Chp. 6- AGRICULTURAL MARKETING STRATEGIES

These flashcards cover key vocabulary and concepts related to agricultural marketing strategies, including definitions of marketing processes, SWOT analysis components, segmentation, and competitive advantages.

Marketing

The process of anticipating the needs of targeted customers and finding ways to meet those needs profitably.

Product-Driven Marketing

An approach to marketing that focuses on creating a product so good that customers will seek it out.

Sales-Driven Marketing

An approach that intensifies the sales effort and communicates the benefits of products, based on the idea that customers do not know enough about the product.

Market-Driven Marketing

An approach that centers on customer needs driving all decisions within the organization.

SWOT Analysis

A framework for assessing strengths, weaknesses, opportunities, and threats related to a business or project.

Strengths (SWOT)

Factors that can be built upon, reflecting what the business does well and what unique resources it has.

Weaknesses (SWOT)

Factors within an organization that need improvement or correction.

Opportunities (SWOT)

Chances to build on strengths and correct weaknesses.

Threats (SWOT)

External factors that pose risks or challenges to the success of the business.

Market Segmentation

The process of dividing customers into segments based on shared characteristics.

Competitive Advantage

The unique edge a firm has over its competitors that leads customers to prefer its products and services.

Cost Leadership

A competitive advantage strategy where a firm offers comparable quality at lower prices to gain market share.

Differential Advantage

A strategy that focuses on providing unique products and services that stand out in the market.

Strategic Marketing Plan

A comprehensive outline that integrates business activities and resources to meet customer needs profitably.

Positioning

The process of creating a distinct image of a product or brand in the customer's mind.

Target Market

A particular group of consumers at which a product or service is aimed.