FSU Valencia MAR3023 Midterm-Flashcards

Midterm.

Target Market

A specific group of customers on whom an organization focuses its marketing efforts.

Products

Products can be goods, services, or ideas.

Price

Price is often used as a competitive tool.

Marketing Concept

Achievement of the firm's overall goals is part of the marketing concept.

Marketing Concept Definition

A philosophy that an organization should try to satisfy customers’ needs while achieving its goals.

Marketing Definition

The process of creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships.

Focal Point of Marketing Activities

Customers.

Forces of the Marketing Environment

Political, legal and regulatory, sociocultural, technological, economic, and competitive.

Strategic Marketing Planning Process First Step

Situation analysis.

Marketing Mix (4Ps)

Includes Product, Price, Place, and Promotion.

BCG Matrix Categories

Stars, Cash cows, Dogs, Question marks.

Tool for Situation Analysis

SWOT analysis.

Primary Focus of a SWOT Analysis

Identifying internal strengths and weaknesses, and external opportunities and threats.

Marketing Strategy Alignment (True/False)

A company’s marketing strategy should always be aligned with its overall corporate strategy.

Most Important Factor in Purchasing Decisions (True/False)

Price is the most important factor in influencing customer purchasing decisions.

Strategic Marketing Planning Process (True/False)

Strategic marketing planning is a one-time process that does not require regular review or adjustments.

Positioning (True/False)

Positioning refers to the place a product occupies in the minds of consumers relative to competing products.

Cash Cow in BCG Matrix (True/False)

A "cash cow" in the BCG matrix is a product with high market share and low growth potential.

Ignoring External Threats in Strategic Planning (True/False)

A business should focus only on its strengths and ignore external threats during strategic marketing planning.

Marketing Mix Variables

Product, Distribution, Promotion, and Pricing.

Exchange in Marketing

The provision or transfer of goods, services, or ideas in return for something of value.

Evolution of the Marketing Concept

Product Orientation → Sales Orientation → Marketing Orientation.

Strategic Planning Process

Establishing an organizational mission, goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

BCG Matrix Market Growth/Share Categories

Star, Cash Cow, Dog, Question Mark.

Target Market Selection

Defining profitable customer groups and market segments.

Targeting Strategies

Undifferentiated, Concentrated, and Differentiated targeting.

Segmentation Variables

Demographic, Geographic, Psychographic, and Behavioristic.

Market Segment Profile

Describes similarities among potential customers within a segment.

Market Demand Forecasting

Estimating potential sales under various conditions.

Sales Potential

An estimate of probable sales for a company in a specific market under ideal conditions.