Vocab for Quiz 1 Flashcards
Marketing Strategy
logic by which the comapny hopes to create customer value and achieve profitable customer relationships
Marketing
managig profitable customer relationships, capture value from customer
Target Marketing
selecting which segments it will go after
Strategic Planning
the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
Mission Statement
a statement of the organizations purpose what it wants to accomplish in the larger environment
Market Segmentation
dividing the market into segments of customers
Customer Perceived Value
evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
Market
the set of all actual and potential buyers of a product or service
Business Portfolio
the collection of businesses and products that make up the company
ROI
return of investment
CRM
customer relationship management
Microenvironment
close actors to the company that affect its ability to serve its customer
Demographics
studies of the human population
Macroenvironment
larger societal forces that affect the macroenvironment
Economic Environment
factors that affect consumer purchasing power and spending patterns
Natural Environment
resources that are needed as inputs by markets or that are affected by marketing activities
Technological Environment
forces that create new technologies, creating new product and market opportunities
Cultural Environment
institutions and other forces that affect societies basic values, perceptions preferences and behaviors
Marketing Environment
the things that affect marketing
What is the largest generational group?
Millenial
What are the 4 P’s of marketing?
product
price
promotion
place
SWOT
strengths
weakness
opportunities
threats
Statistical Measurements in demographics
- size
- location
- income
- race
- education
- density
- age
- gender
- population
- hobbies/habits
Competitive Advantage
an advantage over competitiors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
Consumer Market
all individuals and households that buy or acquire goods and services for personal consumption
social class
relatively permanent and ordered divisions in a society whose members share values, interests and behaviors
subculture
a group of people with shared value systems based on common life experiences and situations
Culture
the set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions
Value Proposition
the full positioning of a brand the full mix of benefits on which it is positioned
Product Position
the way a product is defined by consuers on important atributes - the place the product occupies in consumers minds relatives to competing products
customer/buyer behavior
the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption
Opinion Leader
a person with a reference group who, because of special skills, knowledge, personality or other characteristics, exerts social influence on others
Positioning Statement
summarizes company or brand positioning using a format
4 Major American Social Classes
- Upper Class
- Middle Class
- Working Class
- Lower Class
Market Targeting Strategy
the process of evaluating each market segements attractivness and selecting one or more segments to enter
Undifferentiated Marketing
coverage strategy in which a firm decies to ignore market segment differences and go after the whole market
Niche Marketing
strategy in which a firm goes after a large share of one or a few segments or niches
Local/Individual Marketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
What are the 5 buyer decisions?
- Need Recognition
- Information Search
- Evaluation of Alternatives
- Purchase Decision
- Post-purchase Behavior
Psychographic Segmentation
divides buyers into different segments based on social class, lifestyle or personal characteristics
Geographic Segmentation
calls for dividing the market into geographical units such as nations, regions, states, counties, cities, neighborhoods
Behavioral Segmentation
divides buyers into segments based on their knowledge, attitudes, uses or responses to a product
Demographic Segmentation
divide the market into segments based on variable such as age, life cycle, gender, income, occupation, education, religion, ethnicity and generation
Customer Driven Market Strategy
Segmentation, Targeting, Differentiation, Positioning
Segmentation
divide the total market into smaller segments
Positioning
position the market offering in the minds of target customers
Differentiation
differentiate the market offering to create superior customer value
Differentiation
differentiate the market offering to create superior customer value
Targeting
select the segment or segments to enter
The largest American Social Class is…
Middle Class
Largest Social Class Percentage?
44%
Occasional Segmentation
diciding the market into segments according to occasions when buyers get the idea to but, actually make their purchase, or use the purchased item
