Topic 1 (Marketing Process, Concept, Plan) P.1 Flashcards
Marketing
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Concept
The business orientation model that involves creating value and satisfying consumer needs
Marketing Mix
Consists of four elements: product, place, price, and promotion, also called the 4 Ps
Marketing Plan
A tool used to set up various elements of a company’s marketing strategies and develops an accompanying tactical plan
Marketing Strategy
Describes what the business wants to achieve in its marketing efforts
Ansoff Matrix
A business tool that assesses four key considerations when determining the right marketing strategy and helps marketers evaluate the potential risk and reward involved
Boston Consulting Group Growth-Share Matrix (BCG)
A portfolio-planning model based on the premise that an organization’s products or services can be classified into four categories in relation to its largest competitor. The four categories are based on combinations of market growth and market share
Business to Business (B2B)
Businesses marketing to other businesses, commonly manufacturers to wholesalers, and wholesalers marketing to retailers
Business to Customer (B2C)
Businesses marketing their products or services directly to consumers
Control
The process that establishes marketing objectives and has measurement tools in place for analysis to measure actual performance and to allow for adjustments where needed
High Brand Equity
When consumers have high perception of the brand as a whole, are more loyal, and less likely to be swayed by competitors’ marketing efforts, resulting in higher profit margins, better support of delivery systems, and more brand extension opportunities
Marketing Info System (MIS)
A computerized process that determines what information is needed, how to collect it, analyze it, and use it for effective market planning
Psychographic Segmentation
Involves the use of psychological, sociological, and anthropological factors to segment markets
Quantitative Strategic Planning Matrix (QSPM)
A high-level strategic management tool that evaluates feasible alternative actions that a company can take. It is usually done after other situation analyses have been completed and when managers must prioritize possible strategies
Situation Analysis
Provides a sense of where an organization sits related to the quality and relevance of its products, where it stands against its competitors, and where the market itself is going; a thorough situation analysis involves an accurate assessment of internal and external factors
SMART Goals
Acronym that stands for specific, measurable, achievable, relevant, and timely, and pertains to formulation of organizational objectives that are clear and measurable
SWOTT Analysis
Strengths, Weaknesses, Opportunities, Threats, and Trends analysis used as an analytical tool for the identification and categorization of internal and external factors; strengths and weaknesses in SWOTT analysis are termed as internal factors while opportunities and threats termed as an external factors
Tactics
Short-term promotional activities designed to increase sales in a relatively short time
Targeting
An organization focusing its marketing efforts and directing its marketing plan toward specific markets
Value
Often defined in monetary terms, but can also include time, commitment, and other features valued by consumers
Value-Added Components
An added product or service feature giving consumers’ a greater perception of value in relation to price
