Marketing Quiz 1 Flashcards
USP
Unique Selling Position
- brand promise
- sets you apart from competition
4 Ps
Product/service
Price - what you pay for the product
Place (distribution)
Promotion
SWOT
strengths, weaknesses, opportunities, and threats
marketing environment
the combination of internal and external factors that affect a company’s marketing activities and decisions.
ex. internal resource, external economic conditions
macroenvironment
demographic, sociocultural, technological, political, economic, and legal factors
microenvironment
suppliers, customers, and marketing intermediaries
marketing intermediaries
companies, organizations, or individuals that help manufacturers distribute their products to consumers
analyze marketing environment
- identify strengths and weaknesses - ex. SWOT analysis
- predict changes by monitoring environmental factors
- make informed decisions based on analysis
steps of market research
- define problem or opportunity
- develop market research plan
- collect data and information
- analyze data and report findings
Consumer Buying Process
- Need recognition (wants)
- Info research (what are you looking for in a product?)
- Alternatives evaluation (competitors)
3.5 Analyze all your options - Purchase (rebuy)
- Post purchase
Business Buying Process
- Problem recognition
- General need description
- Product specification
- Supplier search
- Proposal solicitation
- Supplier selection
- Order-routine specification
- Performance review
business buying process
Buying committee
Financial analysis
Strategic analysis
Qualitative
