Chapter 7: The Marketing Plan Flashcards
This emphasizes the product as the single most important part of the business
Production oriented philosophy
In this philosophy, the firm concentrates resources on developing the product in the most efficient manner
Production oriented philosophy
This deemphasizes production efficiencies and customer preferences in favor of a focus on pushing the product
Sales-oriented philosophy
What is the highest priority of the sales oriented philosophy?
Achieving sales goals
This believes that everything centers on the consumer and his or her needs
Consumer-oriented Philosophy
What is the two stage process that underlies all marketing efforts?
Identifying customer needs and satisfying those needs
A consumer orientation not only recognizes production goals and professional selling, but also adds what?
Concern for customer satisfaction
If there is little or no competition, and demand exceeds supply, a firm is tempted to emphasize what?
Production
An entrepreneur may have a strong background in production or selling, but weak in
Consumer orientation
Some small business owners are simply too focused on this
The present
The better course of action is to what?
Identify ways to please consumers in the long term
The Marketing plan consists of this
Market analysis
Competition
Marketing Strategy
The Marketing Strategy consists of this
Product
Place
Promotion
Pricing
What does a customer profile identify?
Key demographic and psychological characteristics of the customers most likely to be qualified purchasers
In the sales forecast, what should be included?
the “most likely” “best case” and “worst case” scenarios
The more you know about this, the better you can anticipate the actions they will take
Management personnel of existing competition
What are the steps of the Marketing Research Process
Identify informational need
Search for secondary data
Collect primary data
Interpret data gathered
What are the three ingredients for a market
Customers
Purchasing power
Unsatisfied needs
The process of locating and investigating customers that have bother purchasing power and needs
Determining market potential
Why are sales forecasts used less often by small businesses?
Unique circumstances
unfamiliarity
little knowledge
