Quiz 1 Flashcards
the process of creating, distributing (placing), promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
Marketing
the purchasers of organizations’ products
the focal point of all marketing activities
Customers
a specific group of customers on whom an organization focuses its marketing efforts
Target Market
four marketing elements — product, distribution (placement), promotion, and pricing — that a firm can control to meet the needs of customers within its target markets
Marketing Mix
a good, service, or idea
Product
constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
Stakeholders
the provision or transfer of goods, services, or ideas in return for something of value
Exchange
the 6 forces that surround the customer and affect the marketing mix
an organization has no control over these forces
Marketing Environment
a management philosophy that 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
a customer’s subjective assessment of benefits relative to costs determining the worth of a product
Value
establishing long term mutually satisfying buy/seller relationship
Relationship Marketing
an organiztion-wide commitment to researching and responding to customer needs
determine what customers want and produce those products
The Market Orientation
the process of planning, organizing, implementing, amd controlling marketing activities to facilitate exchanges effectively and efficiently
Marketing Management
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Customer Relationship Management (CRM)
What are the 6 forces in the Marketing Environment?
- Economic forces
- Political forces
- Legal & Regulatory forces
- Technological forces
- Socio-cultural forces
- Competive forces
developing collaborative relationships with customers based on focusing on their individual needs and concerns
Customer-Centric Marketing
a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Green Marketing
the process of establishing an organizational mission and formulating goals, corporate stragtegy, marketing objectives, marketing strategy, and a marketing plan
Strategic Planning
a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
reflects overall direction of organization
Marketing Strategy
What is SWOT
Strengths
Weaknesses
Opportunities
Threats
the result of a company’s matching a core competency (superior skill or resource) to opportunities in the marketplace
Competitive Advantage
a written document that specifies the activities to be performes to implement and control the organization’s marketing activities
SWOT
Marketing Plan
things a firm does extremely well, which give it an advantage over competition
Core Competencies
a combination of circumstances and timing that permits an organization to take action to reach a particular target market
Market Opportunity
a statement of what is to be accomplished through marketing activities
should be based on study of SWOT analysis, be stated in clear, simple terms, be accurately measurable, specify a time frame for accomplishment, and be consistent with business-unit and corporate strategy
Marketing Objective
a group of individuals and/or organizations that have needs for products and the ability, willingness, and authority to buy
Market
establishing performance standards, evaluating actual performance by comparing it with standards, and reducing the differences between desired and actual performance
The Marketing Control Process
the percentage of a market that actually buys a specific product from a specific company
Market Share
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 strategy the organization decided on during the planning phase and wants to use
Intended Strategy
the strategy that actually takes place
Realized Strategy
an advantage that the competition cannot easily copy in the foreseeable future
Sustainable Competitive Advantage
