Chapters 1 and 2 exam review Flashcards
The Process if creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with shareholders in a dynamic environment.
Marketing
a specific group of customers on whom and organization focuses its marketing efforts
Target Market
what are the 4 Ps of the Marketing mix
Product variable, price variable, distribution (place variable, and Promtion variable
One of the four Ps of the marketing mix. A product can be a good, service, or idea.
Product variable
one of the four Ps of the marketing mix. Deals with decisions and actions for establishing pricing policies; determines the value of the exchange
Price Variable
one of 4 Ps. establish/maintain inventory, make products available in quantities desired, develop/manage transportation and storage systems
Distribution (Place ) Variable
One of 4Ps. Inform individuals or groups about the organization and its products/services. Ex: advertising, public relations, promotions
Promotion Variable
The provision or transfer of goods, services, or ideas in return for something of value
Exchange
constituents that have “stake” or claim in some aspect of a companies products and outcomes
Stakeholders
What are the 6 forces that surround the customer and affect the marketing mix
economic forces, political forces, legal and regulatory forces, technological forces, socio-cultural forces, competitive forces
a management philosophy than an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
the Marketing Concept
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Customer Relationship Marketing
establishing long term mutually satisfying, buyer/seller relationships
relationship marketing
is the worth of individual customers and estimates their lifetime value to the company
customer lifetime value
The process of planning, implementing and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
Strategic Market Management
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan
Strategic Planning
What are the 5 levels of strategic planning in order
mission statement, corporate strategy, business-unit strategy, marketing strategy, marketing mix elements
a long-term vision of what the organization wants to become
mission statement
a strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals
corporate strategy
to determine future business directions and develop strategies for individual business units
business unit strategy
things a firm does extremely well, which give it an advantage over competition; “what we do well, what we are known for.”
Core Competencies
a combination of circumstances and timing that permits an organization to take action to reach a particular target market
market opportunity
a temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market
strategic window
the result of a company’s matching a core competency to opportunities in the market place
competitive advantage
describe SWOT analysis
Internal: strength and weakness external: opportunity and threat
the ability of an innovative company to achieve long-term competitive advantages by being first to offer a certain product in the market place
First-Mover
the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a market place
late-mover
SMART
Specific, Measurable, Achievable, Realistic, Time frame
a statement of what is to be accomplished through marketing activities
Marketing Objective
the development of strategies for each functional area of the organization; create the marketing mix
marketing strategy
the process of putting marketing strategies into action
marketing implementation
the strategy the organization decides on during the planning phase and wants to use
intended strategy
the strategy that actually takes place
Realized strategy
authority is concentrated at the top level, a very little delegation at lower levels ex: U.S. Military
centralized organization
decision-making authority is delegated as far down the chain of command as possible
decentralized organizations
Strategic- performance evaluation consist of
establishing performance standards, measuring actual performance, comparing actual performance with established standards
uses sales figures to evaluate a firms current performance
sales analysis
Marketing Plan components
executive summary, environmental analysis, SWOT analysis, marketing objectives
