Test 1 review terms Flashcards
Trade balance
difference between imports and exports, balance is negative its trade deficient
Consumer Price index
measures changes in prices of goods and services over time
per capita income
indicates income level of average Americans
Gross domestic product (GDP)
market value of all the final goods and services produced in a certain time period
Macro economics
national income, GPD, inflation, unemployment
The Marketing concept
idea that an organization should try and analyze and satisfy customer better than competition to achieve its own goals
The marketing mix consists of
price, product, place, promotion
4 parts of marketing
Developing the right product, selling at the right price, effective distribution, promotion of the products
what would a Business to business (B2B) do as marketing?
spend money on events, promotions, sales people,
What would a business to consumer (B2C) company spend marketing money on?
selling directly to consumers, media marketing, digital marketing etc.
what is TAM (total addressable market) ?
the market size
Total marketing approach
try to appeal to all the markets ex. Tide
Concentration approach
company develops one marketing strategy for one single market segment, ex. farmersonly.com
Multi-segment approach
marketing efforts are aimed at 2 or more segments with a marketing strategy for both ex. Toyota and Lexus, owned by same company, different strategies
Niche marketing
narrow market segment with unique needs
what are the 5 requirements to segment a market?
Heterogeneous, Identifiable and divisible, quantifiable, profit potential, reachable with particular market strategy
what are the bases for segmenting a market?
demographic, geographic, psychographic, behavioristic
primary research
inside the company
secondary research negatives
competitors could also have access to this research done by an outside source
customer Value=
costumer benefit-costumer costs
Value proposition
promise of certain value delivered at a given price
