accounting information system
Marketing intelligence system
Set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment.
Marketing decision support system (DSS)
Collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making.
Marketing research system
Provides info for a specific problem at hand – also info that isn’t provided by MIS.
